- Instant funding with a single-phase evaluation and 4.6/5 Trustpilot rating.
- Supportive team allowing weekend/overnight positions and news trading.
- Zero commission on various assets, no swap charges, and swift payouts.
- 80% profit share, 1:100 leverage, and manage up to 3x $5,760,000.
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 ❌
FTUK
- Starting leverage of 1:10
- 2% Max stop loss risk limit
- Lot size consistency rule
My Forex Funds
- Delayed response time on Livechat support due to queue
- Instances of slippage issues
Rules 📋
FTUK
Lot Size Consistency, Maximum Loss, No Martingale Allowed, Profit Target, Stop Loss Required, Stop Loss Risk Per Position, Third Party Copy Trading Risk
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 realm of prop trading, the importance of a reliable and trustworthy platform cannot be overstated. DayFunded's objective review of FTUK and My Forex Funds offers an insightful examination aimed at helping retail traders make informed decisions. We explore diverse aspects of both prop firms, from funding processes to trading rules, including the unique benefits and drawbacks that each presents.
FTUK: Agile Funding and Trader-Friendly Conditions
FTUK garners attention with its instant funding offering and a straightforward, single-phase evaluation process. A high Trustpilot rating of 4.6/5 verifies its positive rapport with users. The accommodating stance on trading, including the allowance of weekend/overnight positions and news trading, stands out as particularly trader-friendly. Furthermore, zero commission on several assets, no swap fees, and efficient payouts boost its standing.
The profit share arrangement at 80% is commendable, alongside the option to manage substantial sums across multiple accounts. However, the initial leverage offering of 1:10 may be limiting for some traders, and the 2% stop loss risk limit coupled with a lot size consistency rule may present hurdles that require strategic navigation.
My Forex Funds: Extensive Reviews and Flexible Options
My Forex Funds impresses with a staggering 12,000+ Trustpilot reviews, reaching a high score of 4.9/5. The rich variety of funded account sizes, ranging from $2,000 to $50,000, and three distinct account types provide versatility for traders with different goals and risk appetites. Notably, the first payout includes the reimbursement of initial fees plus an additional 12% bonus, which is an enticing incentive.
What really sets My Forex Funds apart is the bonus system during the evaluation phase and the generous profit sharing of up to 90%. The leverage options are adaptable, spanning 1:50 to 1:500, catering to various trading strategies. On the downside, customer service response times may lag due to high demand, and traders have reported slippage issues, which could impact trade execution.
Trading Conditions and Rules
Both firms impose rules to ensure discipline and risk management among traders. FTUK is apparent in its requisites of lot size consistency, a maximum loss threshold, and the prohibition of Martingale strategies. On the other hand, My Forex Funds has a distinct set of guidelines, including consistency rules, daily loss limits, and restrictions on Expert Advisors (EAs) and weekend holding.
FTUK's approach with no martingale allowed and a stop loss requirement on each position dictates a conservative trading style. My Forex Funds' approach is more moderate in comparison, with no explicit restrictions on trading styles, though it does enforce a minimum and maximum trading days rule.
Funding and Financial Transactions
Both firms accept crypto and credit/debit cards for deposits, making the platforms accessible to a wide range of traders globally. Withdrawal methods are slightly more varied with FTUK offering bank wire transfers in addition to crypto and Deel, a financial service platform. My Forex Funds sticks to crypto and Deel for withdrawals.
Account and Instrument Options
FTUK offers account sizes tailored to different levels of capital commitment: $14,000, $40,000, $60,000, and $90,000, while My Forex Funds advertises account sizes in USD without specifying exact amounts, showing more customization. As for instruments, both firms cover a broad spectrum, with FTUK focusing on commodities, forex, indices, and metals, and My Forex Funds adding cryptocurrencies to its list, reflecting current market interests.
Currency and Ancillary Details
FTUK provides multiple account currency options, such as EUR, GBP, and USD, which offers flexibility for international traders in managing currency risk. In comparison, My Forex Funds only offers USD-denominated accounts, which might be limiting for some. Established in December 2021, FTUK is newer to the scene against My Forex Funds, which was incorporated in July 2020, allowing for a potentially richer history of customer experience and operational fine-tuning.
Final Considerations
Both FTUK and My Forex Funds bring their own strengths to the table for retail traders. FTUK's swift funding, favorable terms, and profitability terms are suited for traders who value straightforward processes and fewer restrictions. Conversely, My Forex Funds presents an extensive range of account types, a compelling first payout structure, and higher leverage options for those willing to accept slower response times and work within their comprehensive set of rules.
Retail traders and potential users must weigh these aspects relative to their personal trading styles, risk tolerance, and preferences. The critical choice between the two should be made with a thorough understanding of the nuances each firm presents.
