MyForexFunds Review: It’s Time to Learn the Facts
Let’s talk about My Forex Funds, a trading company that is not so honest.
In this MyForexFunds review, we’re going to dive into MyForexFunds and check out their services, legitimacy concerns, trading assets, withdrawal policies, and more. Stick around as we uncover the truth about this business and remind you of the importance of trading with trustworthy, regulated companies.
|My Forex Funds
|Unregulated Trading Scam
|Warnings from Financial Regulators:
|Toronto, Canada, London server
|The majority of clients are
|Email, live chat, social media
My Forex Funds has been doing its thing since 2020. Still, it’s become quite popular among experienced traders looking for extra funds for trading.
They’ve brought 3 different programs and varying deposits, and they welcome clients from around the world. You’ll find their server in London.
Now, here’s the deal – you can start with $5,000 or go all the way up to $2,000,000. They’ll share up to 85% of your profits, but if you’re a VIP client, you can get up to 90%, allegedly.
They do allow various strategies but stay away from Gap trading, arbitrage trading, and high-frequency stuff like Quote stuffing.
MyForexFunds Legitimacy: CFTC Charges and More
Okay, let’s talk about the big question: Is MyForexFunds legit? Unfortunately, the answer is no. The Commodity Futures Trading Commission (CFTC) isn’t too pleased with them.
They’ve filed a complaint against Murtuza Kazmi and his companies, which include “My Forex Funds.” The CFTC accuses them of some shady work, like soliciting customers for leveraged retail forex and commodity transactions. A court has frozen their assets, and there’s a hearing scheduled. It’s a reminder to be cautious and only trade with regulated brokers that you can trust.
Note: Traders Global Group Incorporated is another company that is trying to trick traders. The same name appears here as well.
Trading Assets Available
MyForexFunds scam gives you access to over 100 financial instruments, including Forex and CFDs.
But here’s the catch: the list and terms depend on the program you choose. Keep the CFTC warning in mind while exploring this broker.
Note: The City Index can be a solid option for trading. To discover more regulated trading firms, contact us now!
Trading Platforms on My Forex Funds
This company allegedly incorporated MT5 and MT4. But it raised some red flags. The transparency regarding their trading accounts, like MT4 and MT5, left us wondering.
Now, real MT4 and MT5 are popular platforms for retail traders, offering customization, support for various strategies, and loads of trading features. Yet, with MyForexFunds, trust and transparency are a bit lacking.
Trading Conditions – MFF Prop Firm Account Types and More
Here’s the lowdown on trading with MyForexFunds! They’ve got floating spreads, low fees per lot, and a range of leverage levels based on your instruments and account type. So, what is the MFF prop firm leverage? It ranges from 1:500 to 1:100.
But remember, CFDs mean you’re not actually owning the assets. The Rapid program has specific requirements, so think carefully.
Note: The EU and UK have put a cap on leverage to protect retail traders. High leverage might sound tempting, but it can lead to significant losses if not used wisely.
MyForexFunds Rapid Account
My Forex Funds offers a variety of financing programs, including the Rapid account with its special features.
You can choose from different accounts, each with specific requirements and fees. But don’t rush in – take your time to weigh your options and do your research. Remember that this company has received a severe warning from the CFTC.
When it comes to withdrawing from your MyForexFunds account, things can be a bit different depending on the program you’ve signed up for. They offer a variety of financing programs, each with its own set of rules when it comes to withdrawals. So, here’s what you need to keep in mind:
- Withdrawal Frequency. First off, how often can you take your money out? Well, that depends on the type of account you have. If you’re in the Rapid program, it varies. For some, you can withdraw once every two weeks, and for others, it’s once a month. It’s essential to know your account type and its specific withdrawal frequency.
- Minimum Withdrawals. Now, let’s talk about the smallest amount you can withdraw. For those in the Evaluation program, things changed as of January 1, 2023. If your financing is between $5,000 and $20,000, you can’t take out less than $50. For those that possess between $50,000 and $100,000, it’s at least $100. And if you’re sitting on $200,000 to $300,000, you need to withdraw at least $150. Your first withdrawal request can only happen after a month of trading, but after that, you can make withdrawals every two weeks.
- Payment Speed. How quickly do you get your money once you request a withdrawal? MyForexFunds states that it usually takes 1-3 days for the funds to show up in your account. Still, keep in mind that this firm is suspicious and that you may never see those funds.
- Withdrawal Methods. You’ve got some options when it comes to withdrawals. You can withdraw through Wise, PayPal, Revolut, wire, Payoneer, Mercury, and even crypto like USDT, BTC, ETH, and USDC. It’s nice to know these options, especially if you have a preference.
Remember, the withdrawal process can vary depending on your chosen program.
Trader Reviews on Trustpilot
MyForexFunds’ Trustpilot reviews have raised some big concerns.
Trustpilot itself mentioned concerns due to a sudden inflow of new reviews, leading to suspicion. This is a clear sign of potential fraud. It’s a reminder to stick with regulated brokers that have consistently positive reviews, typically rating at 4.5 stars or higher.
Tip: Stay away from brokers with shady reputations like eXcentral.
Scam Trading Companies and Their Tactics
In trading, it’s crucial to watch out for common tricks used by scam brokers. These tricks might involve making big promises about extreme financial gains, pushing their services aggressively, or making it difficult for you to take your funds out.
To stay safe, it’s an intelligent move to go with brokers who follow strict rules and are clear about what they do. This way, you protect yourself from falling into these traps. By staying in the know and being careful, traders can lower the likelihood of getting caught in the schemes of fake brokers.
Can I Make Money From Online Trading?
Notably, trading can be profitable, but it requires some wisdom and tools. That’s why we’re offering free consultations to help you make wise decisions. We’ve also developed an AI Analysis Bot, a smart tool that uses predictions to provide trading advice.
It’s designed to give you an edge by offering practical insights. And here’s the exciting part! You can try it out with a 20-day free trial, no initial payment needed. The trial includes 5 FX analysis reports and 5 stock analysis reports per month. Empower yourself with information and tools to succeed in FX trading.
Remember, choosing a trading partner should be done carefully, especially when dealing with firms that raise concerns about legitimacy like MyForexFunds and TradeMarketsPRO. Always choose regulated businesses, do your due diligence, and learn to protect your investments in this domain.
What Is MyForexFunds?
MyForexFunds is a trading company that started in 2020, offering various programs.
Is the MFF prop firm Legit?
MFF prop firm isn't considered legit due to CFTC charges against it.
Are Funds Safe With Myforexfunds.com?
Your funds with myforexfunds.com may not be safe.