As a trader who has personally tried MyForexFunds (MFF), I can say that the platform offers an interesting approach to forex trading. Whether you’re a seasoned trader looking for a new challenge or a beginner seeking to learn and gain experience, MFF has a program to fit your needs.

Starting with an overview of the company, MFF is a proprietary trading firm that provides funded accounts to traders. It’s an opportunity to trade in the forex market with substantial capital while minimizing personal financial risk. One of the standout aspects of MFF is its variety of programs that cater to different trader profiles.

The MFF Programs

First, the Evaluation program is ideal for beginners or traders wanting to prove their trading prowess. This program is a two-phase process. In the first phase, you’re provided with a demo account and have to reach a 10% profit target within 60 calendar days. 

If you pass this phase, you move on to the second phase, where you trade with real money. Trading rules include a maximum drawdown of 10%, a leverage of up to 1:100, and a profit-sharing ratio of 50/50. You also need to trade for at least 10 days in this phase.

The one-time fee for the Evaluation program ranges from $125 for a $25,000 account to $900 for a $200,000 account. The beauty of this program lies in the learning and proving ground it offers, while also providing the opportunity to move to a funded account.

Then there’s the Accelerated program, designed for profitable full-time traders. This program allows you to bypass the evaluation phase and start trading real funds immediately. Two types of accounts are available here: Conventional, with a 5% overall drawdown, and Emphatic, with a 10% overall drawdown. 

There’s also a scaling rule, whereby your account increases at every 10% for Conventional and 20% for Emphatic accounts. The one-time registration fee ranges from $99 for a $2,000 account to $2,999 for a $100,000 account. It’s worth mentioning that the fees are refundable, making it a low-risk option.

Finally, the Rapid program is unique, providing the chance to earn bonuses while trading in a demo environment. This program allows traders to demonstrate their abilities over three months while getting rewarded. The drawdown limit is 12%, and there are no specific profit targets, making it more relaxed than the Evaluation program.

I found MFF to be transparent and clear about its fees and rules, which is crucial in this industry. However, be prepared for strict rules and potentially high fees. The rules are stringent to ensure risk management and consistency, and while they can seem tough, they’re designed to prepare you for the reality of forex trading.

Customer support could be faster, but the learning opportunities from experienced traders are invaluable. The potential to graduate to a live funded account and the profit-sharing schemes are attractive incentives. The user feedback on TrustPilot is overwhelmingly positive, indicating that many traders have found success and value in MFF’s offerings.

While MFF might not be for everyone, especially if you’re looking for quick, easy profits, it is a solid choice for those serious about trading. If you’re willing to stick to the rules, commit to trading consistently, and see the fees as an investment in your trading career, then MFF is definitely worth considering. 

I highly recommend MyForexFunds to traders who value learning, growth, and the opportunity to trade with significant capital.

Quick Details of the MyForexFunds Programs

Rapid Program Evaluation Program Accelerated Program
Program Costs $99 – $749 $49 – $1,389 $99 – $2,450
Available Funding $10,000 – $100,000 $5,000 – $300,000 $2,000 – $50,000
Profit Sharing 12% (Bonuses) 50%, up to 85% once funded 50%
Maximum Drawdown 5% Daily, 12% Overall 5% 5% or 10%
Evaluation Duration 3 Months (No Time Limit) 60 Trading Days N/A
Profit Targets None 8% Phase 1, 4% Phase 2 None
Money Back Guarantee Yes (Refundable Registration Fee) Yes No
Other Trading Rules Consistency and Non-Consistency Options, 3 Trading Days/Week, No Restrictions, etc. Consistency Rules, etc. Weekly Payouts, No Shares Allowed, Scaling at every 20% or 10%, etc.
Leverage 1:500 1:100 1:100 (Emphatic) or 1:50 (Conventional)
Weekly Payouts No (Bonuses Bi-Weekly or Monthly) No Yes
Max Account Cap N/A $300,000 $2,000,000
Scales N/A Every 10% (Phase 1), Every 5% (Phase 2) Every 20% (Emphatic) or 10% (Conventional)
Trading Restrictions None No Metals Allowed No Shares Allowed
Daily Drawdown Limit 5% None None

This Section Discusses What Other Traders Think of the MyForexFunds Trading Programs

MyForexFunds (MFF) appears to have generally positive online feedback from traders, with an impressive score of 4.8 based on 14,679 reviews on TrustPilot. The general consensus appears to be favorable, emphasizing a number of distinct advantages that the platform provides compared to other funded trader programs.

