In this video I share an updated comparison of FTMO Vs My Forex Funds and the results are surprising in this prop firm comparison!
FTMO Vs My Forex Funds 2022 – Which is Better?
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Find more about the prop firms FTMO and My Forex Funds here.
FTMO Vs My Forex Funds 2022 – Which is Better?
Last year I shared a video comparing the prop firms FTMO and My Forex Funds, to see which was the better choice for funding for trading.
Since then, a lot has changed and so I have created this new updated video, comparing FTMO vs MFF…
Which one will be the better option for funding?
If you prefer to read about it then read on!
Before I get started with this comparison, I just want to clarify what I am comparing.
The normal trading account challenge by….
VS
The evaluation challenge by my forex funds.
Both companies offer other challenges as well but these are the ones I have focused on.
Lets look at the different account sizes both companies have to offer.
Max drawdown
Ftmo = 10%
Mff = 12%
So my forex funds does give you a little bit more room on their account challenge, for max drawdown.
Daily drawdown
Daily drawdown is the max amount of loss that you can take in one day.
Both ftmo and my forex funds have the same 5% max daily drawdown.
The Challenge itself.
Stage One.
30 days maximum to hit their profit target which is 10%
If you manage to hit the profit target within the allocated time, respecting the rules, then ftmo will progress you on to stage two.
Stage Two. Verification phase.
You have up to 60 days to hit a reduced profit target of 5%
Minimum of 10 trading days to pass the challenge.
Stage One. Evaluation Stage
They give you up to 30 days to achieve their profit target 8%
If you manage to hit eight percent profit, respecting their rules and within the allocated time you progress on to stage two.
Stage Two. Establishment Phase
In this phase you have up to 60 days to hit the profit target 5%
Minimum of 5 trading days to pass the challenge.
Leverage
Both FTMO and MFF offer 1:100 leverage on these accounts.
FTMO have introduced a new swing trading account which has some
slightly different rules. It gives a reduced leverage of 1 to 30.
Restrictions
FTMO
News Trading, you you cannot trade any currency pair that has any major news
releases coming out .
No weekend holds for their general account.
FTMO do not have any restrictions at all when it comes to strategy and also EAs (which are allowed).
My Forex Funds
MFF don’t have any restrictions when it comes to News Trading or Weekend Holds.
However MFF do have a couple of restrictions when it comes to EAs. They only allow you to use a trade copy EA. Only if you are copying your own trades, they wouldn’t allow you to trade from somebody else’s trade copier.
They also have a restriction on EAs so they only let you use EAs that are going to
help your trading. For example a risk management EA such as magic keys.
EAs such as automated trading bots or signal services are not allowed.
Profit Splits
One of the most important things when it comes to prop firms is the profit split.
FTMO
FTMO have recently increased their profit split in favour of the trader.
Previously their profit split was 70/30. Now they are offering an 80/20 profit split on their trading accounts. They also offer the opportunity for an increased profit split to 90/10.
My Forex Funds
MFF also offer an interesting plan when it comes to profit splits. The plan is spread over three months.
In month one MFF offer a 75/25 profit split.
In month two that’s increased to 80/20.
In month three they offer 85/15 all these are in favour of the trader.
Accessing profits
FTMO- Payment on demand (payment within 14 days). Or they allow you to set up a day that you want to withdraw your profit monthly.
MFF- Bi-Weekly. The first payment is carried out one month after the first month of trading the live account. Then it falls into the bi-weekly pattern for payments.
Refunds
FTMO
FTMO do offer a full refund, of what you paid to take the account challenge, once you have passed. They pay the refund with the first profit split payment.
MFF
MFF offer the same as FTMO, a full refund of what you paid to take the account challenge, once you have passed.
But they offer just a little bit more. They also pay an additional 12% of those fees as a bonus payment. They also offer a percentage bonus from both stage one and stage two’s earnings.
Don’t hit the profit target in time?
FTMO- if you manage to finish green on your account and you’ve respected the rules, but didn’t quite hit the 10% profit target they give you the option for a free retake.
Also if your green up until three days before the challenge ends you can request an extension of 14 days.
MFF
They also offer you a free extension, you keep the profit you have made on the account and keep going from there.
Where they differ is that they offer unlimited free retakes, as long as you don’t blow up the account, finish green, and have respected the rules. But each new retake resets the account, so you have to start again from scratch.
Scaling
One of the most important things when it comes to prop firms is the ability to scale up the account.
Both FTMO and MFF have their own very interesting methods when it comes to scaling.
FTMO
Scaling up the FTMO Account takes place in four-month cycles. You have to generate at least 10% of net profit, in four consecutive monthly cycles (i.e., the average of at least 2.5% net profit per month in normal account type). At the same time, the trader has to process at least 2 pay outs within the 4 months period.
Also that your account balance has to be above the initial account balance (in profit) at the time of scale-up.
You get an upgraded Profit Split to 90/10. You can scale-up all the way to a $2,000,000 per trader.
MFF
If you have achieved a profit of 10% or more within a 4 month period and at least 2 of those 4 months were profitable, we will increase your account size by 30% of the original account size.
For example:
If you have a $100,000 account, your account size will increase to $130,000 on your next scale up,
then $160,000,
then $190,000,
and so on.
The max capital you can have with MFF is $600,000 But this has to be split over multiple accounts as the max singular account you can have is $300,000.
What markets are available?
FTMO
You can trade all the instruments and assets that are available in your trading platform (Forex, Indices, Commodities, Stocks, Crypto,…)
MFF
You can trade Forex, Metals, Indices and Cryptocurrencies.
Spreads
FTMO
They say they give you Raw-Spreads. $3 per lot commissions.
Definition; A raw spread is when you have the best possible forex conditions the market has to offer traders. It is great because it offers you the genuine underlying price of the instrument without a mark-up price. https://www.brokereviews.com
You can’t actually see an example of the spreads on their website but with FTMO you can actually create a free account, to see for your self. So I encourage you to check them out if you want to know 👉FTMO👈 link here.
MFF
MFF offer Raw-spread accounts. They also offer low commissions, three dollars per lot.
In my personal experience forex fund spreads do vary a little bit. I can tell you that it wasn’t exactly raw spreads. I did find their spreads to be very fair. Because I was using a swing trading strategy, the spreads weren’t as important as they would be if you were scalping.
But generally with MFF the spreads were between one to two pips.
Hope this quick comparison round up has put things into a better perspective for you about both companies. Happy trading!
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FURTHER READING
Trading View Tutorial for beginners
SIMPLE Swing Trading Strategy Using Price Action
