MyForexFunds is a prop firm registered in Canada. It was established on February 19, 2020, and can be contacted through their official email address at [email protected]. The firm offers traders the opportunity to participate in the Two Phase Challenge. Traders can use either the MT4 or MT5 trading platforms and have various payment methods available, including Skrill, Paypal, and cards. Withdrawals can be made through crypto, bank transfer, or wire transfer. MyForexFunds works with the broker Traders Global Group.
The Two Phase Challenge has specific rules and targets for each phase. In Phase 1, traders must aim for a profit target of 8% within a minimum of 30 calendar days. In Phase 2, the profit target is 5%, and traders must trade for a minimum of 60 calendar days. Traders are not allowed to exceed a maximum drawdown of 12% in either phase. Additionally, traders must trade at least five days a week and maintain a maximum leverage of 1:50.
To be eligible for a funded account from MyForexFunds, traders must fulfill all the requirements and succeed in both phases of the challenge.
MyForexFunds provides funding capital options of $10,000, $25,000, $50,000, and $100,000 for traders participating in the Two Phase Challenge. They also offer instant funding with a maximum allocation of $300,000, which can be increased to $600,000 after scaling.
Scaling at MyForexFunds is based on specific criteria. Traders must not exceed a drawdown of 5% or 10% overall, with no daily drawdown restrictions. Leverage of up to 1:100 is allowed, depending on the phase and the trading instrument. Scaling occurs at 20% intervals, with account scaling by 2x or 1.5x depending on the phase.
While High-Frequency Trading (HFT) and copy trading are not allowed, hedging is permitted at MyForexFunds. However, the use of Expert Advisors (EA) is not allowed. Customer support is available through Discord, Live Chat, and Twitter. The firm does not offer free trials, organize competitions, or provide free retries. Traders from Russia are banned from participating in MyForexFunds’ programs.
My Forex Funds Details
