- Direct funding up to $500,000 without evaluation.
- Trustpilot rating of 4.7/5 and excellent customer service.
- Scaling plan with unrestricted timeframe and 10% fixed drawdown.
- Flexibility: Overnight holding (Mon - Fri) and account doubling at 10% profit.
- Benefits: Free retake & 14-day extension for Ability Challenge.
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 ❌
Audacity Capital
- No free trial
- No trading or holding over the weekend
- 50% profit split
- Monthly platform charges
My Forex Funds
- Delayed response time on Livechat support due to queue
- Instances of slippage issues
Rules 📋
Audacity Capital
Consistency Rule, Lot Size Limit, Maximum Daily Loss, Maximum Loss, Maximum Trading Days, Minimum Trading Days, No News Trading, No Weekend Holding, Profit Target
My Forex Funds
Consistency Rule, Maximum Daily Loss, Maximum Loss, Maximum Trading Days, Minimum Trading Days, No EAs Allowed, No Weekend Holding, Profit Target
Audacity Capital stands out in the prop trading industry for offering direct funding up to $500,000, which is a significant advantage for experienced traders who are confident in their strategies and wish to bypass evaluation processes. The firm's Trustpilot rating of 4.7/5 is indicative of their excellent customer service, which is an essential factor for traders looking for a reliable partner in their trading endeavors.
The flexibility offered by Audacity Capital is impressive; traders can hold positions overnight from Monday to Friday, and they provide incentives such as account doubling upon reaching a 10% profit, which is quite enticing for profitable traders. Additionally, they extend a helping hand with their 14-day extension for the Ability Challenge, coupled with a free retake feature, offering traders a safety net.
However, potential users must also consider the downsides. The absence of a free trial may deter some traders from taking the plunge, and the restriction on weekend holding might not suit all trading strategies. The 50% profit split may also seem unattractive compared to some competitors who offer more generous terms, and the monthly platform charges could be a turnoff for traders who are cost-conscious.
My Forex Funds Review
My Forex Funds has quickly garnered attention with their outstanding Trustpilot score of 4.9/5 from over 12,000 reviews, suggesting that they have a wide base of satisfied users. Their offering includes funded accounts ranging from $2,000 to $50,000, catering to traders of all levels, with three distinct account types that add to the customization of the trading experience.
One significant benefit that My Forex Funds provides is the inclusion of initial fees plus an additional 12% in the trader's first payout, which positively affects the overall earnings. The provision of bonuses during the evaluation phase can be a motivating factor for traders. Moreover, the attractive profit-sharing model, which goes up to 90%, combined with competitive commissions and a wide leverage range, makes My Forex Funds an enticing option for many.
However, it is important to note that their live chat support may have delayed response times, which could lead to frustration during urgent queries. Slippage issues are another area of concern that traders must be conscious of when executing trades, as this can impact profitability.
Comparing Audacity Capital and My Forex Funds
Both Audacity Capital and My Forex Funds have their unique sets of rules regarding trading, such as the consistency rule and profit targets, which are generally standard in the industry. It is interesting to note the differing approaches to trader evaluation, with Audacity Capital allowing unlimited time to reach its targets, potentially reducing pressure on traders, while My Forex Funds encourages consistency over an unspecified duration.
In terms of logistics, both firms accept similar deposit methods including crypto, which is becoming increasingly popular among traders. Withdrawal methods slightly differ – while Audacity prioritizes traditional bank wires alongside crypto, My Forex Funds embraces modern payout solutions like Deel alongside crypto. Traders should choose based on withdrawal convenience and preference.
Audacity Capital's limitation to Commodities, Forex, and Indices might be seen as a downside when compared with the inclusion of crypto trading by My Forex Funds, offering a broader spectrum of tradeable instruments. Traders who favor diversification may lean towards a platform that allows such flexibility.
Final Thoughts
In choosing between Audacity Capital and My Forex Funds, retail traders and potential users must weigh the importance of direct funding, customer service ratings, and flexibility against profit-sharing models, commission rates, and available trade instruments. Each firm presents a unique proposition, and the ultimate choice will depend on an individual trader's priorities, trading style, and financial goals.
Both firms are fully incorporated, with Audacity Capital having years of experience since 2014, which might appeal to traders looking for a firm with a long-standing reputation. Conversely, My Forex Funds established in July 2020, may attract those who favor a more contemporary approach to prop trading.
Ultimately, traders are encouraged to conduct further due diligence and examine each firm's offerings closely to make an informed decision that aligns with their trading strategies and expectations.
