Since its inception in July 2020, My Forex Funds has signed up thousands of traders and made many verified payouts. But due to their youth, dizzying array of account options, rapid growth, and a few other questionable features, for me the jury is still out.
- Accounts for every skill level — MFF has accounts tailored for beginners, intermediate, and professional traders.
- Instant funding — With an Accelerated account, you can have instant access to up to $50,000 of trading capital.
- Affordable pricing — Evaluation accounts with MFF are up to 25% cheaper than FTMO for the same level of capital.
- Great profit splits — Profit splits for Evaluation accounts start at 75% and go all the way up to 85%. That’s about as good as it gets.
- Low profit targets — For Evaluation accounts, it’s 8% split to pass the first stage and then just 5% to move on to a funded account.
- Popularity — MFF claims more than 40,000 traders in 120 countries since its inception less than two years ago.
- Slow customer service — MFF has acknowledged the need to hire more trader support agents, but for right now they are often slow to respond.
- Equity-based drawdown — Drawdown is based on your equity not your account balance, which trips a lot of traders up.
- Popularity — There’s not a hotter prop firm than MFF right now, but can they survive such incredible growth? Do they have the capital?
- Account choices — MFF has so many account options, it can be difficult to discern which rules apply to which accounts.
- Educational resources — MFF is launching a forex academy soon, but until that’s off the ground, there’s not a whole lot of educational materials.
Who should sign up with My Forex Funds?
If you want to join probably the fastest growing prop firm in the world, sign up with MFF. Their meteoric rise from a prop firm offering one funding option on an amateurish website to a company with 40,000 traders in less than two years is incredible.
Bargain hunters will also delight in MFF’s great prices. A $50K Evaluation account is just $299. By way of comparison, FTMO’s $50K account is €345. That’s before you factor in the discounts and promotions, which MFF offers with much more frequency than FTMO. Add in a discount, and you could be saving up to 35% if you choose MFF.
If you don’t care for the evaluation process or demo trading, MFF also offers an instantly funded account. The instantly funded accounts aren’t quite as competitively priced, especially when compared with the 5%ers, but they are still a good deal. Traders have access to forex, CFDs, and metals.
Who should NOT sign up with My Forex Funds?
If you like holding positions overnight, you might be put off by the 5% drawdown limit, which is based on your equity at 5 p.m. EST rather than your account balance. That means if you have a winning trade running but it pulls back more than 5%, you’ll have violated the maximum drawdown and will lose your account. At that point it doesn’t matter if your account is profitable overall, you’re still out of luck.
Cautious forex traders, like myself, are always a little anxious about the new prop firm on the block. I’ve seen too many firms grow beyond their means (looking at you Funding Talent) and then run out of capital to pay out successful traders. If you’re like me, you’d probably rather spend a few extra dollars on an account with a more established company.
Finally, residents of four US states—Arkansas, Iowa, Mississippi, and Missouri—are not eligible to join MFF, according to their website. Residents of OFAC countries, particularly Iran, have been flooding MFF’s social media posts because they no longer had access to their accounts or weren’t getting profit payouts. MFF has not updated their website regarding eligibility of OFAC residents, but I’d advise anyone living in those countries to seek clarification with MFF before signing up for an account.
All things considered . . .
I’m going to take a pass on MFF for the time being. They have been in business for less than two years and are growing so fast that there is a possibility—however slim—that they won’t be able to keep up with demand. I’m personally looking to more established forex prop firms at this time, but hoping that MFF can prove me wrong.
My Forex Funds origin story
MFF is a little opaque about their ownership and origins on their website, which doesn’t help a new firm gain a lot of trust. The site merely says they were started in June of 2020, started their Evaluation account in March 2021, and signed up more than 4,000 traders and redid their website in May of the same year. That’s as much background as they provide.
Personally, I like to know a little bit more about my firm and its founder(s) before I invest any of my precious time, energy, and—especially—money, so I did a little digging. Finally I came across an interview with Kimmel Trading that pulled the curtain back to reveal the wizard behind MFF.
According to the interview, MFF was founded by Murtuza Kazmi in Toronto. He was a part-time trader and a very early investor in crypto currencies. The capital he now uses to fund forex traders comes from his substantial crypto gains. After his early success, he had some ups and downs as a trader and thought his capital could be put to better use by better traders. He began offering forex traders funding through MFF to find those traders and piggyback on those that were successful.
How does My Forex Funds work?
MFF works like all prop trading firms that offer funded accounts. They offer forex traders funding in exchange for an up-front fee and a percentage of any profits the trader generates. The trader just has to demonstrate excellent risk management by adhering to all MFF’s trading rules, and MFF will continue to fund them.
