Canadian traders are FTMO and MyForexFunds (MFF). Both companies offer traders the opportunity to trade with significant capital by passing evaluation challenges and demonstrating their skills. However, these two firms have different approaches, pricing structures, and conditions that can make one more appealing than the other, depending on your trading style and goals. This article delves into the key differences between FTMO and MyForexFunds, helping Canadian traders make an informed choice.
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1. Overview of FTMO and MyForexFunds
FTMO
FTMO, founded in 2014, has become one of the most popular proprietary trading firms globally. Based in the Czech Republic, FTMO offers traders the ability to trade in a wide range of financial instruments, including forex, commodities, and indices. Their process is straightforward: traders need to pass a two-phase evaluation (the FTMO Challenge and Verification) to gain access to a funded trading account.
My Forex Funds
Launched in 2020, MyForexFunds is a rapidly growing prop firm based in Canada, offering competitive and flexible funding options for traders. Similar to FTMO, MFF provides a two-step evaluation process, but they are known for their slightly more relaxed rules and lower upfront fees. MFF aims to create a friendly environment for traders, offering them both fast-track options and more flexible funding plans compared to FTMO.
2. Evaluation Process
Both FTMO and MFF require traders to undergo an evaluation process before receiving a funded account. Here’s a breakdown of how the evaluations differ.
FTMO Evaluation
- Challenge Phase: Traders need to meet a profit target of 10% within 30 days, while not losing more than 5% of the account balance on any single day, and 10% overall.
- Verification Phase: After passing the Challenge, traders need to maintain a 5% profit target within 60 days, with the same drawdown limits.
- Total Evaluation Time: 60 days.
MyForexFunds Evaluation
- Evaluation Phase: Traders must achieve a profit target of 8-10% depending on the program, within 30 days, with a daily drawdown limit of 5% and a maximum drawdown limit of 10%.
- Verification Phase: The second phase mirrors the first but requires a lower profit target (generally 5-8%) to ensure traders can maintain consistency.
- Total Evaluation Time: 30 days for the first phase and 30 days for verification, making it a quicker evaluation process than FTMO’s.
3. Pricing and Account Sizes
FTMO Pricing
FTMO’s pricing can be on the higher end compared to MFF, reflecting its more established reputation and stricter evaluation conditions. FTMO offers several account sizes starting from $10,000 to $200,000, with fees ranging from $155 to $2,050 (USD). Traders must pay the challenge fee upfront, but once funded, FTMO takes a commission of 20-30% depending on the account size.
MyForexFunds Pricing
MyForexFunds is more cost-effective for traders looking to keep expenses lower. MFF offers account sizes ranging from $10,000 to $200,000, with fees starting from $49 USD to $1,299 USD. This makes MFF a more affordable option for those just starting out. Furthermore, MFF has a more flexible profit split structure, ranging from 75% to 85%, depending on the plan.
4. Profit Split and Payouts
FTMO Profit Split
FTMO offers a highly attractive profit split, starting at 70% for traders in the first month, with the potential to earn up to 90% once they demonstrate consistency and professionalism. The payout structure is monthly, and FTMO supports multiple payment methods, including bank transfers, PayPal, and cryptocurrencies.
MyForexFunds Profit Split
MFF also offers competitive profit splits, with most plans starting at 75%, and the higher-end plans reaching 85%. This is a strong point for MFF, especially for traders who are looking for a larger share of the profits from their trading activities. Payouts are processed on a monthly basis, and MFF supports multiple withdrawal options, including bank transfer and cryptocurrencies.
5. Risk Management and Flexibility
FTMO
FTMO has a reputation for being strict in terms of risk management. The firm enforces strict drawdown limits, which traders must adhere to in order to pass the evaluation stages and maintain a funded account. However, FTMO provides a high level of support and access to advanced tools like the FTMO Trading Journal and the FTMO Account Analysis, which can help traders track their performance and make adjustments to their strategies.
MyForexFunds
MFF, on the other hand, is known for being slightly more lenient with its risk management rules. They allow traders to utilize different trading strategies and have a more flexible approach when it comes to risk tolerance. MFF’s evaluations also allow for slightly more leeway when it comes to drawdown limits, which may appeal to traders who prefer a less restrictive environment.
6. Account Features
FTMO Account Features
- Maximum Leverage: Up to 1:100.
- Trading Instruments: Forex, commodities, indices, and stocks.
- Platform: Available on MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView.
- Free Trading Tools: FTMO provides several trading tools, including the FTMO Trading Journal, Account Analysis, and news updates, which help traders analyze their performance and improve their strategies.
MyForexFunds Account Features
- Maximum Leverage: Up to 1:200.
- Trading Instruments: Forex, commodities, indices, and crypto.
- Platform: Available on MT4 and MT5.
- Trading Tools: MFF provides a user-friendly dashboard, access to popular tools, and a mobile app for easy account management.
7. Customer Support
Both FTMO and MFF offer responsive customer support, but FTMO tends to have a more established reputation for its professionalism and response time, particularly when dealing with traders’ inquiries regarding funding and account issues. MFF’s support team, while helpful, is still growing as the firm expands.
8. Which One is Better for Canadian Traders?
Both FTMO and MyForexFunds offer solid opportunities for Canadian traders, but your choice will ultimately depend on several factors:
- FTMO might be a better option if you’re looking for an established firm with a proven track record, extensive resources, and a more structured evaluation process.
- MyForexFunds could be more appealing if you’re seeking lower fees, a more relaxed evaluation process, and higher profit splits. MFF also offers more flexibility, making it ideal for traders who want fewer restrictions.
