- Access to capital as much as $1,024,000
- Regular bi-weekly disbursements
- Both overnight and weekend holdings permitted
- Trading during news events sanctioned
- Comprehensive trading strategies embraced (e.g., EA’s, indicators, hedging, copy trading, etc.)
- Broad spectrum of trading tools available (inclusive of all forex pairs, commodities, and indices)
MyFundedFX
- Stellar Trustpilot score: 4.7/5
- Maximum account balance of $1,500,000 with 80% profit split
- Bi-weekly remunerations and account scaling feature
- Trading flexibility: overnight, weekends, and news-based trading
- Leverage of up to 1:100
- Access to comprehensive trading instruments.
Cons ❌
BuoyTrade
- Leverage restricted to 1:20
- Absence of a complimentary trial
MyFundedFX
- Trailing drawdown in one-step accounts
- Restriction on lot sizes
- Absence of a Free Trial
Rules 📋
BuoyTrade
Maximum Loss, Minimum Trading Days, Profit Target
MyFundedFX
Lot Size Limit, Maximum Daily Loss, Maximum Loss, Maximum Trading Days, Profit Target, Third Party Copy Trading Risk, Third Party EA Risk
BuoyTrade emerges as a competitive player in the prop firm landscape, offering traders access to a significant capital of up to $1,024,000. This large capital base is a substantial draw for traders eyeing ambitious financial goals. The firm stands out for its flexible trading conditions, allowing both overnight and weekend positions—a generous provision for swing traders. Even more, the trading during news events feature is a welcome rarity, giving traders the chance to capitalize on volatility. The inclusiveness towards various trading styles, such as the use of Expert Advisors (EAs), indicators, hedging, and copy trading, ensures that BuoyTrade meets the needs of a diverse trading community. With a wide array of trading tools and the freedom to trade all forex pairs, commodities, and indices, BuoyTrade positions itself as a versatile and trader-centric prop firm.
MyFundedFX Overview
MyFundedFX cuts a formidable figure with its impressive Trustpilot score of 4.7/5, suggesting high levels of trader satisfaction and trust. The ability for traders to handle accounts with balances as high as $1,500,000 and enjoy an 80% profit split is a testament to the firm's commitment to fostering trader growth. The bi-weekly payment and account scaling feature indicate a structure that recognizes and rewards trader success. Moreover, with leverage up to 1:100 and the flexibility to trade across various conditions, including overnight, on weekends, and during news events, MyFundedFX provides a conducive environment for aggressive trading strategies. The roster of tradeable instruments is impressive, spanning commodities, crypto, forex, indices, and metals, thus catering to a wide array of trading preferences.
Comparing Trading Rules and Flexibility
When it comes to trading rules, both BuoyTrade and MyFundedFX have a set of guidelines that traders must adhere to, such as maximum loss limits and profit targets. The presence of minimum trading days in BuoyTrade's rules highlights a commitment to consistent trading activity. On the other hand, MyFundedFX specifies additional rules including lot size limits and restrictions associated with third-party copy trading and EA risks, which may influence the strategies traders opt for.
Financial Transactions: Deposits and Withdrawals
BuoyTrade's acceptance of both crypto and credit/debit cards for deposits caters to modern trading demands, though the absence of traditional bank wire transfer might be a drawback for some. In terms of withdrawals, the addition of PayPal as an option alongside bank wire transfer is a clear advantage, offering both convenience and reliability. MyFundedFX, alternatively, provides a classic bank wire transfer method for deposits and also embraces crypto and credit/debit cards, potentially offering a broader appeal. Withdrawal options are somewhat more limited with only crypto and Deel, which may not be as widely preferred as PayPal or wire transfers.
Diversity of Account Options
Both firms offer accounts denominated in USD, but BuoyTrade delineates a clear ladder of account sizes ranging from $1,000 to $16,000, catering to traders of various scales and risk appetites. MyFundedFX does not specify exact account sizes, which could imply a more tailored approach but also might lack the transparency some traders seek in predefined choices.
Range of Tradable Instruments
BuoyTrade and MyFundedFX both support a substantial list of tradeable instruments including commodities, forex, and indices. However, MyFundedFX takes it a step further by also incorporating cryptocurrencies and metals into its trading portfolio. This additional breadth of market access could be a decisive factor for traders seeking a one-stop solution for diverse asset classes.
Company History and Stability
The establishment dates of these firms may play a role in how traders perceive their stability and track record. BuoyTrade has been around since February 2021, presumably building a foundation of experience and trader trust. MyFundedFX is newer, with its inception in June 2022, which might appeal to those looking for a fresh and possibly more innovative approach.
Final Thoughts
In conclusion, both BuoyTrade and MyFundedFX present strong propositions for retail traders seeking access to substantial capital and flexible trading conditions. Choosing between these two will depend on individual trader priorities such as the importance of customer feedback, diversity of tradeable assets, specific account sizes, and withdrawal options. With different strengths and slight variations in trading rules and instrument offerings, each firm caters to different aspects of a trader's needs and strategies.