Positive aspects frequently highlighted include:

Opportunity to trade with real money: Traders appreciate the authentic trading experience provided by MFF. The platform allows users to engage with real-world risks and rewards, offering a practical, hands-on approach to learning.

Access to experienced traders: Users value the chance to learn from veteran traders on the MFF team. The opportunity to gain insights and advice from professionals is recognized as a significant benefit.

Transparency of fees and rules: MFF earns praise for its clear communication regarding costs and trading guidelines. Users feel well-informed about the terms of engagement, enhancing their confidence and trust in the platform.

Qualifying for a funded account: The chance to qualify for a funded account, based on meeting specific trading performance requirements, is perceived as a significant advantage. Users welcome the prospect of having a substantial amount of money for trading while only needing to pay a performance fee when profitable.

Despite the generally positive feedback, there are some negative aspects mentioned:

Strict rules: The stringent trading rules set by MFF have been criticized for being difficult to follow, leading to account suspension or closure.

Slow customer support: Slow response times from MFF’s customer service have frustrated some users, who needed timely assistance.

Lack of transparency about others’ trading performance: Some traders have expressed dissatisfaction with MFF’s non-disclosure of other traders’ performance data, making it hard to benchmark their own performance.

While MyForexFunds appears to be well-received overall by its users for the unique opportunities it provides, there are areas where it could improve. It’s advisable for prospective traders to take these feedback points into account and conduct thorough research to ensure MFF suits their trading style, risk tolerance, and financial goals.

The bottom line: are the programs of MyForexFunds worth it?

MyForexFunds (MFF) is an innovative proprietary trading firm that offers various trading programs tailored to different types of traders. After carefully evaluating its features, programs, rules, and trader feedback, it’s clear that MFF is a capable player in the world of funded trader programs. While we here at 247trading think favorably of MFF’s Trading Programs, like all trading programs, it has its advantages and limitations.

MFF’s biggest strengths lie in its diversity of programs, transparent terms, and its appealing scaling plan. The variety of trading programs (Evaluation, Accelerated, Rapid) makes MFF accessible for traders at different stages of their trading journey, from novice to seasoned professionals.

MFF’s terms and conditions are transparent, and there are no hidden costs or fees. While the fees might be considered high by some, it’s important to remember that access to large amounts of trading capital has its price. The company’s scaling plan is also compelling, offering traders the opportunity to manage up to $2 million in capital.

The firm also offers a lot of flexibility in trading. From trading various instruments to having no profit targets for payouts, MFF provides an environment conducive to different trading styles. However, the flexibility comes with certain stringent rules, designed to ensure sound risk management, but which some traders might find restrictive.

Customer service responsiveness is a weak point that MFF needs to address. Quick and efficient support is vital in trading, where time is often equivalent to money. Transparency could also be improved, especially regarding the performance of other traders in the program. This would allow traders to benchmark their performance and set realistic goals.

Comparing MFF to other proprietary trading firms is not straightforward due to the diversity in offerings, rules, and structures. However, MFF holds its ground well, offering unique features not commonly found in similar programs. It appears to be a more suitable platform for traders who prefer flexibility in their trading strategies and are comfortable navigating within the set rules. Its programs might be less appealing to those who prefer lower fees or need more responsive customer support.

Whether MFF is ‘worth it’ or not largely depends on individual trading styles, risk tolerance, and financial goals. It presents a viable opportunity for traders looking to trade large sums of capital without personal financial risk, and for those who value the ability to scale their trading growth. 

I would recommend MFF to traders who are comfortable with its fees, can adhere to its rules, and are looking for flexibility in trading with opportunities for scaling. However, those looking for quick customer support responses or more transparency about other traders’ performances might want to explore other options. Still, MFF’s value proposition places it as a commendable competitor in the landscape of funded trader programs.