FTMO Review

FTMO Challenges and Account Types

FTMO’s audition fees vary depending on the account size and type you select, ranging from €155 for a 10K account up to €1,080 for a 200K account size.

These fees cover the entire evaluation process, including both the Challenge and Verification phases. The fees are refundable if you successfully complete the evaluation and become a funded trader, provided you meet the conditions set out by FTMO.

These fees must be paid upfront and are non-refundable if the evaluation is not passed.

FTMO Challenge Account Types

FTMO offers three challenge trading account types being:

1. Standard Account
2. Aggressive Account
3. Swing Account

1. Standard Challenge Accounts

The Standard Account is FTMO’s default option, designed with typical profit targets and risk limits in mind. Traders using this account need to achieve a 10% profit target during the FTMO Challenge, which drops to 5% during the FTMO Verification phase.

The daily loss limit is set at 5%, while the maximum overall loss is capped at 10%. This account type is ideal for traders who prefer a balanced approach with moderate risk and conservative trading strategies.

2. Aggressive Account

The Aggressive Account is structured for those who employ trading strategies that aim for larger profits but also carry higher risks, such as professional traders. For this FTMO account, the profit target is increased to 20% during the FTMO Challenge and 10% during the FTMO Verification phase.

The daily loss limit is raised to 10%, and the maximum overall loss is set at 20%. This account type is suitable for trading talents who are comfortable with higher drawdowns and seek to maximize profit potential through more aggressive trading techniques.

3. Swing Account

The Swing Account is specifically designed for traders who hold positions over longer periods, including weekends and during significant news events. This account allows for the flexibility of maintaining positions without the need to close them at the end of the trading day or before major economic announcements.

However, to mitigate the increased risk associated with longer holding periods, the Swing Account operates with reduced leverage—up to 1:30 for forex pairs, compared to 1:100 available in the Standard and Aggressive accounts. This lower leverage helps manage the risk while providing the flexibility needed by swing traders.

Demo Account

FTMO also offers a free demo account, providing traders with a risk-free environment to understand the trading conditions before committing to a funded account. This feature is particularly beneficial, as not all prop trading firms provide this option.

Scaling and Increased Profit Splits

A key feature of FTMO is its automatic scaling system. Traders who demonstrate consistent profitability can have their account balance increased by 25% every four months. To qualify for this scale-up, traders must achieve a 10% profit over four consecutive months (or an average of 2.5% per month for standard accounts).

Additionally, as your account scales up, the profit split can also increase from the standard 80% to as high as 90%, rewarding traders who consistently perform well.

This structured scaling process ensures that successful traders are progressively rewarded with larger account sizes and a higher share of their profits, fostering a strong incentive for disciplined and profitable trading.

How to Pass FTMO Prop Challenge

FTMO’s evaluation consists of two key steps: the FTMO Challenge and FTMO Verification.

FTMO Challenge

• Profit Target: Achieve a 10% profit target for Standard Accounts and 20% for Aggressive Accounts.
• Daily Loss Limit: Avoid a 5% daily loss limit for Standard Accounts and 10% for Aggressive Accounts.
• Maximum Loss Limit: Avoid a 10% maximum loss for Standard Accounts and 20% for Aggressive Accounts.
• Minimum Trading Days: You must open at least four separate trades on four separate days during the Challenge period.

FTMO Verification

• Profit Target: The profit target is reduced to 5% for Standard Accounts and 10% for Aggressive Accounts during the Verification phase.
• Loss Limits: Daily loss and maximum loss limits remain the same as in the FTMO Challenge.
• Swing Account: The Swing Account adheres to the same rules as the Standard Account in both the Challenge and Verification phases, with the added flexibility of holding positions over the weekend and through news events, though with reduced leverage.

Example

For a $100,000 Standard Account:

• During the FTMO Challenge, you must reach a $10,000 profit target without exceeding a $5,000 daily loss or a $10,000 total drawdown.
• In the FTMO Verification, the profit target is reduced to $5,000, but the loss limits remain unchanged.

Dynamic Risk Management

The percentage values for loss limits adjust in proportion to your account balance. For example, if your Standard Account increases by 2% to $102,000, your new daily loss limit would be $5,100 (5% of $102,000), and your maximum loss limit would increase to $10,200 (10% of $102,000).

