Established in the year 2020, My Forex Funds is a trading platform based in Toronto, Canada. Its membership has grown to include more than 80,000 traders in 150 countries. This program offers three funding programs that do not require evaluation or a trial period, so traders can manage real funded trading accounts from the very start. If you are new to Forex trading, My Forex Funds is a great place to start. Whether you are a newbie or a seasoned trader, this company will provide you with all the tools and services necessary to become successful.
Accelerated accounts
If you’re looking to increase your forex trading capital, the accelerated accounts of MyForexFunds are a great option. These accounts are funded instantly and do not require verification or monthly fees. However, they are more expensive than conventional accounts. A $50,000 account costs more than $22,000, so the accelerated account is a great option for those who’re on a tighter budget. The only downside is that you need to pay an initial fee, which is not cheap.
A typical accelerated account costs $99 to register with, but you can get funding instantly after you register. These accounts also come with zero verification requirements and no profit targets. However, you should be aware of the account’s rules, as these are often quite lenient. These accounts also don’t have daily drawdowns, so you have more time to trade.
Rapid accounts
If you are looking for a way to trade forex more easily, consider opening a Rapid account. These accounts allow for faster trading and higher leverage. They also allow you to keep as much as 85% of your profits. A Rapid account will also give you access to the financial markets instantly, so you can get started right away.
The downside of Rapid accounts is that they are a bit expensive. They are aimed at beginning traders, but you can avoid them if you’re more experienced. These accounts can cost as much as $50,000, which is not cheap. However, you can always start with a smaller amount and scale up to a larger account.
Evaluation accounts
If you’re new to forex trading, you might wonder if Evaluation accounts are a good idea. The basic difference between an Evaluation account and a live account is the amount of money that can be allocated to each. With a Rapid account, you can use a small amount of money to trade. A separate evaluation account, however, will allow you to invest a larger amount of money.
There are two types of evaluation accounts that MyForexFunds offers. The evaluation account requires you to generate 10% profits in four months in order to qualify for an additional 30% in trading capital. While this goal is reasonable, it requires you to re-invest your profit every four months. In addition, this account has unusual trading parameters, requiring you to trade three days per week for four months.
Swap-free accounts
Swap-free accounts for forex funds allow you to trade with no interest or swaps. This is especially useful for traders who plan to hold their positions for long periods of time. However, traders who plan to use intraday trading strategies may not want to invest in these accounts. Instead, they should focus on long-term strategies.
Swap-free accounts are available at many brokerages. These companies allow clients to set the number of commissions they will receive. These commissions may be a percentage or a fixed amount.
Segregated accounts
Forex brokers with segregated accounts are a great option for those looking for security for their funds. A segregated account keeps your money safe from the company using it for its own business expenses. It prevents the company from overdrawing its account, so the funds in the customer account cannot be used to make up the difference.
Segregated accounts are also a great way to avoid fraud. Most brokers offer segregated accounts as an option for their clients. Although not required by US law, it’s important to check that the broker is trustworthy. You want to avoid a broker who may not be trustworthy or a company that has been suspended.
