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MyFundedFutures (MFFU) is a prop firm led by CEO Matthew Leech. Based in the United States, MFFU has been operational for less than a year, having begun its operations in June 2023.
More than 509 day traders worldwide verified MyFundedFutures’ legitimacy on Trustpilot. The company has a 4.7-star rating, indicating a high level of customer satisfaction. MyFundedFutures gives access to up to 20 trading accounts and has responsive customer service.
People value MyFundedFutures (MFFU) for its quick evaluation, fair rules, high-profit sharing, responsive support, fast payouts, and flexible account options. However, reviewers criticize MyFundedFutures for its limited trading options, higher costs due to professional classification, and the need for more comprehensive support.
MyFundedFutures offers 8 account options to traders. These include 3 sizes for the Starter Evaluation: $50,000, $100,000, and $150,000. Additionally, the Expert Evaluation offers account sizes of $50,000, $100,000, and $150,000. Lastly, there are 2 sizes for the 30K Static Evaluation: Pro and Standard, both offering a $30,000 account. After purchasing an account, traders receive their login details via email and can trade on platforms such as Tradovate or NinjaTrader.
During the evaluation, MFFU has five main trading parameters (rules and objectives) applicable across different account options. These rules include a Max Drawdown, a scaling rule, and a 40% consistency rule. In addition to these guidelines, traders must trade specific trading instruments during specific trading times. Additionally, traders need to reach a profit target objective.
The article reviews MyFundedFutures and provides essential details for day traders. It answers common questions and offers guidance on starting an evaluation with MyFundedFutures.
What is MyFundedFutures?
MyFundedFutures is a prop trading firm led by CEO Matthew Leech. Based in the United States, the company began its operations in June 2023. MFFU offers futures traders access to funded trading accounts upon passing a trading evaluation.
A prop trading firm is a company that trades financial assets using its own capital, not client money. Unlike investment firms, their main goal is direct market profits. Prop trading firms typically employ professional traders who use a variety of strategies to generate profits for the firm. Traders are rewarded based on their performance, often evaluated through simulated or virtual accounts before accessing real trading capital.
who is MyFundedFutures’s founder?
Matthew Leech, the founder and CEO of My Funded Futures, began his trading career in 2017, initially focusing on stocks and options in the United States. With a degree in Information Systems from Texas Christian University, his technological background significantly influenced his shift to Forex trading, particularly in indices like NASDAQ and US-30. Driven to create a vertically integrated business, Matthew Leech founded My Funded FX and My Funded Futures, combining education, proprietary trading, and copy trading into a comprehensive platform. Under his leadership, the firm has evolved into a sophisticated prop trading entity, using advanced programs for strategy analysis and risk management, marking his success in the competitive prop trading industry.
What makes MyFundedFutures Legit?
MFFU is recognized as a legitimate prop trading firm. It is noted for its transparency and excellent customer service, which contribute to its strong reputation among traders. The firm features on Trustpilot with an impressive score of 4.7 out of 5 from over 509 reviews, underscoring its high level of trader satisfaction​​. This is supported by its responsive customer service team and the detailed information provided to traders about its terms and trading conditions​​.
Some criticisms found that MFFU suffers from unclear and misleading policies and issues with account bans and payouts. Complaints also highlight technical difficulties, perceived unfair trading restrictions, and concerns over the management’s behavior, contributing to a lack of trust and dissatisfaction among some traders.
Does MyFundedFutures send payouts to its traders?
Yes, MyFundedFutures sends payouts to its traders via RISE or cryptocurrency. Traders must complete KYC verification and, if using RISE, open a RISE account. To request a payout, traders must have passed the initial evaluation and reached their first payout on a funded account, submit a withdrawal request via the dashboard, and meet the minimum withdrawal amount of $1,000. The request is processed within 1-2 business days, with funds typically reflected in the trader’s account within 1-3 business days.
Does MyFundedFutures provide a comprehensive FAQ section?
Yes, MyFundedFutures provides a comprehensive FAQ section. This section includes detailed information on various topics, such as payout information, account setup, trading rules, and the step-by-step process for requesting payouts. Traders can find answers to common questions and detailed instructions to ensure a smooth trading experience.
Does MyFundedFutures have good User Reviews and Testimonials?
Yes, MyFundedFutures has garnered favorable testimonials from its clientele. On Trustpilot, MyFundedFutures has a rating of 4.7 out of 5 stars, based on over 509 reviews. A significant portion of these reviews (96%) highlight the company’s quick evaluation process, fair rules, high-profit sharing, responsive support, fast payouts, and flexible account options. However, some criticisms include limited trading options, higher costs, and issues with unclear policies, account bans, and payout difficulties.
Does MyFundedFutures have good Customer Support?
Yes, MyFundedFutures has received positive feedback for its customer support. Traders have praised the company for its responsive and helpful support team.
what are MyFundedFutures’s advantages?
