When it comes to funded trading programs, MyFundedFX vs FTMO are two of the most prominent names in the industry. Both platforms offer traders the opportunity to trade with significant capital, provided they can pass a set of trading challenges.
But how do these two platforms compare in terms of rules, benefits, costs, and overall user experience? In this article, we’ll break down the key differences and similarities between MyFundedFX and FTMO to help you decide which one is the better fit for your trading journey.
Overview of MyFundedFX vs FTMO
MyFundedFX
MyFundedFX is a rapidly growing funded trader program that provides traders with capital to trade on live markets. The platform focuses on creating a flexible environment where traders can showcase their skills through a simple evaluation process.
FTMO
FTMO is one of the most established funded trader programs in the industry. Known for its strict rules and structured evaluation process, FTMO has funded thousands of traders globally, offering them the opportunity to manage substantial capital.
Trading Challenge Rules
MyFundedFX Challenge Rules
- 1-Step Challenge: MyFundedFX offers a 1-step challenge where traders need to hit a specific profit target within a set number of trading days. The rules are relatively lenient, focusing on profit generation rather than restrictive risk management.
- 2-Step Challenge: The platform also offers a more traditional 2-step challenge where traders first need to meet the profit target, and then demonstrate consistency in risk management and trading behavior in the second phase.
- Drawdown and Risk Management: MyFundedFX offers flexible drawdown rules, including a daily drawdown limit and an overall drawdown percentage. These are important to monitor to avoid failing the challenge.
FTMO Challenge Rules
- 2-Step Challenge: FTMO’s evaluation process is a 2-step challenge. The first phase requires traders to meet a profit target within a specified period, while maintaining strict risk management rules. The second phase involves proving consistency over an extended period.
- Drawdown and Risk Management: FTMO has some of the strictest drawdown rules in the industry. Traders must adhere to a daily drawdown limit of 5% and a maximum drawdown of 10%, which makes the challenge more challenging than MyFundedFX’s.
Key Differences in Rules:
- MyFundedFX offers a more flexible 1-step challenge, while FTMO only provides a 2-step challenge with strict risk management requirements.
- FTMO’s strict drawdown limits make their evaluation process more difficult but structured for disciplined traders. MyFundedFX offers slightly more flexibility.
Benefits of Each Program
MyFundedFX Benefits
- Flexible Challenges: Traders can choose between a 1-step and 2-step challenge, providing more options based on individual preferences and risk tolerance.
- Profit Split: MyFundedFX offers an industry-standard profit split, starting at 75%, with the potential to increase as traders demonstrate consistent performance.
- Funding Capital: Traders can be funded with capital ranging from $10,000 to over $300,000, depending on the account type and performance during the challenge.
- Lenient Risk Management: The daily and overall drawdown rules are more forgiving compared to FTMO, which may suit traders who prefer more flexibility.
FTMO Benefits
- Industry Reputation: FTMO is widely regarded as one of the most reputable funded trader programs, with a solid track record of paying out profits to successful traders.
- Extensive Educational Resources: FTMO offers a wealth of educational tools, including webinars, tutorials, and personalized coaching sessions to help traders improve their skills.
- Consistent Profit Split: FTMO offers up to 90% profit split for funded traders, one of the highest in the industry. The base profit split is 80%, which is still quite competitive.
- Wide Range of Platforms and Instruments: FTMO supports a variety of platforms (MT4, MT5, cTrader) and trading instruments (forex, commodities, indices, and cryptocurrencies).
Key Differences in Benefits:
- MyFundedFX offers a more flexible evaluation process and lenient drawdown rules, while FTMO provides a higher potential profit split and extensive educational support.
Costs and Fees
MyFundedFX Costs
- Challenge Fees: The cost of the MyFundedFX challenge varies depending on the account size. For example, the 1-step challenge for a $50,000 account may cost around $300, while larger accounts can go up to $1,000+.
- Refundable Fees: Once traders pass the challenge and get funded, the challenge fees are refunded, making it a risk-free investment for those who succeed.
FTMO Costs
- Challenge Fees: Similar to MyFundedFX, the challenge fees on FTMO depend on the size of the account. For example, the fee for a $50,000 challenge is approximately $345, while the largest account size, $200,000, costs around $1,080.
- Refundable Fees: Like MyFundedFX, FTMO refunds the challenge fees once traders pass both phases of the evaluation and start trading on a funded account.
Key Differences in Costs:
- Both platforms offer similar pricing structures, with slight variations in account prices. Both also offer refundable fees after successful challenge completion.
User Experience and Support
MyFundedFX User Experience
- Platform Support: MyFundedFX supports popular trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), providing traders with familiar tools.
- Support Channels: MyFundedFX offers multiple support channels, including email, live chat, and community forums. Their customer support is responsive, and they have an active presence on social media platforms.
- User Feedback: Many traders appreciate the flexible challenge structure, lenient drawdown rules, and simple onboarding process, though the platform is still relatively new and less established than FTMO.
FTMO User Experience
- Platform Support: FTMO provides traders with access to MetaTrader 4, MetaTrader 5, and cTrader, offering a wide range of platform options.
- Support Channels: FTMO is known for excellent customer support, with multiple contact methods available, including live chat, email, and phone support. They also provide personalized coaching sessions to help traders improve their performance.
- User Feedback: FTMO has earned widespread praise from traders for its reliability, strong educational resources, and consistent payouts. Some traders, however, find the strict rules challenging.
Key Differences in User Experience:
- FTMO provides a more established, structured user experience with a wide range of educational resources and support channels. MyFundedFX, while newer, offers a more flexible experience and good support options.
Which Platform Should You Choose?
Choose MyFundedFX if:
- You prefer a more flexible evaluation process with a 1-step challenge option.
- You want slightly more lenient drawdown and risk management rules.
- You’re looking for a newer platform with room for growth and flexibility in trading.
Choose FTMO if:
- You want to work with an industry leader with a proven track record.
- You’re comfortable with strict risk management rules and a structured evaluation process.
- You’re looking for higher profit splits (up to 90%) and access to a wider range of educational resources.
MyFundedFX vs FTMO – Which is Right for You?
Both MyFundedFX and FTMO are excellent funded trader programs, but they cater to different types of traders. MyFundedFX offers more flexibility with its 1-step challenge and lenient rules, making it a good choice for traders looking for a less rigid evaluation process.
FTMO, on the other hand, provides more structure, a higher potential profit split, and extensive educational resources, which are ideal for traders who thrive in a disciplined environment.
Ultimately, your choice between MyFundedFX and FTMO should depend on your personal trading style, risk tolerance, and long-term goals. Both platforms provide excellent opportunities for traders to scale up their trading capital and advance their careers.
