In the world of prop trading, two of the most talked-about and reputable firms are FTMO and My Forex Funds. These two prop firms have gained substantial traction in the trading community, offering lucrative funding opportunities for aspiring traders. However, when it comes to choosing between FTMO and My Forex Funds, traders often wonder which one offers the best benefits, terms, and conditions to support their trading ambitions.
In this article, we will conduct a detailed comparison between FTMO and My Forex Funds, diving into their key features, advantages, funding conditions, rules, and overall performance. By the end of this guide, you will have a comprehensive understanding of how these two firms stack up against each other and which one might be a better fit for your trading style and goals.
Table of Contents
Overview of FTMO and My Forex Funds
FTMO: A Leader in the Prop Trading Space
FTMO is one of the most prominent prop trading firms in the industry, recognized for its stringent evaluation process and robust funding structure. Since its inception in 2015, FTMO has offered talented traders the chance to prove their skills through its trading challenges. Traders who successfully meet the challenge requirements are rewarded with funded accounts, allowing them to trade real capital and keep a percentage of the profits.
FTMO offers a variety of funding options, including forex, stocks, commodities, and indices, giving traders multiple markets to choose from. FTMO is known for its high payout ratio, excellent customer support, and a strong reputation within the trading community.
My Forex Funds: A Competitive Alternative
My Forex Funds, founded in 2020, has quickly established itself as a solid competitor in the prop trading space. The firm offers a flexible approach to prop trading, providing a range of funding programs that cater to traders of all experience levels. Similar to FTMO, My Forex Funds operates on a challenge-based model, where traders need to pass specific tests to earn a funded account.
While My Forex Funds is a relatively new player compared to FTMO, it has gained popularity for its lower entry fees, more accessible challenge structure, and flexible profit-sharing models. My Forex Funds has tailored its programs to cater to both beginners and experienced traders, making it an attractive option for traders looking to start their journey without a significant upfront investment.
Key Differences Between FTMO and My Forex Funds
While both FTMO and My Forex Funds offer similar funding structures, there are key differences that can make one more appealing than the other, depending on your personal trading preferences and goals.
1. Evaluation Process
The evaluation process is the first hurdle that traders must pass in order to get a funded account with either firm. Both FTMO and My Forex Funds require traders to undergo a challenge phase, but the rules and requirements differ.
FTMO Evaluation Process:
FTMO’s evaluation process consists of two main phases: the Challenge and the Verification.
- FTMO Challenge: Traders need to meet specific profit targets within a set time frame while adhering to risk management rules. The profit target is generally set at 10% of the account balance, and traders must complete the challenge within 30 days.
- FTMO Verification: Once the challenge is completed successfully, traders enter the verification stage. This phase is a bit more relaxed, with a lower profit target (5%) and a longer time frame (60 days).
My Forex Funds Evaluation Process:
My Forex Funds also offers an evaluation process, but with a few notable differences:
- Rapid Challenge: This program is designed for traders who want to earn a funded account quickly. Traders must achieve a 10% profit target within 15 days, but there are no minimum trading days required. The risk management rules are similar to FTMO, but traders have a more aggressive time frame.
- Evaluation Program: This program allows for 30 days to reach the 10% profit target, but traders must also pass the drawdown limits. My Forex Funds offers a slightly more lenient approach than FTMO in terms of time frame and flexibility.
2. Profit Share and Fees
Profit-sharing and fees are two important factors for traders to consider when choosing between FTMO and My Forex Funds. Both firms offer competitive profit splits, but there are some distinctions.
FTMO Profit Share and Fees:
- Profit Share: FTMO offers a 70-90% profit share, with traders keeping a large percentage of the profits generated from their funded accounts. Traders who perform exceptionally well can negotiate a higher profit split.
- Fees: The fees for the FTMO challenge range from $155 to $1080, depending on the size of the account (from $10,000 to $200,000).
My Forex Funds Profit Share and Fees:
- Profit Share: My Forex Funds offers 75-85% profit splits. The firm offers slightly higher profit share percentages than FTMO, but this comes at the cost of slightly more relaxed rules and lower trading capital.
- Fees: My Forex Funds is known for its lower fees, starting at just $29 for the smallest challenge account, and going up to $899 for larger accounts. This makes My Forex Funds an attractive choice for traders who want a more affordable entry point.
3. Drawdown Limits
The drawdown limit is a critical factor in prop trading, as it determines the maximum loss a trader can sustain before being disqualified from the challenge. Both FTMO and My Forex Funds have specific drawdown limits, but they differ in their approach.
FTMO Drawdown Limits:
- FTMO has a 10% maximum drawdown limit (combined for both the account balance and equity) during the challenge phase. This means that if your account value drops by 10%, you will be disqualified from the challenge.
- In the verification phase, the drawdown limit is also set at 10%.
My Forex Funds Drawdown Limits:
- My Forex Funds applies a 12% maximum drawdown limit during the evaluation phase and a 5% daily drawdown limit, giving traders more flexibility in their trading.
4. Trading Conditions and Flexibility
Both FTMO and My Forex Funds provide access to a wide variety of trading instruments and platforms, but there are some notable differences in terms of flexibility.
FTMO Trading Conditions:
FTMO offers access to a wide range of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. FTMO’s trading conditions are highly flexible, allowing traders to engage in various strategies such as scalping, hedging, and news trading. However, FTMO does impose restrictions on overnight trading and high-leverage trading.
My Forex Funds Trading Conditions:
My Forex Funds also offers access to MT4 and MT5, with a variety of instruments available for trading. One of the key advantages of My Forex Funds is its more relaxed trading rules, which allow for greater freedom in terms of strategy. The firm allows scalping, news trading, and hedging without restrictions, making it a more appealing option for traders who want flexibility in their approach.
5. Customer Support and Reputation
Customer support is another critical area for any prop trader, as smooth communication can make a big difference in resolving issues quickly.
FTMO Customer Support:
FTMO offers 24/5 customer support, with a dedicated team that assists traders via email and live chat. The firm is known for its professionalism and responsive service, with many traders praising FTMO for its support team.
My Forex Funds Customer Support:
My Forex Funds also offers 24/7 customer support, which is a significant advantage for traders who need assistance outside of regular hours. The support team is available through live chat, email, and even WhatsApp, making it easier to get in touch.
Conclusion: FTMO vs My Forex Funds – Which is Better?
Both FTMO and My Forex Funds are excellent choices for traders who are looking for prop trading opportunities, but they cater to different types of traders. FTMO offers higher profit splits, a more rigorous evaluation process, and has built a stronger reputation over the years. On the other hand, My Forex Funds offers lower fees, faster challenges, and more flexibility, making it ideal for traders looking for a lower entry point and a more aggressive trading approach.
Ultimately, the choice between FTMO and My Forex Funds depends on your trading style, experience level, and budget. If you value higher profit splits and are comfortable with a more structured evaluation process, FTMO may be the better option. If you prefer lower fees and greater flexibility in your trading strategy, My Forex Funds may suit you better.
To help you make an informed decision, we recommend carefully reviewing the terms and conditions of both firms, assessing your trading goals, and selecting the prop firm that best aligns with your objectives.
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