MyForexFunds.com is a suspicious prop trading firm operating out of Toronto, Canada.
The company registered its domain for My Forex Funds in July 2020, but is claiming that 4000+ traders are currently using their services across 80+ countries.
This creates the illusion of an honest company that wants to help under-capitalized traders succeed.
Their main selling point is that they fund professional talent and they charge zero monthly fees.
They tell traders that their prop trading firm has low entry barrier for traders who want to be funded.
In addition to this, My Forex Funds is supposedly offering trading education covering topics like support and resistance, risk management and many more.
But My Forex Funds is one company that has built itself a poor reputation of scamming traders instead of helping them.
Rather than frustrating yourself by signing up and paying them your money to “access funding”, it is better to invest in these highly reliable trading and investing services.
My Forex Funds (MyForexFunds.com) Review
Like every other supposedly honest proprietary trading firm, this company is offering desperate traders 3 different kinds of funded accounts.
Traders must start with a trading simulator (demo) before moving to the next phase of the trading combine.
The 3 programs that they use for luring traders are as follows:
Students who sign up must pay an upfront fee in order to access any of these trading programs with the promise that they will be rewarded with “free money”.
Signing up for this fantasy will cost $84 to $100.
The company claims that no recurring fees will be demanded once students pay sign up fees.
My Forex Funds Review: Nothing like free money!
These sort of engagements target desperate and naive traders who believe they can succeed if only they can trade a big account.
But the question is, if you are unable to make money with a small account, why do you think you can make money with a big account?
It’s a pipe dream that victims chase and end up losing money to scammers who prey on their ignorance.
In the case of MyForexFunds, students are told to pay money upfront to trade on a demo.
The purpose of trading on a demo is to horn your skills for free.
But Forex fraudsters want you to pay to trade on a simulator.
This aside, the fake prop trading firms also have rules.
These are not just rules but rules that are impossible to live with.
For example, in their Rapid program, one has to execute at least 3 trades weekly.
Any professional trader will tell you that sometimes a week or two will pass by without any meaningful trade setups forming in the market.
By forcing victims to open 3 trades in a week, MyForexFunds is essentially pushing these traders to make the greatest mistake of trading even if there is nothing to trade.
What follows is a drawdown that leads to the account being suspended without a recourse or refund.
Where is this trading going to happen?
The broker is called Traders Global Group. This is an unregulated company that is offering the MT4 server where students will be trading at.
However, My Forex Funds claims that Traders Global Group is not a broker, hence no need for a license.
The truth is that anyone offering some sort of financial service in the form of a trading server is acting as a broker and therefore the issue of a license must be a valid arguement.
Bad Reviews for MyForexFunds
The company is making use of a fake reputation management company called TrustPilot.
Trustpilot is a haven of fake reviews from companies that want to make business using fabricated reviews.
Trustpilot is only glad as long as the dubious companies pay their monthly subscription upfront.
That aside, the company My Forex Funds has a long and sad history of accepting money from students and not setting up their trading accounts.
In fact, they have a long and sad history of scamming people who think they will receive free money for trading.
It is never what it seems to be. There is no legitimate prop trading firm out there.
If you want to fund me, you should ask for my trading profile and if it’s up to your expectations, you should let me trade a million dollar account for free.
Unfortunately, scammers do it the opposite. They charge you a fee upfront, fail you intentionally and close your account. You lose money.