FundYourFX vs MyForexFunds
We’ve reviewed quite a bit of prop firms and we realize that the rules are most complicated. You’d have to scour the FAQ just to find the information you are looking for. Sneakily, things are confusing, and you’ll probably realize this later after joining. So for this article, we want to make clear that when choosing a prop firm, we highly value clear rules. We want to explain some of the regulations between FundYourFX and MyForexFunds, so it is clearer for our readers before they start to apply for a funded trading account. Sometimes we come across rules that are so strange and confusing that we need to explain them to our readers, so they don’t regret them. With that, let’s start with MyForexFunds.
Introduction to MyForexFunds
The prop firm started in 2020 and offered demo challenge and instant funding accounts. Like our previous comparison between FundYourFX vs The 5%ers, we talked about The 5%ers demo account. MyForexFunds has 3 different plans. The Rapid account is a demo account without challenge, but you will only make 12% of all profits. The Evaluation account is a challenge account with a 75-85% profit split. Last is their instant funding account called Accelerated. This has 2 different types, the Conventional and Emphatic.
Introduction to FundYourFX
The prop firm started in 2021. Slightly newer than MyForexFunds. But both are legal prop firms. We have seen many traders getting their payout from both prop firms. We talked about FundYourFX a lot because we feel they are the prop firm to beat, so we use them as a comparison. Right now, they have a new pricing plan with 3 different funding. The Starter, Standard, and Professional. We will get into more detail later.
The Funded Trader Programs
A lot of prop firms are promoting instant funding now rather than challenges. Challenges can get difficult to pass, and you would lose your registration fee when you fail. Regarding a challenge account, MyForexFunds has its Rapid account.
You pay $99 to get a $10,000 demo account and 12% of every profit. Your live account is then credited with your profits, but it can’t be used until it reaches 10% of the starting value. You only receive a maximum of 3.5% of the profit into your live account each month. This indicates that the quickest time, it would take you at least three months to reach 10%. That is only if you can get a 3.5% profit every month. If you have a $10,000 demo account, for instance, your live account won’t be activated until it has $1,000 in profit. In short, you spend $99 to receive a $1,000 live account within three months.
For the Accelerated account, they have the Conventional and Emphatic. To compare this with FundYourFX, it would be the Emphatic account, where both have the same 10% overall drawdown and 1:100 leverage.
As you can see, the overall drawdown in Conventional is only 5%, and leverage is 1:50. But the profit target to scale is the same as FundYourFX at 10%. If you combine the best rules of Conventional with Emphatic, you get an account similar to FundYourFX.
The Instant Funding Program
There are now three additional programs available to choose from at FundYourFX. The Starter program is the initial choice and cost the least. This would be ideal for novice traders who want to get their trading careers off to a good start with adequate cash but at a cheaper cost. After purchasing this program, you will receive $6,000 in actual capital, which costs £147.
They also included other new features, such as the fact that the fee is refundable. Your payment will be reimbursed after you have reached the target of 10% profit five times. Therefore, there is an advantage to trading for an extended period of time in FundYourFX.
The Professional program, which costs $£577 with $30,000 capital, may appeal to you if you are an experienced trader and feel confident about your trading abilities. If this describes you, the fact that you can recover your registration fee on your 5th payout makes the program more appealing.
Instant funding is also available with MyForexFunds. You are only given $10,000 in exchange for $485. If you do not own $485, you may acquire their capital of $2,000 by paying $99. It is a little bit more pricey.
The price structure and trading guidelines are the primary areas in which FundYourFX and MyForexFunds differ. The Conventional is inexpensive, but it has a 5% total drawdown. If you want anything greater, such as 10%, you’ll have to shell out more money and get the more expensive program known as the Emphatic. If the value of $10,000 in capital is $485 in Conventional, then in Emphatic, it is $970. When compared to FundYourFX’s pricing, that one is significantly more expensive. Because of how far apart they are, we can’t compare the two.
In addition, there are not very many similarities except both have a profit split of 50%. In all honesty, we cannot make a valid comparison between FundYourFX and the Conventional or the Emphatic. The drawdown for Conventional is only 5%, compared to 10% for FundYourFX. Conventional’s profit target is 10%, similar to FundYourFX. Emphatic offers a drawdown of 10%, but the profit objective is 25%, whereas FundYourFX’s profit target is just 10%. Therefore, the deal made by FundYourFX is far superior to any other program we examined and compared it to.
The pricing at MyForexFunds is more expensive than that at FundYourFX, as was previously indicated. It doesn’t matter if it is Conventional or Emphatic; both are still priced higher than FundYourFX. You may examine both the regulations and the prices, and you will discover that FundYourFX offers you a far better bargain overall. Here is the summary for the Conventional plan, which is cheaper than the Emphatic.
As you can see, the Conventional plan loses out to FundYourFX even though the price is not too far apart. We converted the USD to Pounds to make it easier for you to compare the prices. MyForexFund’s Emphatic account fares no better.
Compared to FundYourFX, MyForexFunds is more well-known and famous, so if you value the name, then MyForexFunds can be a good choice. If you value the fees and the relaxed rules, then you can choose FundYourFX.