If you are a Forex trader or someone interested in becoming one, you may have heard about FTMO. FTMO, which stands for Forex Trading Mentor Online, is a trading prop firm that claims to provide comprehensive training, personalized mentorship, and trading capital to help traders succeed in the highly volatile and complex world of trading. And don’t be misled by the name, FTMO allows traders access to all instruments and assets beyond simply Forex; including indices, commodities, stocks, crypto and more.
But is FTMO really as good as it claims to be, or is it just another scam? In this article, we will take an in-depth look at FTMO and provide an honest review based on our research and experience with the program.
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What is FTMO?
FTMO is a proprietary trading firm that offers individuals the opportunity to become professional traders. FTMO began in 2014 when 3 day traders in a small Prague based office joined their forces. Originally named Ziskejucet.cz, it wasn’t until 2017 that FTMO secured funds and was able to launch internationally. With traders from over 180 nations, and winner of the Deloitte Technology Fast 50 Award the last 3 years running, FTMO’s future looks bright.
What we love about FTMO is the intrinsically supportive nature of the business model. FTMO profitability is dependent on the profitability of the traders on their platform. Because of this, their business is designed to improve your skills as a trader, and build consistency.
Can I Be an FTMO Trader?
Yes, but only if you have the chops. FTMO is a trading challenge platform that offers aspiring traders the opportunity to prove their skills and potentially earn a spot on one of their funded trading accounts. The challenge is split into two stages: the verification stage and the evaluation stage.
During the verification stage, traders must demonstrate that they have the knowledge and discipline to trade profitably. This stage involves taking a series of quizzes and passing a simulated trading test. If a trader successfully completes the verification stage, they move on to the evaluation stage.
During the evaluation stage, traders are given a live trading account with a small amount of capital to trade with. They must then trade the account profitably for a period of 30 to 60 days, depending on the challenge they’ve chosen to participate in. If a trader is able to consistently make profitable trades, they may be offered a funded trading account with a larger amount of capital to trade with.
What Are the Benefits for an FTMO Trader?
Opportunity to earn a funded trading account: The main benefit of joining the FTMO trading challenge is the opportunity to earn a funded trading account. If you’re able to prove your trading skills during the evaluation stage, you may be offered a funded trading account with a larger amount of capital to trade with. This can provide a valuable opportunity for aspiring traders who may not have the funds to start trading on their own. Beyond the access to capital, here are other benefits FTMO offers:
- Training and support: FTMO offers extensive training and support to traders, providing them with the tools and knowledge they need to succeed. The company’s training program covers a range of topics, including risk management, trading strategies, and psychology.
- Personalized mentorship: Each trader who enrolls in the program is assigned a personal mentor who provides one-on-one guidance and support. The mentor helps the trader develop a personalized trading plan and provides ongoing support and advice to help the trader stay on track and achieve their trading goals.
- Performance-based income: FTMO traders earn a potential income based on their performance. The company operates on a revenue-sharing model, meaning that traders keep a portion of the profits they generate. This is typically 70%+ of your profits. Which is an extremely favorable rate compared to the competition. (Check out TopStepTrader)
- Flexibility and independence: FTMO traders have the flexibility to trade when and how they want. The company provides traders with access to a range of financial instruments, including forex, futures, and stocks.
- Reputable and regulated: FTMO is a reputable and regulated company. The company is registered with the Financial Conduct Authority (FCA) in the UK and adheres to strict guidelines and regulations.
What Are the Fees for FTMO?
FTMO charges a single fee for signing up, which is calculated based on the user’s capital level and risk scheme. This fee is refunded with the user’s first payout, and there are no recurrent charges. FTMO accepts a variety of payment methods, and users can join from any location or nationality. To sign up for the FTMO Challenge, users must make an initial deposit ranging from €155-€1,080, and upon passing the 3 steps and becoming an FTMO Trader, they will receive a full refund. The initial deposit amount determines the initial balance, Maximum Daily Loss limits, and Profit Targets.
Is FTMO Worth it?
If you have the skills, give FTMO a shot. FTMO offers individuals the opportunity to become professional traders and earn a potential income. With access to capital, training, and support, FTMO provides traders with the tools they need to succeed in the financial markets. However, it’s important to remember that trading is a high-risk activity and is not suitable for everyone. It’s important to conduct thorough research and consider your own risk tolerance before making any decisions. It’s also important to add that FTMO is not the only funded trader program out there. So be sure to check out others like TopStepTrader and determine which is best for you.
