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/10

My Forex Funds

Canada|2-5 years|
Global Business|High potential risk|

https://myforexfunds.com

Website

Rating Index

Influence

Influence

AAA

Influence index NO.1

India 8.75

Surpassed 11.66% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

support@myforexfunds.com
https://myforexfunds.com
9131 Keele Street, Vaughan, Ontario, ON L4K 2N, Canada
https://www.facebook.com/myforexfunds/

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

My Forex Funds

Company Abbreviation

My Forex Funds

Platform registered country and region

Canada

Company website
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Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-05-28
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

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My Forex Funds · Company Summary

Risk Warning

Trading in leveraged financial instruments carries a high level of risk, including the risk of losing your entire invested capital, and may not be suitable for all investors. The high leverage and volatility of such instruments can work against you as well as for you. Before you decide to trade, you should carefully consider your investment objectives, level of experience, and risk appetite. Wherever in doubt, you should consult and receive advice from independent experts, including legal, tax, and financial advisors.

General Information & Regulation

Feature Detail
Registered Country/Region Canada
Found 2020
Regulation unregulated
Market Instrument Forex and CFDs on Cryptocurrencies, Indices, and Metals
Account Type Rapid, Evaluation and Accelerated
Demo Account N/A
Maximum Leverage 1:500
Spread From 0.0 pips
Commission $3 per round
Trading Platform MT4
Minimum Deposit $2,000
Deposit & Withdrawal Method credit/debit cards, cryptocurrencies, and Bank Transfers

My Forex Funds is an emerging proprietary firm founded in July 2020 and registered in Canada with a focus on premium service and an array of instant execution. It claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:500 and floating spreads from 0.0 pips on the trading platform via three different account types, as well as 24/7 customer support service.

Here is the home page of this brokers official site:

home page

As for regulation, it has been verified that My Forex Funds currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.24/10. Please be aware of the risk.

General Information & Regulation

Note: The screenshot date is January 18, 2023. WikiFX gives dynamic scores, which will update in real time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.

Market Instruments

My Forex Funds offers a wide range of popular trading assets including Forex and CFDs on Cryptocurrencies, Indices, and Metals.

Account Types

There are three major accounts including Rapid Account, Evaluation Account, as well as Accelerated Account with minimum initial deposit requirements of $10,000, $5,000 and $2,000 respectively. The Refundable Registration Fee starts from $99, while no monthly fees are charged.

Unlike other forex brokers, My Forex Funds set a limit of the minimum trading days for the Rapid Account as well as Evaluation Account, take the Rapid Account. For example, clients are required to trade 3 times per week. Furthermore, the accounts have various daily starting drawdowns, overall drawdowns, and monthly fees. The Accelerated Account is classified into two accounts, Conventional and Emphatic Account.

Account Types

Leverage

Concerning leverage, the maximum leverage varies between 1:50 and 1:500, if clients open the Rapid Account, you could enjoy the maximum leverage of 1:500, and the leverage for the Evaluation and Accelerated Account is capped at 1:100.

It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

My Forex Funds supposes that all of their accounts are raw spread accounts, and for the commission, it cost $3 per round trip on Traders Global Group demo and live server.

Trading Platform

My Forex Funds claims to offer MetaTrader4 (MT4) trading terminal option which is an industry-recognized platform available for free download to PC desktop devices and compatible to trade via all major web browsers.

Deposit & Withdrawal

My Forex Funds provides support for a wide array of payment methods via credit/debit cards, cryptocurrencies, and Bank Transfers.

Customer Support

My Forex Funds customer support can be reached by live chat. You can also follow this broker on social networks such as TikTok, Facebook, Instagram, YouTube and LinkedIn. Registered office: 9131 Keele Street, Vaughan, Ontario, ON L4K 2N, Canada.

