The Good and Bad about MyFlashFunding
MyFlashFunding aims to support skilled and experienced traders. They understand that success in the financial market requires having enough capital and a solid trading strategy.
Pros
- Excellent Trustpilot rating of 4.8/5
- Lowest 6% Profit Targets
- Up to $400K in Capital
- No Minimum Trading Days
- No Time Limits
- Refundable Fees
- One-step & Two-step Funding
- Overnight & Weekend Holding Allowed
- News Trading Allowed
- Weekly Payouts After First Payout
- 80% Profit Split
- Leverage up to 1:100
- A large variety of trading instruments
- Community Centred Prop Firm
Cons
- High $7 per Round Lot Commission Costs
- Trailing Drawdown for One-step Evaluation Accounts
MyFlashFunding’s goal is to empower skilled and seasoned traders by offering funded accounts and helping them reach their full potential. Recognizing that success in the financial market hinges on having enough capital and a strong trading strategy, MyFlashFunding enables traders to earn 80% of the profits. With account sizes of up to $200,000, traders can trade forex pairs, commodities, indices, and cryptocurrencies to achieve success.
Who Are MyFlashFunding ?
MyFlashFunding, established on April 27, 2023, and commencing operations on August 2, 2023, is led by CEO Blake Carter. As a proprietary trading firm headquartered in the United States, they offer global traders an opportunity through two distinct funding programs: a one-step and a two-step evaluation challenge. While collaborating with MyFlashFunding, traders can merge trading accounts up to $400,000 and potentially scale their account to $2,000,000. They facilitate trading via MetaTrader 4 or MetaTrader 5 and have a partnership with ThinkMarkets as their broker.
Their official office address is 401 Pine Street, Saint Louis, Mo 63102.
Funding Program Options
MyFlashFunding provides traders with a choice between two distinctive programs:
- Two-step evaluation accounts
- One-step evaluation accounts
Two-Step Evaluation Accounts:
The two-step evaluation account at MyFlashFunding aims to identify disciplined and consistent traders, rewarding them for their performance across the two evaluation phases. This program enables trading with leverage of up to 1:100.
Account Size
Price
$10,000
$97
$25,000
$187
$50,000
$297
$100,000
$497
$200,000
$977
Phase one of the evaluation necessitates achieving a 6% profit target while staying within the 4% maximum daily loss or 8% maximum loss rules, without specific minimum or maximum trading day requirements. Moving to phase two requires meeting the same 6% profit target and abiding by the loss limit rules, without constraints on trading days.
Successfully completing both evaluation phases grants a funded account without profit targets. Instead, traders must adhere to the 4% maximum daily loss and 8% maximum loss rules. The first payout occurs 30 calendar days from the day of placing the initial position in the funded account. Subsequent payouts follow a weekly schedule. Traders receive an 80% profit split based on their funded account’s profits after the first payout.
Two-Step Evaluation Account Scaling Plan:
In the two-step evaluation accounts, there’s a scaling plan where achieving a 12% or higher profit within a three-month span triggers an account increase. This increase amounts to 30% of the original account balance.
For instance:
- Initial account of $200,000 grows to $260,000 after 3 months.
- Subsequently, $260,000 increases to $320,000 after the next 3 months.
- Following that, $320,000 grows to $380,000 in the subsequent 3 months.
- This scaling continues thereafter.
The tradable instruments for the two-step evaluation accounts include forex pairs, commodities, indices, and cryptocurrencies.
Two-Step Evaluation Account Rules:
The profit target signifies the specific percentage of profit a trader must achieve to complete an evaluation phase, withdraw profits, or scale their account. Phase 1 requires a 6% profit target, while Phase 2 also maintains a 6% profit target. Funded accounts, however, don’t have any profit targets.
Maximum daily loss refers to the maximum allowable daily loss for a trader before the account is violated. Across all account sizes, the maximum daily loss is capped at 4%.
Maximum loss denotes the maximum overall loss a trader can reach before the account is violated. All account sizes adhere to an 8% maximum loss.
Regarding third-party copy trading risk, using such services might mean adopting the same trading strategy as other traders. This could potentially lead to denial of a funded account or withdrawal if it breaches the maximum capital allocation rule.
Similarly, employing a third-party EA (Expert Advisor) might involve utilizing the exact trading strategy as other traders. This also poses a risk of being denied a funded account or withdrawal if it surpasses the maximum capital allocation rule.
One-Step Evaluation Account:
The one-step evaluation challenge at MyFlashFunding is designed to pinpoint disciplined and consistent traders within a single evaluation phase. This challenge permits trading with a leverage of 1:50.
Account Size
Price
$10,000
$97
$25,000
$187
$50,000
$297
$100,000
$497
$200,000
$1,007
The one-step evaluation challenge necessitates traders to achieve a 10% profit target while staying within the 4% maximum daily loss and 6% maximum trailing loss rules. Traders can trade for an unlimited duration without minimum trading day requirements to meet the profit target.
