This time, Forex Prop Reviews talked about and dove deeper into the various funding programs of My Forex Funds.
My Forex Funds is one of the more reputable and well-known prop trading companies.
Their Evaluation Program Account seeks out serious and talented traders to reward for the two-phase evaluation period. With a leverage cap of 1:100, traders can trade Forex pairs, commodities, indices, and cryptocurrencies using these evaluation program accounts.
Traders must meet an 8 percent profit target while adhering to the 5 percent daily loss or 12 percent maximum loss limits. Within 30 calendar days of the day, traders open their first position on an evaluation account. Traders must reach their profit target. A trader must trade for a minimum of five trading days before they move on to phase two.
Traders are required to reach a profit target of 10 or more within four months. A trader’s account will receive an increase of 30 percent of the original account balance. This scaling plan has no cap; traders can continue to scale up their account balance to unlimited capital.
Each funding program has a specific percentage of profit that a trader must acquire before they can complete an evaluation phase, withdraw profits, or scale their funded account.
The maximum daily loss and maximum loss limits are also included in each program’s rules for traders to adhere to.
My Forex Funds comparison with Two Leading Prop Trading Firms
We will contrast it with two other leading prop trading firms in the market. That’s E8 Funding and True Forex Funds.
We will first compare the program to E8 Funding’s two-step evaluation. These two funding initiatives are very comparable. Traders can increase their maximum loss limit from 80 to 14 for each successful withdrawal.
E8 funding has no minimum trading day requirements at all. For the maximum trading day periods, both prop trading firms have the same limitations of 30 calendar days in Phase One. And 60 calendar days in Phase Two. The profit splits received with each prop firm and their funding programs based on the profits with My Forex Funds are identical.
Another identical feature is the leverage offered since both firms are trading with 1:100 leverage.
For the second comparison, My Forex Funds and True Forex Funds have much in common regarding profit targets & loss limits. True Forex Funds have a maximum daily loss of 5 percent & a lower maximum loss limit of 10 percent regarding trading days.
Forex traders are rewarded with a refundable fee of 112 percent of the profit target of phase one and 4 percent of profits from phase two, as well as additional bonuses.
Take a look at all details by watching the video:
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Read about Prop firm with no minimal trading days requirement by clicking on the link.