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I feel that their Rapid account model is a waste of time, but to some traders may be worth their time, each to their own.
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They have an account type for beginner traders, experienced traders, and professional traders, making sure every type of forex trader is provided for. My Forex Funds are one of the best in the Proprietary Firm industry. There are only 28 currency pairs as well as commodities, crypto, and indices available, the currency pairs are, GBPUSD, GBPJPY, GBPCAD, GBPCHF, EURAUD, EURNZD, GBPAUD, GBPNZD, AUDUSD, AUDNZD, AUDCAD, UADCHF, AUDJPY, NZDUSD, NZDJPY, NZDCHF, EURUSD, EURGBP, EURJPY, EURCAD, EURCHF, USDJPY, USDCAD, USDSCHF, CHFJPY, CADCHF, CADJPY. This means that the next milestone to increase funding requires 20% gain, rather than 10%, the overall maximum drawdown is 10%, rather than 5% and the initial fee is doubled as well! The only key difference between their 2 types of accounts offered, conventional and empathic, is that empathic accounts require a 20% gain in net profit in order to receive next-level funding, as opposed to the conventional 10% net gain in profit requirement. They are both exactly the same, apart from the fact that the parameters have been doubled for empathic accounts. Two account types are offered, with conventional and empathic.
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However, their charges are a bit high, (especially compared to other instant funding firms like BluFX who charge smaller fees for similar account sizes.) and understandably so! They are providing traders, that they are unfamiliar with, with large amounts of capital and that is a big risk! You can choose funding between $2,000 – $50,000.
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The accelerated accounts are definitely amongst the most popular amongst experienced traders, emphasis on experienced! These accounts have been designed for traders who trade full time for a living, they know the markets better than you and I know the back of our hands! Instant funding with no challenge or verification phase, just like BluFX. The leverage is 1:100 across all these accounts. The profit target for stage 1 is 8% and stage 2 5%. The maximum daily drawdown is 5% and the overall maximum drawdown is 12%. The profit split is extremely competitive, 85%, even better than FTMO! – should you pass the 2 step challenge process. On these accounts, you have a minimum of 10 trading days during a 30 calendar day month, and on the 2 nd step challenge, you have 60 calendar days. This is designed for traders who profit from the markets consistently! Hence the one-time fee with a 2 step challenge, similar to the FTMO and The 5%ers model. The evaluation account gives you an option to choose a funding amount between $10,000 – $200,000. – Instant funding offered by BluFX and The 5%ers among others. Traders want to sign up and start trading real live accounts and withdraw. This is almost as lengthy as the FTMO’s 2-step phase is. Sounds interesting to me, however, this may be an unnecessarily lengthy process which to my understanding, is not what traders are looking for. So simply speaking, you will be able to trade a demo account and improve on your skills in the markets, and still, get paid. There are no profit targets, which is a bonus! 12% of your profits made will be transferred into a live account for you. The rules are very relaxed as mentioned before, for example, you have a large drawdown of 12%, a minimum of 3 trading days per week, and leverage options of either 1:50, 1:100, and 1:500. This will enable you to trade a demo account for the company. This will require a one-time fee (this fee is refundable upon successful completion of the targets). The rapid account is designed for newer traders who have been in the markets for a short period of time or who have just started profiting and reaching consistency. With a rapid account, you will pay a one-time, refundable fee (depending on if you are profitable or not), which allows you to trade a demo account for the company. The rapid account option is for traders that are either just reaching consistency, or haven’t been in the markets for too long. My Forex Funds have really thought outside the box by introducing this idea. Can you imagine a beginner trader trying out a $100,000 challenge with challenging requirements and trading rules? It will end quicker than the fidget spinner phase. My Forex Funds offer 3 different types of accounts and they are based on your trading experience.