MPFunds was Asia's pioneering modern proprietary trading firm, offering traders a platform to demonstrate their trading skills and earn substantial rewards. Traders were able to participate in a unique 2-phase challenge system that tested their discipline and consistency. Through this platform, traders could access scalable simulated trading capital of up to $1,000,000, with payouts occurring every seven business days. MPFunds also introduced innovative features such as a Membership Program and provided comprehensive support through its 3C’s approach—Coaching, Courses, and Counselling. While MPFunds is no longer operational, its mission to empower undercapitalized traders and create a supportive trading environment had a lasting impact on the trading community.
Company Information
- Company Name: MPFunds
- Company Legal Name: MYPOCKET FUNDS PTE. LTD
- Company Registration No.: 202230915H
- Operating Since: May 2023
- CEO Name: Dean Wong
Challenge Details
Standard Challenge
Pricing:
- Size: $10,000 ($108)
- Size: $25,000 ($198)
- Size: $50,000 ($298)
- Size: $100,000 ($550)
- Size: $200,000 ($1,100)
Rules:
- Profit Target (Phase 1): 8%
- Profit Target (Phase 2): 5%
- Total Loss: 10%
- Daily Loss: 5%
- Profit Share: 80%
- Drawdown Type: Static drawdown
- Time Limit: Unlimited
- Leverage: 1:100
- Payout Frequency: 7 Days
- Allows Copy Trading: Yes
- Min Trading Days: 5 Days
Scaling Plan:
MPFunds offered a fairly easy scaling plan in with which traders could increase their capital by up to $1,000,000. . To be eligible, traders had to meet a net profit target of 10% and make at least three withdrawals within a three-month period.
Spreads and News Trading Rules
Spreads:
MPFunds partnered with IC Markets, a regulated broker, providing competitive spreads on major forex pairs, indices, and commodities.
News Trading Rules:
- News trading was allowed during the 2-phase challenge process.
- For funded traders, however, trading during major news events was restricted. Traders were prohibited from executing trades two minutes before and after high-impact news releases, as indicated on the Forex Factory calendar.
Other Important Rules
Daily Drawdown Calculation:
The daily drawdown was calculated based on the account’s balance and equity at the start of each trading day. Traders were not allowed to lose more than 5% of their balance or equity within a single trading day as the drawdown limit could grow and shrink based on the account.
Countries Banned from Purchasing:
MPFunds did not allow traders from the following regions to participate:
- Cuba
- Iran
- North Korea
- Syria
- Russia
- Crimea, Donetsk, and Luhansk regions of Ukraine
- United States
Gambling Rules:
Traders were required to engage in legitimate trading practices. Any activity that resembled gambling, such as taking on high-risk trades with no strategy or engaging in random betting, was prohibited.
Prohibited Trading Strategies:
MPFunds enforced strict guidelines against the use of certain trading strategies, including:
- News Trading: Not allowed for funded traders during restricted news events, except for Swing Accounts.
- Copy Trading from someone else's account: Not permitted unless trades were copied from a personal account.
- Hedging Across Accounts: While hedging was allowed within the same account, traders could not hedge buy and sell trades across different accounts.
- High-Frequency Trading (HFT): Strategies that caused hyperactivity on the trading platform, such as tick scalping or arbitrage, were not allowed.
- Account Management Services: Traders were not permitted to use account management services to pass the challenge on their behalf.
Payout Methods
Traders could receive their payouts through wire transfers or Wise. The firm prided itself on having an efficient payout system, with payouts processed within 24 hours of approval.
Trading Commissions
MPFunds partnered with IC Markets, and as such, traders faced competitive commissions. There were no hidden charges or recurring fees.
IP Rule
Trading from multiple IP addresses was allowed, provided the trader was managing their own account. The use of VPNs or VPS was also permitted as long as the trader complied with all trading rules.
