Overview of MyFundedFX Forex Prop Firm

In the world of online trading, it's essential to have a clear understanding of the platforms and opportunities available. MyFundedFX is one such platform that offers a unique proposition to traders. In this article, we'll delve into the details of MyFundedFX, covering company information, challenge types, and other essential aspects.

Company Details

Name: MyFundedFX
Legal Name: MyFundedFX LLC
CEO: Matt L
Started in: 2022
Registered in: Dallas, Texas

MyFundedFX is a trading platform that has gained prominence since its inception in 2022. Led by CEO Matt L, the company operates under the legal name MyFundedFX LLC and is based in Dallas, Texas. It offers traders a unique opportunity to engage in various trading challenges and manage simulated capital.

Challenge Details

MyFundedFX provides traders with three types of challenges, each tailored to different trading goals and risk appetites. Let's explore these challenges in detail:

1. 2 Step Normal Challenge

Phase 1

Profit Target: 8%
Minimum Trading Days: 1 day
Trading Period: Unlimited
Max Daily Loss: 5%
Max Initial Account Balance Loss: 8%
Available Leverage: 100:1

Phase 2

Profit Target: 5%
Minimum Trading Days: 1 day
Trading Period: Unlimited
Max Daily Loss: 5%
Max Initial Account Balance Loss: 8%
Available Leverage: 100:1

Account Sizes: $5000, $10000, $25000, $50000, $100000, $200000, $300000

2. 2 Step Pro Challenge

Phase 1

Profit Target: 8%
Minimum Trading Days: 1 day
Trading Period: Unlimited
Max Daily Loss: 5%
Max Initial Account Balance Loss: 10%
Available Leverage: 50:1

Phase 2

Profit Target: 5%
Minimum Trading Days: 1 day
Trading Period: Unlimited
Max Daily Loss: 5%
Max Initial Account Balance Loss: 10%
Available Leverage: 50:1

Account Sizes: $5000, $10000, $25000, $50000, $100000, $200000, $300000

3. 1 Step Challenge

Profit Target: 10%

Minimum Trading Days: 1 day
Trading Period: Unlimited
Max Daily Loss: 4%
Max Trailing Loss: 6%
Available Leverage: 100:1

Account Sizes: $5000, $10000, $25000, $50000, $100000, $200000, $300000

Other Details

MyFundedFX offers some unique features and benefits to its traders:

Manage Simulated Capital Up to $600k: Traders can participate in the trading challenge and manage accounts with simulated capital up to $600,000.
Receive 80% of Profits: Successful traders are rewarded with 80% of the profits they make, providing a substantial incentive for active participation.
No Scaling Plan Required: Unlike some trading platforms, MyFundedFX does not require traders to follow a scaling plan, making it more accessible to a broader range of traders.
Live Simulated Accounts: The platform offers live simulated accounts, giving traders a taste of real trading without risking their own capital.
No Maximum Trading Days: Traders enjoy the flexibility of unlimited trading days on all plan types and phases, allowing them to trade at their own pace.
No Minimum Trading Days: Getting started is quick and easy, with no minimum trading days required to open a live simulated account.
No Style Restrictions: MyFundedFX does not impose style restrictions, allowing traders to adopt various trading strategies that suit their preferences.
Maximum Daily Loss: The platform incorporates a maximum daily loss rule, providing traders with an additional layer of risk management.

MyFundedFX Challenge

MyFundedFX offers aspiring traders a unique challenge that can lead to exciting opportunities. Here's how it works:

Take the Challenge: Traders can participate in the MyFundedFX evaluation process and prove their trading skills.
Get Verified: After successfully completing the initial challenge with a 5% profit target, traders move on to the verification step.
Get Your Live Sim Account: Proven traders can enjoy up to an 80% profit split on all live sim profits they generate. The scaling plan allows traders to continue trading and potentially access accounts up to $1.5 million.

MyFundedFX is dedicated to supporting traders in their journey by providing a simulated challenge program that allows them to trade without risking their capital.

Trading Style and Instruments

MyFundedFX embraces diversity in trading styles and instruments. Traders have the freedom to explore various trading strategies and instruments, including forex, indices, cryptocurrencies, commodities, and more. There are no restrictions or consistency rules imposed on tradable assets, empowering traders to make informed decisions based on their preferences and market conditions.

Copy Trading

MyFundedFX recognizes the appeal of copy trading and has established clear guidelines to ensure a fair and transparent trading environment. Traders can engage in copy trading from their own accounts, but there are restrictions on copy trading between accounts owned by different individuals. Additionally, using Expert Advisors (EAs) for copy trading is subject to specific rules to maintain authenticity and fairness.

Trading Using Bots/EAs

Traders who prefer to automate their strategies with Expert Advisors (EAs) are welcome to do so on MyFundedFX. However, the platform imposes restrictions on certain types of EAs, such as high-frequency trading EAs and arbitrage EAs. These restrictions aim to ensure fair and compliant trading practices and protect the trading community's integrity.

News Trading

News trading is allowed on MyFundedFX, providing traders with the opportunity to capitalize on market volatility during news events. However, traders are advised to exercise caution during such times due to rapid price movements and widened spreads. Being mindful of the economic calendar is crucial to avoid potential risks.

Conclusion

MyFundedFX offers a comprehensive trading platform with diverse challenges, flexible trading styles, and a commitment to fair and transparent trading practices. Whether you're a novice trader or an experienced one, MyFundedFX provides a unique opportunity to test your skills, manage simulated capital, and potentially earn substantial profits. Explore the world of online trading with MyFundedFX and embark on a rewarding journey in the financial markets.