January 11, 2024

MyFundedFutures Review (Is It Legit? Read This First)

MyFundedFutures (MFFU) is a new entrant to the prop trading space and has some of the best features we’ve seen in awhile. From their one step challenge to some of the fastest payouts in the industry, we believe MyFundedFutures is poised to take significant market share from historical big shots like TopStep and Apex Trader Funding. In this MyFundedFutures review, we break down everything you need to know and why we believe MyFundedFutures is the best futures prop trading firm in the industry

Quick Thoughts

  • We believe MyFundedFutures has the best futures prop trading offering in the industry, fixing a lot of the issues traders have had with historical players like Topstep and Apex Trader Funding
  • MyFundedFutures has a very straightforward one step challenge with close to 25% of traders passing that initial step.
  • The firm also has some of the fastest payouts in the industry which has been a major thing driving traders to choose MyFundedFutures over other prop trading firms.
  • Does MyFundedFutures have a coupon code or promo code? You can take an extra 5% off by clicking this link and using promo code ‘prosper’

Who Is MyFundedFutures?

MyFundedFutures (MFFU) stands as a proprietary trading firm that presents traders with the opportunity to engage in futures trading using simulated funds. With roots shared with its forex-centered sister company, MyFundedFX, MFFU has emerged as a significant entity in the futures trading sector, offering a straightforward path to funding via a one-phase evaluation process.

Traders are tasked with meeting a set of criteria during this evaluation to demonstrate both profitable trading strategies and effective risk management. Successful candidates are then eligible to engage in actual trading and can expect biweekly profit withdrawals.

MyFundedFutures Challenge Rules

The MyFundedFutures evaluation process has been thoughtfully streamlined into a one-step challenge, enabling traders to quickly qualify for funding, and setting the firm apart from its competitors who generally offer two-step evaluations.

The evaluation requires traders to prove both their abilities to generate profit and also their risk management skills, over the course of a minimum of one day. Succeeding in this challenge makes traders eligible for funding, so they can begin trading with real money and withdraw their profits once a fortnight.

To pass the evaluation, traders need to meet the following three requirements:

  1. Profit target: This varies according to the account size. For example, the profit target for a $50K is $3,000 (but single trades that exceed 40% of the target don’t count towards it).
  2. Consistency target: While the evaluation stage has no consistency rule (and nor do Expert plans), in the simulated funds stage the consistency rule is 40%.
  3. Daily Loss Limit: Unlike other prop firms, there are no daily drawdown limits. Instead, there is a maximum End of Day (EOD) drawdown of 3%. For example, the max EOD drawdown for a $50K account is $51,600.

Futures Funding Evaluations & Pricing

MyFundedFutures offers three different account sizes. All come with the option to choose either Starter or Expert accounts, according to your needs. The profit targets for Starter plans are lower, and they offer scaling rules, whereas Expert accounts normally set higher profit targets with no scaling, meaning you can trade the full number of contracts from the outset.

The two plans also differ in that Starter accounts are cheaper when you begin, but they charge an activation fee, which Expert accounts do not. To establish which plan is most suitable for you, read more about them here.

Do note that in the first two months, maximum withdrawals on Starter accounts are capped. In contrast, Expert accounts are not. Take a look at the MFFU FAQ page on their website to find out about this in more depth.

Once you have qualified for funding, you will need to pay the one-off activation fee before you’ll be given your funded account. This costs $149.

If you need to reset your account, for instance because you breach a rule during the evaluation, there’s no need to cancel your account and then sign up again. Instead, you can simply pay an $100 reset fee. This type of reset is distinct from the monthly account resets associated with your subscription. These resets are an alternative for traders who prefer not to wait for a reset until their subscription renews at the conclusion of their billing period

How To Get Funded With MyFundedFutures

Successfully passing MyFundedFutures’ one-step evaluation will qualify you for funding, and you can start trading with real capital. The first $100,000 you generate in profits is yours to keep in its entirety, and your profit share thereafter is a generous 90%.

Traders placing orders on the exchange with real money have to pay for the real-time data feed, and are accountable for the data fees charged by the exchanges below:

  • CME
  • CBOT
  • NYMEX
  • COMEX

The fee for each exchange usually starts at $116 and reaches as high as $132. As a result, the more exchanges you trade, the higher the associated costs. These expenses accumulate quickly because prop account traders are categorized as professionals. Under the contractual agreement with the exchange, you must pay the exchange fees from your personal account.

Successfully passing MyFundedFutures’ one-step evaluation will qualify you for funding, and you can start trading with real capital. The first $100,000 you generate in profits is yours to keep in its entirety, and your profit share thereafter is a generous 90%.

