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Ofp funding vs my forex funds 2023
My forex funds is one of world’s fastest-growing prop firm. In less than two years, they went from a proprietary firm with one funding option and a shady website to a business with 40,000 traders. The fantastic prices at MFF will also appeal to bargain hunters. Just $299 will get traders a $50K Evaluation account.
Comparatively, the $50K account at FTMO is worth €345. However, there are some cons to consider. The 5% drawdown cap, which is based on traders’ equity at 5 p.m. EST rather than the account balance, may deter traders who prefer to hold positions overnight. This means that traders will violate the maximum drawdown and forfeit their account if they have an active winning trade that pulls back more than 5%.
Whether the account is ultimately profitable at that point is irrelevant. The account is forever lost, unless traders pay again the fee and restart the assessment. Although OFP may appear to have comparable funding choices, the truth is much different. While OFP offers immediate funding accounts with a 26% up to 40% payout split, MFF offers rapid accounts with a 12% profit split. OFP has long outperformed prop companies’ standards, creating better forex trading conditions.
How does My forex funds work?
All prop trading companies that provide funded accounts operate similarly to MFF. They provide funds to forex traders in return for an upfront fee and a cut of any earnings the trader makes. The trader only needs to exhibit outstanding risk management by following all the trading guidelines. Traders may choose between three different account types .
Traders can open a Rapid account, gradually become familiar with the system, and eventually get money. To acquire financing, traders can select an evaluation account and successfully complete two assessment phases. Or, an Accelerated account which provides immediate capital. For novice traders, the Rapid accounts are made to help them become familiar with the trading platform while also teaching risk management.
Traders will advance to a live account if they can show through the Rapid account that they have mastered risk management and possess the necessary trading tools. Traders will receive 50% of the profits in the first month after being issued an actual account with real money. Up to an 80% profit split, traders profit split will increase by 15% for each profitable month they maintain compliance with the rules.
Benefits of trading with Myforexfunds
- one of the most generous profit split of the industry from 75% to 85% on evaluation accounts once funded.
- Excellent scaling options are provided by MFF’s Accelerated account. Every time traders reach the 10% profit target for the Conventional Accelerated account, they will either double or gift 1.5 times the account size, up to $2 million. Once traders reach 20% profit targets, the scaling is the same for the Emphatic Accelerated account.
- The rules for the Evaluation accounts are substantially simpler. The profit goals set by MFF are more reasonable and reachable than those of the typical prop trading company. The first stage requires an 8% profit target, and the second requires merely a 5% profit target over a minimum of five trading days.
- The overall drawdown of 12% is really fair and one of the best in the sector. The daily drawdown of 5% is what drives out the majority of traders, though (even if common).
- MFF is considerably less expensive than FTMO when compared. If traders choose a sizable trading account, switching to MFF from FTMO could result in savings of up to 20%.
OFP or Myforexfunds: Which is better?
Despite the fact that MFF offers instant funding accounts like rapid and accelerated, these two choices are entirely distinct from OFP funding accounts: In comparison to the OFP account, which gives up to 80% profit split with a 10% maximum drawdown, the rapid account offers a 12% profit split and the accelerated account a 50% profit split, although both have higher fee costs and smaller drawdowns. Regarding the trading environment, OFP enables quick stop loss execution, whereas MFF has occasional slippage because it is orderbook-driven, especially on volatile assets.
Ready to skip the hassle of evaluations and get started with an instantly funded account? CLICK THE BUTTON BELOW and customize your Instant Funded account with OFP Funding today!
