REVIEW
My Forex Funds
“MFF: Empowering Traders with MyForex Founders”
“Unlock Success in Forex with MFF: MyForex Founders – Embrace Opportunity in a Market That Awaits Your Expertise!”
Established in July 2020, My Forex Funds has garnered a considerable trader base and distributed substantial financial rewards. The organization has adeptly navigated challenges related to expansion, solidifying its standing as a leading global proprietary trading firm recognized for its competitive pricing.
Who are them?
Established in Toronto in June 2020, MFF initiated its Evaluation account in March 2021, swiftly attracting the participation of over 4,000 traders. As of 2023, MFF stands as the second most prominent proprietary trading firm globally by specific metrics, trailing only FTMO.
Murtuza Kazmi, the founder of MFF, possesses a background as a part-time trader and an early investor in cryptocurrencies. Leveraging his substantial crypto profits, he aims to finance forex traders, operating under the conviction that their skills can generate superior returns. Through MFF, Kazmi provides funding to forex traders, with the objective of identifying and capitalizing on successful trading strategies.
Operational Framework of My Forex Funds:
MFF operates similarly to other proprietary trading firms, extending funding to forex traders in exchange for an upfront fee and a percentage of the trader’s profits. Traders must exhibit exemplary risk management by adhering to MFF’s trading rules to maintain eligibility for ongoing funding.
MFF offers three distinct account types through which traders can secure funding. The Rapid account facilitates the gradual learning and platform familiarity of inexperienced traders while refining their risk management skills. Upon mastering risk management with a Rapid account, traders can advance to a live account. In the first month of a live account, traders receive 50% of the profits, with the profit split increasing by 15% each subsequent month if they maintain profitability and comply with guidelines, reaching a maximum split of 80%.
Evaluation accounts involve trading in demo mode initially, with traders required to achieve profit targets of 8% in the first stage and 5% in the second, all while adhering to trading rules. Progression to the next stage necessitates trading for a minimum of five days in each stage.
While many traders begin with Evaluation accounts, several encounter challenges due to MFF’s renowned daily maximum drawdown policy. A daily drawdown of 5% or more violates the rule, resulting in the loss of the account. It is important to note that MFF calculates drawdown based on equity balance, not the account balance, as detailed in my review.
Upon successful completion of both evaluation stages, traders gain the ability to trade with real money, initially receiving 75% of the profits. Continued adherence to the rules can increase the profit split to a maximum of 85%.
Accelerated accounts offer instant funding upon sign-up, with no daily drawdown limit. However, an overall drawdown limit of 5% for Conventional Accelerated accounts and 10% for Emphatic Accelerated accounts is imposed. Falling below these thresholds results in the loss of the account. Accelerated accounts can be scaled up to a maximum of $2 million, with a fixed 50/50 profit split paid out weekly.
Funding Option
MFF imposes singular fees, reimbursable for Rapid and Evaluation accounts contingent upon traders fulfilling trading prerequisites and seamlessly transitioning from a demonstration account to a live one. Conversely, Accelerated accounts necessitate a nonreversible fee for prompt funding. MFF provides clients with three distinct funding programs:
- rapid account
- evaluation account
- accelerated
Rapid account
The Rapid account, provided by our proprietary trading firm, offers traders the opportunity to earn bonuses at the inception of their involvement in FOREX and CFD trading, accompanied by integral risk management components. The Forex Funds Rapid account initiative is meticulously designed to recognize and incentivize traders for their dedication as they gain experience and proficiency through engagement with a demo account. The initiative encompasses diverse account sizes ranging from $10,000 to $100,000, with bonuses distributed on a bi-weekly or monthly basis.
The principal aim of the Forex Funds Rapid program is to evaluate the trader’s capabilities over a three-month period to ascertain eligibility for accessing our live trading funds. The advantage of participating in the Rapid program lies in traders receiving bonuses during the evaluation, ensuring remuneration for their time and efforts over the initial three-month period, even as trades are executed within a simulated environment. Notably, the Rapid model imposes no temporal constraints.
Advantages:
Earning While Learning: The Rapid program facilitates the gradual cultivation of professional trading skills while earning incentives. Whether trading part-time or full-time, success is acknowledged and remunerated.
Diverse Product Range: Commence your career by trading a wide spectrum of products. With over 100 instruments available, you can trade and earn from your preferred assets.
Consistency and Non-consistency Accounts: Tailor your Rapid account to align with your preferences. Showcase your skills with the consistency account or trade based on your parameters with the non-consistency account.
