Score
Canada
|
2-5 years
| https://myforexfunds.com
Website
Rating Index
Influence
D
Influence index NO.1
Uzbekistan 2.84
LicensesNo valid regulatory information, please be aware of the risk!
Canada
WikiResearch
myforexfunds.com United StatesRisk Warning
Trading in leveraged financial instruments carries a high level of risk, including the risk of losing your entire invested capital, and may not be suitable for all investors. The high leverage and volatility of such instruments can work against you as well as for you. Before you decide to trade, you should carefully consider your investment objectives, level of experience, and risk appetite. Wherever in doubt, you should consult and receive advice from independent experts, including legal, tax, and financial advisors.
General Information & Regulation
| Feature | Detail |
| Registered Country/Region | Canada |
| Found | 2020 |
| Regulation | unregulated |
| Market Instrument | Forex and CFDs on Cryptocurrencies, Indices, and Metals |
| Account Type | Rapid, Evaluation and Accelerated |
| Demo Account | N/A |
| Maximum Leverage | 1:500 |
| Spread | From 0.0 pips |
| Commission | $3 per round |
| Trading Platform | MT4 |
| Minimum Deposit | $2,000 |
| Deposit & Withdrawal Method | credit/debit cards, cryptocurrencies, and Bank Transfers |
My Forex Funds is an emerging proprietary firm founded in July 2020 and registered in Canada with a focus on premium service and an array of instant execution. It claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:500 and floating spreads from 0.0 pips on the trading platform via three different account types, as well as 24/7 customer support service.
Here is the home page of this brokers official site:
As for regulation, it has been verified that My Forex Funds currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.24/10. Please be aware of the risk.
Note: The screenshot date is January 18, 2023. WikiFX gives dynamic scores, which will update in real time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Market Instruments
My Forex Funds offers a wide range of popular trading assets including Forex and CFDs on Cryptocurrencies, Indices, and Metals.
Account Types
There are three major accounts including Rapid Account, Evaluation Account, as well as Accelerated Account with minimum initial deposit requirements of $10,000, $5,000 and $2,000 respectively. The Refundable Registration Fee starts from $99, while no monthly fees are charged.
Unlike other forex brokers, My Forex Funds set a limit of the minimum trading days for the Rapid Account as well as Evaluation Account, take the Rapid Account. For example, clients are required to trade 3 times per week. Furthermore, the accounts have various daily starting drawdowns, overall drawdowns, and monthly fees. The Accelerated Account is classified into two accounts, Conventional and Emphatic Account.
Leverage
Concerning leverage, the maximum leverage varies between 1:50 and 1:500, if clients open the Rapid Account, you could enjoy the maximum leverage of 1:500, and the leverage for the Evaluation and Accelerated Account is capped at 1:100.
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
My Forex Funds supposes that all of their accounts are raw spread accounts, and for the commission, it cost $3 per round trip on Traders Global Group demo and live server.
Trading Platform
My Forex Funds claims to offer MetaTrader4 (MT4) trading terminal option which is an industry-recognized platform available for free download to PC desktop devices and compatible to trade via all major web browsers.
Deposit & Withdrawal
My Forex Funds provides support for a wide array of payment methods via credit/debit cards, cryptocurrencies, and Bank Transfers.
Customer Support
My Forex Funds customer support can be reached by live chat. You can also follow this broker on social networks such as TikTok, Facebook, Instagram, YouTube and LinkedIn. Registered office: 9131 Keele Street, Vaughan, Ontario, ON L4K 2N, Canada.
Pros & Cons
| Pros | Cons |
| • Rich trading instruments offered | • No regulation |
| • MT4 supported | • High minimum deposit ($2,000) |
Frequently Asked Questions (FAQs)
| Q 1: | Is My Forex Funds regulated? |
| A 1: | No. It has been verified that My Forex Funds currently has no valid regulation. |
| Q 2: | At My Forex Funds are there any regional restrictions for traders? |
| A 2: | Yes. My Forex Funds does not directly solicit customers from Canada. |
| Q 3: | Does My Forex Funds offer the industry-standard MT4 & MT5? |
| A 3: | Yes. My Forex Funds supports MT4. |
| Q 4: | What is the minimum deposit for My Forex Funds? |
| A 4: | The minimum initial deposit with My Forex Funds is $2,000. |
| Q 5: | Does My Forex Funds charge a fee? |
| A 5: | Like every forex broker, My Forex Funds charges a fee when you trade - either in the form of a commission fee or spread fee. It also charges a Refundable Registration Fee starting from $99. |
| Q 6: | Is My Forex Funds a good broker for beginners? |
| A 6: | No. My Forex Funds is not a good choice for beginners. Not only because of its unregulated condition, but also because of its high initial deposit requirement. |
My Forex Funds review reveals CFTC fraud allegations, court dismissal, and regulatory warnings. Get facts on this unregulated prop firm's controversies.