These new limits take effect at midnight CET, and it’s crucial to note that open positions also count towards your daily loss and trailing drawdown limits. This means your floating profit and loss (PnL) is always factored into your risk management metrics.

Other Rules

During the audition phases, FTMO keeps things straightforward, with no additional trading objectives beyond the profit and loss limits.

• No Mandatory Stop Loss: You are not required to use a stop loss during the Challenge, Verification, or even as a funded trader.
• Lot Size Flexibility: There is no limit on the number of lots you can trade.
• Position Management: There is no requirement to close positions before weekends or during significant news events for the Swing Account. However, for Standard and Aggressive Accounts, additional rules apply once you pass the audition:
  • No Weekend Trades: Trades must be closed before the weekend.
  • Market Break Trades: Positions must be closed if the market is scheduled to close for longer than two hours.
  • News Trading Restrictions: You cannot open or close trades on targeted assets within two minutes before or after significant news releases. Non-targeted assets, however, are exempt from this restriction. For example, during the US Non-Farm Payroll (NFP) release, you cannot trade USD pairs, but you can trade AUDNZD, GBPAUD, or EURGBP.

FTMO provides an economic calendar that clearly lists restricted news events, helping you plan your trades accordingly.

It’s important to reiterate that these additional rules apply only to FTMO Standard and Aggressive Accounts. The Swing Account offers more flexibility, allowing trades to remain open during weekends and news events, though with lower leverage.

FTMO provides various account funding options, starting from $10,000 and going up to $200,000. Although these initial amounts may seem lower compared to other prop trading firms, FTMO offers a notable advantage with its ability to scale accounts up to $2 million for traders who maintain consistent profitability.

If you choose not to opt into automatic scaling, your account size will be capped at $200,000. However, FTMO allows traders to manage multiple accounts with a total combined limit of $400,000 before any scaling adjustments.

Verdict on FTMO Challenges and Accounts

FTMO offers account sizes from €10,000 to €200,000, with fees ranging from €155 to €1,080. The evaluation process includes two phases—Challenge and Verification. Fees are refunded upon successful completion.

The Standard account suits balanced trading, the Aggressive account allows for higher risk, and the Swing account offers flexibility for longer-term trades but with reduced leverage. FTMO’s scaling feature increases account sizes and profit splits for consistent traders, making it a solid option for those looking for long-term growth.

Spreads and Commission Fees

FTMO operates differently from many other prop trading firms by not using a third-party forex broker. Instead, they partner with various liquidity providers to offer an institutional data feed, ensuring direct market access (DMA) and RAW spreads.

It’s important to clarify that when trading with FTMO on a “real” funded account, the funds are virtual. FTMO mirrors your trades on their own live accounts, but they assure that the trading conditions you experience closely match those of a live market.

Spreads

The spreads offered by FTMO are competitive, with typical spreads starting at 0.22 pips for EUR/USD, 0.65 pips for GBP/USD, and 0.27 pips for USD/JPY.

Commissions

One potential downside is that FTMO charges commissions on trades, unlike some other firms. For forex, the commission is $3 per standard lot per round trip. For equities, the rate is 0.0040% of the volume, and for metals, it’s 0.0010% of the volume.

For more information on how OANDA compares, read the full OANDA Review.

Our Verdict on Spreads and Commissions

FTMO scores well for its tight spreads, but the fact that they do not cover the commission costs, unlike some other prop firms, has a slight impact on their overall ranking.

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Financial Markets and Leverage

With FTMO you can trade various asset classes including forex, commodities, indices, crypto, stocks and bonds.

FTMO provides access to a comprehensive range of financial markets, including forex, commodities, indices, cryptocurrencies, stocks, and bonds. This diverse selection caters to traders with various strategies and preferences.

