Alternatives to My Forex Funds

Due to the latest news about My Forex Funds, the media chaos, the freezing of all funded accounts of this company and its hypothetical disappearance, the following question arises to many users:

Is there another option similar to My Forex Funds?

The answer is a resounding yes. In the ever expanding world of trading and funding accounts, there are many companies that give you the opportunity to provide you with capital that you do not have, in order to perform trading operations in exchange for a small percentage of the profits generated.

Here is a list of other ways to substitute My Forex Funds:

My Forex Funds Substitutions

1. ThinkMarkets

ThinkMarkets is a respected online broker with an extensive track record since its founding in 2010. The company is headquartered in London and Melbourne, with a presence in several regions, including Asia-Pacific, Middle East, North Africa, Europe (including Limassol) and South America.

They offer quick and easy access to a wide range of markets, including forex, CFDs on stocks, commodities, indices, futures and others. ThinkMarkets stands out for providing some of the most respected trading solutions, such as MetaTrader 4 (MT4), which is an industry standard platform, MetaTrader 5 (MT5), and their own internally developed platform called ThinkTrader, which has been recognized by the forex community as the best mobile platform.

Its trading conditions are highly competitive, with tight spreads, low or even no commissions, and a variety of account types to suit traders’ preferences and needs.

ThinkMarkets is regulated and recognized by reputable financial regulatory bodies such as CySEC, FCA, FSCA and ASIC. This provides clients with an additional layer of security and confidence in their services. Each ThinkMarkets entity is subject to specific regulations, ensuring compliance with financial regulations in different regions.

For clients’ peace of mind, funds are held in segregated accounts at top-tier banks. In the unlikely event of a default, clients are protected by investor indemnity funds, with region-specific limits.

My Funded FX

They have a simulated challenge program, whose main objective is to provide traders with an opportunity to trade in the financial markets without putting their own capital at risk. In this program, traders have total freedom to use their preferred trading strategies, and the company agrees to cover any losses they may experience during the process.

1. Free Trading Style: There are no restrictions on the trading style that participants can use. This means that traders can employ trading strategies of their choice, such as speculation, hedging, swing trading, grid trading and more.
2. Simulated Funds: The program offers up to $600,000 in live simulated funds for traders to trade. These funds are provided to evaluate and validate participants’ trading skills before advancing to live accounts.
3. No Restrictions on Trading Days: Traders have no limitations on the number of trading days. This provides flexibility to trade according to market opportunities without worrying about time constraints.
4. Scalable Plan: The program has a scalable plan that increases the initial account balance by 25% every 3 months, provided certain criteria are met. These criteria may include earning a specific total profit within a defined period of time.
5. Wide Range of Instruments: Participants can trade over 175 assets, including Forex, indices, cryptocurrencies and commodities. This allows them to diversify their portfolios and take advantage of different market opportunities.
6. Single Refundable Fee: Traders only have to pay a one-time fee to participate in the program. If they meet the program requirements, the fee paid is refunded, reducing the costs associated with participation.

The Funded Trader

The program offered by The Funded Trader aims to unlock up to $600,000 in demo accounts for traders to earn virtual profits and hone their simulated trading skills. The process consists of three phases:

Phase 1: Evaluation In the first phase, traders must reach a virtual profit target while following set rules. Once they successfully complete all simulated trading objectives and demonstrate their skills, they will receive their Phase 2 account within 24 hours.

Phase 2: Validation Phase 2 is the validation phase where traders will again demonstrate their skills by reaching a virtual profit target. Once they successfully complete this phase and demonstrate their skills, their results will be verified, and they can become a funded trader.

Funded Trader Once they have passed the two phases, they can become a funded trader.