Stay updated on the latest My Forex Funds news. From regulatory developments to refund updates, here’s everything prop traders need to know right now.
In early September of this year, the CFTC prevented My Forex Funds from trading securities or accessing funds in their bank accounts. The funds are frozen. Until now, people have been waiting for an official statement from this broker. Until these freeze orders are lifted or modified, My Forex Funds’ business is frozen as well.
My Forex Funds wins a key legal case against the CFTC, granting an extension for the response to the new complaint.
Key legal developments in the My Forex Funds vs. CFTC case, including the unfreezing of $100 million in assets. Insights into regulatory challenges for prop trading firms.
CFTC-led shutdown of My Forex Funds, citing misrepresentation, unfair account terminations, deceptive charges, and manipulative trading practices, impacting the prop trading industry and emphasizing regulatory integrity.
There are no hidden fees with My Forex Funds, but traders should be mindful of the commission fee of $3 per round trip. Additionally, while My Forex Funds MT4 offers raw spreads, the overall costs may vary depending on market conditions. It's always a good idea to check if any additional fees apply when making a My Forex Funds withdrawal.
My Forex Funds charges a $3 commission per round trip, and they offer raw spreads starting from 0.0 pips. However, keep in mind that the high minimum deposit requirement of $2,000 can be an obstacle for some traders. It’s important to evaluate the full cost, including the My Forex Funds withdrawal process, before committing.
My Forex Funds supports a variety of payment methods, including credit/debit cards, cryptocurrencies, and bank transfers. When making a My Forex Funds withdrawal, the process can vary based on the payment method used, so it's worth checking ahead for any potential delays or extra fees.
My Forex Funds is currently unregulated, meaning it does not operate under the oversight of any official financial authority. This raises concerns for traders, as unregulated brokers don’t provide the same level of investor protection. Be sure to check My Forex Funds review from different sources before deciding to trade.
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kapitano
Turkey
they don't send my money
Exposure
Sam5629
Hong Kong
非常無恥的AI打盤，注意下方圖的成交時間有買升過市單止盈的，有買跌不能取消的訂單，各位看結果 MFF的回覆 It seems you are mistaking two concepts - traded price and liquidity. The price of the instrument, is the currently traded price, where sellers and buyers agree to a certain value of the asset, and exchange happens. Liquidity is a different aspect. You can think of it as "counter orders". For a trade to open or close, it must have ability to be filled with the liquidity. If you want to close or open position at certain price, but it cannot get filled with liquidity, a slippage happens - the position opens/closes at first price there is possibility for it to get filled. Even if X price is currently not the one where exchange of asset is taking place, it does not mean there is no liquidity there (buy/sell orders). This is not something unreasonable - this is how orderbook and real markets work. It is neither something, for which losses we can rectify, since it is not related to our company, this is purely natural occurence when trading on real market conditions, where there is no such thing as unlimited liquidity. I understand your frustration, but slippage is simply one of the risks while trading. 各位認為合理嗎？
Exposure
FX1218511020
Netherlands
After looking through its official website, I am much sure that this broker is a scammer. They kept inviting me to put me my money here. Speechless and ridiculous…
Neutral
雅稚
New Zealand
Funny! They used bonuses to tempt me, saying I can immediately get large profits once I made a deposit. I am not a fool, ok? I am writing this review to tell you guys that don’t trade with this broker.
Neutral
黄玫
Venezuela
This forex broker is a PROP platform, so it does not have any regulatory license, because its users do not need to use their own money to trade, but use the platform's money... Of course, the support has a certain threshold. , you have to be tall enough to make them a registered user.
Positive
向阳花59325
Hong Kong
This is a complete scam platform without any supervision. I paid $200 in Bitcoin, but they didn't give me any account information. I asked their customer service staff and they ignored me at all. Don't message their lies, it's all fake.
Neutral