My Forex Funds, alternatively known as FX Funded Trader, is a proprietary trading firm hailing from Canada. Established in January 2021 under the legal entity Traders Global Company Incorporated, it operates primarily by allocating its own capital, as well as that of its liquidity providers, to trader-managed accounts.
The regulatory requirements for My Forex Funds are not stringent since the company primarily functions as a provider of a trading platform, rather than as a traditional brokerage. This distinction exempts them from the IIROC licensing requirements because they utilize their own financial resources.
The company’s approach to trading conditions differs from the norm, especially regarding leverage. While Canadian retail traders typically face a leverage cap of 1:50, My Forex Funds extends leverage ratios ranging from 1:100 to 1:500. These are scaled based on the trader’s proficiency and the type of account they operate. Such high leverage ratios may increase the risk to capital; thus, traders should practice diligent risk management.
For individuals who have interacted with My Forex Funds and wish to share their experiences or seek assistance, perhaps concerning a My Forex Funds chargeback or a My Forex Funds refund, our expert team is available to provide support and guidance.
Operating as a prop investment firm in Canada, My Forex Funds presents an opportunity for skilled investors to generate profits by trading with the company’s resources.
How Does My Forex Funds Attract Its User Base?
My Forex Funds attracts clientele through targeted outreach and has been observed to primarily engage investors from a range of countries, including:
- The United States
- India
- The United Kingdom
- Italy
- Nigeria
In an assessment conducted in March 2023, which incorporated traffic analytics, My Forex Funds experienced a surge in website visits, totaling over 5 million. The predominant visitors hailed from the US, India, and Vietnam, aligning with the traffic trends identified in our analysis.
Regarding the trading interfaces provided, My Forex Funds utilizes the MetaTrader suite. Clients have the option to trade using either MetaTrader 4 (MT4) or MetaTrader 5 (MT5), both of which are renowned for their comprehensive trading capabilities suited for retail investors.
MetaTrader 5 stands out with its enhanced array of technical indicators and charting options, boasting 21 timeframes in contrast to MT4’s nine. It also integrates features like an economic calendar and a policy for filling orders partially. While hedging is permissible on both platforms, MT5 exclusively accommodates netting.
MT4 is crafted with a focus on CFD trading, whereas MT5 is designed to broaden accessibility to a variety of asset classes beyond CFDs. Selecting between MT4 and MT5 will depend on individual trading preferences and requirements, but both platforms are acclaimed for their robust features and user-friendly experience.
Extracting Earnings from Your Trading Account
The entity provides two distinct avenues for profit withdrawal:
Digital currencies – Including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and USD Coin (USDC) Deel – A global platform for contracting and payroll It’s quite peculiar that they do not process withdrawals via more conventional methods like bank wire or credit/debit cards, despite accepting such methods for funding accounts. This approach seems misaligned with Anti-Money Laundering (AML) standards that typically require consistency in deposit and withdrawal mechanisms.
For affiliates of My Forex Funds, the threshold to withdraw commissions is set at $20, with the withdrawal request window opening on the 1st of each month. The transactions are executed either through cryptocurrency or via Deel, necessitating that customers present identification and possess an active Deel account or a cryptocurrency wallet.
The terms and conditions are vague on the specific duration it takes to process these payouts, and the restriction of monthly withdrawal opportunities is unusual, potentially limiting for clients requiring more frequent access to their funds.
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