Introduction to My Forex Funds (MFF)
What is My Forex Funds (MFF)?
My Forex Funds (MFF) is a prop trading firm that provides traders with funding. The funds can then be used to trade the forex market. The firm has multiple funded trading programs that traders can select depending on their trading experience. The firm also endeavors to provide adequate support to its clients to guide and help them through the process. My Forex Funds (MFF) recognizes that it is in its best interests for its clients to succeed, which is why favorable trading conditions are made available that will enhance the success of its clients in the forex market.
Funding from MFF can be as low as $2,000 to start but can get as high as $2 million due to a favorable scaling plan though this is determined by the type of funded program selected by the trader. The earning structure at My Forex Funds (MFF) is immediate, as traders can start enjoying a specific percentage of their profits once particular objectives are achieved. The more progress the trader makes, the higher the percentage of profits such a trader gets.
One crucial thing about opening an account at My Forex Funds (MFF) is that traders can choose the right funded program according to the traders’ level of experience. This is key to determining the level of success they will enjoy. The firm provides as much information as possible about these programs on its website to ensure that traders make the right choice.
Who is the founder of My Forex Funds (MFF)?
My Forex Funds (MFF) was founded by Anurag Jaiswal, based in Ontario, Canada. He has been a forex trader for over five years, with trading interests in other markets such as commodities, indices, cryptocurrencies, and futures. However, his prop firm focuses on the forex market, where most of the firm’s available products for trading are concentrated.
Is My Forex Funds (MFF) legit?
My Forex Funds (MFF) is as legit as they come, with the firm’s reviews on Trustpilot providing evidence. The firm has an overall rating of 4.9 on Trustpilot with more than 6,500 reviews, and 92% of the reviews point to My Forex Funds (MFF) being an excellent prop firm.
Some reviews addressed the firm’s trading conditions, providing traders with fair opportunities to earn profits. Another aspect that was addressed is the prompt payouts of commissions. Customer support was also commended, with many users talking about how helpful and detailed the support is as they got satisfactory responses.
Overall, My Forex Funds (MFF) is legit and has greatly enhanced its reputation as an excellent prop firm for forex traders. Clients trust the firm and its services, which has only attracted more traders looking for a reliable prop firm for forex trading.
My Forex Funds (MFF) Offers for Forex Traders
My Forex Funds (MFF) offers three funded programs to traders. These programs are categorized based on the trader’s level of experience in trading and dealing with a prop firm. The three funded programs are Rapid, Evaluation, and Accelerated programs. We will discuss these programs in detail with their specific features, rules, and funding.
Rapid account program.
The rapid account program is for traders with limited experience. This program includes helping new traders understand how prop firms operate and develop into professional traders. As traders gain experience, they get paid, and the cost of entry for this program is low.
The Rapid account program rewards traders for their time while they are also being assessed as they learn how to trade using a demo account. This means that traders essentially earn bonuses from the first day of participating in this program as they partake in the forex and CFD trading offered by the firm, along with the aspects of risk management involved.
The account sizes for the Rapid program range from $10K to $100K, and the payment of bonuses is made bi-weekly or monthly. The ultimate goal of this program is for the firm to gain a three-month panoramic view of the capabilities of traders before they are given access to a live trading account.
Benefits of the Rapid account program.
Earning while learning.
The Rapid account program enables traders to get rewarded with bonuses even though the firm is assessing them, and trading is being carried out using a demo account. Thus, traders can take their time to become professional traders while earning simultaneously. In addition, traders get rewarded for their success regardless of whether they are part-time or full-time on the program.
Consistency and Non-consistency account
The Rapid account program has two account options that traders can choose from, depending on their preference. The Consistency account is where traders show their trading skills, while the Non-consistency account allows traders to trade with their own parameters.
No time restrictions
Traders can take their time developing into experienced traders without worrying about the number of trading days left in a calendar month. Traders are free to trade at their pace, whether fast or slow.
Absence of targets.
Traders do not have to take any tests to get started, so there is no pressure to achieve a time-limited target.
Wide range of products.
There are more than 100 products available for trading and earning, thus giving traders ample choices to kick-start their trading careers.
A low-cost entry into professional trading
Traders can start at a low cost as they step into a professional trading. They can choose a suitable account size and fee and then upgrade as they earn.
Rules of the Rapid account program
- 3 days/week: this is known as the 3 trading days a week rule, in which a trader is expected to enter a trading position for a minimum of 3 days each week. However, suppose the trader cannot execute this due to personal or health reasons. In that case, he can simply inform the firm via email, and the management team will ensure that it does not negatively impact the trader’s account.
