This company is fairly new (2020), so that’s a red flag right off the bat. My Forex Funds (MFF) has been in business for only 2 years and if you search them online you’ll find a lot of bad signs.
My Forex Funds Trustpilot
At first sight, their Trustpilot looks excellent. MFF is rated 4.9/5 with over 8,000 reviews. But if we dig deeper to the bad reviews we can find issues like:
Invisible Drawdowns
Someone reports the following: “The dashboard metrix/analysis does not shows your realized loss.VERY POOR
Only ,,trade history” P&L of close positions,which is not Equal to EQUITY LOSS,which is their indicator for Daily/Monthly“.
Fake Slippage
Slippage is normal on markets, especially during high volatility, but too many people have reported a slippage issue with MyForexFunds. Here’s one of the 1 star reviews with this issue: “Their customer service is very bad too long queues for wait and when you passed the challenge they will let you down using server control technique. And called this slippage.“
Slippage can take you out of the trade into a stop loss which is to their advantage as they’ll force you to pay the registration fee for a new account or leave at a loss. The slippage can be manipulated on their side and it can be justified with answers such as this:
My Forex Funds reviewed on other platforms
Let’s say that the bad reviews are just a spec of dust compared to the overwhelming positive reviews on Trustpilot, but if we look at other review websites, such as Forex Peace Army, you’ll find a rating of 2/5 and 1800 reviews.
You’ll find the same slippage increase tactic exposed. This is one of the reviews of someone who noticed a huge slippage:
“My Sell Stop was at 1672.17 and was triggered at 1656.75
and MFF were saying it’s nothing to do with them
Trade shouldn’t trade during news.“
Here is another review starting with a customer support conversation:
(11:46:17 AM) william: Who take the risk when trading myforexfund funded account,is the trader responsible for to payback any losses or myforexfund cover the losses?
(11:46:31 AM) Liana : We do
(11:46:48 AM) william: please explain
(11:47:50 AM) Liana : You do not pay for anything but the registration fee
My forexfund closed my account with USD$1,900 still in profits due to Daily Balance Breach. Last balance 21,900. My acount has over 1.9K in profits and Myforexfund stealing it all becauuse i did not place stoploss, but remember that placing stoploss is optional.
Daily Balance Breach on 6/10/2022 12:35:54 PM. Your account started with an initial deposit of $20000.00 Balance at the time of the alert: $21904.65 Equity at the time of the alert : $21904.65 Prior day balance: $23124.68 Prior day equity: $23073.08 DD % : -5.28
myforexfund policy is that you take all the risk. Yoy confirmed that stoploss are optional. Then not sharing your traders profits is stealing.
Verdict
Some would go as far to say that My Forex Funds is a complete scam, but we won’t go that far. Even if they apply shady tactics and increase slippage sometimes or do not answer to support tickets, these are more in the realm of incompetence and “scumbaggery” rather than a total scam.
They are a new prop company and it’s possible that they will get better in the future, we have to give them the benefit of the doubt. But they either improve or they might get into trouble. However, for now we advise you to avoid MyForexFunds.