FTMO Review 2024 – Is FTMO Prop Firm Legit?

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Account size up to: $200,000

Are you looking for a trading firm wherein you can trade without spending your hard-earned money? If the answer is in affirmative, then you have reached the right place. 

FTMO proprietary firm (prop firm) is a perfect platform for novice traders who are looking to grow their skills without worrying about the potential risk of losing real money. Want to know how FTMO works? Just keep reading!

FTMO provides a good amount of fictitious funds in your trading account so that you can trade with confidence. Moreover, they even offer help by allotting executives who are always ready to help and solve your queries. 

There are many FTMO reviews mentioned online that highlight its features, merits, and demerits. However, if you are eager to know more about FTMO in a simpler language then our in-depth FTMO review would be apt for you. In our FTMO review, a newbie as well as professional trader will be able to learn something new. So, it is advisable to read our FTMO review till the end.  

What is FTMO and is FTMO legit?

Headquartered in Prague, FTMO is a legitimate company that is looking for clients who have less or more experience in trading. Since the year 2015, FTMO has provided FTMO Accounts to innumerable number of clients. To get an FTMO Account, you need to pass their verification process successfully. 

Those who know how to trade profitably and with proper risk management can easily get verified. If you have any issues related to their services then you can contact their customer care via ‘Live Chat’ feature or simply drop an email to them. You may even contact them through their phone number that is available on their ‘Contact Us’ page. 

Why should you become a member of FTMO?

Becoming a retail trader is tough as you always have the risk of losing your hard-earned money. Moreover, the psychological pressures and lack of support from your loved ones makes it extremely difficult for a trader to survive for long. 

How about getting some fictitious funds to trade and if you win then take back real money as profits? Sounds good, isn’t it? Well this is exactly what FTMO is providing to its clients. As soon as you pass their verification process and acquire an FTMO Account, you will get $200,000 as fictitious capital in your trading account. You can use this amount to trade as per your preferences and WITHOUT thinking about the actual risk of losing your money. 

Wait! There is more to this! If you feel that the $200,000 amount is less to trade then you can clear your verification process once again right from start and claim another $200,000. So, in all you can get $400,000 to trade! Now you know why you should become a member of FTMO? 

How to start with FTMO Trading? 

Since trading in not easy for all; FTMO recommends a Free Trail session for all clients. So, before you actually start with the FTMO Challenge, it is advisable to check their Free Trail session. Through this practice session, you will be able to learn more about their Trading Applications as well as get an analysis on how you have actually performed. 

If your performance is not satisfactory, then you can take up the trial session again. As the saying goes; ‘try and try until you succeed’! So, you can keep trying on their Free Trial session for an unlimited amount of time until you are confident to take up the FTMO Challenge. 

However, you need to keep this in mind that the Free Trail does not make you eligible for acquiring an FTMO Account automatically. It is only a way to clear all your doubts before taking up the FTMO Challenge. 

In the Free Trial session, you can use most of the applications that are provided to clients like Mentors, Account Metrix, Statistical Application, Account Analysis, Trading Journal and much more. 

FTMO Trading platforms
FTMO Trading Platforms: screenshot taken from FTMO Trading Firm (ftmo.com) on April 2024

How to acquire a Trading Account in FTMO prop firm? 

FTMO does not give a trading account to all! They have developed a two-step verification process for evaluating the qualities of a client. If the person passes in this verification process, then he or she will be allotted the trading account. 

Whenever you are ready to take up the FTMO Challenge, you have to configure your account by logging in. You can either sign in through email and password or through your Google account, Apple account, or Facebook. 

You also have to pay an initial fee for participating in the FTMO Challenge. It is a one-time fee and there aren’t any other recurring fees that have to be paid. Moreover, the fees will also be refunded back to your account as soon as you earn your first profit after becoming a FTMO Trading Account holder.

FTMO Evaluation Program

The two-step evaluation process consists of FTMO Challenge and Verification stage.

1. FTMO Challenge 

In this challenge, you have to trade in a demo account for at least four days. It is not necessary to trade for four consecutive days. Ensure that you read all rules and regulations mentioned in their Trading Objectives section so that you can clear the test easily. 

In the demo account, you will be provided with fictitious capital and you are supposed to use your tactics to trade with it. Your aim is to pass the Trading Objectives provided to you. When you clear the Objectives, you will be alerted in your Account Metrix. 

After achieving success in the FTMO Challenge, the FTMO executives will be notified automatically. They will review your trading account in a couple of days and then provide new credentials for you to proceed to the Verification Stage. 

2. Verification Stage 

You will be provided with a demo account and some fictitious amount one last time. Similar to the FTMO Challenge, you need to trade for at least four days. There isn’t any maximum time limit, so you can take as much time as you need. The FTMO executives will review your performance and consistency. 

The Trading Objectives in Verification Stage are easier in comparison to the ones provided in FTMO Challenge. If you have met the four Trading Objectives and fit into all parameters then you need to provide some documents as identity proof like passport or any government identity card. 

