Lately, prop firms are becoming increasingly popular. Basically, these companies are taking pro investors and letting them trade with their own money. Once you earn a profit, you can take a certain percentage for your work. Something like a dedicated account manager.
Therefore, the subject today is My Forex Funds review. We wanted to see why this particular firm has thousands of customers.
As a company funding traders’ accounts from their own funds and the money of their liquidity providers, My Forex Funds regulation is not necessary. As long as the company uses its own money and serves as a trading terminal provider rather than a broker, they don’t fall under the IIROC licensing regime.
However, due to this fact, the firm is offering a bit different trading conditions. Namely, the leverage for retail traders in Canada is limited to 1:50, while My Forex Funds offers from 1:100 to 1:500, depending on the customer’s skill level and the account they choose. This can put your given capital at risk, so be wary and manage it properly.
If you have any information you’d like to share about My Forex Funds, feel free to contact our dedicated staff.
My Forex Funds is a Canadian-based prop investment firm. The company offers savvy investors a chance to earn profit by trading with the firm’s funds.
According to our research and traffic analysis, My Forex Funds is mainly soliciting investors from the following countries:
According to a SimilarWeb traffic report, the company had over 5 million visits during March 2023. The majority were from the US, India, and Vietnam, which complies with our findings.
My Forex Funds trading platform is MetaTrader. The company offers access to both MT4 and MT5. These are the best on offer for retail investors, with the largest number of trading features.
MetaTrader 5 contains a slightly larger number of technical indicators and charts, while it has 21 timeframes compared to 9 on MT4. Additionally, it includes an economic calendar and a partial order-fill policy. While both software allows hedging, only MT5 supports netting.
MT4 was designed for CFD trading, while the whole idea behind MT5 was to offer more accessible investment to those trading non-CFD assets. Whichever of these you choose, you surely won’t regret it.
Of course, as with any MT, this one also comes with a mobile app. You can use MetaTrader on any Android or iOS device to enjoy the ease and convenience of login. All that while not losing any of the desktop features.
My Forex Funds is primarily turned towards Forex trading, as the name suggests. The company offers access to major and minor currency pairs, such as AUD/CAD and EUR/USD.
In addition, you can invest in the following:
The default leverage for all assets is 1:100, which can be increased with higher accounts.
The company charges spreads, swaps, and a $3 commission per lot on all trades. However, the spread is not clearly displayed, which is somewhat concerning. The only exceptions are the users of an Islamic account who are free of overnight fees.
There are 3 My Forex Funds trading accounts divided by goals.
Registration fees vary based on the level and the goal you choose, going from $49 to $1,389. With the first two accounts, you’re obligated to trade 3 or 5 days per week respectively.
With the Rapid one, you earn 12% of profit, regardless of the goal. During an Evaluation account, you have two phases, making 8% or 5%. With the Accelerated one, you can get 5-10% of the starting account balance, and you must reach 20% to go to the next milestone.
If you feel overwhelmed by everything above, you can start slowly by using the My Forex Funds Demo account. From there, you can test the platform and better understand the system behind your desired account type.
Additionally, you will have a chance to test the MetaTrader if you’ve never used it before. Getting familiar with trading technology can be pretty beneficial before obligating yourself to use someone else’s money to trade.
This firm offers two methods for requesting a payout:
It seems rather odd that they’re not paying out through traditional means, such as debit/credit card or a bank transfer. Especially considering that they accept cards for a deposit, meaning they don’t fully comply with AML policies according to which payment methods must match.
The minimum My Forex Funds withdrawal amount for an affiliate commission is $20, and you can request a payout every 1st of the month. Payments are made through crypto or Deel, and customers must provide ID along with a Deel account or crypto wallet.
However, the T&Cs don’t tell us much about a timeframe for a payout, and it’s rather odd to limit customers to getting money only once a month.
In case of any withdrawal or account issues with My Forex Funds, you can address the company directly. They are available through live chat, email, or a website form.
Additionally, you can contact Global Fraud Protection to share your story with us. Our chargeback experts and CipherTrace analysts will evaluate your case and find the best method to help you request a refund if you have legal grounds to do so. Don’t hesitate to book a free consultation today! It costs nothing to know your rights!
My Forex Funds is a Canadian-based prop firm offering customers to earn a commission for trading. We might be able to assist you in case of any potential issues.
My Forex Funds offers its customers MT4 and MT5 trading terminals.
The company offers three account types – Rapid, Evaluation, and Accelerated.
My Forex Funds is a Canadian-based prop firm offering customers to earn a commission for trading. We might be able to assist you in case of any potential issues.
My Forex Funds offers its customers MT4 and MT5 trading terminals.
The company offers three account types – Rapid, Evaluation, and Accelerated.
The post A Review of My Forex Funds and Its Business appeared first on Global Fraud Protection.
