My Forex Funds foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://myforexfunds.com, about the company's legal and temporary regulatory information, the company's address 9131 Keele Street, Vaughan, Ontario, ON L4K 2N, Canada.
My Forex Funds Forex Broker
Basic Information
Canada
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
My Forex Funds Broker - Comprehensive Information Guide
1. Broker Overview
My Forex Funds, established in July 2020, is a proprietary trading firm headquartered in Vaughan, Ontario, Canada. The company operates as a private entity, focusing on providing funding solutions for forex traders globally. Since its inception, My Forex Funds has gained significant traction in the trading community, catering to both novice and experienced traders looking to leverage company capital to enhance their trading capabilities.
The firm has quickly grown into one of the most recognized names in the proprietary trading landscape, boasting a client base that spans over 150 countries and includes more than 135,000 traders as of late 2021. Key milestones in the company's journey include the introduction of its three distinct funding programs: the Rapid Program, Evaluation Program, and Accelerated Program, which have attracted a diverse range of traders looking for funding opportunities.
My Forex Funds operates under the umbrella of Traders Global Group, which serves as its trading server. This relationship allows My Forex Funds to offer a robust trading environment while avoiding the complexities of regulatory oversight typically associated with traditional brokerage firms. The business model primarily revolves around providing traders with access to significant capital, enabling them to trade various instruments while sharing profits generated from their trading activities.
2. Regulatory and Compliance Information
My Forex Funds operates in a regulatory gray area, as it does not hold any licenses from recognized financial regulatory bodies. This absence of regulation raises questions about the protection of investor funds and the overall legitimacy of the firm. Notably, the Commodity Futures Trading Commission (CFTC) and the Ontario Securities Commission (OSC) have recently taken action against My Forex Funds, leading to freeze orders on the firm's trading activities and access to its bank accounts due to allegations of fraudulent practices.
The firm claims that it does not require regulation because it operates as a proprietary trading firm, using its own capital for trading rather than handling client funds directly. However, this stance has attracted scrutiny and skepticism within the trading community, particularly in light of recent legal challenges.
Key regulatory points include:
- Regulatory Bodies: CFTC, OSC
- Regulatory Numbers: Not applicable, as the firm is unregulated
- License Validity: No valid regulatory licenses
- Legal Entities: Traders Global Group Inc. (Canada)
- Client Fund Segregation Policy: Not explicitly stated
- Investor Compensation Fund Participation: Not applicable
- KYC and AML Compliance Measures: Basic KYC procedures in place, but specifics are not detailed
3. Trading Products and Services
My Forex Funds offers a diverse array of trading products, primarily focusing on forex trading. The firm provides access to a wide range of currency pairs, allowing traders to engage in both major and minor forex markets. Additionally, the firm supports trading in Contracts for Difference (CFDs) across various asset classes, including:
- Indices: Major global indices are available for trading.
- Commodities: Traders can access commodities like oil and precious metals.
- Cryptocurrencies: Limited cryptocurrency trading is permitted during weekdays.
The firm updates its product offerings regularly, ensuring that traders have access to the latest market instruments. My Forex Funds does not currently offer retail trading services in stocks, which distinguishes it from some of its competitors. The primary focus remains on forex and CFD trading, catering to traders seeking high leverage and low-cost trading solutions.
4. Trading Platforms and Technology
My Forex Funds utilizes the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are widely recognized for their user-friendly interface and robust trading capabilities. The firm does not currently offer a proprietary trading platform, but it has plans to potentially introduce additional platforms in the future.
Key features of the trading technology include:
- Execution Model: My Forex Funds operates on a Market Making execution model, which means that trades are executed against the firm's own liquidity.
- Server Locations: The trading servers are based in the United States, ensuring fast and reliable execution for traders.
- API Access and Automated Trading Support: The firm supports automated trading strategies, allowing traders to utilize Expert Advisors (EAs) within the MetaTrader platforms.
My Forex Funds emphasizes a commitment to providing a stable and efficient trading environment, allowing traders to focus on their strategies without the worry of technical disruptions.
5. Account Types and Trading Conditions
My Forex Funds offers three main account types, each designed to cater to different trader profiles and experience levels:
- Rapid Account:
- Minimum Deposit: $10,000 to $100,000
- Profit Split: 12% of profits, with bonuses paid bi-weekly or monthly.
