My Forex Funds and FTMO have both established themselves as premier proprietary trading firms in the time they have been operational but it can be difficult to choose between two great platforms. My Forex Funds is a comparatively new offering from 2020 and FTMO has been funding traders since 2015.
Both platforms require KYC but at different points in the trader’s journey. With My Forex Funds, KYC is mandated at the time of registration but in the case of FTMO, you need to KYC only after you have passed the second phase of the challenge.
This article does the comparative research for you to help make the final decision.
My Forex Funds vs FTMO: Trading Instruments
My Forex Funds has an obvious disadvantage compared to FTMO as it does not allow the trading of stocks on its platform.
My Forex Funds allows the trading of forex pairs, cryptocurrency, commodities, and indices on its platform.
With FTMO, you are allowed to trade cryptocurrencies, bonds, indices, stocks, commodities, and forex pairs.
Account Types & Maximum Account Size
My Forex Funds gives its prospective traders options between three types of accounts: the Rapid plan, the Evaluation plan, and the Accelerated plan.
The Rapid and Accelerated plans allow for instant funding for the price of a refundable fee ($99 for the Rapid plan, $99 for $2,000 for the Conventional Accelerated plan, and $198 for the Emphatic Accelerated plan) while the Evaluation plan costs a refundable fee of $49 for $5,000 in trading balance to take the 2-phase evaluation test before you can start receiving a percentage of profits in your bank account.
The fees that you pay to start these plans with My Forex Funds are refunded in all cases along with your first profit withdrawal.
With FTMO, there are two types of accounts, both of which start by selecting either the Normal Challenge (€155 for $10,000) or the Aggressive Challenge (€250 for $10,000), both of which are the beginning of 2-step challenges that put you on the path to becoming an FTMO-funded trader.
Both plans have different rules when it comes to the challenges like the profit targets are 10% for Stage 1, and 5% for Stage 2 in the Normal Challenge. The Aggressive Challenge needs you to attain a 20% profit target for Stage 1, and 10% for Stage 2.
Even within these challenge accounts, it is possible to select a regular account or a swing account. In the latter, there are no restrictions on holding positions over the weekend, overnight or trading the release of macroeconomic news releases.
Just like MFF, FTMO also refunds your challenge fee along with your first profit withdrawal.
For My Forex Funds, the maximum account size you can reach is $2,02,000 in Phase 7 of the account which starts with a balance of $50,000 in the Emphatic model of the Accelerated plan.
At FTMO on the other hand, the maximum account size begins with $200,000 and can go up to $400,000.
100k Account Evaluation Challenge Prices, Cost, & Period
My Forex Funds has three different plans depending on what suits you best at this time.
The Rapid and Accelerated plans provide you with a $100,000 in trading balance but without having to go through an evaluation challenge.
In the Rapid plan, you can pay $749 to get started and as part of this, you have no profit targets, a minimum of 3 trading days per week, and a profit share of 12%.
With the Accelerated plan, the highest amount of trading balance you can get off the bat is $50,000 ($2,450 for the Conventional version, or $4,900 for the Emphatic version) but you can get upgraded to a $100,000 plan as soon as you achieve the profit target (10% for the Conventional version, or 20% for the Emphatic version).
The Accelerated plan also has no rules for consistency, and no profit targets to be achieved in order to request a payout. The fees paid for both the Accelerated and Rapid plans are one-time and refundable with your first profit withdrawals.
The Evaluation plan is the 2-phase challenge that My Forex Funds bring to you and allows you to prove your trading skills before getting access to a live trading account. With this, you can get access to $100,000 for a refundable fee of $499 which is given back to you with your first profit withdrawal from the live account.
There is no monthly fee involved with this plan, and your profit targets are 8% in Phase 1, and 5% in Phase 2. The profit splits start at 75% in the first month, increase to 80% in the second, and are then capped at 85% from the third month onwards.
