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My Forex Funds Vs Ftmo

While in Accelerated accounts, withdrawals are allowed on a weekly basis, as long as your account is more than 5 business days old. In summary, it's possible to pass prop firm challenges and start trading on funded accounts, but this depends on the conditions you're given, as a trader. Let's summarise the main advantages and disadvantages of this proprietary trading firm before making a final assessment. Frequently Asked Questions. In sum, when you are after a better proprietary trading firm than MyForexFunds you need to look for the following: Founded in Dubai in late 2022 by a group of traders and investment managers, FunderPro was born out of the need to provide an opportunity for traders to be judged on their merit without pressure or unnecessary rules. Historically, retail prop firm challenges have been designed to set traders up to fail. However, this has not stopped the brutal growth it had last year 2022 and is having this year 2023. Most prop firms require you to pass an assessment, challenge or audition to prove that you are a profitable trader and that you can properly manage the risk level of your trading operations. My MFF (My Forex Funds) and FTMO have a rating of 4. The target for each phase is different, being 8% account growth for phase 1, and an additional 5% for phase 2. Unlike other prop firms, such as MyForexFunds (MFF), you are after an alternative prop firm where there are no time limits imposed on the Challenge, catering for the different trading styles and strategies of traders.

My Forex Funds Vs Ftmo Code

If in addition to this My Forex Funds Accelerated program you would like to see other proprietary firms that offer instant funding you can check this list: No evaluation prop firms. Fear of losing your own money. The channels to contact support at Prop Trading Firm are: - Discord server. One feature that makes it stand out from the competition is its versatility, as it offers 3 different funding programmes, which can be adapted to different trader profiles, and one of them does not even require evaluation and you manage a real funded trading account from the start. In any of the three programmes offered by My Forex Funds, you will be able to trade Forex, and CFDs on indices, commodities such as oil and metals. Withdrawal of profits.

For the Accelerated (no evaluation) account programme, the scaling plan is different and works as follows: If the picture is too confusing, I will explain it in words. Another aspect we should mention about this firm is that it uses its own trading server (Trader Global Group), allowing trading only from the Meta Trader 4/5 platform. On the other hand, FTMO is also a long-established monopoly trading company founded in September 2015. My Forex Funds Customer Support. The My Forex Funds Evaluation programme, as the name suggests, consists of a two-phase evaluation process: - The Evaluation phase. Brokers and trading platforms. The leverage is another thing that is a bit different with this company, as it can reach up to 1:500 on one of their accounts, which is quite high compared to the 1:10 offered by SurgeTrader (check here our SurgeTrader review) or even the 1:100 offered by Topstep (check here our Topstep review) or Fidelcrest (check here our Fidelcrest review). MFF (My Forex Funds): Single Stage Evaluation, Two Stage Evaluation, Direct Funding. The MFF (My Forex Funds) has a single-stage, two-stage assessment and direct funding, while the FTMO has a two-stage assessment. How does profit split work in My Forex Funds programmes? However, we must keep in mind that every day it becomes more difficult to identify between real, well-founded reviews, and fake reviews (bought in many cases), therefore, we must put special emphasis on this research process about the opinions, to know if the valuation is really fair. Now, in general, you can request your winnings by Bank Transfer, Cryptocurrencies, Trasfer Wise, or PayPal. At both Trustpilot and Forex Peace Army, we have seen that many traders have received their payouts without any problems, which is a plus point for this proprietary trading firm.

What Does Ftmo Stand For Forex

It's hard to be entirely sure of how many traders are failing prop firm challenges across the industry, but we have a pretty good idea! In both the Rapid and the Evaluation programmes, you will be able to withdraw profits on a bi-weekly basis after the first month. In the comment above, from a Forex Peace Army user, we see clearly how a user refers to the false comments that the company receives, many of them probably from competitors, and not entirely true. As the above denotes, where My Forex Funds stands out in negative light from its peers is with the rules. Both support companies have a large number of excellent reviews on Trustpilot. Thus, traders are granted the freedom to pass the Challenge at their own pace, whether that takes 2 hours or 2 months. Out of that 5%, only 1% of traders that started the challenge will be trading on the funded capital for the long term. More info: What are the cheapest prop firms? You need to ensure that you abide by the drawdown, exposure, and maximum loss rules that the firm has in place. As mentioned above, My Forex Funds has experienced a rapid growth in 2021, 2022 and so far in 2023, and with this also the amount of opinions and comments from its users, reaching more than 2800 reviews on Trustpilot and a few dozen on Forex Peace Army. This will carry over to the next payment period. These two steps consist of the FTMO Challenge and the Verification. In fact, some firms are even offering 1:200 leverage to newbie traders, ensuring that they will fail within hours. Once you have completed the first phase, after a minimum of 10 working days and having obtained an 8% increase, you must write to, informing that you are ready to move on to the next phase, and then complete the second phase, with an increase of 5% of the account (13% in total), and repeat the same procedure, that is, write to the same email to inform that you have passed the second phase, making sure to include your name and account number.