MyFundedFutures has 6 advantages. Here is a list of MFFU’s advantages:
- Single-Step Evaluation: The firm simplifies the evaluation process to a single step, facilitating faster access to funded accounts​​.
- Flexible Payouts: Traders keep their first $10,000 in profits entirely, followed by a favorable 90/10 profit split, with bi-weekly withdrawals available.
- Diverse Platform Support: Supports multiple popular trading platforms such as NinjaTrader, Tradovate, and TradingView, among others​.
- Educational Resources: Offers extensive educational and trading resources to help traders improve their skills​.
- Automated Trading on Expert Accounts: Expert accounts allow semi-automated systems, providing flexibility for advanced trading strategies​​.
- Quick Withdrawal Processing: Withdrawals are processed swiftly, typically within a few business days, with low minimum withdrawal thresholds​​.
what are MyFundedFutures’s disadvantages?
MyFundedFutures has 4 disadvantages. Here is a list of MFFU’s disadvantages:
- Activation Fees: Starter plans require an activation fee to access funding after passing challenges​​.
- Profit Caps: Early withdrawals are capped at the maximum drawdown value for the first 60 days on the Starter plan​​.
- Stringent Rules: Traders must adhere to consistency and scaling rules that restrict how much profit can be made in a single day and limit the number of contracts that can be opened​​.
- Static Drawdown Limit: The Static Drawdown Plan has a fixed limit, which does not adjust based on account balance, potentially limiting flexibility in trading strategies during volatile market phases​​.
What are MyFundedFutures’s pricings?
MyFundedFutures pricing varies from $100 to $500 depending on the chosen option and account size. The table below lists the fees for each account size in each option:
| Option | Account size (Eval) | Price |
|---|---|---|
| Starter Evaluation | $50K | $100 |
| Starter Evaluation | $100K | $200 |
| Starter Evaluation | $150K | $300 |
| Expert Evaluation | $50K | $165 |
| Expert Evaluation | $100K | $265 |
| Expert Evaluation | $150K | $375 |
| 30K Static Pro | $30K | $500 |
| 30K Static Standard | $30K | $300 |
Does MyFundedFutures offer price discounts?
Yes, MyFundedFutures grants discounts on their prices, but they are very limited and non attractive. Discounts range from 10% off to 40% off. To receive these discounts, traders should use this MyFundedFutures discount link and check for the latest coupon codes available. A 20% discount is always available for the Expert Accounts with the link provided. MyFundedFutures applied the discount instantly upon purchasing the evaluation.
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Does MyFundedFutures allow multiple accounts?
MyFundedFutures does not allow traders to have multiple accounts within the same evaluation phase or the same funded account phase. However, traders are permitted to have different types of accounts or accounts at different phases of the program, such as having one account in the evaluation phase and another in the funded phase.
How does MyFundedFutures work?
MyFundedFutures’ procedure consists of 10 steps, ensuring a streamlined process for traders:
- Sign up by creating an account on the MyFundedFutures website.
- Select the evaluation account that aligns with your trading preferences.
- Purchase the chosen evaluation account using the available payment options.
- Wait for account activation.
- Begin trading once the account is activated.
- Adhere to the rules, including the maximum drawdown and other trading guidelines.
- Monitor and evaluate your trading performance based on the program’s criteria.
- Receive trading capital upon meeting the performance standards.
- Trade on the funded trading account.
- Request withdrawals or payouts based on your trading profits.
Does MyFundedFutures’s Dashboard provide live data?
Yes, MyFundedFutures’s Dashboard provides live data. Traders can access real-time information about their trading performance, including profit and loss, drawdown, and account balance.
What are MyFundedFutures Rules?
MyFundedFutures’ trading rules and parameters include the following:
- EOD Drawdown: The maximum overall drawdown is set at 3% of the $50k account and 4% for the $100k and $150k accounts.
- Consistency rule: No single trading day can account for more than 40% of the total profits during the evaluation phase.
- Scaling Plan: Specific details of the scaling plan were not provided in the file, but it allows traders to increase their trading size as they demonstrate consistent performance.
- Trading hours: MyFundedFutures allows trading from Sunday at 5:00 PM CT to Friday at 3:10 PM CT.
- Trading Instruments: MyFundedFutures allows trading in indices, commodities, currencies, interest rates, and additional instruments like E-mini S&P MidCap 400 and soybeans.
The rules at MyFundedFutures are designed to manage risk, ensure regulatory compliance, aid trader development, and maintain operational stability, fostering a controlled and sustainable trading environment
Traders are also requested to meet the 2 trading objectives listed below:
- Trading Days: A minimum of 1 active trading day is required before a trader can qualify for a funded account.
- Profit Targets: Traders must reach a profit target of 10% of the initial account balance to qualify for a funded account.