On the other hand, FTMO has one offering which is a two-step challenge that every trader must pass before you can start withdrawing any of the profits or even get your challenge fee refunded. The Challenge though has a couple of variants (Normal and Aggressive) and slightly different rules for them. To start with a $100,000 in trading balance, you can pay €540 for the Normal variant and €1,080 for the Aggressive one.
With the Normal variant, the challenge requires you to make 10% profits in Phase 1, and 5% in Phase 2. In the Aggressive variant, you need to make 20% profits in Phase 1, and 10% in Phase 2 to qualify for an FTMO Trader account.
My Forex Funds vs FTMO: 100k Account Challenge Rules
The Evaluation challenge for the $100,000 account can be started with a $499 refundable fee and you need to achieve an 8% profit target in the first phase. In the second phase, this is reduced to 5%. Every trading account also needs to trade at least 5 days in 30 day period.
The maximum daily drawdown is 5% whereas the maximum drawdown for the account is 12%. Maximum leverage of 1:100 is available along with no monthly fee.
With FTMO, the 2-phase challenge has a Normal and an Aggressive variant.
In the Normal variant (costing a refundable fee of €540), you get 30 days in Phase 1 to make a profit of 10% while trading for a minimum of 10 days. You also need to stay below the daily loss limit of 5% and the total loss of 10%. The second phase lasts for 60 days, needs a minimum of 10 trading days, and has the same percentage of daily and maximum loss. The only difference here is that the profit target is 5%.
In the Aggressive variant (costing a refundable fee of €1,080), you get the same number of days in Phase 1 and Phase 2. The number of minimum trading days remains the same too. The change is where the daily loss limit (10%), maximum loss (20%), and profit targets (20% in phase 1 and 10% in phase 2) are concerned.
My Forex Funds vs FTMO: Profit Sharing Ratio
With My Forex Funds, your profit-sharing ratio depends on your plan of choice. With the Rapid plan, it is fixed at 12% and can not be increased. For the Accelerated plan, 50% of the profits will be shared. The sharing ratios make sense as both these plans give you access to trading capital as soon as the initial fees are paid.
The Evaluation plan has a profit split that starts at 75% in the first month and rises to 85% by the third month and stays as such for every payout cycle going forward,
The default payout ratio between you and the platform is set to 80:20 by default where FTMO is concerned. But this is not the maximum profit split in your favour. If your trading skills allow you to achieve the conditions set forward by the scaling plan, this ratio can go up to 90:10 in your favour.
My Forex Funds vs FTMO: Scaling Plan
For the scaling plan, My Forex Funds’ Accelerated plan allows its traders to scale up their accounts once every 5 days in case they achieve the 20% profit target for the emphatic model and 10% for the conventional model. On getting to the target, the funding in your account will be increased by 150%-200% depending on the phase you are on.
In the Accelerated plan, you can scale up to manage $2,020,000 in Phase 7 of the Emphatic model with the plan that starts with $50,000. For the Evaluation plan, scaling works such that if you have made a 10% profit in four months and you have been profitable in two of those four, the balance will be increased by 30% of the original balance.
FTMO’s scaling plan on the other hand will increase your funding balance by 25% every four months if you keep achieving the profit target of 10% set in front of you. Your account balance can reach a maximum of $400,000.
Allowed Leverage, Maximum Daily Drawdown, & Total Drawdown
In the case of My Forex Funds, all three of their plans have their own rules for leverage, maximum daily drawdown, and total drawdown for the duration of your trading journey.
- The drawdown percentage is calculated as:
[1 – (lowest equity or balance for the day) / (starting equity or balance for the day) ] x 100
In the Rapid plan, you can use the leverage of up to 1:500 where it is available to make your profits. This obviously has to be done keeping in mind that the daily allowed drawdown is $5,000 or 5% of your total balance, and the total drawdown is set at $12,000 or 12% of your trading balance.
In the Accelerated plan, the leverage is reduced to 1:50 but there are no daily limits on the drawdown that you can have. There are although rules for the total drawdown that your account can have, and that is set to 5% of the overall account balance.
