FTMO Review 2024

Overview

FTMO is perhaps the most popular player in the proprietary trading landscape, offering a unique challenge-based model to fund traders. With a funded account, you can trade with up to $400,000 and a leverage of 1:100 and keep 90% of your profits. Over the years, FTMO has gained recognition for providing funding and support for traders worldwide, having paid over $130M in profits to traders.

Company Background

Founded in 2014 in the Czech Republic, FTMO sets itself apart with a mission to democratize trading by enabling talented individuals to access trading capital based on their performance in predefined challenges. The company has become a leading proprietary trading firm with traders in over 180 countries.

The firm operates a few subsidiaries to meet certain compliance requirements. The FTMO Evaluation US S.R.O. handles US clients while FTMO Evaluation Global S.R.O. Handles non-US clients. FTMO s.r.o is the owner of the website.

To fund traders, they use the FTMO Challenge, where traders who succeed are given a position in the firm to manage an account of up to $400,000. The maximum profit share of 90% is quite a major draw to FTMO. But should you really use FTMO? Here is our full review of FTMO.

FTMO Highlights

FTMO’s business model is based on the success of funded traders. So, the more money traders make, the higher the revenue FTMO makes through their profit-sharing model. This essentially creates a win-win situation for traders and the company.

Here are the company’s key highlights

• Free trial, and a refundable evaluation fee for those who qualify as FTMO traders.
• Traders only need 4 trading days to beat the challenge with a minimum of one trade a day.
• The profit target is 10%, with a maximum leverage of 1:100.
• Funded traders don’t risk their own money – FTMO provides the trading capital.
• Daily loss limit of 5% to 10% and a trailing drawdown limit of 10% to 20%.
• Offers a scaling plan that increases the account size by 25% every 4 months.
• The FTMO Swing account offers news trading and weekend positions, while the FTMO Standard account doesn’t.
• Educational resources are available, along with an active trader’s community.

Trading Platforms and Technologies at FTMO

FTMO utilizes the widely adopted MetaTrader 4 (MT4) platform, known for its robust features and versatility. Traders benefit from real-time market data, advanced charting tools, and seamless execution. The platform’s familiarity is advantageous for traders of varying experience levels.

Unlike most prop firms, FTMO gives you access to a variety of trading instruments, including forex, stocks, indices, crypto, and commodities. So, whether you are a forex trader or a stock trader, there’s an opportunity for you. The trading conditions are the same during testing and on the real account.

You can choose from a range of 7 base currencies, including USD, GBP, EUR, CHF, CAD, CZK, and AUD. The standard MT4 and MT5 platforms are available, which lets you work with any custom advisors or indicators that you use in your trading. DXtrade and cTrader are also available. For regulatory reasons, US clients cannot use the cTrader platform.

FTMO also offers custom trading applications to help traders journal, develop their discipline, and analyze their portfolios.

Notable Dashboard Features on FTMO

FTMO MetriX

Each trade you make will be monitored in the MetriX section. This section of your dashboard will display all your trading performance details, including the current status, account size, start date, end date, platform choice, provider, and current results. On the MetriX screen, you will also see a trading journal, where you can see your most recent statistics.

FTMO Mentor

This is an app that works alongside MT4. it essentially tracks your trading patterns and helps you improve your trading with greater discipline. The app will also alert you if your current trades are placing your assessment process at risk.

Equity Simulator

This is a tool designed to simulate possible equity curve outcomes. It should help you understand your trading strategy better, as well as manage randomness and drawdowns in your trading.

Account Analytics

This is available once your FTMO Challenge is over, and uses your trading data to give you an unbiased analysis of your trading results. This should give you insights into areas where you could optimize your strategy.

Economic Calendar

This gives you an overview of the scheduled economic events for each trading day and the potential impact on the markets. It should help you stay on top of important news, anticipate volatility, and plan your trading strategy accordingly.

Trading Accounts Available at FTMO

FTMO’s model revolves around traders undertaking a comprehensive Challenge, during which they need to meet specific profit targets and risk management criteria. Completing the challenge leads to a funded trading account with varying capital levels. Traders share a percentage of their profits with FTMO, and there are no upfront fees.

To participate in the Challenge, traders have to pay a one-time fee, which ranges from €155 to €1,200 (or the equivalent in USD) based on the funded account size. Note that once you pass the challenge, you cannot change the value of the funded account. So, if you paid for a $10,000 account and passed the challenge, you will be given a $10,000 portfolio to manage. FTMO will refund the one-time evaluation once you’re approved.