Keeping trades open during the weekend will not be possible except in the Evaluation account. Stage 1: 10% profit target. It is for all the above reasons that, before deciding whether you want to be a funded trader by My Forex Funds, we recommend you to analyze each aspect of this review carefully in order to make a decision. At FTMO, we are also traders and we understand that to be a great trader, it is not just about having enough capital to trade with. Sure, they are generous with weekend trading and there are over 100 instruments on offer, but the drawdown limits will put off many a trader. Affordable access prices on all programmes, with several options in each programme. We believe that our rules are not very restrictive but at the same time, they would prevent a disaster if you decided to go on tilt. The Establishment Phase. 5% Off use code EBFINANCE5. More about the profit-sharing programme can be found here.

My Forex Funds Vs Ftmo 2021

However, this is actually by design, as many prop firms don't have the trader's best interest at heart…. If you generate profits on the FTMO Account, our Proprietary Trading firm will keep from 10% to 20% as the Profit Split, and you will be rewarded with up to 90% of achieved profits. One of the reasons behind such a large number of reviews is that MFF (My Forex Funds) and FTMO are two of the leading support firms in the industry. On the other hand, if you consider yourself a profitable trader and your trading is in line with the company's rules and requirements, you won't have much to lose, but you will have a lot to gain, as if you manage to generate profits and grow your account, you will be reimbursed 100% of the total cost of accessing the programme, not counting any profits you may make. Propriety trading firms or "prop firms" put traders to the test (for a fee) through evaluations and challenges. But there is another modality (specific to the Accelerated account) that allows a maximum of 10% in the Emphatic account model. MFF (My Forex Funds) and FTMO are legal monopoly trading companies. However, the number of reviews varies greatly.

6 freelancers are bidding on average $200 for this job. This along with the rate at which they are growing tells us that they are doing things right, so it's not a bad idea to try out their funding services. Let's take it one step at a time.. Profit split on Rapid accounts. It's not surprising that 95% of traders fail their challenges! 24/5 email support, i. The My Forex Funds Evaluation account is designed for semi-professional traders who need more capital to move to the next level. As scouting firms go, FTMO is an excellent all-rounder. In the case of My Forex Funds Accelerated, its third programme, the prop firm offers the possibility for the trader who opts for this account with no evaluation process or challenge and start trading from day one with a live funded account. 1:50 for Accelerated Conventional accounts and 1:100 for Emphatic accounts. Trading phase 2: 60 days. As you will have seen, My Forex Funds is full of good things, but it also has some things that can be improved. Therefore, it is in our interest that our traders trade under the best conditions. In the case of Evaluation accounts, you will receive 75% after the first month, then the second month, you will receive 80% of the total generated, and after that point, you will receive 85% of all profits for the remainder of the time.

My Forex Funds Vs Ftmo Class

But not only that, the average score of this proprietary trading firm is indisputably high, reaching 4. The leverage available on My Forex Funds depends largely on the account you are using, being: - 1:500 for Rapid accounts. But this should not be a problem as we are talking about the most popular trading platform of all times, which provides enough features and tools for professional trading. You will not receive payments if they detect any indication that you are using the account for gambling, or any change in erratic behaviour, such as significantly increasing your lot size, daily trades or risk per trade. You will be entitled to receive a 100% refund of the registration fee for accessing the accounts on successful completion of the evaluation process. 5x will occur alternately, until the trader's account reaches its maximum allowed size. A Firm that should focuses on a funding model, which is built around a very simple process, governed by simple and clear rules and not bound by time deadlines and restrictions. There will be no limits on the amount of winnings requested, but there is a general withdrawal limit, which cannot exceed 12% of the initial balance. Alongside a decent 80% payout for successful traders, FTMO equips users with webinars, workshops, and coaching. According to the company, the list of available instruments is updated from time to time, depending on the availability of margin, leverage, liquidity and other factors.

In our experience and assessment, My Forex Funds is one of the best offers for traders looking to bypass the vetting process and get funded from the start, which is possible thanks to their Accelerated account programme. Nearly all the prop firm challenges come with some restrictions, but My Forex Funds are undeniably on the rule-heavy end of the spectrum. As explained above, on Rapid accounts, you will be trading in demo mode, but at the same time you will be able to earn bonus profits, which are set at 12% of the total profits. On the other hand, it is also true that the prices of the programmes, which of course depend on the amount of capital requested, are quite affordable and competitive compared to other similar prop firms.

In stark contrast to the complexity of MFF, ideally you want an innovative platform which is trader-oriented and offers low to no restrictions on trading conditions. We estimate that around 5% of forex traders are actually obtaining funded accounts. Topstep FX is based in the USA, but it is available for everyone to use worldwide.

In this sense we could say that its main difference is the Accelerated account, which gives you instant access to the live funded account (no evaluation or challenge). Rules / Instructions. Regardless of account size, the maximum daily drawdown must not exceed 5% of the account. Profit payouts are set individually for each account type. The course is specifically tailored to discover talent within a trader. Profit split on Evaluation accounts. That is why you will learn to manage risk much better once you start trading with us.

Wed, 15 May 2024 03:45:03 +0000