With the Evaluation plan, you need to pay attention to achieving your profit targets in the given time frame while staying within the rules of the daily and total drawdowns. Similar to the Rapid plan, the daily drawdown is set to 5% or $5,000, and the total drawdown is 12% of your trading balance or 12%.
FTMO bases its drawdowns on a current daily loss calculation that is the sum of the results of closed positions of this day and the result of open positions at the end of the trading day.
The FTMO Normal account allows for leverage up to 100x, and a daily drawdown of 5% which translates to $5,000 for the $100,000 account. The maximum drawdown though is limited to 10% of the starting account balance or $10,000 in this case.
The FTMO Aggressive account also allows for up to 100x in leverage, but the daily drawdown allowance is doubled to 10% ($10,000 in this case). The total drawdown is also doubled compared to the normal account and is set at 20% ($20,000).
My Forex Funds vs FTMO: Trading Hours
My Forex Funds restrictions regarding the trading hours are only applicable on the Accelerated plan where all trades must be closed on Friday and going into the weekend. Leaving any open trades over the weekend while subscribing to this plan will cause the system to flag your account and potentially delay any future payouts.
With the Rapid and Evaluation plans, you are allowed to take trades as and when you want to, keeping in mind the rules of the plan.
If you have an FTMO Challenge or Verification account, you can keep trades open over the weekend, overnight, or even trade the news. But once you have an FTMO-funded account and manage either an FTMO Account or an FTMO Account Aggressive, your positions need to be closed for the weekend or if the rollover is going to be longer than two hours.
The restrictions mentioned above for the FTMO Account or the FTMO Account Aggressive do not apply to the FTMO Account Swing type of account as this is made for swing traders. This type of account allows you to trade the news, or hold trades over the weekend.
My Forex Funds vs FTMO: Payout and Payment methods
My Forex Funds allows its traders to request payouts via Wise, Paypal, Bank Transfer, Payoneer, Revolut, Mercury, or via cryptocurrency ($BTC, $LTC, $ETH)
Traders part of the Rapid plan will be paid on a bi-weekly basis.
If you are on the Accelerated plan, you can request to be paid every week provided you have held the account for more than five days. Another option is to request payment as soon as you reach the 5% or 10% profit targets as required by the type of account that has been chosen
As part of the Evaluation plan, you can request to be paid as soon as you reach your profit targets.
At FTMO, you can request payout on-demand after 14 days of having held the account. Traders can choose their own Profit Split Day which ensures that you receive your profits on the day that is most convenient to you.
My Forex Funds vs FTMO: Is EA Allowed and Other Rules
EA and bots are allowed on all the plans at My Forex Funds, and any accounts inactive for more than 30 days are automatically considered to be breached. Some plan-specific rules are mentioned below:
Rapid – You have a choice between consistency and non-consistency accounts which have strict rules which must be adhered to.
Evaluation – This plan allows news trading. There is also no lot size restriction for total open lots on a single account. Crypto trading is allowed on weekdays.
With FTMO, you can use EAs or discretionary bots to make your profits.
My Forex Funds vs FTMO: Trading Platforms
My Forex Funds only allows its traders to use MetaTrader 4 or MetaTrader 5 for their trading exploits so if you are comfortable with these platforms, then your choice is made for you. But in the case that you have never used these, you should be willing to learn if the other facets of My Forex Funds interest you.
For FTMO, you have the option to use MetaTrader 4, MetaTrader 5, or additionally cTrader if you are more comfortable with that.
While FTMO only has one type of plan with Normal and Aggressive variants, My Forex Funds gives users a choice of three different plans which you can decide on depending on what your trading style is. The maximum profit split with My Forex Funds can be a maximum of 85% whereas you can build up to 90% in the case of FTMO.
After having gone through the pros and cons of each platform, you should go with My Forex Funds if you can work with MetaTrader 4 and 5.