- Consistency rule: this encompasses the frequency of placing trades and the consistency with which they are placed. The consistency rule is relatively straightforward, and it is put in place to assess the trading skills of a trader so that the firm can select traders who are focused and determined with a readiness to keep growing and managing more significant accounts.
- There is a 5% daily drawdown depending on the trader’s account balance or equity. The trader’s account must never reach this drawdown within 24 hours starting 00:00 server time. The firm provides a formula for calculating the daily drawdown as shown below:
Drawdown % = [1 – (lowest balance or equity for the day) / (starting balance or equity for the day)] x 100.
- There is a 12% overall drawdown, meaning a trader’s account is not allowed to fall by 12% (both realized and unrealized) to balance or equity. For example, if the trader opts for the $100,000 account, the 12% overall drawdown for that account is $12,000. This means that if the account falls below $88,000, such an account will violate the overall drawdown rule.
- There are no trading restrictions to trading any available instrument using any lot size at any time.
- Increase in payout: as traders grow with the company, their payouts increase even as they transition from a simulated account to a live account.
Available account sizes
The table below shows the various account sizes in the Rapid account program.
|Minimum trading days per week||3 days||3 days||3 days||3 days|
|Daily starting drawdown||$500||$1,000||$2,500||$5,000|
|Refundable registration fee||$99||$189||$399||$749|
It should be noted that there are no monthly fees on any of the account sizes. Only the registration fee must be paid, which is refunded once the trader becomes eligible for a live-funded account. Also, there are no targets, and traders get paid 12% of the profits earned in the account.
The Evaluation program at MyForexFunds targets semi-professional traders who require capital to progress to the next step of their trading careers. The evaluation program involves a two-phase process in which potential funded traders can display their trading skills in CFD, Forex, or Commodities. The account sizes for this program range from $10K to $200K. The profit-split payouts are done monthly for the first month, and subsequent payouts are done bi-weekly.
The goal of the Evaluation program is to allow the firm to identify traders that show the necessary trading skills to succeed at a forex prop firm like My Forex Funds (MFF). In addition, this program is looking for traders who can display consistency and accuracy in trading and excellent risk management skills. The evaluation program can be completed in ten or 90 days, depending on the trader’s experience and strategy. Either way, the trader gains access to a funded account once the Evaluation program is completed.
Benefits of the Evaluation program
Lowest targets in the market
The Evaluation program has the lowest targets for traders in the market, with a mere 8% profit target for phase 1 and 5% for phase 2.
Low cost with high quality
The Evaluation program comes at an affordable cost while delivering very high quality. As a result, traders get great value for the money spent on registration.
Profit split of up to 85%
Once traders get a funded account, they can get paid up to 85% of the profits earned.
Traders get their fees back.
This happens once traders achieve the first payout of the live account they are trading with. This full refund is in addition to the trader’s share of the profit split.
No trading restrictions
Traders are free to trade the news and hold trading positions over the weekend while they can use any strategy that suits them, whether it is swing, trend, or scalp. Traders can also trade any product, whether forex, CFDs, or metals.
One free extension and free retakes.
If a trader is being profitable but is unable to reach the target, the firm can extend phase 1 of the Evaluation period as long as the trader shows consistency. But, if the trader cannot display consistency, there are unlimited free retakes as long as the traders remain profitable for 30 days without any violations.
Rules of the Evaluation program
- There is a 5% daily drawdown depending on the trader’s account balance or equity. The trader’s forex trading account must never reach this drawdown within 24 hours starting at 5 pm EST.
- Phase 1 has an 8% profit target which the trader must achieve within 30 calendar days without violating any other rules. This time begins when a trader opens his first trade on the forex trading account.
- Phase 2 has a profit target of 5%, and it becomes accessible after completing phase 1. The time required to complete this phase is 60 calendar days, and the profit target must be achieved without breaking any rules.
- There is a 12% overall drawdown, meaning a trader’s forex trading account is not allowed to fall by 12% (both realized and unrealized) to balance or equity.
- Traders must trade for at least five trading days before being certified to have passed the Evaluation program. This allows the firm to assess traders’ attributes, such as forex trading habits and the level of patience, thus giving the firm a detailed overview of the style and skills of traders.
Available account sizes
The table below shows the various account sizes in the Evaluation program.
|Minimum trading days||5 days||5 days||5 days||5 days||5 days|
|Daily starting drawdown||$500||$1,000||$2,500||$5,000||$10,000|
|Refundable registration fee||$84||$139||$299||$499||$979|
Similar to the Rapid account program, there are no monthly fees in the Evaluation program.