With MFF, you can become a funded trader via three different account types. You can sign up for a Rapid account, and slowly learn the ropes and eventually receive funding. You can choose an Evaluation account and pass two evaluation stages to receive funding. Or, finally, an Accelerated account offers instant capital.
The Rapid accounts are for inexperienced traders and are designed to familiarize them with the trading platform, while teaching risk management. If you demonstrate with a Rapid account that you’ve mastered risk management and have the tools to be a successful trader, you will graduate to a live account. Once you’ve been given a live account, with real capital, you’ll receive 50% of the profits the first month. Your profit split will grow by 15% for every month that you’re profitable and stay within the guidelines, up to the maximum split of 80%.
Evaluation accounts start you out trading in demo mode. If you meet modest profit targets of 8% in the first stage, and 5% in the second, and stay within the trading rules, you are rewarded with a live account. You need to trade a minimum of five days in each stage in order to advance.
Most traders join MFF with Evaluation accounts, and many traders fail thanks to MFF’s infamous daily maximum drawdown. If your account drops 5% or more in one day, you’ve violated the drawdown and lose your account. A 5% daily drawdown isn’t outrageous, but MFF calculates their drawdown on equity balance rather than your account balance. I explain the distinction elsewhere in my review. Make sure you understand it before signing up with MFF.
If you do pass both stages of evaluation, you’ll finally be trading real money. Initially you’ll receive 75% of the profits, but if you continue to trade without breaking the rules, you’ll be bumped up to a maximum of 85%.
The Accelerated accounts are pretty straight forward. Sign up and you’ll receive instant funding. There’s no daily drawdown, just an overall drawdown, set at a maximum of 5% for Conventional Accelerated accounts and 10% for Emphatic Accelerated accounts. If your equity or account balance dips below either 5% or 10%, you lose your account.
Accelerated accounts can be scaled all the way up to a maximum of $2 million. Profit splits are an even 50/50, paid out weekly.
How much does My Forex Funds cost?
MFF charges one-time fees, which are refundable for Rapid and Evaluation accounts if you meet trading requirements and graduate from your demo account to a live account. The two Accelerated accounts offer instant funding for a nonrefundable fee.
|Account Size||Refundable One-time Fee|
|Account Size||Refundable One-time Fee|
Accelerated Account – Conventional
|Account Size||Refundable One-time Fee|
Accelerated Account – Emphatic
|Account Size||Refundable One-time Fee|
I assess all prop trading companies according to the following seven criteria. For my overall rating, I weigh each factor equally, but to you personally, some factors may be more important than others. For example, if you are obtaining forex capital from a prop trading firm for the first time, you should place a higher value on a prop firm’s educational resources than I do.
Profit split – 9/10
MFF’s profit splits are in line with the most generous firms in the industry. MFF pays out 75%–85% on Evaluation accounts once you have become a funded trader. Instantly funded accounts pay out at a 50/50 profit split, which is industry standard.
Scaling opportunities – 7/10
MFF does offer excellent scaling opportunities with their Accelerated account. For the Conventional Accelerated account, they will either double or give you 1.5x your account size every time you hit your 10% profit target, up to $2 million. For the Emphatic Accelerated account, the scaling is the same once you hit 20% profit targets.
Scaling for the Evaluation account isn’t quite as appealing. They say they will fund you “to the moon,” but you have to generate 10% profits or more over four months in order to request an additional 30% of trading capital. The moon is a great objective, but in 30% increments every four months, it will take you a while to get there.
Trade parameters/profit targets – 7/10
MFF has some trade parameters that are fairly unusual in the industry, particularly with their Rapid account, which is aimed toward beginning traders. The Rapid account requires traders to make a trade on three trading days per week. Most prop firms have minimum trading days, but this is the first time I’ve seen a weekly minimum.
They also have a “consistency rule” on the Rapid accounts, which is quite complicated. Here’s MFF’s explanation:
“A safe way to increase or decrease your risk parameters is to keep within +/- 200% of your average or deviation by a factor of 2. Two main KPI we use here are trades and lot size. Each week, we will take an average of mentioned KPIs and place a ceiling (avg x 2) and floor (avg/2) for the trades. Any trades outside these parameters will raise a flag on an account and be a possible violation.”
Again, supposedly the Rapid accounts are for those who are first-time users of forex trading accounts. Seems like a lot to process for a rookie. This rule can be circumvented if you request an “NCA,” which is a non-consistency account.
The rules for the Evaluation accounts are much more straightforward. MFF’s profit targets are lower than the average prop trading firm, and quite obtainable. You have to hit an 8% profit target to pass the first stage, and only a 5% profit target to pass the second, with a five trading day minimum.
