The world of prop firm trading has exploded in popularity in recent years. Prop firms provide traders an opportunity to access large trading capital by evaluating their skills and risk management through a funded challenge. Two of the most well-known prop firms today are MyForexFunds (MFF) and FTMO.
In this comprehensive guide, we will compare these two industry leaders across key categories to help traders decide which firm best suits their needs in 2024.
Overview and Reputation
MyForexFunds is a Canada-based prop firm founded in 2020 that offers Forex and CFD trading. MFF has quickly grown in popularity due to beginner-friendly accounts, high profit splits, and strong trader reviews. However, the firm faced regulatory issues in 2023 when accounts were temporarily frozen.
FTMO is an established Czech prop firm founded in 2017 specializing in Forex trading. With over $70 million paid to funded traders in 2022 and a strong reputation for payments, FTMO sets the industry standard. However, US traders are currently barred from joining.
Both MFF and FTMO hold largely positive reputations and offer appealing incentives for skilled traders. MFF caters well to beginners, while FTMO focuses on experienced Forex traders.
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Account Sizes and Funding
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MyForexFunds offers three tiers of accounts - Evaluation, Rapid, and Accelerated. Traders can access up to $400k in funding. Unique options like a $5k account make MFF stand out.
FTMO has one tier split into Normal and Aggressive risk variants. Traders can access up to $600k in funding with FTMO through consistent account scaling.
For beginners, MFF's $5k Evaluation account is a great starting point. But FTMO offers more room to grow accounts over time by maintaining profitability.
Challenge Rules and Profit Splits
The MFF Evaluation challenge requires an 8% profit target over 5 days minimum. The profit target drops to 5% for phase two. Maximum drawdown rules are also more relaxed compared to FTMO.
FTMO's Normal challenge requires a 10% profit target over 10 days minimum. The rules remain the same for phase two. FTMO enforces stricter drawdown limits across the board.
MFF offers profit splits from 70% to 85% based on account type. FTMO starts at 70% for Normal accounts and can reach 90% profit share for consistent traders.
MyForexFunds has a lower barrier to entry for newer traders. But FTMO promotes consistency by keeping rules static across evaluations and verifications.
Available Assets and Tools
MFF allows trading on Forex, commodities, indices, and crypto. They offer MetaTrader 4 and MetaTrader 5 as trading platforms. Custom indicators are permitted.
FTMO grants access to trade Forex, crypto, stocks, ETFs, commodities, and more. They support MetaTrader 4, MetaTrader 5, and cTrader. Custom indicators are also allowed.
Both prop firms cover the major trading markets. But FTMO opens up more asset classes like equities and ETFs compared to MyForexFunds.
Customer Service and Payment Reliability
MyForexFunds customer service has faced mixed reviews from traders. Response times have improved recently, but some issues remain around support quality.
FTMO sets the gold standard for customer service in prop firm trading. Support staff are highly responsive across email, live chat, and social media channels.
For payments, MFF advertises 5 business day turnaround times on withdrawals. However, delays have occurred for some traders during high volume periods.
Meanwhile, FTMO is renowned for fast payments within 24 hours or less. Over $70 million paid out proves FTMO keeps trader profits flowing smoothly.
Final Verdict
In summary, while MyForexFunds deserves credit for rapid growth and catering to beginners, FTMO still comes out on top for experienced traders in 2024.
FTMO is the choice for reliability through stringent evaluation rules, vast asset classes, best-in-class customer support, and rapid trader payments.
However, MyForexFunds has potential to keep improving with their unique offerings and hunger to compete. Their lower barriers to entry give new traders a fighting chance to access funding as well.
So whether you are looking to start small or have the skills to manage large accounts, evaluate both MyForexFunds and FTMO against your trading style and goals to decide which prop firm will best accelerate your success in the year ahead.