Once your identity has been verified and you pass all constraints as per their terms and conditions then you will be allotted the FTMO Trading Account. The final step is to sign the contract for becoming a verified FTMO trader by creating your FTMO Account.

FTMO Evaluation Process
FTMO Evaluation Process: screenshot taken from FTMO Trading Firm (ftmo.com) on April 2024

What is an FTMO Trading Account and which instruments can I trade?

By clearing the aforesaid Challenge and Verification Process, you have proved that your trading skills and abilities to manage risks are perfect for becoming an FTMO Trading Account holder. The only Trading Objective that you need to follow here is the Drawdown Rules, which means keeping a track on Maximum Daily Loss and Maximum Loss

By trading in the FTMO Account, you can earn rewards up to 90% of your profits. Depending on the amount of fictitious funds available in your Trading Account, the maximum daily loss and maximum loss will vary. Since trading is not going to be easy; FTMO offers help to all clients by providing account analyses, educational applications, and professional coaches who can enhance their performances. 

You can trade all instruments that are available in your Trading Account including Cryptocurrencies, Forex, Commodities, Indices, Stocks, and much more. The only thing to keep in mind while trading is that use legitimate methods that are followed in real markets else your account may be limited or restricted. 

How to withdraw your profits from FTMO prop firm? 

As soon as you made a profitable first trade, your profits will get accumulated in your trading account. You can withdraw your profits anytime between 14-60 days. 

The initial fee that you had paid for participating in the FTMO Challenge will also be refunded with the first Profit Split. You will be entitled up to 90% of profits that have been generated on your FTMO Account. 

Are you supposed to close your positions every night? 

If you are still in the FTMO Challenge or FTMO Verification Stage then you need not worry about all this. You can keep your positions open overnight as well as over the weekend. 

However, if you have already acquired the FTMO Trading Account, then you are required to close your positions before the market closes for the weekend or in case the rollover is more than two hours. As the trading hours keep changing due to events or holidays, you have to respect the market timings and act accordingly. 

Awards acquired by FTMO prop firm

  • EY Entrepreneur of the Year in 2022 Czech Republic Technology Category.
  • Featured in Forbes.
  • Technology Fast 50 Award by Deloitte for several years including 2023, 2022, 2021, 2020, and 2019.

Pros of FTMO prop firm

  • Without using real money, you can trade and earn profits. 
  • Their Trading Applications can help in enhancing your trade and also provide detailed feedback.
  • You can contact their Performance Coach for free of cost for gaining tips on trading.  
  • They evaluate each and every account carefully and provide personalized insights so that you can trade better. This feature also protects clients from excessive leveraging, revenge trading to recover losses, and unnecessary buying or selling. 
  • If you are consistently profitable then there will be more funds allotted to your trading account. 
  • FTMO brokers are cTrader, DXtrade, MetaTrader 4 and MetaTrader 5.
  • They have a blog section wherein you can find detailed information on various topics such as Instruments, trading systems, trading psychology, FAQs, and more.  

Cons of FTMO prop firm

  • FTMO does not provide services to several restricted countries and cities including North Korea, South Carolina, India, Afghanistan, Sudan, and more.

What is an FTMO Swing Account?

As a trader, if you want to hold positions for a longer period of time then you can apply for an FTMO Swing Account. Basically, in this kind of trading account, you do not have any restrictions in comparison to your FTMO Trading Account. 

So, in Swing Account, you can hold your trades overnight and also over the weekend. Moreover, you can even trade around news releases. To get a Swing Account, you need to select it at the time of making a payment for an FTMO Challenge. Furthermore, you can even convert your Trading Account at a later stage by requesting the executives of FTMO. 

FTMO Trading Objectives
FTMO Trading: screenshot taken from FTMO Trading Firm (ftmo.com) on April 2024

How can I qualify for the FTMO Prime Status and what are its benefits? 

There are three criteria that you have to follow in order to qualify for the FTMO Prime Status as mentioned below – 

  • Ensure that you do not fail an FTMO Account in the past four months.
  • Make sure that you do not have an Aggressive Risk Mode FTMO Account.
  • At least four payouts should be processed by you in a single order. Moreover, each payout should have at least 4% profit.

Once you qualify for the FTMO Prime Status, you will receive several benefits like your capital allocation will be maximized up to $600K, you will be provided with a discount of 10% on purchase of all new products, a 15% discount will be offered on purchases made through their e-shop, and much more. 

What are the benefits of acquiring an FTMO Supreme Status? 

The FTMO Supreme Status trader can obtain all those benefits that are provided to the FTMO Prime Status account. Other than that, there are some more benefits that can be availed like badges and certificates for good conduct, the capital allocation is maximized to $1 million, payments are made immediately, and much more. 

Final Verdict

To conclude, FTMO is a trustworthy proprietary trading firm that is offering immense opportunities for traders to grow. Their two-step evaluation program is perfect for assessing the capabilities of a trader. In our comprehensive FTMO review, you have already learnt in detail about FTMO trading, FTMO Challenge, Verification process, pros, and cons. So, register immediately on FTMO and have a wonderful trading experience.  

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