- 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.
My Forex Funds emerges as a well-regarded prop trading firm, amassing over 12,000 Trustpilot reviews with a stellar 4.9/5 rating, which speaks volumes about the positive experiences of its retail traders. Established in July 2020, this relative newcomer offers a range of funded accounts from $2,000 to a noteworthy $300,000. Its first payout policy is particularly generous, including initial fees plus an extra 12%, furnishing traders with a strong incentive right from the start. Additionally, the firm’s bonus scheme during the evaluation period and up to 90% profit sharing after account approval make it increasingly attractive for those seeking higher returns on their successful trades.
The competitive nature of the firm extends to its commissions and leverage options, spanning from 1:50 to 1:500, thus accommodating various trading styles and risk appetites. Notably, there's no time limit on their Evaluation Program, which grants traders ample opportunities to demonstrate their proficiency without the pressure of a ticking clock. A varied selection of tradeable instruments including commodities, crypto, forex, and indices, coupled with flexible deposit (credit/debit cards, crypto) and withdrawal methods (crypto, Deel), establishes My Forex Funds as a prop firm that aims to cater to a broad audience with varying preferences.
However, traders must navigate through a series of rules such as consistency requirements, a maximum daily loss cap, and a prohibition on weekend holding, which may not appeal to all trading strategies, particularly for those who rely on expert advisors (EAs) as they're not permitted.
TopStepFX Overview
In contrast, TopStepFX, founded in February 2012, positions itself as an established player in the field of proprietary trading firms. The firm offers the promise of funded accounts, a significant focus on risk management, and a structured approach to trading conditions, which can be incredibly valuable for forming disciplined trading habits. Their scaling plan and varying account sizes address the needs of traders at different stages of their career paths, offering the flexibility to grow within the platform.
TopStepFX presents a set of challenges through its rigorous evaluation process, including a daily loss limit that enforces disciplined risk management but may also hinder more aggressive strategies. Additionally, the presence of a monthly cost for participation may deter some potential users who are wary of upfront expenses without guaranteed returns.
With account sizes denominated in both USD and GBP and tradeable instruments focused on commodities, TopStepFX positions themselves with a more niche offering compared to the broader palette provided by My Forex Funds. Withdrawal options are limited to bank wire transfers, which might not be as appealing to traders seeking the convenience of crypto transactions.
Comparative Insights
When comparing My Forex Funds and TopStepFX, potential users will observe distinct divergences in their offerings. My Forex Funds is characterized by its expansive range in account sizes, high profit-sharing potential, and a vast array of tradeable instruments, which is indicative of their commitment to catering to various trader preferences. The incorporation in 2020 indicates a modern approach to prop firm services, aligning with the current trends and demands of the market.
On the other hand, TopStepFX upholds a legacy of structured trading conditions and discipline, integral for traders who prioritize a rigorous approach to risk management. The tradeable instruments and withdrawal methods might be limited, but they may suit traders who prefer a no-frills approach and have a specific interest in commodities.
Ultimately, the decision between My Forex Funds and TopStepFX will hinge on individual trader priorities, such as account size preferences, instrument variety, risk appetite, and the flexibility of financial transactions. Each firm presents a compelling case, but it's the alignment with a trader's unique strategy and goals that will dictate the most suitable choice.
