- Trader Career Path (TCP)
- Methodical Progression
- Well-Structured Program
- Clear Profit Targets
- Drawdown Limit Adjustments
- Lucrative Live Account Opportunity
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 ❌
Earn2Trade
- Minimum Trading Days
- Daily Loss Limit
- Requires Discipline
My Forex Funds
- Delayed response time on Livechat support due to queue
- Instances of slippage issues
Rules 📋
Earn2Trade
Funded Trader Program
My Forex Funds
Consistency Rule, Maximum Daily Loss, Maximum Loss, Maximum Trading Days, Minimum Trading Days, No EAs Allowed, No Weekend Holding, Profit Target
In the competitive landscape of proprietary (prop) trading firms, Earn2Trade and My Forex Funds stand out as significant players. Each caters to different trader needs, highlighting the importance of informed decisions for prospective clients. In our comprehensive comparison, we meticulously examine these firms to assist traders in selecting the right partner for their trading journey.
Earn2Trade Review
As of this review, specific details about Earn2Trade's pros and cons were not provided. However, Earn2Trade has built its reputation in the prop trading industry since its inception in 2016. The company is known for its Funded Trader Program which allows traders to demonstrate their expertise and earn a funded account. With a focus on commodities trading and account sizes starting at $10,000, Earn2Trade caters to a particular niche of traders who prefer trading in the commodities market. Account transactions can be made using credit or debit cards, and profits are withdrawn via bank wire transfer.
My Forex Funds Beneficial Features
My Forex Funds boasts exceptional user satisfaction with over 12,000 Trustpilot reviews and a 4.9/5 rating, an impressive feat for a firm incorporated only in July 2020. They provide funded accounts ranging from $2,000 to $50,000 across three distinct account types, accommodating a variety of trader experience levels and goals. Additionally, they offer immediate financial incentives: the first payout includes initial fees plus an additional 12%.
During the evaluation phase, traders can earn bonuses and eventually enter into a profit-sharing scheme with up to 90% returns on profits. Competitive commissions and leverage options from 1:50 to 1:500 make My Forex Funds an attractive choice for serious traders. Moreover, the firm enforces no time limits on its Evaluation Program, a unique feature that grants traders flexibility and reduces pressure.
Customer Support and Trading Conditions
While My Forex Funds is generally well-regarded, they aren't without their drawbacks. One notable issue is the delayed response times in their Livechat support, which may frustrate traders seeking immediate assistance. Additionally, some users report slippage issues, which can impact trading performance and outcomes.
Traders must navigate through several rules at My Forex Funds, such as the Consistency Rule, Maximum Daily Loss, Maximum Loss, Maximum Trading Days, and Minimum Trading Days. Also, the use of Expert Advisors (EAs) is prohibited, as is holding positions over the weekend. These rules are intended to encourage disciplined trading practices.
Financial Transactions
My Forex Funds offers a broader range of deposit methods compared to Earn2Trade, including both credit/debit cards and cryptocurrencies, and for withdrawals, traders can use Crypto or Deel. This flexibility in transaction methods meets the needs of the modern trader who may prioritize quick and diverse payment options.
Account Features and Trading Instruments
The types of instruments available for trading are more extensive at My Forex Funds, where traders can engage with commodities, cryptocurrencies, forex, and indices. This positions My Forex Funds as a versatile firm catering to traders interested in a broad range of financial markets.
In contrast, Earn2Trade focuses solely on commodities trading. While this may appeal to specialized traders, it could be limiting for those looking to diversify their trading portfolio.
In terms of account currencies, Earn2Trade provides the option to hold an account in either USD or GBP, offering some currency flexibility for international traders. My Forex Funds, however, only offers accounts denominated in USD.
Closing Thoughts
Selecting the right prop firm is a critical decision for traders aiming to amplify their trading capital. Earn2Trade's niche focus on commodities and traditional payment methods might appeal to traders seeking a more classic experience. In contrast, My Forex Funds seems to target a broader audience with its range of trading instruments, generous profit-sharing model, and flexible payment options.
Retail traders and potential users should weigh the pros and cons of each firm in alignment with their trading objectives, resources, and risk tolerance. Transparency, user experiences, and the rules set forth by each prop firm need to be meticulously considered to ensure a symbiotic relationship that aids in the pursuit of trading success.