• Forex: FTMO offers 28 major currency pairs such as EUR/USD and GBP/USD, alongside 14 minor pairs like AUD/NZD and GBP/JPY. There’s also a variety of exotic pairs including USD/ZAR and USD/SEK, providing options for traders interested in less commonly traded currencies.
• Commodities: The platform includes key commodities like gold (XAUUSD), silver (XAGUSD), and energy products such as West Texas Intermediate (USOIL.cash) and Brent Crude Oil (UKOIL.cash).
• Indices: FTMO features 14 global indices, allowing traders to engage with markets such as the US30 (Dow Jones), GER40 (DAX), and UK100 (FTSE 100), offering a broad exposure to stock market performance.
• Cryptocurrencies: Traders can access 10 popular cryptocurrency pairs, including Bitcoin (BTC/USD), Ethereum (ETH/USD), and Litecoin (LTC/USD), enabling them to capitalize on the volatility of digital assets.
• Stocks: While the stock offerings are more selective, FTMO does provide access to major global stocks such as Apple (AAPL), Amazon (AMZN), and Tesla (TSLA), giving traders the opportunity to trade leading equities.
• Bonds: Though limited, FTMO includes some government bonds, offering an additional asset class for diversification.
  

In our assessment, the range of markets is decent, though it is more heavily focused on forex and indices, which may be a limitation for traders who primarily focus on other asset classes.

Leverage

FTMO offers varied leverage options up to 1:100.

• Standard and Aggressive Accounts: These accounts provide leverage of up to 1:100, enabling traders to take larger positions with a smaller capital outlay. This high leverage is particularly useful for experienced traders who can manage risk effectively.
• Swing Accounts: Leverage is capped at 1:30 for Swing accounts, which is ideal for traders who hold positions over longer periods, offering a safer approach during market fluctuations.

Our Verdict on Markets and Leverage

FTMO excels in providing robust market options, particularly in forex and indices. The platform offers high leverage for those seeking to maximize positions and lower leverage for swing traders, catering to different trading styles. While the selection of stocks and bonds is narrower, FTMO still offers a diverse range of opportunities across various asset classes.

Trading Platforms

FTMO offers four trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and DXtrade. Each platform offers unique features tailored to different trading needs, from basic to advanced strategies.

MetaTrader 4 (MT4)

MT4 is the most popular forex trading platform globally, recognized for its user-friendly interface and extensive range of trading tools. It supports automated trading via Expert Advisors (EAs), with over 15,000 available for use.

MT4’s desktop version allows traders to customize their trading environment extensively, including indicators, templates, and chart settings. It includes 30 built-in indicators, 9 timeframes, and 24 analytical objects such as Fibonacci and Gann tools.

The web version mirrors the desktop application, providing nearly identical functionality, making it accessible on any device. The mobile version is highly functional, enabling traders to monitor the markets, manage trades, and execute strategies on the go, including the use of EAs.

MetaTrader 5 (MT5)

MT5 builds upon the features of MT4 with additional enhancements, making it suitable for trading a wider range of asset classes, including equities. It offers 38 built-in indicators, 21 timeframes, and 44 analytical objects, providing traders with more tools for technical analysis.

MT5 also includes an economic calendar and real-time market news, helping traders stay informed of market events. The platform’s desktop, web, and mobile versions offer the same robust features, ensuring that traders have access to advanced tools whether they are at their desks or on the move.

cTrader

cTrader is a multi-asset trading platform known for its advanced trading features and intuitive interface. It is particularly favored by traders looking for detailed market analysis and sophisticated trading strategies. cTrader offers a Depth of Market (DOM) feature with ECN/STP execution, allowing direct access to liquidity providers.

The trading platform supports algorithmic trading through cBots and provides a comprehensive backtesting environment. It also includes advanced order types and one-click trading for fast execution. Like MT4 and MT5, cTrader is accessible via desktop, web, and mobile versions, ensuring a consistent trading experience across devices.

DXtrade

FTMO DXtrade is a multi-asset trading platform designed for both retail and institutional traders. It offers a wide range of features including advanced charting tools, risk management systems, and order management capabilities. DXtrade provides access to various financial instruments such as Forex, CFDs, cryptocurrencies, and more.

Known for its flexibility and scalability, DXtrade allows brokers to tailor the platform to their specific needs and branding, providing a modern and user-friendly trading experience. This platform is particularly suitable for traders who require a customizable interface and advanced trading functionalities.

Unlike the other trading platform options, DXtrade is only available as a webtrader platform online.