There are two main account types: FTMO (standard account) and FTMO Account Swing. The main difference is that the standard account comes with certain restrictions on fundamental trading. There are also differences when it comes to the rules, costs, and profit targets.

The good thing about FTMO is that they don’t restrict you on the trading strategies you can use. You just have to follow their rules, be compliant with the current market circumstances, and know that FTMO can replicate your trades on their existing business accounts.

How to Become a Funded FTMO Trader

Becoming a funded trader on FTMO and earning real money entails going through two major stages. However, before you even get started on these two stages, there’s an opportunity to practice your skills and gauge your profitability on a demo account.

Stage 1: Evaluation – The FTMO Challenge

During this stage, you choose the amount of initial deposit you want, ranging from $10,000 to $200,000. You will be charged an evaluation fee based on the initial deposit amount as outlined below.

$10,000 starting balance: €155
$25,000 starting balance: €250
$50,000 starting balance: €345
$100,000 starting balance: €540
$200,000 starting balance: €1,080

To pass this stage, you need to achieve a profit of 10% of the initial deposit, which you must earn within at least 10 trading days for a maximum of the first 30 days. You don’t have to trade in all of the 30 days. You also shouldn’t exceed losses of up to 10% of the initial deposit or exceed 5% daily loss.

Stage 2: Verification Stage

Once you pass the FTMO challenge, you proceed to a 60-day verification period. Here, the same trading rules apply, however, the target profit requirements are reduced by 50%, with double the time allowed. The minimum number of trading days is still 10.

As such, you’ll have to trade a minimum of 10 trading days over 60 calendar days and achieve the profit target to pass this stage. If you’re successful, FTMO gives you an offer to become a funded trader.

You only need to pay the evaluation fee once, so, if you proceed to the verification stage, there are no extra fees. FTMO will pay you back the evaluation fee with the first profit split when you become a funded trader.

Profiit Sharing on Funded Accounts

Once you pass both stages successfully, your FTMO account will be connected to their live account. The default profit-sharing ratio is set to 80:20, meaning you get to keep 80% of the total profits you generate, which you can withdraw to your bank account. If you prove to be consistent in generating profits, your account may be scaled through the FTMO Scaling Plan, which also lets you manage even more capital.

If you fail to meet the profit targets in the FTMO challenge, but stay within the loss limits, such that you don’t exceed the Maximum Loss and the Maximum Daily loss, you can start a new FTMO Challenge free of charge. This is true so long as you close the account in profit, even if it’s $0.01. Otherwise, you will need to start a new challenge and pay the evaluation fee all over again.

FTMO Scaling Plan

The scaling plan allows you to gradually increase your account balance over time. When you meet certain criteria, you can grow your account systematically, so long as you are consistent in your profitability and risk management.

Eligibility for capital increments is considered in four-month cycles. To qualify for an increase, you need to generate at least 10% net profit on the Standard account or 20% on the Aggressive account in four consecutive months. You must also have had at least two payouts within the four months. Your account must be in profit (above the initial amount) at the time you request a capital increment.

Your eligibility will be assessed automatically, and your progress will be shown during the Profit Split. If you meet all the requirements, you can simply confirm you want to scale up your account during payout, and you will receive a new up-scaled FTMO account for your next trading period.

The Scaling Plan also gives you access to the upgraded profit-sharing ratio of 90% to 10%. However, this will only apply to newly scaled accounts, so merged accounts that are already scaled up don’t qualify. Note that the maximum limit for scaling your account is $2,000,000 on the Standard Account per trader and $1,000,000 for Aggressive Accounts.

Trading Instruments available on FTMO

FTMO offers a diverse range of tradable instruments, including major and minor currency pairs, commodities, cryptocurrencies, stocks, and indices. This diversity allows traders to explore different markets, enhancing their flexibility and trading opportunities.

Stocks and equities are quite a new offering on FTMO, and the range of stocks you can trade is a bit limited compared to some other prop firms. However, you can still trade shares of the biggest companies in the world, including Tesla, Apple, and Alphabet. Most stock offerings are from the U.S., though there are other international companies listed too.

The cryptocurrency offering on FTMO is quite limited, especially in comparison to other prop firms. All the biggest coins are available, including Bitcoin and Ethereum, along with altcoins such as Ripple, Dash, and Cardano.

