In today's fast-changing trading world, proprietary trading firms offer traders a great chance to manage large amounts of money without risking their own funds. MyFundedFX, also known as MyFunded Capital (HK) Ltd, is one such company. It gives traders a special platform to show their skills and make profits. Founded in 2022 and based in Hong Kong, MyFundedFX lets traders practice trading, improve their strategies, and work toward their financial goals in a safe environment.

Company Profile

MyFundedFX operates under the legal name MyFunded Capital (HK) Ltd and is registered in Hong Kong with the company number 76252354. The firm is headquartered at Suite 1601, 16/F., AXA Tower, Landmark East, 100 How Ming Street, Kwun Tong, Kowloon. The company is led by CEO Matthew Leech, who brings a wealth of experience and leadership to the organization. While the firm primarily operates online, they can be reached via email at [email protected]. However, no phone support is available at this time.

Payment and Withdrawal Methods

MyFundedFX offers a variety of payment modes to cater to the needs of its global clientele. Traders can make payments using cryptocurrencies, credit/debit cards, Mastercard, and Visa. When it comes to withdrawals, the firm supports options like Rise and Crypto, ensuring that traders can access their profits efficiently. Withdrawal requests are processed within 12 to 72 hours, although processing times may vary depending on the day of the week and the payment method chosen.

Challenges Offered by MyFundedFX

MyFundedFX is known for its diverse range of trading challenges, each designed to cater to different trading styles and skill levels. The firm offers three main types of challenges:

One Phase Challenge

This challenge is ideal for traders who prefer a straightforward approach. It requires a 10% profit target with a 4% maximum daily loss and a 6% maximum trailing loss. The leverage offered is 100:1, and traders can choose from account sizes ranging from $5,000 to $300,000.

Two Phase Challenge

The Two Phase Challenge is more complex, designed for experienced traders. Phase 1 requires an 8% profit target with a 5% maximum daily loss and an 8% maximum initial account balance loss. Phase 2 has a 5% profit target with the same loss limits. Both phases offer unlimited trading days with 100:1 leverage.

Three Phase Challenge

The most intricate of the three, the Three Phase Challenge, involves a three-step process with profit targets of 6% in each phase. The daily drawdown limit is 8%, and the leverage is set at 50:1. This challenge is for traders who thrive in a structured, phased approach to trading.

Trading Platforms and Instruments

MyFundedFX supports a variety of trading platforms to accommodate different trader preferences. The platforms include:

DXTrade

A versatile platform known for its user-friendly interface and advanced trading tools.

MatchTrader

This platform offers robust charting tools and is suitable for traders who rely on technical analysis.

cTrader

cTrader is renowned for its transparency and execution speed, making it a favorite among professional traders.

Traders at MyFundedFX can trade a wide range of instruments, including Forex, commodities, cryptocurrencies, and indices. With over 175 assets available, traders have the flexibility to diversify their portfolios and explore various markets.

Broker Association

MyFundedFX has partnered with ThinkMarkets, a well-established broker, to provide traders with a seamless trading experience. This partnership ensures that traders have access to competitive spreads, reliable execution, and a secure trading environment. The broker’s association with MyFundedFX enhances the overall trading experience by offering top-notch services and support.

Account Scaling and Growth

One of the standout features of MyFundedFX is its account scaling plan. The firm offers a simulated scaling plan that increases a trader’s initial demo account balance by 25% every three months, provided certain criteria are met. For instance, traders must achieve a total simulated profit of 12% or more within the 90-day period before requesting a scale-up. This scaling potential allows traders to manage up to $1.5 million in simulated capital, making MyFundedFX an attractive option for those looking to grow their trading careers.

Trading Rules and Conditions

MyFundedFX is committed to providing a flexible and supportive trading environment. Traders are allowed to use any trading style, including scalping, hedging, swing trading, and strategies like martingale and grid trading. The firm also supports the use of Expert Advisors (EAs) on all accounts and phases, with certain restrictions to ensure fair trading practices. However, high-frequency trading EAs, news scalping EAs, and arbitrage EAs are prohibited. Additionally, copy trading is allowed from accounts owned by the trader, ensuring transparency and authenticity in trading activities.

Trading Competitions and Free Trials

Unlike some other prop firms, MyFundedFX does not organize trading competitions, nor does it offer free trials. The focus of the firm is on providing a stable and consistent platform where traders can develop their skills over time without the pressure of competition or limited trial periods.

News Trading and Holding Trades

News trading is permitted during the challenge phases, but traders should be cautious as high-impact news events can lead to significant market volatility. MyFundedFX allows traders to hold positions overnight and over the weekend, but they should be aware of swap fees that may apply. It’s important to note that while news trading is allowed during the challenge, it is prohibited in live simulated accounts, and any profits made from news trades within a 3-minute window before or after a high-impact news release will be removed.

Profit Sharing and Payouts

MyFundedFX offers an 80/20 profit split in favor of the trader, meaning that traders retain 80% of the profits they generate. Payouts can be requested every 14 days, and once the request is submitted, it typically takes between 12 to 72 hours to process. The firm ensures that traders can continue trading even after requesting a payout, without having to wait for the payment to be processed.

Regulations and Legal Considerations

It’s important to note that MyFundedFX operates entirely within a simulated trading environment. This means that traders do not risk their own money, nor do they trade in live markets. Instead, they engage in simulated trading, which mirrors the conditions of live trading without the financial risks. The firm uses Sumsub for verification, requiring proof of identity and address, along with a selfie holding the ID or passport, to ensure compliance with their policies.

Account Merging and Management

MyFundedFX offers traders the flexibility to merge their trading accounts, provided certain conditions are met. Only untraded accounts that are in the simulated prop trading stage are eligible for merging. This allows traders to consolidate their simulated trading capital and manage their activities more efficiently. Additionally, traders must place a trade at least once within a 30-day period to keep their accounts active. Accounts that remain inactive for over 30 days will become null and void.

Customer Support and Resources

MyFundedFX is committed to providing excellent customer support. While there is no phone support, traders can reach out via email at [email protected]. The firm also offers a range of educational resources and tools to help traders improve their skills and make informed decisions.

Conclusion

MyFundedFX stands out as a premier prop trading firm, offering a robust and flexible platform for traders of all levels. With its diverse range of challenges, supportive trading environment, and generous profit-sharing model, MyFundedFX provides traders with the tools they need to succeed. Whether you’re a seasoned professional or a beginner looking to grow your trading career, MyFundedFX offers the perfect platform to showcase your skills and achieve your financial goals.