MyFundedFx Review: A Complete and Detailed Analysis [UPDATED 2024]

If you’re considering a proprietary trading firm to level up your trading game, MyFundedFx might be on your radar. In this review, we dive deep into its offerings, account structures, and overall value. Is it the right choice for you? Let’s find out!

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What Is MyFundedFx?

MyFundedFx is a proprietary trading firm that empowers traders by providing access to capital. Traders go through evaluation challenges to prove their skills before gaining access to firm capital. Unlike other firms, MyFundedFx offers flexible plans tailored to different trading styles.

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Company Background

MyFundedFx was founded by Matthew Leech, aimed at creating a more flexible and trader-friendly environment. With funding options ranging from $5,000 to $200,000, MyFundedFx offers 1-step, 2-step, 2-step Max and 3-step funding models.

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Brokers

A standout feature of MyFundedFx is its partnership with several brokers:

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• MatchTrader
• Purple Trading
• Zenfinex
• Quality FX Ltd

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Account Types and Evaluation Challenges

MyFundedFx offers 4 main evaluation models: a 1-step challenge, 2-step challenge, 2-step challenge Max and 3-step challenge, catering to different trader preferences and strategies.
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1-Step Challenge

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The 1-step challenge is ideal for traders who want to quickly gain access to firm capital.

Traders must reach profit targets without exceeding specific drawdown limits. The profit split is generous, ensuring traders are well-rewarded

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‍2-Step Challenge

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The 2-step challenge involves completing two evaluation phases, each with its own set of targets and risk management rules.

This option offers traders a higher degree of evaluation rigor, suitable for those who prefer structured progress.

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2-Step Max Challenge

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The 2-step Max challenge at MyFundedFx involves completing two evaluation phases, each with a higher profit target in Phase 1 and stricter rules regarding maximum drawdown.

These more restrictive criteria provide a rigorous assessment of traders' skills and risk management. Despite the heightened requirements, this option is more affordable, making it an appealing choice for those looking for a structured yet cost-effective path to accessing firm capital.

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‍3-Step Challenge

The 3-step challenge at MyFundedFx requires traders to achieve a 6% profit target consistently across all three phases.

This structure offers a balanced and steady approach, providing traders with multiple stages to demonstrate their skills while maintaining a consistent profit target throughout the evaluation process.

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‍Account Scaling

MyFundedFx offers account scaling, allowing traders to grow their accounts up to $1 million based on performance.

The firm monitors traders’ success and progressively increases the account size for consistent performers.

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Trading Platforms and Brokers

Traders with MyFundedFx use several platforms and Brokers

You can have a better understanding of it by looking the following image:

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Trading Instruments

MyFundedFx offers a wide variety of instruments, including:

• Forex pairs
• Commodities
• Indices
• Cryptocurrencies
• Futures (with My Funded Futures)

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Community Engagement

MyFundedFx emphasises community through its Discord server, where traders can connect, share strategies, and support each other. With over 9,000 active members, it’s a hub for collaboration and growth.

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Public Leaderboard

MyFundedFx also features a public leaderboard, showcasing the performance of top traders and encouraging friendly competition.

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Customer Support

The firm provides multiple support channels, including live chat, email, and social media.

This responsive approach ensures traders can quickly resolve issues and stay focused on their trading.

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Responsive Discord Community

Traders can join the MyFundedFx Discord server, where management frequently engages with the community, providing timely updates and addressing trader queries.

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Pricing and Accessibility

MyFundedFx offers flexible pricing, starting as low as $38 for some challenges, making it accessible for traders of various budgets.

The firm is transparent about its fees, ensuring no hidden costs.

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Profit Sharing Model

Traders retain 80% (90% with add-ons) of their profits, which is competitive in the proprietary trading industry.

All challenges (apart for the 3-step challenge) offer this profit split, ensuring consistent earning potential.

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Advantages of MyFundedFx

1. Access to Substantial Capital: Up to $1 million with account scaling.

2. Flexible Trading Rules: Allows news trading and swing trading, unlike many competitors.

3. Minimum Trading Days: The minimum trading days for each account type and phase is set at 1 day

4. Holding Trades: Holding Trades Overnight and during the Weekend is allowed with some challenges.

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Conclusion

MyFundedFx offers a compelling option for traders seeking to access significant capital and retain a high share of their profits. With flexible trading rules, a robust community, and advanced trading tools, it’s a solid choice for both new and experienced traders.