MyFundedFX tests their traders’ potential with a task of passing a one-step or two-step evaluation challenge, where they are given a demo account with virtual funds to trade, while they monitor their performance.
The challenge programs provided by MyFundedFX aim to grant traders the opportunity to participate in trading activities without risking their personal capital. Traders who yield profits are rewarded with a portion of the earnings they generate while utilizing MyFundedFX’s funds, freeing them from accountability for any incurred losses. With MyFundedFX, you have the autonomy to trade according to your preferences while they undertake the responsibility of covering potential losses. MyFundedFX was founded by Matthew Leech, a successful entrepreneur proficient in financial and tech services. He possesses extensive trading experience in forex, options, stocks, and cryptocurrencies, actively engaging in these markets since 2018.
Introduction of MyFundedFX
| Company Details | MyFundedFX |
|---|---|
| CEO | Matthew Leech |
| Incorporation Date | June 2022 |
| Location | Texas, United States |
| Maximum Account Size of Funding Programs | Normal Two-step Challenge: $300,000 Pro Two-step Challenge: $300,000 One-step Challenge: $300,000 |
Funding Programs
Normal Two-step Challenge
| Account Size | Account Price |
|---|---|
| $5,000 | $50 |
| $10,000 | $100 |
| $25,000 | $200 |
| $50,000 | $300 |
| $100,000 | $500 |
| $200,000 | $950 |
| $300,000 | $1,399 |
| Objectives | Objective Value |
|---|---|
| Profit Target (Phase 1) | 8% |
| Profit Target (Phase 2) | 5% |
| Daily Drawdown | 5% (Can be scaled to 8%) |
| Maximum Drawdown | 8% (Can be scaled to 14%) |
| Max Trading Period | Phase 1: Unlimited Phase 2: Unlimited |
| Minimum Trading Days | No Minimum Trading Days |
| Profit Share | 80% up to 92.75% |
Pro Two-step Challenge
| Account Size | Account Price |
|---|---|
| $5,000 | $70 |
| $10,000 | $135 |
| $25,000 | $250 |
| $50,000 | $375 |
| $100,000 | $575 |
| $200,000 | $1,100 |
| $300,000 | $1,600 |
| Objectives | Objective Value |
|---|---|
| Profit Target (Phase 1) | 8% |
| Profit Target (Phase 2) | 5% |
| Daily Drawdown | 5% (Can be scaled to 8%) |
| Maximum Drawdown | 10% (Can be scaled to 14%) |
| Max Trading Period | Phase 1: Unlimited Phase 2: Unlimited |
| Minimum Trading Days | No Minimum Trading Days |
| Profit Share | 80% up to 92.75% |
One-step Challenge
| Account Size | Account Price |
|---|---|
| $5,000 | $50 |
| $10,000 | $100 |
| $25,000 | $200 |
| $50,000 | $300 |
| $100,000 | $500 |
| $200,000 | $950 |
| $300,000 | $1,399 |
| Objectives | Objective Value |
|---|---|
| Profit Target | 10% |
| Daily Drawdown | 4% (Can be scaled to 6%) |
| Maximum Drawdown | 6% (Trailing) (Can be scaled to 12%) |
| Max Trading Period | Unlimited |
| Minimum Trading Days | No Minimum Trading Days |
| Profit Share | 80% up to 92.75% |
Comparison of Two-step Program
Comparison of MyFundedFX & Funding Pips
| Objectives | MyFundedFX (Normal) | MyFundedFX (Pro) | Funding Pips |
|---|---|---|---|
| Profit Target (Phase 1) | 8% | 8% | 8% |
| Profit Target (Phase 2) | 5% | 5% | 5% |
| Daily Drawdown | 5% (Can be scaled to 8%) | 5% (Can be scaled to 8%) | 5% (Can be scaled to 7%) |
| Maximum Drawdown | 8% (Can be scaled to 14%) | 10% (Can be scaled to 14%) | 10% (Can be scaled to 14%) |
| Max Trading Period | Phase 1: Unlimited Phase 2: Unlimited | Phase 1: Unlimited Phase 2: Unlimited | Phase 1: Unlimited Phase 2: Unlimited |
| Minimum Trading Days | No Minimum Trading Days | No Minimum Trading Days | No Minimum Trading Days |
| Profit Share | 80% up to 92.75% | 80% up to 92.75% | 80% up to 90% |
Comparison of MyFundedFX & Smart Prop Trader
| Objectives | MyFundedFX (Normal) | MyFundedFX (Pro) | Smart Prop Trader |
|---|---|---|---|
| Profit Target (Phase 1) | 8% | 8% | 7% |
| Profit Target (Phase 2) | 5% | 5% | 5% |
| Daily Drawdown | 5% (Can be scaled to 8%) | 5% (Can be scaled to 8%) | 4% |
| Maximum Drawdown | 8% (Can be scaled to 14%) | 10% (Can be scaled to 14%) | 8% (Can be scaled to 28%) |
| Max Trading Period | Phase 1: Unlimited Phase 2: Unlimited | Phase 1: Unlimited Phase 2: Unlimited | Phase 1: Unlimited Phase 2: Unlimited |
| Minimum Trading Days | No Minimum Trading Days | No Minimum Trading Days | No Minimum Trading Days |
| Profit Share | 80% up to 92.75% | 80% up to 92.75% | 85% up to 90% |
Broker & Trading Platform
| Broker | ThinkMarkets, Blueberry Markets |
| Trading Platform | MetaTrader 4, MetaTrader 5 |
| Trading Instruments | Forex Pairs, Commodities, Indices, Crypto |
Conclusion
To draw a final conclusion, MyFundedFX is a reputable and trustworthy proprietary trading company that is managed by Matthew Leech. They provide traders with an opportunity to choose between a single evaluation program with different account sizes. While working with them, you will be provided an account through ThinkMarkets or Blueberry Markets and trade on the MetaTrader4 or MetaTrader 5 trading platform. As for trading instruments, you will be able to trade forex pairs, commodities, indices, and crypto. After considering everything that MyFundedFX brings to the table, we can consider them an excellent choice within the proprietary trading firm space.
MyFundedFX Review Details
