FTMO vs My Forex Funds

Company Profiles

FTMO

Established in September 2015, FTMO has emerged as a leading prop firm in the trading industry, renowned for its commendable customer support and a strong online reputation with over 4,000 Trustpilot reviews averaging 4.9 out of 5. The company offers comprehensive support to traders including access to a trading psychologist, a well-thought-out scaling plan for growing profits, and a remarkable level of transparency through the public visibility of its CEOs. FTMO caters to a range of trading strategies with no cap on trading durations, a minimum requirement of 4 trading days, a leverage of 1:100, and supports a plethora of trading tools.

My Forex Funds

My Forex Funds, founded in July 2020, is a budding firm rapidly gaining traction with over 12,000 Trustpilot reviews and a matching 4.9/5 rating. It's tailored for traders looking for variety, offering funded accounts ranging from $2,000 to $50,000 across three different account types. The firm strikes a chord with its generous payout structure, which includes the initial fees plus an additional 12%, along with bonuses during the evaluation phase. They boast of high-profit sharing up to 90%, competitive commissions, and flexible leverage options stretching from 1:50 to 1:500, without imposing time limits on their Evaluation Program.

Pros and Cons

FTMO Advantages

The significant benefits offered by FTMO include comprehensive support that extends to a 24/7 customer service hotline and the availability of a Trading Psychologist. This focus on trader psychology is a unique aspect that could benefit users immensely. The company's relatively relaxed trading policies, such as the lack of a cap on trading duration and provision for infinite evaluation retries, increase its appeal. Additionally, FTMO provides a free trial, paying out bi-weekly profits at an impressive 80%-90% share.

FTMO Disadvantages

Despite the many positives, FTMO does have limitations, most notably in its educational resources which seem to cater more to beginners. Additionally, traders might feel restricted as they are allowed a maximum of two $200,000 accounts, potentially capping their growth opportunities.

My Forex Funds Advantages

My Forex Funds shines with generous offerings for traders right from the get-go, including first payouts that encompass initial fees and an extra 12%, and bonuses during the evaluation period. Their profit-sharing is competitive, going up to 90%, mirroring what's on offer at FTMO. In terms of trading flexibility, they score high with their lack of time restrictions on their Evaluation Program and a broad range of leverage options.

My Forex Funds Disadvantages

Shortcomings at My Forex Funds include reports of delayed response times in live chat support—possibly a byproduct of rapid growth—and episodes of slippage issues which can be a significant concern for traders operating on tight margins.

Trading Rules & Structures

FTMO

FTMO enforces rules that are relatively standard for the industry, including Maximum Daily Loss, Maximum Total Loss, Minimum Trading Days, and Profit Targets. Traders are also barred from News Trading, Third-Party Copy Trading, and are at risk with Third-Party EA usage.

My Forex Funds

My Forex Funds has similar restrictions, such as Maximum Daily Loss and Profit Targets, with the addition of a Consistency Rule designed to ensure traders adhere to a sustainable trading pattern. This implies a focus on risk management and long-term viability for traders. They also impose a Maximum Trading Days limit which FTMO does not, along with prohibitions on EAs and weekend holding.

Funding Options and Account Sizes

FTMO

FTMO supports a variety of deposit and withdrawal methods including bank wire transfers, credit/debit cards, and crypto. The variety in account sizes and currencies is comprehensive, offering traders the flexibility to trade with the currency they are most comfortable with.

My Forex Funds

My Forex Funds accepts deposits via credit/debit cards and crypto and offers withdrawals through crypto and Deel, a global payroll and compliance service. However, they only offer account sizes in USD, which can be a limitation for traders preferring other currencies.

Trading Instruments and Opportunities

FTMO

FTMO's range of tradeable instruments is exceptionally diverse, covering Bonds, Commodities, Crypto, Forex, Indices, Metals, and Stocks. This variety presents traders with the opportunity to diversify and explore multiple markets.

My Forex Funds

In comparison, My Forex Funds offers a more limited range, consisting of Commodities, Crypto, Forex, and Indices. While adequate for many traders, it lacks the breadth of FTMO's offerings.

Final Thoughts

When considering FTMO and My Forex Funds, traders must weigh the importance of customer support, tools, and flexibility against the breadth of trading instruments and account options. FTMO's comprehensive support and diverse tools stand out, but they have a cap on account growth. My Forex Funds provides excellent starting incentives and appears to focus on attracting a high volume of new traders with competitive profit sharing and bonuses. Neither firm exhibits glaring shortcomings, but each has nuanced constraints that may sway your decision depending on your trading style and needs. Ultimately, both firms present compelling opportunities for retail traders seeking the support of a prop firm, and the choice between them would likely rest on personal preference and trading priorities.