FTMO vs MyForexFunds

FTMO and MyForexFunds were, for a period in 2021–2023, two of the most discussed prop firms in the forex community. They are no longer comparable as live competitors: MyForexFunds (MFF) was shut down in September 2023 when the CFTC and Ontario Securities Commission obtained an emergency asset freeze against its founders, alleging the firm had collected over $310 million in evaluation fees while misrepresenting how trader accounts were funded and how profits were distributed. FTMO, founded in 2015 in Prague, is still operating as of 2026. This article covers what happened, what MFF’s collapse reveals about prop firm due diligence, and how to evaluate surviving firms using those lessons.

Quick Comparison

FTMO Overview

FTMO is a Prague-based prop trading firm founded in 2015. It provides traders with simulated capital after they pass a structured two-phase evaluation, with the evaluation fee refunded upon passing. FTMO’s legal structure and geographic registration in the Czech Republic have kept it outside the direct enforcement scope of US regulators while maintaining enough transparency to survive industry-wide scrutiny in 2023.

Key features:

• Two-step evaluation: 10% profit target in the Challenge phase, 5% in the Verification phase
• Risk limits: 5% max daily drawdown, 10% max total drawdown — both hard limits
• Evaluation fees: $155 ($10K), $250 ($25K), $345 ($50K), $540 ($100K), fully refunded on passing
• 80% profit split at funded stage; Scaling Plan raises this to 90% after consistent months
• Platform support: MT4, MT5, and cTrader; instruments include forex, indices, commodities, and crypto
• Maximum funded account: $200,000 per account, up to $2,000,000 aggregated

Pros:

• Evaluation fee refund makes the cost of passing effectively $0
• Documented public payout history and transparent company structure
• 14-day first withdrawal standard with wire transfer support
• Scaling Plan creates a genuine incentive structure for consistent traders

Cons:

• Minimum trading day requirements add timeline pressure during evaluations
• Strict drawdown rules (5% daily / 10% total) are unforgiving for volatile forex sessions
• Czech Republic jurisdiction means no US regulatory backing — traders rely on FTMO’s published reputation rather than regulatory enforcement

MyForexFunds Overview

MyForexFunds was an Ontario-based prop firm that offered “Rapid” evaluation accounts — most notably a $10K equivalent account at around $99 with no minimum trading days required. That lower barrier and faster funding path made MFF popular, particularly among newer traders and high-volume affiliates. In September 2023, the CFTC and Ontario Securities Commission obtained an emergency asset freeze, alleging MFF collected over $310 million in evaluation fees while misrepresenting how it funded traders and what happened to trader profits.

What was offered (historical):

• Rapid accounts starting at ~$99, with no minimum trading day requirements
• 75–85% profit split, depending on account tier
• MT4 and MT5 support; forex, indices, commodities, and crypto
• Faster path to funded status than FTMO’s two-step model

Why it failed:

• No minimum trading day requirement: regulators noted this made Rapid accounts structurally similar to a gambling product rather than a genuine trading evaluation
• Offshore jurisdiction with limited audit transparency
• Aggressive affiliate commission structure that prioritized recruitment over actual trader performance
• Withdrawal delays of 45+ days were widely reported in the community well before the regulatory action

As of 2026, MyForexFunds is not accepting traders and has no operational status. Any site claiming to represent MFF as active should be treated with extreme caution.

Feature-by-Feature Comparison

Regulatory Status and Jurisdiction

FTMO is registered in the Czech Republic and has maintained public financial transparency. It has not been the subject of regulatory enforcement action. MFF was registered in Ontario and, according to the CFTC complaint, allegedly misrepresented the nature of its funded accounts — arguing internally that trader profits were generated from evaluation fee revenue rather than actual market exposure, which would make the “funded account” a fiction.

For US traders, neither firm is regulated by the CFTC or NFA, since both operate in the forex prop space which exists in a regulatory gray area. However, FTMO’s Czech registration and published cumulative payout data offer more verifiable legitimacy than MFF’s offshore structure offered.

