MPFunds Review – Well Rounded Service yet Still Fails to Impress

Forex prop firms are all the rage, and companies are constantly trying to one up one another by offering competitive pricing and higher profit share. The lucrative business, however, is still not heavily regulated and presents a unique set of dangers.

Let’s examine all the pros and cons of this particular firm in our MPFunds review, and see how it compares to other services.

Company Legal Background

The MPFunds prop firm is owned and operated by MYPOCKET FUNDS PTE. LTD, an entity based out of Singapore. The company is registered, and may be found within the UEN database.

The proprietary trading business is not a strictly regulated branch of the financial services industry. This prop firm claims it does not hold, or in any way deals with client funds. Thus, it does not require a regulatory license issued by the local authority – MAS.

In the disclaimer, the firm calls itself a “Trading Challenge Provider”, and states that any trading is only virtual, conducted on servers belonging to a third party liquidity provider.

How the Firm Attracts Clients

Prop trading business has exploded in recent years, and much of this is owed to the increased activity on social networks. It goes without saying that the majority of firms will use these networks to advertise their services.

This company holds numerous accounts, including ones on Facebook, Instagram, X, Threads and Medium. It is also active on LinkedIn, Medium and CrunchBase corporate networks, and holds a YouTube streaming channel.

Well Received by Clients

Despite the heavy online presence, the company is not very well known in trading circles. The MPFunds reviews can only be found on TrustPilot, and only in limited numbers.

Judging from the client feedback, users are mostly satisfied by the service, with an approval rating of 4,4 stars. Those who criticize the service complain about slow payouts, and the quality of customer service.

We need to mention that various online schemes like Axsio often use paid reviews to boost their ratings score. While it might not be the case here, it’s always important to use your best judgment when engaging in online business.

Evaluation of Trading Potential

The 2-phase challenge is designed to assess every trader’s capabilities, skills and experience in the online trading world. Getting funded isn’t as easy as many would like to make it sound, as everyone first has to prove they know how to put the borrowed capital to good use. 

Let’s discuss the specific steps of the procedure and what are the funding opportunities, as well as rules.

Account Registration

Before entering the evaluation, every trader has to register their MPFunds challenge account. Each account includes a fee which needs to be paid in order for that particular package to be unlocked. 

Once the registration is complete, and the entrance fee is paid, traders can start the challenge. According to the website the fee is 120% refundable upon first payout.

Challenge Accounts

Acquiring your MPFunds login allows you to proceed to choosing your account size. These packages are tiered, which means each requires a higher deposit sum. 

Here’s how the offer goes, what funded capital traders can apply for and what the fee is:

• Tier 1 $10.000 – $108
• Tier 2 $25.000 – $198
• Tier 3 $50.000 – $298
• Tier 4 $100.000 – $550
• Tier 5 $200.000 – $1,100

Phase 1 Trading Objectives

Since each phase has certain conditions to be achieved, let’s start with the first phase of the evaluation:

• 5 minimum trading days
• 5% maximum daily loss
• 10% maximum total loss
• unlimited trading period
• profit target of 8%

Passing this phase of the test allows traders to move onto the next step of the process. Stepping up your trading game is quite often facilitated with the usage of various trading tools, so consider eDeltaPro.

Phase 2 Trading Objectives

Whoever manages to complete the first challenge gets a chance to proceed with the evaluation. While the majority of the conditions remain the same, the final goal is a bit less demanding. Take a look at the Phase 2 terms:

• 5 minimum trading days
• 5% maximum daily loss
• 10% maximum total loss
• unlimited trading period
• profit target of 4%

Phase 3 MPF Trader – Still Demo?!

Part of the website that describes the alleged funded phase also explicitly calls this phase, along with the first and second, Demo. That means that the entirety of the trading operations are performed in a simulated environment with MPFunds virtual funds. 

However, the site still claims traders can earn based on their performance. Anyhow, these conditions still apply:

• 5% maximum daily loss
• 10% maximum total loss
• weekly profit payouts
• 120% refund on registration fee upon 1st MPFunds withdrawal
• profit split of 80:20
• weekend holding/news trading is not allowed

Broker, Platform and Assets Offered

When it’s about the brokerage brand this prop firm has partnered up with, several discrepancies arise. First of all, the name of the Forex dealer listed on the mpfunds.com site is ICMarkets. 

This firm doesn’t exist. There is, however, another broker with a similar name – IC Markets and it is a regulated Forex provider. Alas, there’s no confirmation that the entity is related to MPFunds.

The currently available trading platform is one of the leaders in the online trading niche today: cTrader. Due to its feature-rich, customizable interface, it has gained countless followers worldwide. 

Here are the available trading instruments:

• Forex pairs – EUR/USD, USD/AUD, EUR/CHF
• Metals – Gold, Silver, Palladium and Platinum
• Indice CFDs – DAX40, FTSE100, S&P 500
• Energies – US Oil, UK Oil

Affiliate Programme

Besides the profit split rewards, loyal traders are also rewarded for promoting the company. Rewards are given for each unique trader referred by a particular client. Each successful sign up brings 8% reward with a maximum of 15%. 

Apart from that, customers can also receive complimentary Challenge Accounts from $50,000, up to $200,000. These are transferable, so traders can conduct their own giveaways and attract more clients.

Final Thoughts

Before you pay fees and decide to trade with this prop firm, we advise caution. Despite the attractive-looking funding program, various issues were discovered. 

In order to spare yourself of the worry and stress, we recommend you to try and take part in our prop trading campaign. Our representatives hold free zoom meetings with interested and promising traders. These consultations can help you learn more about the process of getting funded with up to $180.000.

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