- Developed for 2.5 years; Trustpilot rating of 4.7/5
- Owns ''GrowthNext Server''; up to $4,000,000 account balance
- Unlimited evaluation retries; balance-focused drawdown
- 15%-90% profit split; freedom in trading with 1:100 leverage
- Swap-free accounts; wide instrument selection
- Access to trading psychologists; no commission on indices.
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 ❌
FundedNext
- Minimum trading days requirement: 5
- No news trading for Express model accounts
- Consistency rule applied to Express model accounts
My Forex Funds
- Delayed response time on Livechat support due to queue
- Instances of slippage issues
Rules 📋
FundedNext
Consistency Rule, Maximum Daily Loss, Maximum Loss, Maximum Trading Days, Minimum Trading Days, No News Trading, No Weekend Holding, Profit Target, Third Party Copy Trading Risk, Third Party EA 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
Deposit 🏧
FundedNext
Crypto, Credit/debit cards, Perfect Money, Bank Wire Transfer
FundedNext versus My Forex Funds: A Detailed Examination for Traders
When traders seek to amplify their trading prowess without risking personal capital, proprietary trading firms like FundedNext and My Forex Funds offer a valuable springboard. This comparative review delves into the intricacies of both firms to inform and empower potential users in making an educated decision.
Development and Trustworthiness
FundedNext has spent 2.5 years meticulously honing its services, earning a robust Trustpilot reputation of 4.7/5. Such a score implies a high level of trader satisfaction and reliability. My Forex Funds, despite its later foray into the field in July 2020, commands an impressive Trustpilot score of 4.9/5 across an expansive 12,000 reviews. This significant volume of feedback points to a breadth of user experience and the firm's established presence in the market.
Account Options and Financial Leverage
The sheer magnitude of potential account balance with FundedNext is remarkable, offering traders the possibility of managing up to $4,000,000, which is a testament to their commitment to nurturing traders' growth. Contrarily, My Forex Funds caps its funded accounts at $50,000 but compensates with a variety of three account types, catering to a broader spectrum of traders' needs. Both firms flaunt an attractive profit split, going up to 90%, a notable percentage in the industry.
In leveraging, FundedNext extends a one-size-fits-all 1:100 ratio, while My Forex Funds displays versatility, ranging from 1:50 to 1:500, which could sway traders with different risk appetites or strategies.
Evaluation and Profit Realization
FundedNext scores points for allowing unlimited evaluation retries and advancing a balance-focused drawdown approach, reducing pressure on traders during the evaluation phase. While My Forex Funds counterbalances with no time limits on their Evaluation Program and heightens appeal by offering bonuses and initial fee recoupment plus a 12% reward upon first account payout.
Trading Experience
Both firms present extensive offerings in tradeable instruments, albeit with My Forex Funds including crypto in their repertoire. Traders ecological preference may be the determining factor here. Swap-free accounts with FundedNext and competitive commissions from My Forex Funds reflect their endeavor to align with trader preferences and market standards.
Rules and Restrictions
Regulations are a crucial aspect to consider. FundedNext's 5 minimum trading days requirement, its prohibition on news trading for particular account models, and a consistency rule might deter traders seeking flexibility. My Forex Funds opts for a softer stance, allowing a seamless trading experience with no explicit constraints on news trading and EAs, thus favoring automation-savvy traders.
Customer Support and Platform Performance
Where Firm 1 differs is in providing direct access to trading psychologists, an invaluable resource for traders aiming to refine their mental edge. However, the mention of delayed response times on My Forex Funds' live chat support and reported slippage issues could be a red flag for traders who prioritize swift assistance and order execution reliability.
Funding and Withdrawal Flexibility
In terms of deposit and withdrawal methods, both entities accept cryptocurrency, a nod to modern payment conveniences. FundedNext extends its arms to Perfect Money and Deel, while My Forex Funds keeps it simple, mirroring the deposit options in its withdrawals.
The Final Verdict
FundedNext and My Forex Funds each display distinct advantages tailored to different trader profiles. Whether it is the towering account balance potential with FundedNext or the immense user trust and flexible leverage options of My Forex Funds, traders are advised to balance their priorities against the offerings at hand. Ultimately, the choice hinges on individual risk tolerance, trading style, and preference for flexibility versus structure. Both firms stand out in their own right, yet cater to subtly different segments of the trading community.