- Drawdown Limits: 5% daily drawdown and 12% overall drawdown.
- Trading Frequency: Minimum of three trading days per week.
- Evaluation Account:
- Minimum Deposit: $5,000 to $300,000
- Profit Split: Starts at 75% after the first month, increasing to 85% in subsequent months.
- Profit Targets: 8% in Phase 1, 5% in Phase 2.
- Drawdown Limits: Same as Rapid Account.
- Accelerated Account:
- Minimum Deposit: $2,000 to $50,000
- Profit Split: 50% of all profits.
- Drawdown Limits: 5% for conventional accounts, 10% for emphatic accounts.
- No Evaluation Required: Traders can start immediately with a live account.
- Deposit Methods: Bank transfers, credit/debit cards, and various e-wallets such as PayPal and cryptocurrencies.
- Minimum Deposit Requirements: Varies by account type, starting from $49 for the lowest tier.
- Deposit Processing Time: Generally processed within 1-3 business days.
- Deposit Fees: Information on specific fees is not disclosed in detail.
- Withdrawal Methods: Similar to deposit methods, including bank transfers and e-wallets.
- Withdrawal Processing Time: Typically 1-3 business days after the request is made.
- Withdrawal Fees Structure: Not explicitly detailed, but traders should be aware of potential fees from payment processors.
- Live Chat: Available on the website for immediate assistance.
- Email Support: Traders can reach out via email for detailed inquiries.
- Social Media: The firm maintains an active presence on platforms like Facebook, Instagram, and Discord for community engagement.
- Main Service Markets: Global, with a strong presence in Europe, Asia, and North America (excluding Canada).
- Regional Offices: Primarily operates from its headquarters in Vaughan, Ontario, Canada.
- Countries Not Accepted: Traders from Canada are not accepted due to regulatory issues.
- Special Restrictions: The firm may impose specific trading restrictions based on regional regulations and compliance requirements.
All account types come with specific trading conditions, including leverage options that vary based on the account type. The firm allows for a flexible trading environment, with no restrictions on trading strategies, thus providing traders with the freedom to implement their preferred methods.
6. Fund Management
My Forex Funds supports various deposit and withdrawal methods to facilitate smooth transactions for its traders. The available funding methods include:
The firm emphasizes transparency in its funding processes, although specific details on fees and processing times may vary based on the chosen payment method.
7. Customer Support and Educational Resources
My Forex Funds provides multiple channels for customer support, ensuring that traders have access to assistance whenever needed. The support channels include:
Customer support operates 24/5, covering major trading hours, but some users have reported long wait times during peak periods. The firm offers support in multiple languages, catering to its international clientele.
In terms of educational resources, My Forex Funds provides basic tutorials and market analysis on its blog. However, more comprehensive educational materials, such as webinars or in-depth courses, are currently limited.
8. Regional Coverage and Restrictions
My Forex Funds primarily serves a global market, with a focus on traders from various countries, excluding Canada due to regulatory restrictions. The firm has expanded its reach significantly since its launch, attracting traders from over 150 countries.
Key points regarding regional coverage include:
In conclusion, My Forex Funds offers a compelling opportunity for traders looking to access capital and trade in a flexible environment. However, potential clients should remain aware of the ongoing regulatory challenges and conduct thorough research before engaging with the firm.
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Latest Reviews
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
2023-08-29
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…
37130
2023-02-21
My Forex Funds
News
Exposure Will My Forex Funds resume on January 22, 2024?
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.
Exposure My Forex Funds Received Court Approval for CFTC Complaint Response
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Exposure My Forex Funds was shut down by the CFTC on charges of fraud amounting to $300 million
CFTC charges “My Forex Funds” with fraudulently taking over $300 million from customers hoping to become professional traders.
Exposure CFTC Takes Action Against "My Forex Funds" for Over $300 Million Fraud
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News WIKIFX REPORT: Slippage and how to minimize or avoid it
Slippage occurs when a trade order is filled at a price that is different to the requested price. This normally transpires during high periods of volatility as well as periods whereby orders cannot be matched at desired prices.
kapitano
Turkey
they don't send my money
Exposure
2023-12-05