Our Verdict on Trading Platforms

FTMO’s platform offering of MT4, MT5, cTrader, and DXtrade ensures that traders have access to a wide range of tools and features, regardless of their trading style or experience level.

Payments and Payouts

FTMO provides a variety of payment options and flexible payout structures, making it accessible for traders globally.

Account Deposits 

To participate in the FTMO evaluation, traders can pay using several methods including Visa, Mastercard, bank transfer, Skrill, and Nuvei, which supports payments through Google Pay, Apple Pay, and other options. Additionally, FTMO accepts cryptocurrency payments via Confirmo, supporting Bitcoin, Ethereum, USDC, and more. Some payment methods may incur fees, so it’s important to consider the best option for your situation.

Once the payment is made, you can choose to denominate your account in several currencies, including USD, GBP, EUR, and AUD.

Profit Splits and Payouts 

FTMO’s profit-sharing model is designed to be both straightforward and accommodating. Traders typically receive their profit splits on a monthly basis, which is standard across most proprietary trading firms.

However, FTMO introduces additional flexibility by offering the option to request a payout after just 14 days from your first trade, provided your account is in profit. This “payout on demand” feature allows traders to access their earnings sooner, without waiting for the end of the month.

You also have the freedom to choose the specific day for your payout after the 14-day period, giving you more control over when you receive your funds. Once you’ve made a payout request, FTMO generally processes payments within one to two business days, ensuring quick access to your profits.

FTMO does not impose any profit targets on funded traders for withdrawing earnings. As long as your account is in profit, you can request a payout at any time, providing a significant level of flexibility and autonomy. Moreover, FTMO does not charge any withdrawal fees, allowing you to keep more of your profits.

Verdict on Payments and Payouts

FTMO excels in providing a wide range of payment options and flexible, fee-free payout structures. The ability to request payouts on demand and choose the payout date gives traders additional control over their earnings, making FTMO a strong contender in this area.

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Customer Service and Education

FTMO offers strong support and educational resources to assist traders at every stage of their journey.

Customer Support

FTMO provides 24/7 customer support through various channels, including live chat, WhatsApp, phone, and email. The live chat feature stands out for its immediacy, connecting users directly with a support representative, and the team is fluent in over 16 languages.

During our review, we contacted customer service multiple times to clarify certain details that were not easily accessible on the website. Each interaction was prompt and helpful, reflecting the reliability of their support team. Although the FAQ section covers a broad range of topics, it could be more user-friendly, as the search function sometimes fails to return relevant results.

Prop Trader Education

FTMO’s educational material is top-notch in our opinion as it covers a wide range of topics from trading strategy and psychology, to market analysis and more.

Video content

They have a ‘Trading Academy’ section within their trading portal which is segmented into three categories including Beginner, Trading Platforms, and Trading Tips.

As the categories suggest, the content is created for traders of all levels, and is freely accessible on YouTube, so you don’t need to be a funded trader or sitting the audition to watch it.

There’s also various other sections called ‘Account Overview’, ‘Evaluation Process’, ‘FTMO Events’ and ‘FTMO Interviews’. Each section contains multiple video explainers which we think are done very well and are informative.

We particularly like the ‘FTMO Interviews’ which feature stories from some of FTMO’s top funded traders. We think the content provided here is great as it provides aspiring traders with the inspiration they need to keep moving in the right direction.

Written content

While YouTube is the primary driver of their educational content strategy, useful tidbits covering trading psychology, trading strategies, and promotional offers are also shared across their other channels.

They also have a wealth of information on their blog which has various categories including ‘FTMO Traders Analysis’, ‘FTMO Traders Q&A’, ‘Trading Psychology’, and more.

Apps

To complement their video content, FTMO provides a suite of proprietary trading apps which we think is a great addition to the offering.

Account MetriX

The Account MetriX app sits within FTMO’s trading portal and provides you with an easy way to keep track of your trading progress towards becoming a funded trader.

Account Analysis

The Account Analysis app provides you with a breakdown of your trades including win rate, average profit, and profit factor.

Statistical App

The Statistical App provides a weekly overview of the most popular trading instruments, what’s trending, what’s ranging, and which assets are appreciating in price the fastest.