Traders placing orders on the exchange with real money have to pay for the real-time data feed, and are accountable for the data fees charged by the exchanges below:

  • CME
  • CBOT
  • NYMEX
  • COMEX

The fee for each exchange usually starts at $116 and reaches as high as $132. As a result, the more exchanges you trade, the higher the associated costs. These expenses accumulate quickly because prop account traders are categorised as professionals. Under the contractual agreement with the exchange, you must pay the exchange fees from your personal account.

What Platforms Can You Trade On?

In line with industry norms, traders can choose between the Rithmic and CQG (Tradovate) platforms. While there are advantages and drawbacks to both, the differences between the two since NinjaTrader bought Tradovate are minimal. Some traders are partial to using NinjaTrader with a Rithmic connection, but most prop trading firms will recommend the CQG/Tradovate platform to those who are not sure which way to go.

Traders partnering with MyFundedFutures are also allowed to make use of third-party software like Jigsaw DayTradr or Bookmap. These can be connected to both NinjaTrader/Rithmic and Tradovate/CQG, offering traders a range of options.

What Assets Can You Trade?

MFFU provides funded futures trading accounts that facilitate trading across a broad spectrum of futures contracts, including:

  • CME Exchange (ES, NQ, RTY, MES, MNQ, M2K, NKD, 6A, 6B, 6C, 6E, E7, 6J, 6S, GE, HE, LE, MBT, MET, M6E, M6A, 6M, 6N)
  • NYMEX Exchange (CL, QM, MCL, HO, NG, QG, RB, PL)
  • COMEX Exchange (GC, HG, SIL, SI, MGC)
  • CBOT Exchange (YM, MYM, ZN, ZW, ZL, UB, ZT, ZB, ZS, TN, ZF, ZC, ZM)

What Are The MyFundedFutures Evaluation Rules?

You can read the rules of the MyFundedFutures evaluation in detail on their website, but the basics are:

  • No consistency rule – you only need to trade for one day before you can pass
  • Don’t breach the End of Day drawdown amount
  • For Starter accounts, follow the scaling plan as below

Traders without much experience may find the rules a lot to get to grips with, so we suggest you read through the MFFU FAQ page to make sure you’ve fully understood everything.

Scaling plan for Starter accounts (Expert accounts don’t have a scaling plan):

 $50,000$100,000$150,000
$ Profit Made:Contracts:Contracts:Contracts:
Below $1,500233
$1,500 – $2,000344
$2,000 – $3,000555
$3,000 – $4,00051010
$4,001 and over51015

What Are The Funded Account Rules?

The overall rules for funded accounts are listed below. You can find further information on the withdrawal rules in Withdrawal section of this review. In short, Starter accounts have a scaling plan and Expert accounts don’t. However, for both accounts, the End of Day drawdown is limited to your initial balance plus $100. To illustrate this, suppose you have a $50K account. Your max allowable EOD drawdown would be $50,000, regardless of how much profit you generate.

Starter Accounts:

  • End of Day drawdown is restricted to your initial balance plus $100
  • Scaling rules also apply to funded accounts (you can see the scaling plan in the Evaluation rules).
  • Profits from a single trading day cannot exceed 40% of your total profits.

Expert Accounts:

  • End of Day drawdown is restricted to your initial balance plus $100
  • No scaling rules
  • No consistency rules
  • Funded account fees are charged

There is an $149 activation fee for each Starter account, irrespective of the evaluation size, while Expert accounts do not have this fee. When deciding on your account, consider that while Starter accounts have a smaller sign-up fee, you’ll incur the activation fee upon passing the evaluation.

More Detailed Rules Breakdown

In this section we examine the most important rules. These may take newer traders a bit more time to grasp, so we suggest you read through MyFundedFutures’ FAQ page to give you the best possible chance at succeeding.

Consistency Rule

A consistency rule of 40% comes into effect once you start the simulated funded phase (there is no consistency rule before this in the challenge phase). It stipulates that the profits generated from a single trading day should not exceed 40% of your total overall profit. Do note that Expert accounts don’t have a consistency rule.

Traders who breach the consistency rule can’t withdraw any profits. Although your account won’t be terminated, you’ll have to keep trading and making more profits until each of your trading days is worth less than 40% of your overall profits.

Maximum Drawdown

A major drawback of many prop trading firms are the daily drawdowns they impose, which can be stressful for traders to have to continuously keep in mind. MyFundedFutures removes this pressure, using a maximum EOD drawdown instead. This is set a 3% and kicks in at the initial starting balance plus $100.

