My Forex Funds Review
My Forex Funds is an account provider for Forex traders that offers a variety of account types. It also plans to launch a forex academy in the future. The company is the fastest growing prop firm in the world, but it does lack some educational materials. In less than two years, it has grown from a small startup with one funding option to 40,000 traders.
Accelerated accounts
If you're looking to increase your trading capital quickly and easily, I recommend that you try the Accelerated accounts from MyForexFunds. This type of account offers you instant funding without verification, no monthly fees, and instant access to your trading capital. While they are not cheap, they can be a good way to quickly double your money and have some extra cash on hand. You can choose from accounts with amounts from $2000 to $50,000. However, you'll need to consider the risk when comparing accelerated accounts to conventional accounts. Likewise, they're not cheap; you'll need to pay a higher initial fee to get started.
With an Accelerated account, you can withdraw money once every week without having to wait for a certain amount of time. Just remember that you can't withdraw more than 12% of your account balance in one pay period. Also, you can't use EAs on Accelerated accounts. You can also hold your trades over weekends or trade news, but you should make sure to close your positions before 5 PM EST.
The other advantage of Accelerated Accounts is that you get instant funding without verification or performance-based challenges. The rules are also very flexible. The only catch is that they require a lower gain percentage than the other types of accounts. The downside to these accounts is that they can take quite a while to complete.
Although MFF offers many account types, it doesn't have many educational materials. The company is also planning to launch a forex academy in the near future. If you're serious about trading forex, My Forex Funds is the fastest-growing prop firm in the world. It started out as a modest company with just one funding option and an amateurish website, and it has now grown to over 40,000 active traders in less than two years.
Another benefit of My Forex Funds is their simplicity. They have no verification requirements, low minimums, and low profit targets. They also offer $50,000 instant funding, a performance challenge with no daily drawdown limit, and 85% profit split. With their flexible and lenient rules, MyForexFunds is an excellent choice for anyone interested in forex trading.
Scale-up plan
My Forex Funds' scale-up plan gives traders the opportunity to scale their account size from 970K to 2MM using industry-leading drawdown parameters. The plan starts with a base amount that you start with, and increases the amount of money you can trade by two or one-half times after you make a 10% or 20% profit. The scale-up plan is designed to maximize your profits, while maintaining a manageable risk.
Swap-free accounts
If you're looking to get into Forex trading but aren't sure if you can afford to pay swap fees, you may want to look into a Swap-free account. These accounts offer the same trading conditions as regular Forex accounts but do not charge you a Swap fee. They allow you to trade EURUSD, GBPUSD, USDJPY, USDCAD, EURGBP, CADJPY, and CADCHF without paying Swap charges.
A swap in Forex is money received for holding a position overnight, which can be positive or negative. The swap is formed using the interest rates of central banks, and can either be positive or negative. When you buy EUR/USD, you borrow USD to buy EUR, and then repay it in USD at a fixed exchange rate. A negative swap means that you are paying interest to the exchange rate, which is against your interest.
Swap-free accounts are not available to everyone. Some brokers require personal information or proof of religion to open one. If you're a Muslim, you should know that you're allowed to open one of these accounts. However, there are a few requirements that you should know before you make a decision. In general, swap-free accounts are for people who are interested in trading forex, but who have religious restrictions.
Instaforex is another company offering a Forex account that's completely free of charge. It was founded in 2009 in the Russian Federation and is authorized by CRFIN. This company is also known for its excellent customer service and features. This company offers a variety of currency pairs. And it also offers a Swap-Free account, where you don't need to worry about the volume of your transactions.
Swap-free accounts are an alternative for Muslim traders. These accounts don't charge interest and allow you to keep your positions indefinitely without paying swap fees. Some forex brokers allow you to trade Islamic currencies. However, you should know that they will charge a fixed fee if your trades are open longer than a day, and you'll have to pay a $5 admin fee after 14 days.
Evaluation account
There are several ways to maximize your profit with My Forex Funds. You can choose to use a Demo account or a Rapid account, both of which offer different levels of trading capital. Demo accounts allow you to start trading with a small amount of money before you open a real account. With a Rapid account, you can begin trading with up to $100,000, and you can receive bonus payments every two weeks or monthly. You can also choose to use an Evaluation account, which has a two-step evaluation process. The two-phase process lets you keep up to 85% of your profits.
To qualify for an Evaluation account, you must generate a minimum of 10% profit in the first four months to get additional trading capital. Then, every four months, you can add up to 30% of your trading capital. This is a reasonable goal, although you may find it difficult to achieve this target over four months. Also, the evaluation account's trading parameters are a little off-putting, which can be discouraging for beginners.
If you're an experienced trader, you can choose the Accelerated program. This program allows you to make real profits on your first day of trading. The cost of these accounts will vary, but if you're confident about your trading abilities, you can invest as much as $2,020,000 in an Accelerated account. Just be aware that these accounts are much more expensive than other accounts. You should also keep in mind that these programs do take more risk than others.
When you're ready to move onto the live account, you'll need to complete the two-stage evaluation process. The evaluation account starts out in a demo mode, but once you have completed these requirements, you'll be granted a live account. During the first stage, you'll need to meet a profit target of 8% and complete a minimum five-day trading period.
If you're ready to step up your trading skills, My Forex Funds has several account types and a forex academy soon. However, the company's website isn't very educational and doesn't have much information on how to trade effectively.