MY FOREX FUNDS 2025 Review: Everything You Need to Know
Summary: My Forex Funds (MFF) has emerged as a popular proprietary trading firm since its inception in 2020. While it offers attractive profit-sharing models and various account types, recent allegations of fraud and regulatory actions have raised significant concerns about its legitimacy and operational practices.
Note: Due to the presence of different entities operating in various regions, it is crucial for potential traders to conduct thorough research before engaging with MFF. This review aims to provide a fair and accurate assessment based on available information.
Ratings Overview
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user reviews, expert opinions, and factual data related to the broker's services, performance, and regulatory standing.
Broker Overview
Founded in July 2020, My Forex Funds is a proprietary trading firm headquartered in Vaughan, Ontario, Canada. The firm provides traders with access to capital, allowing them to trade various assets, including forex, commodities, and cryptocurrencies, through popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). However, the firm operates without regulation, which raises concerns about the safety of funds and overall trustworthiness.
Detailed Analysis
Regulatory Geography
My Forex Funds operates primarily in Canada and the United States but has faced regulatory scrutiny from both Canadian and U.S. authorities. The firm has been accused of fraudulent activities, leading to the freezing of its assets and raising alarms about its operational integrity.
Deposit/Withdrawal Currencies/Cryptocurrencies
MFF supports various payment methods, including credit/debit cards and cryptocurrencies (BTC, ETH, LTC, USDC). However, the lack of traditional withdrawal options such as bank transfers has been flagged as a potential red flag.
Minimum Deposit
The minimum deposit required to start trading with MFF varies depending on the account type. For example, the Rapid account starts at $99 for a $10,000 account, while the Evaluation account starts at $49 for a $5,000 account.
MFF offers a profit-sharing model that allows traders to retain a significant portion of their earnings, with percentages ranging from 12% to 85% based on the account type and performance.
Tradable Asset Classes
Traders can access a diverse range of assets, including forex pairs, commodities, cryptocurrencies, and indices. However, some accounts, like the Accelerated program, restrict trading to forex pairs only.
Costs (Spreads, Fees, Commissions)
MFF imposes a commission of $3 per lot traded, with spreads starting at 1 pip. However, the exact spread details are not transparently disclosed, which is a concern for many traders.
Leverage
The leverage offered by MFF varies by account type, with ratios ranging from 1:50 to 1:500. This flexibility can be appealing, but it also introduces higher risk, particularly for inexperienced traders.
MFF provides access to MT4 and MT5, two of the most widely used trading platforms in the industry. There are plans to introduce additional platforms in the future, which could enhance the trading experience.
Restricted Regions
While MFF accepts traders from many countries, it does not allow registrations from Canada and certain U.S. states, such as Iowa, Arkansas, Missouri, and Mississippi.
Available Customer Support Languages
MFF offers customer support in multiple languages, including English, which is essential for its diverse international clientele. However, user experiences indicate that response times can be slow, raising concerns about the quality of support.
Repeated Ratings Overview
Detailed Breakdown
Account Conditions
While MFF offers a variety of account types, including Rapid, Evaluation, and Accelerated programs, the lack of regulatory oversight and recent allegations of fraud significantly impact the perceived safety of these accounts. Traders should be cautious when engaging with this firm.
The tools and resources provided by MFF are relatively basic compared to other firms. While the platforms (MT4 and MT5) are robust, the absence of educational resources or trading tools limits the support available for traders looking to enhance their skills.
Customer Service and Support
Customer service has received mixed reviews, with many users reporting slow response times and unresolved issues. This could be a significant drawback for traders who may need immediate assistance or support.
Trading Setup (Experience)
MFF allows various trading strategies, including scalping and news trading, which can be beneficial for traders with different styles. However, the requirement to place trades on specific days may not align with all trading strategies.
Trustworthiness
The lack of regulation, combined with negative reports from users regarding withdrawal issues and account closures, severely impacts MFF's trustworthiness. Traders are advised to exercise caution and consider alternative firms with better regulatory standing.
User Experience
While some users report positive experiences with MFF, the overall sentiment is mixed, with many expressing concerns about the firm's practices and customer service. This disparity highlights the need for potential traders to conduct thorough research before committing.
Regulatory Compliance
The absence of regulatory oversight is a significant concern. MFF operates without the protection that comes from being regulated, which increases the risks for traders entrusting their capital to the firm.
In conclusion, while My Forex Funds presents attractive opportunities for traders, the recent allegations and operational practices raise serious concerns about its legitimacy. Potential traders should weigh the benefits against the risks and consider alternative options before proceeding.
