FTMO vs MyFundedFX

Comprehensive Review of FTMO

FTMO has established itself as a formidable presence in the prop trading firm space since its inception in 2015. It boasts a nearly perfect Trustpilot score of 4.9/5, derived from over 4,000 reviews, underscoring its popularity and the trust traders have placed in its services. One of the firm's most laudable features is its exceptional 24/7 customer support, which is a crucial asset for traders operating in an around-the-clock market. Further attention to trader well-being is highlighted through the availability of a trading psychologist, illustrating a comprehensive approach to the mental rigors of trading. FTMO goes above and beyond with its scaling plan and the public visibility of its CEOs; this transparency is often a positive indicator of a firm's integrity. Moreover, traders will find solace in the free trial offer and infinite evaluation retries, which significantly reduce the barriers to entry. Additionally, the bi-weekly payments with a generous 80%-90% profit split are attractive, particularly to those who succeed in their trading strategies. The platform prides itself on providing flexible trading conditions. Traders are not constrained by overly restrictive time limitations and have a generous leverage option of 1:100. Furthermore, a diverse range of tools is available, enabling traders to tailor their strategies across various financial instruments. However, one must note the cons: The educational resources provided by FTMO are more tailored towards beginners, which may not cater to the needs of advanced traders seeking to further their expertise. Another limitation is the maximum cap on accounts at $200,000 each, which can be a deterrent for high-volume traders.

MyFundedFX Overview

MyFundedFX is a newer entrant to the prop trading scene, having been incorporated in June 2022. Despite its brief history, the firm has made a swift impact, achieving a stellar Trustpilot score of 4.7/5. A standout feature of MyFundedFX is the maximum account balance offering of $1,500,000 with an 80% profit split, catering to ambitious traders looking to manage substantial capital. Like FTMO, MyFundedFX promises bi-weekly remunerations and includes an account scaling feature, allowing successful traders to progressively grow their account sizes. Trading flexibility is even further enhanced here, with the allowance of overnight, weekend, and news-based trading—something that may appeal to a broader range of trading styles and techniques. Another similarity is the leverage offered, standing at up to 1:100. The armory of comprehensive trading instruments ensures that traders have access to various markets, comparable to the offerings of its more established competitor, FTMO. Yet, traders considering MyFundedFX should be cognizant of its limitations. The trailing drawdown in one-step accounts can be a stumbling block for some trading strategies. Restrictions on lot sizes and the absence of a free trial could be potential drawbacks for traders who prefer to test the waters before fully committing.

Comparing Rules and Trading Conditions

In terms of trading rules, both firms implement strict risk management protocols. FTMO enforces a maximum daily loss and total maximum loss, alongside minimum trading days, prohibiting news trading, and placing restrictions on third-party copy trading and EA risks. These conditions ensure that traders follow disciplined risk management. MyFundedFX shares some of these rules, such as lot size limits, maximum daily loss, and total maximum loss. It sets a cap on the maximum trading days, which introduces an element of urgency not present in FTMO's model. The profit targets and third-party risk rules mirror those of FTMO, emphasizing the industry standards for risk control.

Banking Options and Convenience

When it comes to handling funds, both firms provide a range of deposit and withdrawal methods: Bank Wire Transfers, Crypto, and Credit/debit cards for FTMO; and an added option of Deel for MyFundedFX on withdrawals. While the methods are fairly comparable, the presence of Deel with MyFundedFX may offer additional convenience and choice for international traders.

Diversity in Accounts and Instruments

FTMO presents a broad array of account sizes across multiple currencies, which is particularly beneficial for international traders. In contrast, MyFundedFX limits its account sizes to USD, potentially narrowing its appeal to a global audience. Tradeable instruments are diverse on both platforms, yet FTMO takes the lead by including not just the standard commodities, crypto, forex, indices, and metals, but also bonds and stocks, providing a more comprehensive trading experience.

Conclusion

FTMO and MyFundedFX each present compelling offers to the trading community. FTMO's time-tested reputation and extensive support resources are complemented by flexible trading conditions and a transparent leadership team. MyFundedFX's standout features, like its higher account balance limit and inclusion of weekend and news events trading, make it a competitive choice. Prospective traders must weigh the pros and cons, such as educational resource suitability, account size limitations, and the presence or absence of a free trial in their decision-making. The final choice will depend on individual preferences, trading style, and which firm's rules and conditions align more closely with their trading strategy.