- Free Trial available
- Impressive Trustpilot rating of 4.5/5
- Opportunity to scale up to 10 million USD
- Prompt email support
- No deadline on achieving profit targets
- Permission to hold over the weekend
- 75% profit share
My Forex Funds
- Over 12,000 Trustpilot reviews with a 4.9/5 rating
- Funded accounts from $2,000 to $50,000; three account types
- First payout includes initial fees plus an extra 12%
- Bonuses during evaluation; profit sharing up to 90%
- Competitive commissions; leverage from 1:50 to 1:500
- No time limits on Evaluation Program.
Cons ❌
Lux Trading Firm
- Restriction of 4% on maximum relative drawdown and loss limit
- Limited leverage of 1:1, 1:5, and 1:10
- Stringent minimum trading day requirements
- Confined to a single trading segment
My Forex Funds
- Delayed response time on Livechat support due to queue
- Instances of slippage issues
Rules 📋
Lux Trading Firm
Maximum Loss, Minimum Trading Days, Profit Target, Stop Loss Required, Third Party Copy Trading Risk, Third Party EA Risk
My Forex Funds
Consistency Rule, Maximum Daily Loss, Maximum Loss, Maximum Trading Days, Minimum Trading Days, No EAs Allowed, No Weekend Holding, Profit Target
Lux Trading Firm offers aspiring traders the chance to manage up to $10 million, if they prove their trading prowess. The absence of a deadline for reaching profit targets is a boon for traders who prefer a stress-free trading environment. Additionally, the allowance for positions to be held over the weekend gives traders the flexibility to employ various trading strategies. The firm's high Trustpilot rating is a testament to a satisfied clientele, and the offer of a free trial signals confidence in their services. Lux's 75% profit share is also generous and incentivizes traders to perform well.
However, the limited leverage options and the imposition of a 4% relative drawdown and loss limit may deter risk-tolerant traders seeking high leverage and more aggressive trading strategies. The rigorous minimum trading days requirement can be seen as restrictive, and being limited to a single market segment may not appeal to traders looking for diversity in their trading portfolio.
My Forex Funds At A Glance
My Forex Funds shines with an exceptional Trustpilot rating, reflecting its customer satisfaction and reliability. The range of funded account sizes caters to different levels of traders, and the additional perks such as initial fee returns with a 12% premium and bonuses during evaluation are attractive incentives. Offering profit sharing up to 90% positions My Forex Funds as one of the more rewarding prop firms in the market. Furthermore, the absence of a time limit on their Evaluation Program may alleviate pressure on traders and allow them to show their skills more effectively.
However, the firm is not without its setbacks. Reports of delayed responses in live chat and slippage issues could be points of concern for traders who value immediate support and execution precision. The prohibition of holding positions over the weekend along with restrictions on Expert Advisors (EAs) may also turn away traders who utilize these tools in their trading regimes.
Comparing Rules and Restrictions
Both firms implement rules designed to protect their capital while offering traders an opportunity to profit. Lux Trading Firm requires stop-loss use on all positions, which aligns with prudent risk management practices. My Forex Funds also imposes rules such as consistency and maximum daily loss, which encourage disciplined trading. However, the prohibition against weekend holding and EAs at My Forex Funds may be viewed as constrictive by some traders.
Financial Transactions
Lux Trading Firm and My Forex Funds both offer modern deposit methods, including cryptocurrency, which shows their effort to stay current with technological trends. In terms of withdrawals, while Lux incorporates traditional bank wire transfers, My Forex Funds uses Crypto and Deel—a global payroll and compliance service—providing a unique withdrawal avenue that could appeal to international traders.
Account Sizes and Market Access
Lux Trading Firm presents a wider range of account sizes, catering to both high and moderate capital traders. Additionally, Lux Trading Firm provides a broader spectrum of tradeable instruments, including stocks, which may attract those looking for diversified trading opportunities. However, My Forex Funds also offers a selection that covers the most highly demanded trading instruments, which will suffice for many traders.
Conclusion
In conclusion, both Lux Trading Firm and My Forex Funds have their unique advantages and limitations. Lux appeals to traders who value flexibility in trading strategies and hold periods, whereas My Forex Funds attracts traders through its profit sharing and incentives. When choosing between the two, potential traders must weigh personal trading styles, risk appetite, and desired market access against the rules and options provided by each firm.
Retail traders are advised to consider their own trading objectives and risk tolerance when reviewing prop firms like Lux Trading Firm and My Forex Funds. Both firms present compelling offerings with different operational styles, making it crucial for prospective traders to conduct thorough due diligence to align with the proper trading environment for their needs.
