My Forex Funds was once a dominant player in the prop trading industry, offering traders a variety of evaluation programs with the promise of high capital scaling and profit splits. With multiple trading programs, such as the Rapid Program, Classic Evaluation, and Accelerated Program, the firm attracted thousands of traders. However, the deceptive schemes of My Forex Funds were ultimately uncovered as it turned out to be nothing but fraudulent activities that ruined many traders financially.
At Funded Elite, we believe in transparency and fairness. While My Forex Funds has severely cheated the traders they were supposed to nurture, Funded Elite is committed to providing a reliable and secure environment for professional and aspiring traders alike. In this article, we will discuss the collapse of My Forex Funds and highlight why Funded Elite is the superior alternative for serious traders.
Appearing as a legitimate prop firm, My Forex Funds was later discovered to be guilty of fraudulent behavior that took advantage from its traders. CFTC Investigations and other regulatory bodies found that My Forex Funds spread spreads, hacked trade executions and committed pure fraud on full scale. Eventually the company was shut down, all assets were frozen after over stealing $300 million from its traders.
The scandal exposed several red flags that traders should always be cautious about when choosing a prop firm:
Trust and transparency in the prop trading industry is what we at Funded Elite appreciate the most. Unlike My Forex Funds, we focus on offering a real, fair, and trader-friendly environment where traders can succeed based on their skills rather than deceptive evaluation processes.
Unlike My Forex Funds, which manipulated their evaluation phases, Funded Elite offers a straightforward two-step evaluation that ensures traders have a fair shot at securing funding. Our profit target is set at 8%, with a maximum drawdown limit that allows traders to manage risk effectively. There are no hidden conditions or last-minute changes—what you sign up for is exactly what you get.
While My Forex Funds attracted traders with promises of high profit splits, the firm collapsed due to an unsustainable model. Funded Elite, on the other hand, offers one of the highest profit splits in the industry—up to 95%—ensuring traders can maximize their earnings while we maintain a sustainable business model.
Funded Elite provides traders with raw spreads and reliable execution. We do not interfere with your trades, adjust spreads unfairly, or manipulate pricing to force failed evaluations.
One major flaw in My Forex Funds was its unregulated status. Open and honest processes that traders can trust are what give traders their faith in Funded Elite.
The collapse of My Forex Funds serves as an important lesson for all traders. When choosing a prop firm, always consider the following:
The failure of My Forex Funds left thousands of traders devastated, proving that not all prop firms operate with integrity. Funded Elite stands as a trusted and transparent alternative, offering a fair evaluation process, reliable trading conditions, and one of the highest profit splits in the industry.
For traders looking to build a long-term career in prop trading, Funded Elite is the superior choice—where skills and strategy determine success, not manipulation or deception.
The decision between TopStep and Funded Elite depends on your trading preferences and goals. TopStep may appeal to traders specifically focused on futures trading, while Funded Elite offers a more versatile and affordable path to funding, with higher profit splits, greater flexibility, and the option for immediate access to capital.
Traders who want to start trading immediately, enjoy a Second Chance, and explore a variety of instruments will find Funded Elite to be an ideal choice. Traders can stay up to date with market developments by subscribing to our newsletters on either Facebook, X or Instagram.
What are you waiting for? Empower Your Trading Journey, Maximize and Realize Your Full Potential! Become a Funded Trader Today!