The table below shows the drawdown value and the contract size of every account size:
| Option | Account size (Eval) | The Drawdown | Contract Size |
|---|---|---|---|
| Starter Evaluation | $50K | $2000 | 5 minis (50 micros) |
| Starter Evaluation | $100K | $3000 | 10 minis (100 micros) |
| Starter Evaluation | $150K | $4500 | 15 minis (150 micros) |
| Expert Evaluation | $50K | $2000 | 5 minis (5 micros) |
| Expert Evaluation | $100K | $3000 | 10 minis (10 micros) |
| Expert Evaluation | $150K | $4500 | 15 minis (15 micros) |
| 30K Static Pro | $30K | $2500 | 2 minis (20 micros) |
| 30K Static Standard | $30K | $1500 | 1 minis (10 micros) |
How does MyFundedFutures’s EOD Drawdown work?
MyFundedFutures uses an End-of-Day (EOD) drawdown mechanism to manage risk. Here’s how it works:
- Calculation: The EOD drawdown is calculated based on the highest account balance reached during the trading day.
- Threshold: The drawdown threshold is set at a specific percentage of the highest account balance achieved. For example, if the EOD drawdown limit is 5%, and the highest account balance during the day was $50,000, the drawdown limit for the next day would be $2,500.
- Monitoring: At the end of each trading day, the account balance is reviewed to ensure it does not exceed the drawdown limit.
- Adjustments: The drawdown limit is adjusted daily based on the highest account balance achieved. If the account balance increases, the drawdown limit is recalculated based on the new highest balance. If the account balance decreases, the drawdown limit remains unchanged to prevent further losses.
What are MFFU’s Trading Hours?
MyFundedFutures allows trading from Sunday at 5:00 PM CT to Friday at 3:10 PM CT, with a daily maintenance break from 3:10 PM to 5:00 PM CT. Traders must adhere to these hours and avoid trading during major economic news events and holding positions over the weekend.
What are MFFU’s Instruments?
MyFundedFutures’s instruments are listed below:
- Indices: E-mini S&P 500, E-mini NASDAQ-100, E-mini Dow Jones, E-mini Russell 2000
- Commodities: Crude Oil, Gold, Silver, Natural Gas
- Currencies: Euro FX, Japanese Yen, British Pound, Australian Dollar
- Interest Rates: U.S. Treasury Bonds, U.S. Treasury Notes
- Additional Instruments: E-mini S&P MidCap 400, Soybeans, Corn, Wheat, Live Cattle, Lean Hogs
MyFundedFutures uses which trading platforms?
MyFundedFutures supports the following 6 trading platforms:
- NinjaTrader
- R Trader Pro
- Tradovate
- TradingView
- Quantower
- Sierra Chart
These platforms offer a variety of tools and features to accommodate different trading styles and preferences.
How To Set Up Tradovate for MyFundedFutures?
To set up Tradovate for MyFundedFutures, traders must follow the following 8 steps to trade using Tradovate:
- Create a Tradovate Account: Sign up on the Tradovate website.
- Log In to Tradovate: Use your credentials to log in.
- Access MyFundedFutures: Log in to your MyFundedFutures account.
- Purchase Evaluation Account: Select and purchase your preferred evaluation account.
- Link Accounts: Follow email instructions to link Tradovate to MyFundedFutures.
- Configure Trading Environment: Set up your charts and tools on Tradovate.
- Verify Activation: Ensure your account is active and linked.
- Start Trading: Begin trading within MyFundedFutures’ rules.
This concise guide helps you quickly set up Tradovate with MyFundedFutures.
How To Set Up Rithmic with MyFundedFutures?
To Set Up Rithmic with MyFundedFutures, traders must follow the following 10 steps:
- Create a Rithmic Account: Sign up on the Rithmic website.
- Log In to Rithmic: Use your credentials to log in.
- Access MyFundedFutures: Log in to your MyFundedFutures account.
- Purchase Evaluation Account: Select and purchase your preferred evaluation account.
- Receive Rithmic Credentials: Check your email for Rithmic credentials and setup instructions.
- Download and Install R | Trader Pro: Download from the Rithmic website and install on your computer.
- Configure R | Trader Pro: Open R | Trader Pro, go to ‘Connections’ > ‘Configure’, and enter provided credentials.
- Verify Connection: Test and confirm the connection is working properly.
- Set Up Trading Environment: Customize your workspace with charts and tools.
- Start Trading: Begin trading within MyFundedFutures’ rules.
This guide simplifies the process of setting up Rithmic with MyFundedFutures quickly.
Does MyFundedFutures allow trade copiers?
MyFundedFutures does not allow the use of trade copiers or copy trading. Automated trading tools, including bots and other automated mechanisms, are strictly prohibited across all account types, including trade copiers.
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