Is This Prop Trading Firm Set To Leave All Competition Behind With Its Versatile Programs?

The pandemic spurred many new retail investors into the stock market, as market volatility coupled with COVID lockdowns created a never-before-seen opportunity for investors to trade the stock markets and support their incomes. 

To be an active trader in listed stocks, new traders could opt for one of two general paths — trade in a retail account or become a professional trader. 

Retail traders often face a problem of undercapitalization and are limited by the amount of personal funds at their disposal for trading. A skilled and experienced trader looking at larger opportunities can benefit immensely from receiving trading capital. And that’s where prop trading firms come in. 

Proprietary trading or forex prop trading is when a firm allows traders to trade stock, futures or commodities with the firm’s own money to earn profit for the firm, while it rewards the traders either through salaries or commissions. Trading with a forex prop firm gives traders the opportunity to increase their account capital with minimal exposure.

The rise in popularity of prop trading has led to several new prop trading firms opening in the last couple of years.

While all prop trading firms offer funding services to traders, myForexfunds, a Toronto-based prop trading firm, believes that its versatile offering sets it apart from the rest.

Since its inception in 2020, the company has grown rapidly, attracting more than 120,000 traders from about 80 countries.

What Is Different About myForexFunds?

The company offers funding programs that can be adapted to different trader profiles, with one program allowing traders to manage a real funded trading account from Day 1 and earn bonuses, without requiring an evaluation. 

It also offers profit splits that can reach up to 90%, managing an account of up to $2.02 million.

myForexFunds traders can choose from three types of accounts:

  • Evaluation program accounts
  • Rapid program accounts
  • Accelerated program accounts

The myForexFunds Evaluation account is built for semi-professional forex traders in need of capital to move to the next level of their careers. In this option, traders can prove their skills and talent by going through a two-phase process and joining the prop firm to become a funded trader.

Evaluation phase one requires a trader to reach a profit target of 8% within 30 calendar days of the day the first position is placed on the evaluation account. Phase two requires a trader to reach a profit target of 5% within 60 calendar days.

After completing both evaluation phases, the trader is awarded a funded account with no profit targets. The trader also receives 2% of the profit made in the phase one evaluation after completing phase two.

The Rapid account program is designed to reward traders for their time while assessing them as they learn to trade with a demo account. The account sizes range from $10,000 to $100,000. The Rapid program’s goal is to gain a three-month snapshot of the traders’ capabilities before giving them access to the company’s live trading funds. 

The advantage of this program is that traders get to earn 12% bonus profit payouts while being assessed — despite the trading being done in a demo environment. The program does not have profit targets.

Upon successful completion of the three-month demo period, traders receive a funded account and start receiving a profit split of 50% in the first month, increasing to 65% and 80% in the second and third months, respectively.

The Accelerated program, the company’s third option, is built for professional full-time traders with experience in financial markets who want to boost their capital immediately without risking their own money. 

This account ranges from $2,000 up to $50,000, and traders can grow their funds all the way up to a max of $2 million with scaling. Accelerated program accounts have no time limitations, lot size restrictions or consistency rules to follow. They also do not have any profit targets to meet to be eligible for weekly payouts.

In all three options, traders are required to respect a 5% maximum daily loss and 12% overall maximum loss rule. 

The company says its motto — Your Success is Our Business — is aimed at assisting traders and helping them grow so that it can grow with them.

It reports adding over 3,000 new customers per day from around the globe and is looking to maintain its bullish trajectory with streamlined services to become the market-leading forex prop firm.

To learn more about myForexFunds, visit the company website.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.  

Featured photo by  Oren Elbaz on Unsplash

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