No Evaluations or Targets: Embark on your trading journey without the pressure of assessments or time-restricted targets. Trade at a pace that suits your individual rhythm.
Low-cost Entry into Professional Trading: Initiate your professional trading journey with a cost-effective entry point. Experience the realm of a professional trader without a significant financial commitment. Select the program and fee structure aligned with your needs and upgrade as you progress and earn.
Flexible Growth: Advance at your own pace, unrestricted by calendar countdowns. Tailor your approach to your growth as a trader, whether gradual or accelerated.
Compensation:
Receive remuneration equivalent to 12% of the total profits generated. Under the Continuous Employment Agreement (CEA), payments are disbursed bi-weekly, while under the Non-Continuous Agreement (NCA), bonuses are paid out monthly. Transfer options include Bank Transfer, PayPal, or Cryptocurrency.
Evaluation account
Our Forex Funded Account Evaluation program is designed for FOREX traders aiming to demonstrate their expertise. This program presents a streamlined, two-phase process for semi-professional traders seeking capital and career advancement. Successful participants can join our esteemed FOREX Prop Firm as funded traders, progressing toward their objectives.
The evaluation program comprises two distinct stages, allowing potential funded traders to validate their proficiency in FOREX, CFD, or commodities trading. Evaluation trading accounts are available in sizes ranging from $5,000 to $300,000. Profits are distributed through profit-split payouts, with monthly disbursements in the first month and bi-weekly thereafter. While a trader may accumulate up to $600,000 in capital across evaluation accounts, the limit per trading account is $300,000.
Through the MyForexFunds evaluation trading account process, our aim is to identify dedicated FOREX Prop Firm traders with the necessary skills for success. By consistently demonstrating accuracy, employing proper trading risk management techniques, and exhibiting disciplined trading behavior, traders can earn lucrative incentives. Transitioning to a funded account can occur within 10 days by showcasing your worth, or alternatively, you may choose to complete the evaluation process within a more relaxed timeframe of up to 90 days. The decision is yours.
Rules:
5% Daily Loss Limit: Ensure your FOREX trading account does not incur a drawdown of more than 5% based on your balance or equity within 24 hours, starting at 5 pm EST.
12% Cumulative Loss Limit: Your FOREX trading account should not experience a decline of 12% (realized or unrealized) relative to the initial balance. The calculation is based on the overall drawdown using the formula: Drawdown % = [1 – (lowest equity or balance for the day) / (initial balance of the account)] x 100.
8% Phase 1 Profit Target: To progress in phase 1 successfully, achieve a profit target of 8% within a 30-calendar day period while adhering to all rules. The countdown begins with the opening of your first trade on your FOREX trading account.
5% Phase 2 Profit Target: Upon completing phase 1, advance to phase 2, where you must attain a profit target of 5% within a 60-calendar day period while complying with all rules. The countdown starts from the moment you open your first trade on your FOREX trading account.
Minimum 5 Trading Days Requirement: To pass the Prop Firm evaluation, engage in trading for a minimum of 5 trading days, demonstrating patience and establishing your FOREX trading habits for evaluation.
Unrestricted Trading: You have the freedom to trade your FOREX Prop firm account according to your preferred methods, trade sizes, and timings. We impose no restrictions on your trading approach. However, we strongly advise maintaining consistency and prioritizing risk management for long-term success. Thoroughly familiarize yourself with all rules before commencing trading activities.
Benefits:
Profit split of up to 85% available: Upon advancing to the funded account stage, you can earn up to 85% of the generated profits.
Exceptionally low targets compared to the market: Our targets are set at just 8% for phase 1 and 5% for phase 2, making us the most competitive choice available in the market—an affordable and top-quality option.
Complimentary retakes and extension options: If you’ve achieved profitability but haven’t reached the Phase I target within the 30-day timeframe, you can request two free extensions of up to 14 days each or enjoy unlimited free retakes, provided there are no breaches on your account.
No limitations on trading activities: You have the freedom to engage in various trading activities, such as trading news, holding positions over weekends, scalping, swinging, or trending. Choose your preferred product, whether it’s FOREX, Metals, CFDs, or cryptocurrencies.
Reimbursement of fees: Upon successfully reaching the first payout milestone of your live account, we will not only refund your fees but also provide a portion of the profits you’ve earned.
