- Capital allocation up to $800,000 with 75% to 95% profit share.
- Flexible leverage up to 1:100 and diverse trading instruments.
- Two unique funding programs and time-unlimited evaluation.
- Realistic profit goals (8% & 5%) with overnight/weekend trading.
- News trading allowed with an efficiently designed user interface.
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 ❌
Goat Funded Trader
- Newer prop firm
- Limited community feedback
- Absence of a scaling plan
My Forex Funds
- Delayed response time on Livechat support due to queue
- Instances of slippage issues
Rules 📋
Goat Funded Trader
Maximum Daily Loss, Maximum Loss, Maximum Trading Days, Minimum Trading Days, 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
Goat Funded Trader and My Forex Funds present two compelling offerings for retail traders. Goat Funded Trader shines with its significant capital allocation, offering up to $800,000 which far surpasses My Forex Funds’ maximum of $50,000. This potentially opens doors for more substantial profits, particularly taking into account Goat Funded's profit share, which scales from 75% to 95%. On the other hand, My Forex Funds maintains a strong community trust with over 12,000 Trustpilot reviews rating it 4.9 out of 5. Their profit share goes up to 90%, with the initial payout sweetened by the reimbursement of initial fees and an additional 12%.
Leverage and Trading Instruments
Both firms cater to a diverse range of trading strategies by offering a variety of instruments. However, Goat Funded Trader provides more leverage, with rates up to 1:100 and inclusion of stocks in its tradeable assets, enhancing its appeal for traders looking for broader diversification. My Forex Funds, while offering lower leverage that starts at 1:50, goes up to a 1:500 leverage, balancing risk and opportunity for their clients.
Funding Programs and Evaluation
The evaluation phase is critical to funding programs, and here Goat Funded Trader allows for a more nuanced process. It offers two unique funding programs with time-unlimited evaluations and realistic profit goals. My Forex Funds, while having no time limit on its Evaluation Program, enforces bonuses during the evaluation period, therefore incentivizing traders to meets goals timely.
Trading Conditions and Platform Experience
Goat Funded Trader's allowance for overnight and weekend trading, as well as for trading during news releases, provides flexibility in trading strategies. Additionally, an efficiently designed user interface can significantly enhance the trading experience. My Forex Funds is not far behind, though it does have reported instances of slippage and some delays in live chat support response times.
Trading Rules Comparison
Both firms set maximum daily and overall loss limits, profit targets, and restrictions on trading days, which are standard protections for their business models. Goat Funded Trader permits third-party copy and EA (Expert Advisor) risks, whereas My Forex Funds imposes a no EA and no weekend holding policy, which could affect traders using automated systems or those preferring to keep positions open over the weekend.
Financial Transactions
Convenience in transactions is key for traders, and both firms offer credit/debit card and crypto deposit methods. Withdrawal methods are similarly compatible, with Goat Funded Trader using Deel exclusively and My Forex Funds providing the additional choice of crypto. These methods reflect a modern approach to financial transactions, catering to a global clientele.
Account Offerings and Currencies
In terms of account sizes, Goat Funded Trader’s range from $8,000 to $100,000, indicating a tailored approach for different levels of traders. My Forex Funds keeps it simpler but offers accounts that may suit beginner to intermediate traders. Both firms operate accounts denominated in USD, simplifying the process for those using the world's primary reserve currency.
Historical Footprint and Market Experience
While Goat Funded Trader is the newer entrant in the market, with incorporation in May 2023, My Forex Funds has been operating since July 2020. Longer-standing operations like My Forex Funds could imply a more seasoned presence in the industry, likely fine-tuning their services based on trader feedback over time.
In conclusion, both Goat Funded Trader and My Forex Funds demonstrate strong propositions for retail traders. Goat Funded Trader’s higher capital allocation and leverages, alongside its trading flexibility, will attract serious and experienced traders aiming for high profits. Conversely, My Forex Funds serves the community with its trusted reputation, added incentives, and catered account types, positioning itself as a friendly option for a wide spectrum of traders, including those who may be more risk-averse or new to the trading scene.