Successfully completing the one-step evaluation challenge rewards traders with a funded account devoid of profit targets. Instead, traders must adhere to the 4% maximum daily loss and 6% maximum trailing loss rules. The initial profit split stands at 80% based on profits generated 30 calendar days after placing the first position in the funded account. Subsequent payouts occur weekly after the first payout.
One-Step Evaluation Account Scaling Plan:
In the one-step evaluation accounts, achieving a 12% or higher profit within a three-month period triggers an account increase of 30% of the original account balance.
For instance:
- Initial account of $200,000 grows to $260,000 after 3 months.
- Subsequently, $260,000 increases to $320,000 after the next 3 months.
- Following that, $320,000 grows to $380,000 in the subsequent 3 months.
- This scaling continues accordingly.
The tradable instruments for the one-step evaluation accounts include forex pairs, commodities, indices, and cryptocurrencies.
One-Step Evaluation Account Rules:
The profit target stands as a specific percentage of profit that traders must achieve to complete an evaluation phase, withdraw profits, or scale their account. For the one-step evaluation, this target is set at 10%. Funded accounts, however, do not have any profit targets.
Maximum daily loss refers to the maximum allowable loss on a daily basis before the account is violated. Across all account sizes, the maximum daily loss is capped at 4%.
Maximum trailing drawdown signifies the maximum drawdown, equivalent to the distance between the highest account balance achieved and the maximum drawdown. All account sizes adhere to a maximum trailing drawdown of 6%.
Regarding third-party copy trading risk, utilizing such services might mean adopting the exact trading strategy as other traders. This can potentially result in denial of a funded account or withdrawal if it breaches the maximum capital allocation rule.
Similarly, using a third-party EA (Expert Advisor) might involve employing the same trading strategy as other traders, posing a risk of denial of a funded account or withdrawal if it surpasses the maximum capital allocation rule.
Is Fetting My Flash Funding Capital Realistic?
It’s crucial to assess how attainable the trading requirements are when selecting prop firms that align with your forex trading approach. While a company might offer a high percentage profit split on a well-funded account, unrealistic expectations of high monthly gains with low maximum drawdown percentages can drastically reduce your chances of success.
Receiving capital through the two-step evaluation accounts is notably realistic due to their low profit targets (6% in both evaluation phases) coupled with reasonably average maximum loss rules (4% maximum daily and 8% maximum loss). Traders benefit from an unrestricted trading period and no minimum trading day requirements during both evaluation phases, allowing for freedom in trading style.
Similarly, obtaining capital from the one-step evaluation challenge accounts is realistic, primarily due to their average profit target of 10% and balanced maximum loss rules (4% maximum daily and 6% maximum trailing loss). Traders enjoy an unlimited trading period, no minimum trading day requirements, and flexibility in trading style.
Considering these factors, MyFlashFunding emerges as an excellent choice for obtaining funding. They offer two distinct funding programs with realistic trading objectives and conditions for receiving payouts, providing traders with viable paths to pursue funding.
MyFlashFunding Traders Feedback
MyFlashFunding enjoys a substantial presence on Trustpilot, boasting a diverse community of users who’ve provided overwhelmingly positive feedback, earning them an impressive score of 4.8 out of 5 from 267 reviews. Additionally, their support team stands ready to furnish any information you might need about their proprietary trading firm.
Support
MyFlashFunding offers a comprehensive FAQ page covering general details, account rules, and platforms. You can reach out to their support team via their social media platforms or directly contact them via email at help@myflashfunding.com. Additionally, their website hosts a live chat support feature, enabling you to address any further inquiries about their company or services. Moreover, they maintain a Discord channel with a dependable customer support team, ensuring assistance for all your needs.
Conclusion
In summary, MyFlashFunding stands as a reputable proprietary trading firm offering a choice between two funding programs: the one-step and two-step evaluation accounts. Their trading rules are clear and relaxed, allowing an unlimited trading period, overnight and weekend trades, permitting news trading, and imposing no lot size limitations or other trading style restrictions.
The two-step evaluation challenge follows an industry-standard two-phase process, requiring traders to complete both phases to become funded and eligible for profit splits. With a realistic profit target of 6% in each evaluation phase, in line with 4% maximum daily and 8% maximum loss rules, traders enjoy an unlimited trading period and no minimum trading day requirements. This program offers 80% profit splits and the potential to scale accounts.
On the other hand, the one-step evaluation challenge necessitates completion of a single phase, reaching a 10% profit target before becoming funded. These objectives align with 4% maximum daily drawdown and 6% maximum trailing drawdown rules, while also featuring an unlimited trading period and no minimum trading day requirements. Similar to the two-step program, traders can earn 80% profit splits and scale their accounts.
MyFlashFunding is recommended for traders seeking a legitimate prop firm with clear rules and achievable trading objectives. Their favorable conditions cater to a diverse range of traders with varying strategies. Considering their offerings, MyFlashFunding stands out as a promising player in the proprietary trading industry, poised for future success.