Profit-sharing scheme: Following the initial month of trading, you are entitled to receive 75% of your profit. During the second month, receive 80% of your profit on a bi-weekly basis. From the third month onward, and continuing thereafter, receive 85% of your profit on a bi-weekly basis. Profit-sharing distribution is facilitated through Deel, offering various payment methods such as bank transfer, PayPal, transfers, or cryptocurrency.
Accelerated
The My Forex Funds Accelerated program is strategically crafted to enable prompt initiation of live trading for our traders. This program is particularly suitable for proficient full-time traders seeking to rapidly enhance their capital.
Commence your trading journey promptly by participating in our Accelerated program, which streamlines the evaluation process. We have meticulously designed an innovative program that provides instant financial rewards.
Begin with a minimum investment of $2,000 and progress up to $50,000, with the opportunity to scale your funds up to a maximum of $2 million through our program. With the My Forex Funds Accelerated program, we offer professional traders the chance to bypass the queue and immediately engage in genuine fund trading. Experience accelerated growth through our compounding rewards and enjoy the advantages of being a professional trader.
Key Rules:
Overall drawdown limits of 5% or 10% are enforced.
Daily drawdown restrictions are absent. For Conventional accounts, the overall drawdown is capped at 5%, while for Emphatic accounts, it is set at 10%. For instance, a 5% drawdown on a Conventional accelerated account with a $50,000 balance equates to $2,500. Falling below $47,500 would signify a violation of the overall drawdown rule.
Leverage up to 1:100 is provided. Emphatic accounts have a 1:100 leverage ratio for Forex, Metals, and CFDs, while Conventional accounts have a 1:50 ratio for the same instruments, allowing you to maximize potential gains while managing risk.
Scaling occurs at intervals of 20%, with account scaling factors of 2x or 1.5x, depending on the phase. Scaling is permissible once during each pay period. For Conventional accounts, scaling occurs at intervals of 10%.
The maximum account size is USD 2 million.
No trading of shares is allowed due to the specific nature of our Accelerated program. However, you can trade other popular products such as Forex, CFDs, Cryptocurrencies, and Metals.
Weekly profit payouts are offered. Your first payment can be received within a week, provided your account has been active for at least five days. All payout requests must be made before 3 pm EST; otherwise, they will be processed in the next pay period.
Benefits:
Elimination of Profit Targets for Payouts: Our payout system does not impose any profit targets, and payouts are not contingent on achieving specific profit targets.
Scalability through Success: Our comprehensive scale-up program facilitates rapid goal attainment, with the potential for your account size to reach up to $2,000,000 upon scaling.
Absence of Time Constraints: Trade and earn at your preferred pace without external pressures. We prioritize your growth without imposing strict time limits or account threats.
Unrestricted Lot Sizes: We provide trading freedom by removing limitations on lot sizes, emphasizing the importance of consistency and risk management for profitable trading.
Flexibility in Trading Practices: Whether you choose to trade once, twice, or numerous times, it’s entirely up to you. Our mutual success is dependent on your comfort and preferred trading approach.
Exemption from Daily Drawdown Restrictions: Our accounts have no daily drawdown limits, with the exception that the overall drawdown should not exceed 5% for Conventional accounts and 10% for Emphatic accounts. While compound trading is allowed, we encourage you to maintain a forward-moving trajectory and avoid regressing.
As part of our compensation structure, you are entitled to receive a percentage of 50% of the overall profit generated in your account weekly. To qualify for a weekly payout, your account must have a minimum age of five days. To initiate a payout, kindly submit a request to our billing department before 3 pm EST. Payout processing typically takes 1-3 business days. You have the option to choose your preferred payout method, including Bank Transfer, Cryptocurrency, Transferwise, or Paypal.
What's makes it different from other prop firm?
If you are interested in affiliating with MFF, a globally recognized proprietary trading firm renowned for its rapid growth, we invite you to explore this opportunity. Joining MFF provides access to a thriving and dynamic trading community. The extraordinary progression of MFF, evolving from a relatively basic proprietary firm with limited funding options and a rudimentary website to a company boasting 40,000 traders in under two years, is truly remarkable. MFF remains steadfast in its commitment to continuous growth and innovation.
For those prioritizing value, MFF offers competitive pricing, appealing to discerning individuals seeking advantageous rates. The cost of a $50,000 Evaluation account remains at only $299 (see detailed pricing below). In comparison, FTMO’s $50,000 account is priced at €345. Opting for MFF provides a substantial cost advantage.
