FTMO Review 2023: FTMO is one of the leading forex prop firms in the industry, offering traders the opportunity to trade with up to $400,000 of funded capital and keep up to 90% of the profits. But before you join any prop firm, you need to do your homework and evaluate their features, benefits, and drawbacks. That’s why in this article, we will provide you with a comprehensive FTMO review 2023, covering its funding process, trading conditions, fees, support, and more. By the end of this article, you will have a clear idea of whether FTMO is the right prop firm for you or not.
What is FTMO?
FTMO is a Forex prop trading firm that offers funding to traders who can prove their skills and discipline in a 2-step evaluation course . The evaluation course consists of the FTMO Challenge and the Verification, where you have to meet certain trading objectives such as profit target, maximum loss and consistency. If you pass the evaluation course, you will get access to an FTMO Account with a balance of up to 400,000 USD and receive up to 90% of your profits.
How FTMO Works
If you want to become a funded trader with FTMO, you need to pass a two-stage evaluation process: the FTMO Challenge and the Verification. The evaluation process is designed to test your skills, discipline, and risk management as a trader. You will trade on a simulated account with real market conditions and follow the trading objectives set by FTMO.
By passing the evaluation process, you will prove that you are ready to trade with FTMO’s capital and join the team of funded traders. As a funded trader, you will enjoy many benefits, such as:
- No personal capital at risk. You will trade with FTMO’s money and keep 70% of the profits you make.
- Scaling opportunities. You will have the chance to increase your funding amount up to $400,000 with the scaling plan based on your performance.
- Flexible trading conditions. You will have the freedom to choose your own trading strategy, style, and instruments.
FTMO’s revenue model is based on the success of funded traders. FTMO only makes money when funded traders make money. Therefore, FTMO has a strong incentive to support and help funded traders achieve their goals.
Account Options and Evaluation Process
In this section, you will learn about the different account options and evaluation process offered by FTMO. They have a 2-step Evaluation process consisting of an FTMO Challenge and Verification stage. By passing both stages, you will become an FTMO Trader and get access to a funded account with a balance of up to 400,000 USD.
The first step is the FTMO Challenge, where you need to prove your trading skills and discipline in observing the Trading Objectives. These are a set of rules and requirements that you need to follow in order to advance to the Verification stage. The Trading Objectives include a profit target, a maximum loss limit, a minimum trading days requirement, and some other conditions that you can find on their website. The FTMO Challenge has three account options: Normal, Aggressive, and Swing. Each option has different parameters for the Trading Objectives, as well as different fees and durations. You can choose the option that best suits your trading style and needs.
Once you pass the FTMO Challenge by meeting all the Trading Objectives within the given duration, you will move on to the Verification stage. This is the second and final step towards becoming an FTMO Trader. The Verification stage has the same Trading Objectives as the FTMO Challenge, except for the profit target, which is reduced by half. The duration of the Verification stage is also fixed at 60 calendar days for all account options. The purpose of this stage is to verify that you can trade consistently and responsibly.
If you successfully complete the Verification stage and your results are verified by FTMO, you will be offered to trade for their Proprietary Trading Firm. You will receive an FTMO Account with the same balance as your Verification Account. You will be able to trade any instruments and strategies that you want, as long as they conform to the real market conditions. You will also receive up to 90% of your profits every month, while FTMO covers the losses.
Features and Benefits of FTMO
Scaling Plan
If you pass the FTMO Challenge and Verification stages and become an FTMO Trader, you will receive an FTMO Account with a balance of up to 400,000 USD. But that’s not all. If you consistently generate profits on your FTMO Account, FTMO will increase your balance by 25% every 4 months according to the Scaling Plan. This means you can grow your trading capital exponentially and achieve your financial goals faster.
Payout System
As an FTMO Trader, you will keep up to 90% of your profits. FTMO covers all the losses, so you don’t have to worry about losing your own money. The payout ratio is based on your performance and consistency. The better you trade, the higher your share of profits. You can withdraw your profits every month with an average processing time of 8 hours.
Leverage
FTMO offers a generous leverage of 1:100 for all its traders. This allows you to trade with more flexibility and take advantage of market opportunities. You can trade any instrument you want, from forex to stocks to commodities, without any restrictions or limits on position size.
Trading Platforms
FTMO provides access to advanced trading platforms for its traders. You can choose from MetaTrader 4, MetaTrader 5 or cTrader. These platforms offer fast execution, low spreads, high security and a variety of tools and indicators to enhance your trading experience.
Account Analysis
FTMO believes that account analysis is crucial for evaluating your trading performance and improving your skills. That’s why they offer a range of applications and services to help you analyze your trades and identify your strengths and weaknesses. You can use the Account Metrix, Trade Journal, Mentor App or Performance Coach to get valuable feedback and insights on your trading style and behavior.
Fees
The fees for the FTMO challenge depend on the initial capital that you choose to trade with. The higher the capital, the higher the fee. However, the fee is only a small fraction of the capital that you will receive if you pass the challenge. Moreover, the fee is refunded back to you with your first profit split from the FTMO account.
Frequently Asked Questions (FAQs)
1. What are the different account options offered by FTMO?
FTMO offers three types of accounts: FTMO Account, FTMO Swing Account, and Free Trial Account. The FTMO Account is the main account that you can trade after passing the evaluation process. The FTMO Swing Account has no restrictions on holding positions over the weekend or trading during macroeconomic releases. The Free Trial Account is a shortened version of the evaluation process that you can try for free.
2. What is the evaluation process for becoming an FTMO funded trader?
The evaluation process consists of two steps: the FTMO Challenge and the Verification. The FTMO Challenge is the first step where you need to prove your trading skills and discipline by meeting certain trading objectives within 30 days. The Verification is the second and final step where you need to confirm your results and show consistency within 60 days.
3. How much capital can traders receive from FTMO?
Traders can receive up to 400,000 USD from FTMO depending on their performance and account size. FTMO also has a scaling plan that allows traders to increase their account balance by 25% every 4 months if they consistently generate profits.
4. How does profit sharing work in FTMO?
The default profit sharing ratio for all FTMO traders is set to 80:20, meaning that traders receive 80% of their profits and FTMO receives 20%. However, this ratio can increase up to 90:10 if traders meet certain criteria such as trading frequency, risk management, and account growth.
5. Are there any recurring charges for traders?
No, there are no recurring charges for traders once they become FTMO traders. The only fee that traders need to pay is a one-time fee for the FTMO Challenge, which ranges from 155 USD to 540 USD depending on the account size. This fee is refundable if traders pass the evaluation process.
Conclusion
FTMO has emerged as a leading prop firm in the forex trading industry, providing traders with funded accounts and opportunities to advance their careers. With a solid reputation, clear trading rules, and attractive profit-sharing models, FTMO offers a reliable platform for traders to showcase their skills and access the necessary capital to succeed. By adhering to the firm’s guidelines and leveraging the available resources, you can unlock your potential and thrive in the dynamic world of forex trading.
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