This is aimed at profitable full-time traders that need an instant boost in trading capital which is why traders that apply for this program get to start trading a live account from the first day. Traders can begin from $2,000 to $50,000, which they can grow via the firm’s scaling plan to access trading capital as high as $2 million.
The Accelerated program is built for professional traders with sufficient trading experience, which is why they are allowed to skip the Evaluation program and start trading with real funds immediately. They can then take advantage of the firm’s compounding rewards to enjoy the benefits of being a professional trader.
Benefits of the Accelerated program
A favorable scaling-up plan
The firm operates a competitive scaling-up program that will enable traders to attain their goals as soon as possible. With scaling, traders can achieve an account size of $2,000,000!
Absence of daily drawdown
There are no daily drawdown limits as traders only need to watch for the overall drawdown.
No limits on the lot size
There are no trading restrictions, meaning that traders can trade using any lot size that suits them, but they are advised to employ consistency and risk management to stay profitable.
Absence of consistency rules
Traders can trade as much as they want, whichever way suits them, since the firm can only make money when they make money.
Absence of time limits
With this program, traders can trade at their own pace and earn accordingly, as there are no time limits on when to achieve a particular target.
Receiving payouts doesn’t require reaching profit targets
Traders get paid irrespective of the profits earned, which means they control entirely the rewards they enjoy.
Rules of the Accelerated program
- The overall drawdown ranges between 5% and 10%, but there are no daily drawdown limits as found in the other two programs. The 5% overall drawdown is for Conventional accounts, while the 10% is for Emphatic accounts.
- Accounts are eligible for scaling at every 20%, even at every 10% for Conventional accounts. In addition, traders are qualified for scaling once every pay period.
- Traders get their profit split weekly and are eligible for their first payment within a week, but their account must be five days old to qualify for a payout. All payout requests must be submitted by 3 pm EST, or they will be postponed till the next pay period.
- Trading shares is not allowed due to the accounts in the Accelerated program, but other attractive instruments like Forex, Metals, and CFDs exist.
- Maximum leverage is 1:100 depending on the instrument and whether it is a Conventional or Emphatic account. The leverage is 1:50 on Conventional and 1:100 on Emphatic for forex and metals, while it is 1:50 for CFDs on both accounts.
The table below shows the available Conventional account sizes on the Accelerated program and their respective features.
|One-time registration fee||$99||$245||$485||$970||$2,450|
You should note that the target for all the Conventional account sizes is 10% to reach the next milestone and the overall drawdown is 5% of the starting account balance.
The table below shows the available Emphatic account sizes on the Accelerated program and their respective features.
|One-time registration fee||$198||$490||$970||$1,940||$4,900|
It should be noted that the target for all the Emphatic account sizes is 20% to reach the next milestone and the overall drawdown is 10% of the starting account balance.
Questions and Answers
How and when can traders get the bonus attached to the Rapid program?
The bonus is 12% of the profit made by the trader. If the trader is operating a Consistency account, he will be paid bi-weekly, but if it is a Non-consistency account, the bonus will be paid monthly. Delivering the dividends include PayPal, cryptocurrency, or Bank transfers.
What is the profit-sharing like in the Evaluation program, and how is it paid?
After the first month of trading, traders receive 75% of their profits. In the second month, they receive 80% of their earnings bi-weekly. Then in the third month, 85% of their profits are paid bi-weekly and continue like that. Payment is made via cryptocurrency or Deel (Transferwise, PayPal, Bank transfer).
How do the payouts work in the Accelerated program?
Payouts are done weekly, with traders getting 50% of the total profit earned on their accounts. However, a trader’s account must be five days old to qualify for a weekly payout.
Is there a time limit on the payouts in the Accelerated program?
Yes, all payouts are expected to be requested by 3 pm EST, and the processing takes 1-3 days. Payouts can be requested via PayPal, Transferwise, cryptocurrency, or Bank transfer.
Pros and Cons of My Forex Funds (MFF)
Pros of MyForexFunds (MFF)
- It has multiple programs for traders to choose from based on their trading experience instead of lumping everyone together under one program.
- Traders enjoy more freedom in trading as the firm imposes very few restrictions.
- One of the firm’s programs features a good scaling plan where traders can have up to two million dollars in trading capital.
- My Forex Funds (MFF) offers a full refund of the registration fee on some of its programs once traders become eligible for a funded account.
- Traders can choose from a wide range of products to generate consistent profits.
- There are no monthly fees accompanying the registration fee.
Cons of MyForexFunds (MFF).
- Some of its programs feature daily drawdown limits and overall drawdowns simultaneously.
- The entry cost for some of the programs is high.