Audacity Capital vs MyFundedFX

Audacity Capital vs MyFundedFX: A Prop Firm Showdown

When it comes to choosing a proprietary trading firm, traders are often confronted with a plethora of options, each with its own set of rules, benefits, and drawbacks. In this comparison, we pit two prominent players, Audacity Capital and MyFundedFX, against each other to see how they stack up.

Funding and Profit Split

Starting with Audacity Capital, one key advantage is the ability to receive direct funding up to $500,000 without an evaluation process. This is particularly appealing for seasoned traders who seek immediate access to significant capital. However, the firm offers a conservative 50% profit split, which may deter traders looking for a higher share of their earnings. On the flip side, MyFundedFX boasts an eye-catching 80% profit split, which is among the highest in the industry, complemented by the potential for an impressive maximum account balance of $1.5 million. For those able to navigate its trading parameters successfully, MyFundedFX is certainly a lucrative option.

Trust and Transparency

Both firms enjoy a stellar Trustpilot score of 4.7 out of 5, indicating a high level of trader satisfaction and trustworthiness. With excellent customer service, retail traders can feel at ease knowing that support is readily available, no matter which firm they choose.

Trading Conditions and Flexibility

Traders who prefer flexibility will appreciate the conditions at Audacity Capital, which allows overnight holding during weekdays and the opportunity to have their account doubled at each 10% profit increment. However, the restriction against weekend holding and news trading may be seen as a limitation by some. MyFundedFX pushes the envelope further with the allowance of trading over weekends and during news events—a feature that benefits traders who excel in more volatile conditions. Additionally, the leverage of up to 1:100 and access to a broader range of trading instruments, including cryptocurrencies and metals, extends greater freedom to their traders.

Additional Perks and Support

Audacity Capital sweetens the pot with a scaling plan that has no time restrictions and a fixed 10% drawdown, ensuring traders are not pressured by stringent timelines. They also offer a free retake and a 14-day extension for their Ability Challenge, emphasizing their commitment to trader development. On the other hand, MyFundedFX ensures bi-weekly remunerations and has a scaling feature that serves as an incentive for consistent and profitable trading, building a path for traders to increase their trading capacity over time.

Charges and Drawdowns

One must consider the financial aspects of engaging with a prop firm, such as the monthly platform charges imposed by Audacity Capital, which can chip away at a trader's profits. Traders might also want to closely evaluate the trailing drawdown structure of MyFundedFX's one-step accounts, as it can impact strategies that involve carrying losing positions.

Operational Rules and Restrictions

Both firms have a set of rules that traders must abide by, including lot size limitations, maximum daily and cumulative loss thresholds, and profit targets. These rules are designed to protect the firms’ capital while also encouraging risk management among traders. However, MyFundedFX’s additional risk parameters for third-party copy trading and Expert Advisors signal a cautious approach to automated trading tools.

Deposits and Withdrawals

The deposit and withdrawal methods for both firms are quite standard, with both offering bank wire transfers, credit/debit card options, and crypto. However, MyFundedFX provides an additional withdrawal method through Deel, which could be advantageous for some international traders.

Experience and Track Record

Audacity Capital has been in operation since January 2014, giving it a lengthy track record and possibly a more established reputation. In contrast, MyFundedFX, established in June 2022, may need to prove its longevity and reliability over a longer period.

Conclusion

In summary, choosing between Audacity Capital and MyFundedFX boils down to personal trading style, preferences, and goals. Audacity Capital may appeal more to traders preferring a straightforward path to considerable capital without an evaluation and who can work with a steadier profit scaling model. In contrast, MyFundedFX tempts with higher profit splits and more liberal trading conditions, proving attractive to the bolder trader who can harness volatility to their advantage. Each firm presents a compelling case, but as always, the ultimate choice should align with the trader's individual strategy and comfort with the associated risks.