The 12% overall drawdown is very reasonable, and one of the most lenient in the industry. However, the daily drawdown of 5% is what eliminates most traders.
A 5% daily drawdown isn’t uncommon in the industry, but MFF calculates it a little differently. They use your equity or your current balance, whichever is higher, when measuring drawdown. Your benchmark is set at 5 p.m. EST, so if you have an open position at the time, you have to factor the value of that position into the calculation to get your equity.
That means if you hold a successful trade overnight, your equity will be higher than your balance. If the trade pulls back the next day, you could find yourself in violation, even if your account balance never dipped 5%.
The bottom line is that you should either close all positions before 5 p.m. EST, so that you’ve realized all profits or losses and don’t have to do any equity calculations, or keep a close eye on your equity balance. The Accelerated accounts don’t have a daily drawdown.
MFF doesn’t allow EAs, unless they are trade copiers that copy your own trades from a different account. You can hold trades over weekends and trade news.
Affordability/value – 9/10
If you are just looking at how much you’re paying for your forex trading capital, MFF might be the best bargain in the business. For example, when you compare MFF with FTMO, MFF is quite a bit cheaper. If you choose a large trading account, you might save 25% or more going with MFF over FTMO. These fees are also fully refundable, once you graduate to a funded account.
That’s a great bargain, although the calculation gets a little more complicated when you consider what you’re getting for your dollar. FTMO, for example, offers substantially more educational resources. Whether that’s worth a 25% higher price tag is up to you. If you just look at the bottom line, however, MFF is very affordable.
Educational resources/trader support – 6/10
I’m giving MFF the benefit of a doubt here, because they will be launching a Forex Academy in the coming months that will host the bulk of their training resources. For the time being, they are fairly active in offering tips on social media, and they have a blog that is regularly updated.
One thing MFF does that can be particularly educational is release weekly and monthly statistics that detail how many traders graduated to live accounts, how much the top trader made, and what the most successful trades were. Although this isn’t education in the traditional sense, this is a great resource for any prop traders.
Trader support has been a real issue for MFF, something that even the founder, Murtuza Kazmi, has had to address publicly. This is a common problem for rapidly growing prop firms, for the simple reason that prop firms are complicated. You can’t hire temp workers to answer complicated questions from traders. It takes a tremendous amount of training to get customer service reps up to speed.
Clearly Kazmi is aware of the issue, and I hope to update this score with a much higher one once adequate staff has been hired.
Tradable assets – 8/10
MFF offers its traders access to a number of financial instruments, although it varies depending on the account you choose. Of course all traders can access the forex market, on most accounts you can also trade some commodities and metals, as well as CFDs. MFF also allows crypto trading on weekdays.
MFF does make one caveat that worries me a bit—they state very clearly that they may restrict certain markets due to any number of factors. Certainly this won’t affect the most popular trading instruments, but if you trade a niche asset, it would be devastating to wake up and find that you can no longer execute your strategy.
Trustworthiness – 6/10
I trust MFF’s intentions, but I don’t necessarily trust that they’ll make it in the long term. That doesn’t mean I think they are scam artists. My chief worry is that they are growing too quickly. Their growing pains are already evident in their customer service issues, bouts of poor communication, and occasional server/website problems.
I am very cautious when it comes to where I place my money, and to me the red flags listed above remind me too much of Funding Talent. I hope I am wrong, and if MFF survives this growth period and fixes their customer service issues, I will happily change this score. Time will tell.
My overall rating – 7.4/10
MFF has a lot going for it, especially in terms of affordability and popularity. As a very young prop firm, however, there is still much to be improved upon before they break into my Best Prop Firms list.
What Others Are Saying
The TrustPilot reviews are overwhelmingly positive. MFF has a 4.8 score, more than enough to be labeled “excellent.” They also have more than 2,400 reviews, which is a ton for a company that’s been around for less than two years. They actually have more reviews than FTMO, and FTMO has been around forever.
To me, some of the reviews seem a little suspicious. For example, there’s an incredible number of reviews that mention specific members of the customer support team by first and last name. I’ve read more prop firm TrustPilot reviews than probably anyone, and I can say that this is very unusual. It feels as though someone is coaching the reviewers as to how to formulate their reviews.
There are also a number of five-star reviews that don’t exactly sound like five-star reviews when you actually read them. For example, one trader gave MFF five stars, but said “the live (support) team seemed to contradict what I was being told by the team offering support via email.”
Another trader said “I have had a difficult time so far with MFF unfortunately as my evaluation account just stopped working randomly after one week of trading and no violations. I spent almost a month talking to numerous people and no one was able to help until I spoke with Valentina Campos.” That trader also gave MFF five stars.