Fees and Commissions at FTMO

The fees for buying and selling assets on FTMO will depend on the market. All stocks come with a bid/ask spread, which is essentially the difference between the buy and sell price. You will also be charged a commission based on the trading volume. The spread charged on commodities will vary on the commodity, and can be as low as 0.1 pips on XAU/USD.

The minimum spread charged for trading forex on FTMO is 0.03 pips. The spreads charged on different currency pairs will change throughout the day. The lowest spreads are usually available on the major currency pairs, such as USD/JPY and EUR/USD. Spreads are typically higher on exotics and may run into several pips.

Trading crypto is commission-free on FTMO. As such, you only need to pay the bid/ask spread and you won’t incur any additional fees. The spreads on crypto vary based on the crypto asset and will change throughout the day.

Deposits and Withdrawals

Most payments on FTMO are processed instantly, apart from a few exceptions, which may take a few days. Fees will vary based on the payment method you choose. Some options are free, while others will incur a small charge.

Debt and credit card transactions on FTMO are free and are processed instantly. Bank transfers have variable fees based on the amount, and will take 2 to 5 business days to complete. Transactions made with most online wallets are free and often instant.

How to Open an Account on FTMO

Visit FTMO.com. Choose the type of registration you want: free trial or FTMO challenge.

Provide your details and confirm your registration via the email you provided.

Explore the dashboard and familiarize yourself with the account features.

Trader Support and Education

FTMO provides a range of educational resources, including webinars, articles, and trading psychology content. The platform fosters a supportive community where traders can exchange ideas and strategies, enhancing the overall learning experience.

What Educational Resources are Available on FTMO?

FTMO Academy

There’s a comprehensive education program that covers nearly all trading aspects, including fundamental analysis, technical analysis, trading psychology, and risk management. FTMO Academy caters to everyone, regardless of their trading experience levels. Beginner courses teach things like risk management and technical analysis, while advanced courses cover everything from price action to algorithmic trading.

The website also features a blog that provides regular trading tips, market updates, and analysis, as well as updates on the platform’s policies or features. This should help keep you up to date with the latest trends and strategies.

Free Challenge Account

As already mentioned, you can practice your trading skills through a free FTMO Demo Account. This lets you practice through their challenges with simulated money. The challenges recreate the experience of the evaluation process. It’s ideally a risk-free way to see if you have what it takes to become a funded trader.

FTMO Community

Over the years, FTMO has built a strong community of traders, where traders can share insights, experiences, and trading ideas. The community is active on a myriad of social media platforms, including X (Twitter), Facebook, and Instagram. There’s also an active discussion forum where traders can interact among themselves and with the FTMO team.

Personal Mentors

FTMO has a personalized mentorship feature for the funded traders, which ideally focuses on the individual trader’s needs and unique areas of improvement. It offers one-on-one support from experienced professionals, which is often highly effective in helping traders overcome obstacles, optimize their strategies, and become consistently profitable.

Performance Coaching

The company also has professional performance coaches who know the unique issues that most traders face in their careers. They possess the expertise to help you improve your psychological trading experience.

The performance coaches on FTMO will work with you to understand your challenges and help you develop the tools, strategies, and insights you need to enhance your trading performance. The idea behind this is the fact that when you address the psychological aspects of your trading, you’ll be better placed to achieve better results in the market.

How is the Customer Support Experience at FTMO?

FTMO has exceptional customer support, with their dedicated customer service team always ready to help customers and prospects with any concerns or questions they may have. You can reach them via live chat, email, phone, or WhatsApp.

There’s also a thorough FAQs section, which is the first place you should go should you need any clarification.

FTMO Review Verdict

FTMO delivers on industry-leading features, a strong reputation, and longevity, which is perhaps why it’s still one of the most popular prop trading firms around. The FTMO challenge is a transparent evaluation process, with clear rules for traders to follow.

We like that it provides top-tier tools such as integration with MT4, MT5, and cTrader, along with quality educational resources for all traders. The generous profit-sharing model and the fact that the initial fee is refunded at the first profit split is a welcome addition. This is why we think that FTMO is a great choice for anyone looking for a prop trading firm.

It’s still worth pointing out that the two-step evaluation process may take a bit more time than you may initially anticipate. However, once you become a funded trader, the potential profits make it easy to forget the lost time.

All in all, we recommend FTMO to skilled traders who want to take their trading to the next level. The trading environment on FTMO will help you unlock the full potential of your trading strategies.