For instance:

  • For a $50K account, the max EOD drawdown is $51,600
  • For a $100K account, the max EOD drawdown is $103,100
  • For a $150K account, the max EOD drawdown is $154,600

Contract Sizing

There’s a restricted number of contracts available for buying or selling at any given time for each account size, as outlined below:

  • $50,000 account – 5 contracts
  • $100,000 account – 10 contracts
  • $150,000 account – 15 contracts

The limits apply uniformly to both micro and mini contracts, across both contract types. It’s essential to note that this sizing doesn’t include scaling. Additionally, the Starter plan incorporates a 1:10 scaling option specifically for Micros.

Minimum Trading Days

MFFU require a minimum number of trading days, which is set at one day across all account types. This guarantees that every trader is committed to trading and actively engaging in the market. We explain this in more detail below:

  1. Account types: MFFU provides different account sizes for traders, catering to a range of requirements and objectives. Whichever account you choose, you have to trade for the specified minimum number of days.
  2. Phases: The firm’s programs comprise three phases: evaluation, trial and funded. These appraise your performance as you progress. The minimum trading day requirement stays the same throughout.
  3. Minimum trading days: In order to ensure traders maintain active participation and commitment to the trading process, MyFundedFutures demand a minimum of one trading day. To meet this requirement, you need to trade for at least one day on your account.

Prop firms generally use minimum trading day requirements to motivate traders to actively engage in markets, analysing, executing trades and showcasing their abilities. It also gives traders the opportunity to assess their strategies and make any modifications needed to enhance their performance.

It’s important to be aware that while the minimum trading day requirement is set at one day, MFFU recommend traders trade more than this so that they gain experience and can hone their skills and strategies, thereby increasing the likelihood they can meet MFFU’s performance targets.

Can You Have Multiple Accounts With MyFundedFutures?

Yes – Traders partnering with MyFundedFutures can have up to ten accounts simultaneously. This does not include accounts for which you do not pass the evaluations. To illustrate this, if you have ten accounts and fail one, you’ll be able to open another account.

You are limited to having a maximum of three simulated funded accounts and one live funded account simultaneously. If you successfully complete another evaluation when you already have the maximum of three simulated funded accounts, the new account will be created only when one of your existing simulated funded accounts either transitions to a live account, or fails

How Do Payouts Work At MyFundedFutures?

For the initial 60 days of Starter funded programs, withdrawals are limited based on your starting balance and the maximum drawdown percentage. For instance, a $50K account with a 4% maximum drawdown can only request withdrawals of up to $2,000 every two weeks. After the initial 60 days, there are no restrictions on withdrawals, allowing uncapped payout requests. Unlike most other prop trading firms that limit withdrawals based on your drawdown for 90 days, MyFundedFutures sets this initial limit for the first 60 days only.

There are no withdrawal limits at all for the Expert plans, except that withdrawals can only be requested once every two weeks.

In summary:

Payout Amount:

100% of the initial $10,000 generated by the trader is theirs to keep. After this, the profit share is 90/10.

Starter Accounts:

For Starter accounts, the withdrawal amount is limited to the account’s maximum drawdown during the first two months. Taking a $50K account as an example, the maximum drawdown is $2,000, so withdrawals cannot exceed $2,000 for the initial 60 days. Payout requests thereafter are unlimited.

Expert Accounts: 

Withdrawal amounts for Expert accounts are unlimited, with no restrictions and no cap. You can request a payout from the day you start as a funded trader.

Both Starter and Expert Accounts:

Withdrawals can be requested once every two weeks.

What Are The Pros & Cons Of MyFundedFutures?

Pros

  • Pass the evaluation in just one day
  • The entire first $10,000 is kept by the trader
  • 90% profit share after this
  • Use as many as ten funded accounts at the same time
  • MFFU’s siter company is a prominent forex prop firm, meaning they have significant experience in the funding sector
  • Expert accounts have no scaling or consistency rules, giving traders a high level of flexibility and the possibility to scale endlessly

Cons

  • Only futures trading offered
  • Funded traders are classed as professionals, so monthly fixed costs for exchange data feeds are higher
  • The educational resources and customer support provided are limited

Conclusion

When measured against other leading firms in the prop trading industry, MyFundedFutures stands out as a convincing choice. It caters well to experienced traders in need of substantial capital to advance their trading careers, as well as aspiring traders seeking a reputable firm with fair prices. MyFundedFutures provides traders with a range of trading platforms and the potential to manage up to $600,000 in capital.

In summary, MyFundedFutures has established itself as a professional futures prop trading firm, offering excellent conditions in the ideal trading environment.

Click here to start your career as a Funded Futures Trader and save 5% using promo code prosper on any account size

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