Evaluation Structure

FTMO’s two-step model requires:

1. Challenge phase: 10% profit target, 5% max daily drawdown, 10% max total drawdown, minimum 4 trading days
2. Verification phase: 5% profit target, same drawdown rules, minimum 4 trading days

This structure filters for traders who can generate returns consistently under risk constraints — not just traders who got lucky in a single session.

MFF’s Rapid account had no minimum trading days. A trader could theoretically pass in one session with a lucky run. Regulators specifically cited the absence of trading day requirements as evidence that the product was designed to generate fee revenue from fast failures rather than to evaluate genuine trading skill.

Profit Split and Withdrawal Reliability

FTMO’s 80% base split is competitive among established firms. Under the Scaling Plan, traders who generate at least 10% profit over four months can request an account size increase and an upgrade to 90% split — a documented, rules-based mechanism.

MFF offered 75–85% splits, but the more relevant issue is whether those splits were paid. Community reports and regulatory filings document significant withdrawal delays before shutdown. Traders with profits in MFF funded accounts at the time of the September 2023 freeze had those balances locked — and the receivership process offered limited recovery prospects.

Pricing and Cost of Entry

MFF’s pricing looked cheaper at entry, but FTMO’s fees are refunded on passing — making them functionally $0 for successful traders. MFF’s fees were not refunded, and for many traders who were shut out in September 2023, neither were their funded account balances.

Platform and Instrument Support

Both firms supported MT4 and MT5 with comparable instrument coverage across forex majors and minors, indices (including US30, SPX500, NAS100), commodities, and select crypto. FTMO adds cTrader as a third platform option, which matters for traders who rely on cTrader’s algorithmic tools or ECN pricing display.

A Real Example: Counterparty Risk in Practice

A forex trader in 2022 paid $99 for an MFF Rapid $10K account and $345 for an FTMO $50K Challenge at the same time. They passed MFF’s Rapid in 3 weeks — no minimum days required — received a funded account, and requested a $1,200 withdrawal. The withdrawal was delayed 45 days, then processed. When MFF was shut down in September 2023, their account balance of $3,400 in profits was frozen. Meanwhile, their FTMO $50K account took 6 weeks to pass both evaluation steps. Their first $4,000 FTMO withdrawal arrived within 14 days via wire transfer.

The cost difference between the two evaluations was real. So was the counterparty risk.

Pricing Breakdown

Since MFF is defunct, this section focuses on FTMO’s total cost of ownership for traders comparing it with any surviving prop firm:

FTMO does offer a retry discount for traders who fail within certain parameters, though the terms vary. The key comparison point with subscription-based models or non-refundable fee structures is that passing FTMO costs nothing in evaluation fees — only the time to complete the two phases.

Who Should Choose FTMO vs Look Elsewhere

Choose FTMO if:

• You want the most established forex prop firm with a documented withdrawal history and transparent legal structure
• You trade on MT4, MT5, or cTrader with a systematic strategy that can operate within 5% daily and 10% total drawdown limits
• You prefer a refundable evaluation model where passing costs nothing in fees
• You plan to scale up — FTMO’s $2M aggregated account ceiling and 90% Scaling Plan make it viable for high-performing traders long-term

Consider Alternatives to FTMO if:

• You trade US futures (ES, NQ, YM) — Topstep is purpose-built for CME futures and is the more appropriate choice, with CFTC-adjacent oversight and futures-specific risk rules
• You want a US-domiciled firm with more direct regulatory accountability — Topstep and Earn2Trade operate in the US futures space under clearer regulatory frameworks
• You want lower evaluation costs with a less strict drawdown structure — The5ers (Israel) offers a different scaling model worth comparing

If you are considering any prop firm that is not FTMO, The5ers, or Topstep, apply the MFF checklist: Does the firm have verifiable, dated withdrawal proofs from real traders? Is it registered in a jurisdiction with active regulatory oversight? Are its evaluation fees at or above market rate? Does it require a minimum number of trading days? A “no” on any of these should be a hard stop.

