Starting its journey in 2020, FTMO quickly began to turn heads. Why? In a short time, the prop firm attracted traders from over 180 countries. Can you imagine? Over 6 million trades are initiated monthly, and as of 2021, they’ve paid out a whopping $23 million to traders. And guess what?
You don’t have to wait for days when you request a payout. On average, they process it in just 8 hours.
Oh, and don’t just take my word for it. Big brands like Forbes have featured them, and they’ve won the Deloitte Technology Fast 50 award three times in a row as one of the best forex trading firms. But how does it work? How do you join them? That’s what this FTMO Review is for.
The FTMO Challenge
This is your entry ticket to FTMO. The Challenge is their way of seeing if you have the trading skills, discipline, and sharpness they seek. Here’s how it works:
FTMO Challenge – Step 1
They give you 30 days. Following all their rules, you have 30 days to hit their profit target. If you make it before 30 days, awesome! But remember, you’ve got to trade at least for ten days.
So, if you’re super fast and reach your goal in 5 days, you’ll still have to make tiny trades for the next five days to meet their criteria.
Verification – Step 2
Did you make it through the first Challenge? Great! Now, they give you 60 days for the next step. It’s double the time but with its own set of rules.
Trade at least 10 days within these 60 days, reach the profit goal, and guess what? You’re ready for the next step.
FTMO Trader – Step 3
You’ve proved your worth. You’ve shown you’ve got what it takes to be among the best. This is where the real fun starts.
Your account goes live! Earn profits and get an 80% profit slit. But that’s not all! Perform well, and you might just land a 90:10 payout ratio, which, trust me, is rare.
Mess up? Don’t worry. You get a free retry if you end the FTMO Challenge or Verification without hitting the target but still have some profits. Not many firms offer that.
You decide your fate here. Choose your risk level:
Limit your daily loss to 5% of your initial balance. Your overall loss should be below 10%; the same goes for your profit target.
Here, everything’s double. 10% is your daily loss limit, and your maximum loss and profit target is 20%.
Got that? Now, choose your currency: USD, GBP, EUR, CZK, CAD, AUD, or CHF. Pick your account balance, and voila! You’re set.
What Can You Trade?
FTMO is big on forex. With leverage going up to 1:100, a $10,000 account can handle trades worth $1,000,000. But it doesn’t stop at forex. You’ve got metals, indices, futures, cryptocurrencies, and equities to play with.
FTMO Pricing Plan
So, you might wonder about the costs. To get a funded trading account with FTMO, there’s a fee. The good part? If you become a profitable trader, your first profit share will include a fee refund.
If things don’t go as planned, you can try again. But remember, you’ll pay the fee once more.
How much? That depends on the risk level you choose and the trading account balance you pick.
The best part is that you can always pay in your region’s currency. If you’re in the USA, you’ll use USD. If you’re in the E.U., you’ll use Euros, and so on. Just to give you a feel for a normal risk level:
Risk Level: Normal
- 10,000 account: 139.50 fee
- 25,000 account: 225.00 fee
- 50,000 account: 310.50 fee
- 100,000 account: 486.00 fee
- 200,000 account: 972.00 fee
Risk Level: Aggressive
- 10,000 account: 225.00 fee
- 25,000 account: 310.50 fee
- 50,000 account: 486.00 fee
- 100,000 account: 972.00 fee
The aggressive risk level is different. For example, with an aggressive risk level, the 10,000 account challenge will cost you 225.00. It might look similar to the normal level, but there are differences.
Diving Deep into FTMO’s Platform
After joining FTMO, you’ll get a dashboard. It lets you peek into your FTMO account, use risk management tools, and even explore their trading academy.
To start your trading adventure, there’s a “Client Area” on your dashboard. Click it to see your platform’s link and login details.
You might go for the MetaTrader 4 platform if that’s your preference. You’ll use the login details provided and then select the FTMO-Server to kickstart your trading journey.
Want to know the fun part? Using your strategies, You can start trading based on your research. You can move from the FTMO Challenge to becoming a successful FTMO trader with hard work and skill.And get this: you might keep as much as 80% to 90% of the profits by using the prop firm’s capital.
FTMO’s Tools and Resources
Every action you take will appear in the FTMO MetriX section. It’s like a detailed report card of your progress. It’s all there, from your Challenge’s start date to its status and results.
Then, there’s the FTMO Mentor app. It’s like a guiding hand that works with MetaTrader 4. It watches how you trade and nudges you if you’re about to make a risky move.
If you’re the kind who likes tools, FTMO has a download section. It has Expert Advisors and trading indicators, especially for MetaTrader 4.
Learning with FTMO
FTMO’s Academy is like a treasure chest for traders. It has videos for new traders, insights about trading platforms, and tips. The platform doesn’t limit you. They have three main platforms:
- MetaTrader 4
- MetaTrader 5
Wrapping Up: Is FTMO The Best Prop Trading Firm?
FTMO sounds promising for forex traders. Their rules are clear, and their tools are trader-favorites. If you’re a skilled trader, you can get a funded account and earn back the fees with your profits.
However, every rose has its thorns. For example, if you’re into trading futures or stocks, FTMO might not be the best fit.
But if you’re willing to put in the effort, understand the rules, and stay disciplined, FTMO can be a game-changer.
Are you looking to join one of the best prop trading firms? Interested in testing your trading skills? Or perhaps you just want to learn more about FTMO? Whatever the reason, if you’re curious, click here to sign up.