Pros & Cons

Pros Cons
• Rich trading instruments offered • No regulation
• MT4 supported • High minimum deposit ($2,000)

Frequently Asked Questions (FAQs)

Q 1: Is My Forex Funds regulated?
A 1: No. It has been verified that My Forex Funds currently has no valid regulation.
Q 2: At My Forex Funds are there any regional restrictions for traders?
A 2: Yes. My Forex Funds does not directly solicit customers from Canada.
Q 3: Does My Forex Funds offer the industry-standard MT4 & MT5?
A 3: Yes. My Forex Funds supports MT4.
Q 4: What is the minimum deposit for My Forex Funds
A 4: The minimum initial deposit with My Forex Funds is $2,000.
Q 5: Does My Forex Funds charge a fee?
A 5: Like every forex broker, My Forex Funds charges a fee when you trade - either in the form of a commission fee or spread fee. It also charges a Refundable Registration Fee starting from $99.
Q 6: Is My Forex Funds a good broker for beginners?
A 6: No. My Forex Funds is not a good choice for beginners. Not only because of its unregulated condition, but also because of its high initial deposit requirement.

News

Will My Forex Funds resume on January 22, 2024?

ExposureWill My Forex Funds resume on January 22, 2024?

2023-12-13 11:07

In early September of this year, the CFTC prevented My Forex Funds from trading securities or accessing funds in their bank accounts. The funds are frozen. Until now, people have been waiting for an official statement from this broker. Until these freeze orders are lifted or modified, My Forex Funds’ business is frozen as well.

WikiFX
2023-12-13 11:07
Exposure
Will My Forex Funds resume on January 22, 2024?
My Forex Funds Received Court Approval for CFTC Complaint Response

ExposureMy Forex Funds Received Court Approval for CFTC Complaint Response

2023-11-23 16:34

My Forex Funds wins a key legal case against the CFTC, granting an extension for the response to the new complaint.

WikiFX
2023-11-23 16:34
Exposure
My Forex Funds Received Court Approval for CFTC Complaint Response
Court Decision Unfreezes $100 Million in My Forex Funds Assets Amidst CFTC Lawsuit

NewsCourt Decision Unfreezes $100 Million in My Forex Funds Assets Amidst CFTC Lawsuit

2023-11-16 16:47

Key legal developments in the My Forex Funds vs. CFTC case, including the unfreezing of $100 million in assets. Insights into regulatory challenges for prop trading firms.

WikiFX
2023-11-16 16:47
News
Court Decision Unfreezes $100 Million in My Forex Funds Assets Amidst CFTC Lawsuit
4 Key Factors Behind the Closure of My Forex Funds by Regulatory Authorities

News4 Key Factors Behind the Closure of My Forex Funds by Regulatory Authorities

2023-11-16 13:38

CFTC-led shutdown of My Forex Funds, citing misrepresentation, unfair account terminations, deceptive charges, and manipulative trading practices, impacting the prop trading industry and emphasizing regulatory integrity.

WikiFX
2023-11-16 13:38
News
4 Key Factors Behind the Closure of My Forex Funds by Regulatory Authorities

User Reviews

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8

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Yuri2
6-12months
I've lost a lot of money using this broker. Finally, I've learned how to trade, but only managed to profit twice. My leverage has decreased, and I couldn't get any bonuses from them.
2024-03-22 17:03
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0
0
Hyrol Nizam
more than one year
TOTALLY SCAM BROKER
2023-03-23 03:38
Reply
0
1
FX1218511020
more than one year
After looking through its official website, I am much sure that this broker is a scammer. They kept inviting me to put me my money here. Speechless and ridiculous…
2023-02-21 21:33
Reply
0
0
雅稚
more than one year
Funny! They used bonuses to tempt me, saying I can immediately get large profits once I made a deposit. I am not a fool, ok? I am writing this review to tell you guys that don’t trade with this broker.
2022-12-19 09:52
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0
0
黄玫
more than one year
This forex broker is a PROP platform, so it does not have any regulatory license, because its users do not need to use their own money to trade, but use the platform's money... Of course, the support has a certain threshold. , you have to be tall enough to make them a registered user.
2022-12-16 11:10
1
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FX1178382533
more than one year
A complete scam. You will lose 100% of your money very quickly. The good reviews about them online are unbelievable!!! Run away if you don't want to be scammed of your money. It's not worth wasting your precious time on such junk traders.
2022-12-14 17:48
Reply
0
0
向阳花59325
more than one year
This is a complete scam platform without any supervision. I paid $200 in Bitcoin, but they didn't give me any account information. I asked their customer service staff and they ignored me at all. Don't message their lies, it's all fake.
2022-12-13 09:45
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