Tracking Your Prop Firm Performance with a Trading Journal

Whether you are in an FTMO Challenge or evaluating any other prop firm, hitting the daily drawdown limit (5% for FTMO) is the most common disqualification cause — and it is preventable with consistent journaling. Tracking your P&L, drawdown, and risk-per-trade in a dedicated trading journal gives you a clear picture of which setups cost you the most during evaluations.

JournalPlus ($159 one-time, lifetime access) supports import from MT4/MT5 trade history exports and lets you tag trades by account, making it straightforward to maintain separate journals for your personal account and any funded accounts. See how prop firm traders use JournalPlus and the MetaTrader integration guide for setup details.

For cTrader users, the cTrader integration guide covers the export workflow. Forex-specific journaling practices are covered in the forex trading journal guide.

Our Verdict

FTMO is the only option here. MyForexFunds ceased operations in September 2023 following a regulatory asset freeze citing over $310 million in alleged fraud — traders who had profits in MFF-funded accounts at that time lost access to those funds. FTMO, by contrast, has operated continuously since 2015 with a documented payout history, a refundable evaluation fee structure, and a legal presence in the Czech Republic that has withstood industry scrutiny.

The more durable lesson is what MFF’s collapse reveals about evaluating any prop firm: below-market pricing, no minimum trading day requirements, and withdrawal delays are not inconveniences to tolerate — they are structural warnings. Apply those filters to every firm on your shortlist before paying an evaluation fee.

For US traders specifically, the firm landscape in 2026 includes FTMO (forex/CFDs, Czech), Topstep (futures, US), The5ers (forex, Israel), and Funded Trader (forex/CFDs). Each has a different risk and regulatory profile. See the FTMO vs Topstep comparison and FTMO vs Apex Trader Funding for live-firm breakdowns.

Frequently Asked Questions

Is MyForexFunds still operating in 2026? No. MyForexFunds was shut down in September 2023 after the CFTC and Ontario Securities Commission obtained an emergency asset freeze against its founders, alleging $310M+ in collected evaluation fees with misrepresentation of its funding model. It is not accepting traders and has not been operational since.

Can traders recover funds frozen when MyForexFunds was shut down? The receivership process was ongoing as of late 2023, but recovery prospects for most traders are uncertain. Traders with frozen balances should monitor the CFTC’s public case filings for updates. Most traders who had profits in MFF-funded accounts did not recover those funds.

How much does FTMO cost in 2026? FTMO charges $155 for a $10K account, $250 for $25K, $345 for $50K, and $540 for a $100K Challenge. The fee is refunded upon successfully passing both the Challenge and Verification phases, making the net cost $0 for traders who pass.

What is FTMO’s profit split? FTMO starts at an 80% profit split for funded traders. Under the FTMO Scaling Plan, traders who generate consistent monthly profits can reach a 90% split — one of the higher base splits available from established prop firms.

What red flags should traders look for in a prop firm? Key red flags: no verifiable public withdrawal proofs, offshore-only jurisdiction, evaluation pricing significantly below market rate, no minimum trading day requirements (which regulators linked to gambling-style products), and aggressive affiliate commission structures that prioritize recruitment over trading performance.

Which prop firms survived the 2023–2024 regulatory scrutiny? FTMO (Czech Republic), The5ers (Israel), Topstep (US, futures-focused), and Funded Trader remained operational through 2024 and into 2026. Topstep is the most US-aligned option, focusing on CME futures rather than forex.

Does FTMO work with a trading journal? Yes. FTMO accounts run on MT4, MT5, or cTrader, all of which export trade history for journaling. Tracking your FTMO Challenge performance in a dedicated trading journal helps identify pattern weaknesses — such as sessions where you approach the 5% daily drawdown limit — before they cause disqualification.