Mentor App

FTMO’s Mentor App is another useful tool which they have designed to assist you with strengthening your money management and trading discipline.

It can plug directly into your MT4, MT5 or cTrader platform, and serves as a guide by sending you notifications when a rule is breached.

Equity Simulator

We think the equity simulator is a very useful tool as it provides the ability to simulate and forecast how your trading strategy will perform over the long-term.

To use this tool, you need to plug in your standard risk-to-reward ratio (RRR) when you take trades, what your risk percentage is, what your average win rate is, and a few other metrics.

The tool will then forecast various account growth trajectories based on your trading parameters.

Performance Coaches

FTMO also has psychology-major performance coaches who can assist you with increasing your trading discipline while boosting self-confidence. We should add that this service is only available to funded FTMO traders.

Our Verdict on Education

FTMO provides excellent educational resources and solid customer support. Their comprehensive materials, combined with 24/7 customer service and performance coaching, make FTMO a standout choice for traders.

Trust and Community

FTMO has an ‘Excellent’ ranking on Trustpilot, scoring 4.9 stars with over 5,000 reviews. They also have a 4.8 star rating on Facebook Reviews, with the vast majority of reviews across both platforms overwhelmingly positive.

Social media

FTMO has a significant social media following with over 200,000 on Instagram, 43,000 on Twitter, 80,000 on Facebook, and 90,000 on YouTube.

The content produced by FTMO is focused on trading advice, education and memes, which in our view is a good balance.

Unlike some other prop firms who flaunt pictures of wealth, Lamborghinis and private jets, FTMO actually provides valuable content which offers insights and learnings, mixed with a bit of humour.

On YouTube specifically, each video receives anywhere between a few thousand views and hundreds of thousands, and there’s not a picture of a yacht or a sports car in sight.

Community

While FTMO doesn’t have a Discord or Telegram community, there are various unofficial Facebook groups which are full of activity and engaged traders sharing wins/losses and insights.

FTMO does have a ‘Chat with Charts’ section on their portal which is a forum for sharing trade ideas and analysis with other FTMO traders. It’s similar to TradingView’s ‘Ideas’ section but clunkier, and it doesn’t garner much activity or engagement.

Our Verdict on FTMO Trust and Community

When it comes to Trust, we scored FTMO full points given their ‘Excellent’ review on Trustpilot and the overwhelmingly positive sentiment of the comments. They also provide the location of their offices and can be easily contactable via phone, email and live chat support.

On the community side of things, we think FTMO could benefit from a ‘live chat’ community in a Discord server as there isn’t any official community channel other than their ‘Chat with Charts’ section (which isn’t great).

On balance however, FTMO does perform well for this section, especially on the ‘Trust’ side.

How to Sign Up with FTMO

Follow these steps to start prop trading with FTMO:

1. Register: Provide your personal information, including your name and country of residence. Complete the account verification process to access the FTMO dashboard.
2. Choose Account Currency: Select the currency for your account, with options like USD, EUR, and GBP.
3. Select Risk Mode: Choose between a standard or aggressive account. The Swing Account is only available under the standard option.
4. Choose Account Balance: Decide on the capital for your audition, ranging from $10,000 to $200,000.
5. Select Platform: Pick your trading platform—MT4, MT5, or cTrader. If unsure, refer to reviews comparing these platforms.
6. Provide Billing Information: Enter your address and postcode to complete your profile.
7. Select Payment Method: Choose your payment currency, agree to the disclaimers, and select a payment method like Visa, Mastercard, bank transfer, Skrill, or crypto.
8. Make Payment: Complete your payment, and you’ll be ready to start your audition within 24 hours.

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Final Verdict on FTMO

FTMO offers a strong overall package with a well-rounded approach in areas such as account types, trading platforms, educational resources, and customer support. The range of account types provides flexibility for different trading styles, and the automatic scaling system for profit split and capital allocation is a significant advantage for consistently profitable traders.

However, the requirement to complete a two-step audition process and meet a minimum number of trades on specified days may be challenging for some. Additionally, the fact that FTMO charges commissions on trades and caps maximum funding at $200K before scaling are considerations to keep in mind.

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