FAQs
In conclusion, MyFundedFx is a reputable and reliable prop trading firm that offers competitive funding, advanced trading tools, and exceptional support. Its unique approach to prop trading and transparent evaluation process make it an attractive option for traders of all levels.
Is my forex fund real? ›
As for regulation, it has been verified that My Forex Funds currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.24/10. Please be aware of the risk. Note: The screenshot date is January 18, 2023.
Which prop firm is the best? ›
#1 – Funder Trading
Funder Trading stands first in our list of the top prop trading firms in 2024 due to multiple reasons but notably it is the only prop trading firm that offers options funding and includes coaching for every trader signed up.
Is FX trading real or fake? ›
Is forex legit? Yes, the forex market can be a legitimate way to trade and invest. Forex, short for foreign exchange, is the largest financial market in the world.
What is the payment method for my funded FX? ›
Most funded FX accounts offer various options such as bank transfers, credit/debit card withdrawals, and e-wallets like PayPal or Skrill. It's important to note that some methods may have additional fees or longer processing times, so be sure to choose the option that works best for you.
Why did MFF shut down? ›
Why was My Forex Funds shut down? The CFTC closed MFF's accounts due to their allegation that MFF was defrauding its clients by actively trying to prevent them from becoming funded traders, while promising the opposite.
What is the lawsuit against my forex funds? ›
The CFTC sued Kazmi and My Forex Funds, also known as Traders Global Group Inc., in September. The agency alleges that the business charged over $300 million in customer fees by falsely promising to grant retail investors access to the forex market.
What countries are banned from my forex funds? ›
At MyFundedFX, while we strive to provide opportunities to traders worldwide, and even though we are only a Sim environment we are unable to accept traders from the following countries due to regulatory restrictions and compliance requirements: Cuba, Iran, Lebanon, Syria, North Korea, Libya, Russia, Sudan, Somalia, ...
How does MFF make money? ›
MFF works like all prop trading firms that offer funded accounts. They offer forex traders funding in exchange for an up-front fee and a percentage of any profits the trader generates.
What is the difference between MFF and FTMO? ›
MFF offers profit splits from 70% to 85% based on account type. FTMO starts at 70% for Normal accounts and can reach 90% profit share for consistent traders. MyForexFunds has a lower barrier to entry for newer traders. But FTMO promotes consistency by keeping rules static across evaluations and verifications.
Can I hold trades overnight or over the weekend? Holding trades over the weekend is allowed only on Evaluation and Rapid accounts. However, if you are trading with an Accelerated account, you won't be able to hold trades over the weekend.
Is FTMO banned in the US? ›
FTMO Banned USA Clients – Heres our Top 5 Alternatives (Accepting USA Traders) FTMO have now restricted access to all new US-based traders as of January 2024. This appears to be related to regulatory issues and may have something to do with the recent My Forex Funds case.
What is the fastest prop firm payout? ›
Funding Pips and Maven lead the rankings with the most frequent pay-outs, offering transactions every 5 days. Close behind, Traddoo and Funded Trading Plus offer weekly pay-outs. Smart Prop Trader, with its 12-day pay-out cycle, caters to those with a trading style that can accommodate less frequent access to funds.
Which prop firm offers instant funding? ›
FTUK is a reputable prop firm with instant funding accounts, which attracts seasoned traders who want to access large trading capital without a lengthy evaluation process. The funding range is from 14k to 5 million USD with a profit share of 80% and maximum leverage of 1:100.
Is MFF trusted? ›
They argue that rather than profiting when customers succeeded, MFF actually lost money when customers did well since they barely linked anyone to the real market through their LP. Remarkably, the CFTC even likened MFF's operations to a Ponzi scheme.
Is my FX book safe? ›
Myfxbook is one of the best verification and strategy analysis services. It's a great tool that I use literally every day. Unfortunately, sellers of trading tools devise all kinds of tricks to outsmart beginners; even experienced traders are fooled sometimes. I have been fooled many times on Myfxbook.
Where is MyFundedFX located? ›
They are located in Dallas, Texas, and are being managed by CEO Matthew Leech.
Is MFF regulated? ›
MFF Financial lacks regulation from any recognized financial regulatory authority, which means it operates without oversight or adherence to specific regulatory standards.
