MyFundedFX prop firm provides traders with virtual funded accounts, meaning it won’t allow traders to access live markets with real funded accounts. This naturally creates conflicts of interest between traders and the firm, which is never a good thing for prop traders. The firm is actually motivated by collecting the fees as a main source of revenue and lower pass rates. MyFundedFX was launched in 2022 which makes it also a very young prop firm, adding to our list of red flags.
In our MyFundedFX review, we are going to dig deeper and assess all the critical aspects of this firm including safety, funding options, rules, assets, fees, platforms, and more.
Pros & cons of MyFundedFX prop firm
Pros
- Ability to withdraw with $0 fees
- Offers access to DX Trade, cTrader, Match-Trader
- Fast and digital account opening/verification
- Most payment options are free and instant
Cons
- Does not allow access to real funded accounts, only simulated trading environment
- Limited trading assets diversity
- Not safe: lacks experience, regulated broker, and reviews
- Lacks educational resources and multilingual support
Quick rating of MyFundedFX and its features
| FPA Score | Not yet rated |
| Year founded | 2022 |
| Headquarters | Hong Kong |
| Minimum audition fee | 50 USD |
| Fees on withdrawals | 0 USD |
| Minimum funded amount | 5,000 USD |
| Maximum funded amount | 300,000 USD |
| Allowed daily loss | 5% |
| Profit target | 8% |
| Maximum trailing drawdown | 6-8% |
| Profit sharing (Payouts) | 80% |
| Trading Platforms | DX Trade, cTrader, Match-Trader |
| Available trading markets | Forex, commodities, indices |
Safety of MyFundedFX — 0
MyFundedFX reviews are lacking on the FPA due to the firm being so young. It loses points in both FPA and experience aspects as a result. When it comes to backing the trading services, the firm is not partnered with a regulated broker, making it super risky to trade with MyFundedFX.
The firm gets a 0 score in this section as a result of a very poor safety environment and major red flags.
MyFundedFX Funding and maximum capital allocation — 3
MyFundedFX funded programs are diverse including 1-step-challenge, 1-step-max-challenge, 2-step-challenge, 2-step-max-challenge, and the 3-step-challenge.
MyFundedFX funding options range from 5k to 300k in virtual funding challenges. Almost all accounts have this range of funding options except the 1-step-max-challenge which has only a 200k maximum in virtual funding. All the accounts after evaluation are virtually funded, meaning the firm only offers traders demo accounts and not real funded accounts to access real markets. This exposes traders to risks of price manipulation, which is never a good thing.
MyFundedFX challenges have similar trading conditions except for the lengthy process for 2-stage and 3-stage evaluations, which can make traders frustrated.
MyFundedFX scaling plan is possible and traders can increase their virtual funding even further, but it’s not very useful as the firm won’t allow traders to pass the demo account and access real funded accounts. MyFundedFX gets a 3 score in this section for not offering 1k and 1 million USD funding options.
MyFundedFX Assets — 2
MyFundedFX prop trading assets include Forex, indices, and commodities at the moment. The firm offers all these assets on advanced trading platforms, and it is a shame that there are no real funded accounts offered. The firm offers up to 1:100 leverage, which might change depending on the platform. MyFundedFX gets a 2 score in this section.
MyFundedFX Trading rules and limitations — 0.8
MyFundedFX rules are slightly different for each funded account challenge program. The 1-step-challenge has the following rules:
- Profit target — 10%
- Daily risk limit — 4%
- Overall loss limit — 6%
- Minimum trading days — 1 day
- Trading period — unlimited
- Maximum leverage — 1:100
The 1-step-max-challenge comes with the following rules:
- Profit target — 8%
- Daily risk limit — 2%
- Maximum allowed daily gain — 2%
- Overall loss limit — 8%
- Minimum trading days — 1 day
- Trading period — unlimited
- Maximum leverage — 1:100
The rules for the 2-step-challenge are:
- Profit target — 8%
- Daily risk limit — 5%
- Maximum allowed daily gain — 5%
- Overall loss limit — 8%
- Minimum trading days — 1 day
- Trading period — unlimited
- Maximum leverage — 1:100
The 2-step-max-challenge comes with the following rules:
- Profit target — 10%
- Daily risk limit — 5%
- Maximum allowed daily gain — 5%
- Overall loss limit — 10%
- Minimum trading days — 1 day
- Trading period — unlimited
- Maximum leverage — 1:100
Slightly different rules are required for the 3-step-challenge account:
- Profit target — 6%
- Daily risk limit — 4%
- Overall loss limit — 8%
- Minimum trading days — 1 day
- Trading period — unlimited
- Maximum leverage — 1:50
As we can see the rules are slightly different for each account with some funded accounts also having a maximum gain limit. The firm only gets a 0.8 score in the rules department for not showing all the important rules and forbidden practices, indicating it has hidden rules as well.
MyFundedFX Fees — 2.5
The fee structure is very interesting with MyFundedFX as the 3-stage account costs more than others when it takes more time to get virtually funded. The lowest fee starts from 50 USD for the 5k account on 1-stage challenge accounts.
MyFundedFX free trial is not available, but there are 10% discounts offered. Traders will have to purchase the account and start a challenge to get funded. There are no real funded accounts, only virtual funding.
MyFundedFX free repeat is not available at the moment, and traders will have to purchase the challenge again if they breach any rules. Since the firm offers discounts, it gets a 2.5 score in the fees department.
MyFundedFX Platforms — 3.9
MyFundedFX offers a diverse selection of trading platforms such as DX Trade, cTrader, and Match-Trader. Only Match-Trader is available for the web, and other platforms can be downloaded and installed. The firm does not allow trading robots and loses points in this aspect. Overall, MyFundedFX gets a 3.9 score in this section for offering advanced platforms.
MyFundedFX Profit-Sharing — 1
MyFundedFX profit split is set at 80% for all accounts. The firm does not increase profit even if the trader is lucky enough to get the scaling plan activated. The firm also has lengthy withdrawal processing times at weekends. MyFundedFX gets a 1 score in this section as a result.
Education and trading tools at MyFundedFX — 1
When it comes to educational materials, MyFundedFX falls short in this department as well. However, there is a trading blog available. The articles and posts in the blog are mainly about the intricacies of trading and can not be used as a substitute for a decent trading education. Since the broker is offering something for learning, it gets a 1 score in this section.
Customer Support at MyFundedFX — 2.4
Customer support is provided via live chat and email channels. The website is multilingual, but the support is only available in the English language. There is no hotline support, which typically is a red flag. The firm gets a 2.4 score in this section.
Frequently Asked Questions on MyFundedFX
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