It’s always hard to determine the credibility of reviewers on social media. Social media seems to bring out the extremes—love it or hate, so long as you express it. Nowhere is this more true than on MFF’s Instagram account. Every MFF post has comments ranging from unbridled adulation to bitter resentment.
Examples from a recent post range from: “Wonderful!” and “Changed my life!” to traders asking about lagging payments, complaining about failed evaluations, or trying to get a response out of customer service.
Checking out a prop firm’s social media can be a scarring but illuminating exercise. Although you can disregard a lot of the comments, it is always informative to see how the prop firm responds. Reading the comments on MFF’s posts leaves you thinking that they might be a little overwhelmed at the moment.
The bipolarity of MFF’s reviews paint a pretty clear picture to me. This firm is enjoying immense popularity at the moment, and many traders are having great success. It’s also struggling a bit to keep up with the demands of thousands of new traders every month.
Frequently Asked Questions
Is My Forex Funds legit?
Yes, they are a legitimate prop firm. Thousands of traders have used them and you can find ample evidence of payouts. But that doesn’t mean I’m certain they will be around for the long haul. In my opinion, their track record isn’t long enough yet to know if they’ll pull through the growing pains that seem to derail a lot of young prop firms. Recent high-profile failures like Funding Talent and DT4X have me opting for firms that have been in the business more than a year and a half.
Does My Forex Funds offer discounts or promo codes?
Yes, MFF offers frequent discounts, most often announced on its social media. Right now, they are offering 10% off with the promo code “1YEAR!” although some traders reported difficulty applying the code. I’ll try to keep this section updated with the most recent promos, but they change so often that you should always check their Instagram before signing up for an account. You could save yourself 5%–10%.
Can anyone join My Forex Funds? Can Americans join My Forex Funds?
Some Americans cannot join MFF. For some reason MFF is not available for residents of Arkansas, Iowa, Mississippi, and Missouri. If a reader can tell me why those particular states would be excluded, please let me know in the comments. I know of no relevant laws peculiar to those four states, nor have I heard of other prop firms limiting services to this select group of Americans.
Recently there have been comments on MFF’s Instagram account from traders in countries on the OFAC list. According to these traders, they have not been able to process payouts, specifically if they were expecting payout in crypto. MFF apologized and stated that “changes in the crypto space are preventing us from working with some countries.” They are apparently trying to send payments and/or refunds to traders in the affected countries but have been experiencing difficulties.
Some Iranian traders have claimed their accounts were suddenly closed without explanation. MFF responded that they had to close Iranian accounts due to economic sanctions and are attempting to make refunds.
None of these recent issues with OFAC traders (or Iranian traders in particular) have been mentioned on the MFF website. Considering the company’s comments on social media, I would not join MFF if I were based in an OFAC country or in the four aforementioned US states.
What can I trade with My Forex Funds?
MFF allows trading in Forex, CFDs, indices, and metals. Crypto is allowed on weekdays in some accounts.
What types of accounts does My Forex Funds offer?
MFF offers Rapid, Evaluation, and Accelerated accounts, with four account size options for each.
The Rapid is basically a demo account that slowly gives you access to more capital and an increasingly large profit split if you meet trading requirements. The Evaluation account has a two-stage evaluation process. Once you pass both stages, you’re rewarded with a live account and can keep up to 85% of the profits.
The Accelerated account is instantly funded. No demo, no evaluation, just immediate capital and access to financial markets.
Does My Forex Funds offer swap-free accounts?
Yes, MFF offers swap-free accounts with some additional rules attached. Trades can only be held for a maximum of three days, and cannot be held over the weekend. The swap-free designation only applies to live accounts because, according to MFF, “swap is not truly charged on demo.” Therefore there are no swap-free options for the evaluation stages.
Is My Forex Funds regulated?
No, like almost all prop firms that offer funded accounts, MFF lives in the gray area between being a financial services company and an education company.
If I violate the trading objectives do I get a second chance?
With the Evaluation accounts, MFF allows free retakes for traders who didn’t meet the profit objectives, but still ended up with some profits and didn’t violate any trading rules.
They also offer discounted resets for those that did fail due to a trading violation. Prices range from $75.60–$881.10, depending on the size of the account you’re trying to reset.
How do I get in contact with My Forex Funds?
This has been an occassional issue with MFF. They can be reached via email: email@example.com. Chat is also available at their website, or they can be reached via Discord. Customers have also had success reaching out via social media on both MFF’s Instagram and Facebook pages.
My Forex Funds Review Summarized in Exactly Forty Words
I’m not ready to spend my money and time with MFF just yet. They have many profitable traders and verified payments, but their backlogged trader support team, strict drawdown limit, and ultra-rapid growth scare me for the time being.