FTMO vs. MyForexFunds: Frequently Asked Questions (FAQs)
1. What is FTMO?
FTMO is a proprietary trading firm that allows traders to manage capital after passing a two-phase evaluation process. Traders must meet specific profit targets while adhering to strict risk management rules. Once funded, traders can earn a profit split, typically ranging from 70% to 90%.
2. What is MyForexFunds?
MyForexFunds (MFF) is a prop trading firm that offers traders the opportunity to trade with large amounts of capital after completing a two-phase evaluation process. MFF is known for its lower fees and more relaxed risk management rules compared to other prop firms like FTMO.
3. How does FTMO’s evaluation process work?
FTMO’s evaluation process consists of two phases:
- FTMO Challenge: Traders must meet a 10% profit target within 30 days while adhering to a 5% daily drawdown and a 10% overall drawdown.
- Verification: After passing the Challenge, traders must achieve a 5% profit within 60 days with the same risk limits.
4. How does MyForexFunds’ evaluation process work?
MyForexFunds follows a similar two-phase evaluation process:
- Evaluation Phase: Traders need to reach an 8-10% profit target within 30 days, with a 5% daily drawdown and 10% overall drawdown.
- Verification Phase: Traders need to meet a reduced profit target (5-8%) within another 30 days.
5. What are the fees for FTMO and MyForexFunds?
- FTMO: Fees range from $155 to $2,050 USD depending on the account size.
- MyForexFunds: Fees range from $49 to $1,299 USD depending on the account size, making it more affordable compared to FTMO.
6. What is the profit split with FTMO?
FTMO offers a profit split starting at 70% for traders, with the potential to increase up to 90% after demonstrating consistent performance.
7. What is the profit split with MyForexFunds?
MyForexFunds provides a profit split starting at 75%, with some plans offering up to 85% for higher-tier accounts.
8. What are the maximum leverage limits for FTMO and MyForexFunds?
- FTMO: Maximum leverage of 1:100.
- MyForexFunds: Maximum leverage of 1:200, offering more flexibility for traders.
9. How long does the evaluation process take with FTMO?
The FTMO evaluation process takes a total of 60 days: 30 days for the FTMO Challenge and 30 days for the Verification phase.
10. How long does the evaluation process take with MyForexFunds?
MyForexFunds’ evaluation process takes a total of 60 days: 30 days for the first phase and 30 days for verification, but it’s generally faster than FTMO due to less strict evaluation targets.
11. What platforms can I use to trade with FTMO and MyForexFunds?
Both FTMO and MyForexFunds support MetaTrader 4 (MT4) and MetaTrader 5 (MT5). FTMO also offers access via TradingView, and MFF has a mobile app for easy account management.
12. How are payouts processed with FTMO and MyForexFunds?
Both FTMO and MyForexFunds process payouts monthly. FTMO supports multiple withdrawal methods, including bank transfers, PayPal, and cryptocurrency. MFF also offers various withdrawal methods, including bank transfers and cryptocurrencies.
13. Can I trade any strategy with FTMO and MyForexFunds?
- FTMO: Traders can use any strategy they like, as long as they adhere to the risk management rules set by FTMO.
- MyForexFunds: MFF is more flexible with its risk management rules, allowing a wider range of strategies, though they must still comply with the daily and overall drawdown limits.
14. Which is better for Canadian traders, FTMO or MyForexFunds?
Both FTMO and MyForexFunds offer good opportunities for Canadian traders. FTMO is more established and provides advanced tools, making it suitable for experienced traders. MyForexFunds is more affordable and offers a quicker evaluation process with higher profit splits, making it an attractive option for newer traders.
15. Can I scale my trading account with FTMO and MyForexFunds?
- FTMO: FTMO allows traders to scale their accounts by demonstrating consistent performance. Once traders meet the profit targets and risk management guidelines, they can increase their capital.
- MyForexFunds: MFF also allows account scaling, especially for top-performing traders who meet the firm’s growth criteria.
16. What are the drawdown limits for FTMO and MyForexFunds?
- FTMO: FTMO has a daily drawdown limit of 5% and an overall drawdown limit of 10%.
- MyForexFunds: MFF enforces a 5% daily drawdown limit and a 10% overall drawdown limit, similar to FTMO but with slightly more flexible conditions for traders.
17. Are FTMO and MyForexFunds regulated?
FTMO is not officially regulated by a financial authority, as it is a proprietary trading firm and not a brokerage. MyForexFunds is also not regulated but operates under Canadian laws and adheres to industry standards. Always check local regulations when engaging with prop firms.
18. Can I trade on a demo account before starting with FTMO or MyForexFunds?
Both FTMO and MyForexFunds offer demo accounts where traders can practice their strategies before committing to a live evaluation. This is an excellent way to understand the rules and prepare for the challenge.
19. Do FTMO and MyForexFunds offer education or training?
- FTMO: FTMO does not provide direct educational resources but offers a range of trading tools such as the FTMO Trading Journal and Account Analysis, which help traders improve their performance.
- MyForexFunds: MFF offers some educational content on their website and has an active community where traders can learn and share knowledge.
Conclusion
FTMO and MyForexFunds each have their strengths, and it boils down to what kind of trader you are. FTMO’s structure is ideal for those who prefer a more rigorous evaluation and are willing to invest in higher fees for access to premium features. MyForexFunds, however, provides a more budget-friendly option with a quicker evaluation process, more relaxed rules, and higher profit splits. Ultimately, both firms provide excellent opportunities, so choosing between them will depend on your preferences for risk tolerance, evaluation style, and funding goals.