- Scaling potential up to $1,280,000 with a 4.7/5 Trustpilot rating.
- Options for basic evaluation, direct funding, and five account programs.
- Inclusive of preparatory educational sessions.
- Overnight holding permitted (Monday - Friday) with 1:100 leverage.
- Premium instruction and mentorship from industry experts.
My Forex Funds
- Over 12,000 Trustpilot reviews with a 4.9/5 rating
- Funded accounts from $2,000 to $50,000; three account types
- First payout includes initial fees plus an extra 12%
- Bonuses during evaluation; profit sharing up to 90%
- Competitive commissions; leverage from 1:50 to 1:500
- No time limits on Evaluation Program.
Cons ❌
Alphachain
- Restrictions on lot size
- Minimum of 30 active trading days required
- Prohibition on news trading and holding positions over weekends
My Forex Funds
- Delayed response time on Livechat support due to queue
- Instances of slippage issues
Rules 📋
Alphachain
Lot Size Limit, Maximum Loss, Maximum Weekly Loss, Minimum Trading Days, No EAs Allowed, No News Trading, No Weekend Holding, Profit Target, Stop Loss Required
My Forex Funds
Consistency Rule, Maximum Daily Loss, Maximum Loss, Maximum Trading Days, Minimum Trading Days, No EAs Allowed, No Weekend Holding, Profit Target
Alphachain is an established prop firm that offers a notable scaling potential for traders, up to $1,280,000. This presents an impressive growth pathway for traders who are able to show consistent profitability. Their Trustpilot rating of 4.7/5 suggests a high level of client satisfaction, speaking to the quality of their services. They offer a variety of programs including basic evaluation and direct funding, catering to the needs of different traders. Educational support is a cornerstone of Alphachain's offerings, with the inclusion of preparatory sessions and mentorship from industry experts. This can be particularly beneficial for emerging traders looking to sharpen their skills. Notably, Alphachain allows overnight holding from Monday to Friday, with a leverage of 1:100, providing a good amount of flexibility in trading strategies.
My Forex Funds Overview
My Forex Funds has quickly become a favorite amongst retail traders, as suggested by their robust Trustpilot rating of 4.9/5 across over 12,000 reviews. Their offering ranges from funded accounts of $2,000 to $50,000 with three different types of accounts that cater to a variety of trading styles and levels of experience. An attractive aspect of My Forex Funds is their bonus structure during evaluation and a generous profit-sharing scheme that can reach up to 90%. The firm shows its commitment to the trader's success with first payouts that include initial fees and an additional 12%. Moreover, they offer a spacious no time limit on their Evaluation Program, which alleviates the pressure of a ticking clock. Their commission rates are competitive, and the leverage options ranging from 1:50 to 1:500 allow for flexibility in trade executions.
Direct Comparison
When comparing account offerings, Alphachain provides a wider range of account sizes, however, My Forex Funds offers a more dynamic and potentially lucrative profit and bonus structure. Both firms require a minimum trading period but Alphachain imposes lot size restrictions and prohibits news trading and weekend holding, which could limit aggressive trading strategies or those that rely on news events.
Deposits and Withdrawals
Both firms accept credit and debit cards for deposits but My Forex Funds also accepts cryptocurrencies, which may be convenient for some traders. For withdrawals, Alphachain uses traditional methods like bank wire along with crypto, while My Forex Funds offers crypto and Deel withdrawals, potentially catering to a global clientele with varying preferences.
Trading Instruments and Rules
The two firms trade in comparable instruments: commodities, cryptocurrencies, forex and indices. This common ground ensures that traders are not limited to certain markets and can diversify their trading strategies. The rules set by each firm are relatively comparable with some nuanced differences. Not allowing EAs (Expert Advisors) and weekend holding is common between the two, yet Alphachain’s prohibition on news trading represents a significant limitation for news-based traders.
Establishment and Credibility
Both Alphachain and My Forex Funds were incorporated in mid-2020, indicating that they are relatively new entrants to the prop trading scene compared to some more established names. This could translate to a modern approach to trading and client service, but may also indicate a shorter track record for the firms.
Critical Perspectives
For traders who seek educational support and a clear pathway for scaling their careers, Alphachain offers an attractive proposition. However, for those looking for a prop firm with more relaxed rules, lucrative profit sharing, and potentially better customer support response times, My Forex Funds may be the preferred choice.
It is worth noting the operational nuances between the two in terms of trading restrictions and the allowance for overnight holding, as these could significantly influence trading strategies and styles. Furthermore, while both firms seem to have garnered a positive reputation in their short time of operation, the sheer volume of positive feedback for My Forex Funds may indicate a higher level of trader satisfaction and a larger user base.
