MyFundedFX vs The Funded Trader Comparison | DayFunded Review (2024)

Firm Profiles and Trustworthiness

MyFundedFX and The Funded Trader are two well-regarded prop firms amongst the trading community. Both bring to the table a strong trust factor indicated by stellar Trustpilot scores of 4.7/5. However, The Funded Trader commands this score from a significantly larger pool of reviews, which might suggest broader customer experience and established reliability. Since MyFundedFX was incorporated in June 2022 and The Funded Trader in May 2021, traders seeking a more seasoned platform may lean towards The Funded Trader.

Account Options and Profit Splits

In terms of financial opportunities, both firms offer attractive conditions. MyFundedFX allows for a maximum account balance of a staggering $1,500,000 with an 80% profit share, aligning with ambitions of serious traders aiming for substantial growth. The Funded Trader, while offering a lower standard balance at $600,000, provides up to a 90% profit split which can be highly advantageous, although this higher end is not the norm for most users. Furthermore, both firms present scaling options to reach up to $1,500,000, indicating a dedication to trader progression. However, The Funded Trader's unique offering of unlimited free evaluation retries can be a deal-maker for traders valuing continuous learning and multiple attempts without additional financial burden.

Trading Conditions and Flexibility

Flexibility in trading is a prominent advantage for both firms. MyFundedFX stands out with bi-weekly remunerations, which can be appealing for those looking for regular income flows. They also permit overnight, weekend, and news-based trading, providing traders with the liberty to operate unrestricted by time and events. The Funded Trader mirrors this flexibility and adds the appeal of trading leverages up to 1:200, a draw for traders employing aggressive strategies.

Funding and Withdrawals

Both MyFundedFX and The Funded Trader recognize the diversity in traders' preferences for fund management, accepting various deposit methods including bank wire, credit/debit cards, and crypto. Similarly, withdrawals through crypto and Deel are common to both, facilitating easy and direct access to profits.

Tradeable Instruments and Account Sizes

Comparing the array of tradeable instruments, both prop firms offer a wide spectrum including commodities, crypto, forex, and indices. Yet, MyFundedFX has an edge with the addition of metals to their list. Moreover, MyFundedFX offers a broader range of account sizes starting from $5,000 to $300,000, which is indicative of their commitment to catering to traders with different capital capacities and risk appetites.

Trading Rules and Restrictions

The trading rules set by both MyFundedFX and The Funded Trader involve lot size limits, maximum daily/overall losses, profit targets, and restrictions on third-party applications, which are standard to manage risk effectively. Notably, The Funded Trader prohibits the use of EAs and strategies like Martingale, which could limit traders who rely heavily on automation and specific risky strategies.

Customer Support and Service

In terms of customer service, The Funded Trader has been critiqued for slower response times despite trustworthy support. Traders often prioritize efficient, responsive customer service, and this could be an area where MyFundedFX can capitalize, provided they maintain or exceed industry standards for customer support.

Conclusion

Both MyFundedFX and The Funded Trader offer compelling propositions for retail traders. While MyFundedFX seems to maintain an edge in account scaling, trading flexibility, and variety in instruments, The Funded Trader is distinguishable for its higher leverage options, strong user review base, and the attractive feature of free evaluation retries. Prospective traders must weigh these variables against their individual trading styles, financial goals, and the significance they place on firm establishment and customer service agility.