Moreover, for those who prefer to bypass the evaluation process or demo trading, MFF offers the option of an instantly funded account. While the pricing of instantly funded accounts may not be as competitive, especially compared to the 5%ers, they still present favorable terms. Traders utilizing MFF have access to a diverse range of trading options, encompassing forex, CFDs, and metals.
However, it is crucial to assess whether MFF aligns with your trading style and circumstances. If you typically hold positions overnight, the 5% drawdown limit may give pause. This limit is predicated on your equity at 5 p.m. EST, rather than your account balance. Consequently, if a winning trade undergoes a pullback exceeding 5%, it will breach the maximum drawdown threshold, potentially leading to the loss of your account. This rule applies even if your overall account performance remains profitable, presenting a potential disadvantage.
Furthermore, individuals residing in specific countries subject to OFAC sanctions, such as Iran, Iraq, Libya, Russia, Syria, Myanmar, Sudan, and others, are no longer eligible to join MFF.
Considering all factors, while it took time for individuals to recognize the merits of MFF, the firm has adeptly managed its exceptional growth and solidified its position among the world’s leading proprietary trading firms. Offering attractive pricing options, versatile account choices catering to traders of varying skill levels, an expansive trading community, and more, MFF serves as an outstanding entry point for your trading career.
which broker they use?
MFF utilizes its dedicated server, Traders Global Group, for managing all accounts, including both Demo and Live accounts. Various trading instruments such as Spot Forex, Spot Metals, and Spot CFDs are employed by MFF.
For verification of payment transactions, pertinent information can be accessed on MFF’s Instagram page under the “Payment Proof” section (MFF Instagram) or by following the provided link to the Discord page (MFF Discord).
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Education and support fro traders
Previously, MFF had envisioned the establishment of a forex academy; however, it appears that this endeavor has been temporarily postponed. Nonetheless, I maintain a positive outlook on its advancement. During this interim period, MFF is actively involved in offering social media tips and consistently updating its blog with trading insights, including informative introductory articles about the forex market.
Furthermore, MFF’s primary educational asset resides within its community of traders. The Discord community is extensive and dynamic, fostering a predominantly supportive environment. Valuable knowledge can be acquired simply by observing the general chat or trade ideas thread.
While MFF has faced occasional challenges in delivering adequate support to traders, founder Murtuza Kazmi has openly addressed this issue. This challenge is not unique to MFF but is a common hurdle encountered by rapidly expanding proprietary firms, given the inherent complexities involved. Engaging temporary personnel to address intricate queries from traders is not a feasible solution, as comprehensive training is imperative to adequately equip customer service representatives.
Nevertheless, MFF has made noteworthy progress in this domain, currently employing over 300 staff members, with a substantial portion dedicated to trader support.
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Trader's comment about it
Clients of MFF are really happy with their service and appreciate the firm.
Social media stats
MFF can be found in the major social media and its accessible to everyone interested:
- facebook has 48.751 followers
- Instagram has 151k followers
- youtube has 36.000 subscriber
- tik tok has 3233 followers
- linkedin has 9.327 followers
Conclusion
In summary, MFF (MyForex Found) has established itself as a significant participant in the forex trading industry, showcasing a dedication to education, community development, and ongoing enhancement. While the original plans for a forex academy have been deferred, MFF remains actively involved in furnishing valuable resources to aspiring traders. Through its presence on social media and a consistently updated blog, MFF provides an abundance of trading insights and introductory-level content, thereby enhancing accessibility to the forex market for novices. Furthermore, their expansive Discord community serves as a dynamic platform for the exchange of knowledge and support, facilitating mutual learning among traders. Recognizing occasional challenges in trader support, MFF has proactively addressed this issue, acknowledging the inherent complexities associated with the rapid growth of proprietary firms. With a dedicated team of over 300 staff members, many specializing in trader support, MFF underscores its commitment to delivering high-quality assistance and elevating the overall trading experience. As MFF undergoes continuous development, it is evident that prioritizing the needs of their traders and striving for ongoing improvement are paramount. Despite potential challenges, the proactive measures implemented by MFF, such as fostering a supportive community and maintaining a substantial staff, underscore their dedication to fostering a positive and educational environment for traders. In the dynamic and ever-evolving forex trading market, MFF’s emphasis on education, community, and improvement positions it as a notable entity. With its persistent efforts, MFF has the potential to further solidify its standing as a trusted and valuable resource for both aspiring and seasoned traders alike.