- 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.
SurgeTrader
- $1,000,000 capital with Trustpilot rating of 4.5/5
- Real accounts; $1,000,000 challenge account
- 75%-90% profit share with available add-ons
- Overnight, weekend, and news trading permitted
- No minimal trading days; one-step evaluation.
Cons ❌
My Forex Funds
- Delayed response time on Livechat support due to queue
- Instances of slippage issues
SurgeTrader
- Stop-loss required for each trade
- Maximum open size 1 lot / $10,000 of the account balance
- Trailing drawdown
Rules 📋
My Forex Funds
Consistency Rule, Maximum Daily Loss, Maximum Loss, Maximum Trading Days, Minimum Trading Days, No EAs Allowed, No Weekend Holding, Profit Target
SurgeTrader
Lot Size Limit, Maximum Daily Loss, Maximum Trailing Drawdown, Profit Target, Stop Loss Required
Comparison Summary of My Forex Funds and SurgeTrader
A detailed comparison between two notable proprietary trading firms, My Forex Funds and SurgeTrader, highlights the trade-offs and unique offers each firm provides to retail traders. It's essential for potential users to weigh the merits and constraints of each to determine the best fit for their trading strategies and preferences.
My Forex Funds Overview
My Forex Funds emerges as a heavily-endorsed prop firm on Trustpilot, boasting a high satisfaction score; this trust engendered by thousands of user reviews is a significant confidence booster for new traders. The firm presents a diverse range of funded accounts, from modest $2,000 to an ample $50,000, catering to various levels of trader experience and risk tolerance. Notably, it rewards traders right from the evaluation phase with bonuses and offers a commendable profit-sharing scheme of up to 90%. Another flexible feature is the absence of time limits in its Evaluation Program, easing the pressure on traders to reach their targets.
However, the firm restricts the use of EAs (Expert Advisors), imposes a range of rules around trading days and loss limits, and limits weekend position holding, which may not align with all trading strategies. Withdrawal methods are somewhat limited, potentially narrowing accessibility for a global audience.
SurgeTrader Overview
SurgeTrader counters with a tempting proposition: the opportunity to trade with up to $1,000,000 challenge account is eye-catching for ambitious traders. With an excellent Trustpilot rating in its own right, SurgeTrader affirms that high levels of trust and satisfaction are not exclusive to firms with a broader account offering. The option to trade news, hold positions over the weekend, and engage in overnight trading provides a degree of operational freedom that My Forex Funds does not. It also promises simplicity with its one-step evaluation procedure.
But it's not without its boundaries. The mandatory use of stop-loss on each trade and a maximum open size could be perceived as limiting, particularly for traders with bolder approaches to risk. The trailing drawdown mechanism is another such restriction that might deter some. Additionally, SurgeTrader is less versatile in tradeable instruments and withdrawal methods, which could be significant to certain users.
Comparison of Funding and Profit Sharing
Both firms offer attractive profit-sharing arrangements, with each starting at 75% and going up to 90%. However, My Forex Funds edges forward with the initial fee return plus an additional 12% upon the first payout, providing an immediate return on investment for successful traders.
Trading Parameters and Flexibility
When it comes to trading rules and flexibility, each firm serves different trader personalities. My Forex Funds, with its no time limit evaluation, may appeal to traders who require time to develop their strategies, whereas SurgeTrader's permission for weekend, news, and overnight trading echoes the preferences of traders who look for more freedom in their trading.
Financial Transaction and Instruments
Payment and withdrawal methods are straightforward for both firms, but My Forex Funds offers withdrawals in crypto, which might be attractive for the crypto-savvy trader. SurgeTrader maintains a traditional stance with bank wire transfers. In instruments, My Forex Funds allows trading in commodities, crypto, forex, and indices, a wider selection than SurgeTrader’s commodities-only offer.
Incorporation and Stability
My Forex Funds has a clear incorporation date, suggesting transparency and potential stability in its operations. SurgeTrader’s incorporation details being unknown may raise questions for those who seek a firm with an open track record.
Conclusion
Deciding between My Forex Funds and SurgeTrader comes down to personal trading style, preference for instrument diversity, and payment method versatility. My Forex Funds delivers variety and a strong community trust factor, while SurgeTrader offers substantial capital potential and trading freedom. Traders are encouraged to evaluate according to their individual needs and trading objectives.
