🚨What Happened to MyFundedFX? (Its Gone)

Hey Prop Traders, here’s are some valuable tips, terms explained and prop firm news for Feb 11, 2025

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🚨 Major Prop Firm Shakeup – What Happened to MyFundedFX?

MyFundedFX, once one of the biggest forex prop firm brands, is gone. They’ve made a major transformation—rebranding themselves as Seacrest Funded, a prop firm powered by their own new broker Seacrest Markets. Why would they make such a move?

🔍 MyFundedFX Backstory

MyFundedFX was a powerhouse in the forex prop space—not quite as large as FTMO, Top Step, or APEX, but still one of the most popular options, especially for U.S. traders. After MetaTrader’s shocking decision to block U.S. brokers in early 2024, MyFundedFX quickly adapted. They transitioned traders to alternative platforms like DX and Match Trader, keeping operations steady and winning customer loyalty."

But things started to change in mid-2024. CEO Matt Leech began focusing on a new venture—MyFundedFutures—expanding into the futures trading market. This wasn’t just a hobby; it was a full-scale business shift. Futures trading gained traction across the industry as more prop firms rolled out similar offerings. While this strategy may have boosted their U.S. futures business, it came at a cost—the forex side was getting less attention.

📣 The Big Announcement: Seacrest Markets is Born

"Then came January 2025. MyFundedFX announced they were bringing back MetaTrader 5—but only for non-U.S. traders and under a new broker called Seacrest Markets.

This broker officially launched on February 7th, offering forex, CFDs, commodities, and crypto trading. However, there's a catch: they’re only regulated by one body, the Financial Sector Conduct Authority (FSCA) of South Africa."

Shortly after, the MyFundedFX brand was retired and replaced by Seacrest Funded.

🤔 Why the Switch? Key Theories

So, why would a leading forex prop firm kill its original brand and pivot to a broker-backed model? Let’s explore a few possible reasons.

1️⃣ Rising Popularity of Broker-Backed Prop Firms 📊

"This shift isn’t unique. Broker-backed prop firms have been gaining popularity in recent years. In fact, a PipFarm survey in November with over 3,500 respondents found that 60% of traders trust prop firms operated by regulated brokers more than independent ones. Only 14% disagreed, while 26% were undecided."

Why is this happening? Well, broker-backed firms often have better infrastructure and fewer payout issues. By running everything in-house—trading platforms, execution, risk management—they eliminate middlemen. Traders want transparency and reliability, and these firms promise just that.

2️⃣ Regulatory Pressures in the U.S. 🏛️

Another major factor could be regulatory pressure. The U.S. prop firm space is becoming increasingly difficult to operate in. Rumors of stricter capital requirements and new regulations are swirling. Some firms might be leaving the U.S. market to avoid these potential hurdles.

Globally, regulators are also taking a harder stance. In July 2024, Italy’s Consob dismissed prop trading as ‘video games,’ while India’s SEBI called it ‘fantasy trading.’ Even the European Securities and Markets Authority (ESMA) hinted that prop trading could soon face MiFID regulations.

Could MyFundedFX have seen this coming?

3️⃣ Success with MyFundedFutures 📈

The final reason could be the success of MyFundedFutures. Futures trading in the U.S. has fewer regulatory challenges than forex. If their futures business is thriving, they may have felt confident enough to exit the forex prop market for U.S. traders altogether. Instead, they’ve focused on expanding their services to non-U.S. customers via Seacrest Markets and the MetaTrader 5 platform.

⚠️ Is Seacrest Funded the Right Choice for Traders?

Here’s the million-dollar question: should traders trust Seacrest Funded?

On the plus side, broker-backed prop firms are seen as more reliable. However, Seacrest is a brand-new broker with minimal experience and only one regulatory license. This could be a red flag for some traders. Regulation isn’t just a box to check—it’s an indicator of the firm’s capital, expertise, and long-term commitment to stability.

That said, every company has to start somewhere. Who knows? In five to ten years, Seacrest Funded could become a major player in the industry.

💡 Alternatives to Consider

"If you’re not ready to take a chance on Seacrest Funded, there are plenty of established broker-powered prop firms to explore:

• Axi Select offers free funded trader programs.

• Think Capital by Think Markets has a strong track record.

• OANDA Prop and Hantec Trader are well-known names.

• IC Funded is another respected option.

The Future of Prop Trading

MyFundedFX’s transformation into Seacrest Funded reflects a broader trend—more prop firms are aligning with brokers, while brokers themselves are entering the prop trading space. But with global regulators tightening the screws, the days of quick-and-easy prop challenges may be numbered.

Are broker-backed firms truly the safer option? How will regulatory changes shape the industry moving forward? One thing’s for sure—the prop trading landscape is evolving fast.

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