Over 6,000 new members joined FTMO in 2020, making it one of the fastest growing companies in the forex prop trading industry. The founder and current CEO of FTMO, Otakar Suffner, started the company in 2017 with the intention of giving trading capital to exceptional individuals. The company’s headquarters may be in Prague, Czech Republic. The company has received several accolades and recognitions since its inception, including the Deloitte Rising Star award for 2019 and 2020. The firm has earned praise for its superior customer service and innovative trading apps. We’ll be looking at things like withdrawal fees and more in our FTMO review.
Your available money determines the one-time registration charge and the degree of risk you are willing to take on. There are no regular fees, such as monthly membership dues; after the initial setup, money is repaid upon receiving your first payment. Bank wire transfer, debit/credit card, and the e-wallet Skrill are only some payment options available at FTMO. Anyone from anywhere in the world, whether from Kenya, India, or the United States, can join the proprietary trading business FTMO.
Income is distributed every month as a share of the profits. Users must submit invoices to FTMO, with payment processed by ACH or Skrill. All withdrawals from FTMO are free of charge. A withdrawal certificate will be issued after the funds have been transferred.
When invoicing the prop trading organization, it doesn’t matter if you’re a sole proprietor or part of a large corporation. Make sure your money is handled by the nation’s laws where you are earning it. As an illustration, if you are a UK-based trader, you will be subject to tax on any profits over £12,500. It would be best if you got the advice of a tax expert in your area to ensure you follow all applicable rules and laws.
What trading platforms does FTMO offer?
Applicants (during the challenge and verification process) and approved FTMO account holders (with the account itself) can select from three of the industry’s top trading platforms:
- MetaTrader 4
- MetaTrader 5
There are two distinct versions of MetaTrader. It is a popular trading platform that most online brokers can access. The core program is free. However, there is a premium expansion pack available. Indicators are just one type of chart analysis tool out there. MetaTrader’s strong user friendliness and straightforward handling are other significant benefits.
Would You Call FTMO A Pyramid Scheme?
We are not a pyramid scam; instead, we are a proprietary trading business (FTMO). To access the company’s funds, potential users must pass a two-stage evaluation test.
What is a Funded Trading Account?
In the case of a corporation with a funded trading account, an outside trader handles all trading activities on the account. Talented individuals who fully invest in their accounts have access to more than enough risk capital, leverage, and purchasing power. Savvy investors may make money in the global financial markets with this capital.
To make a living, many professional traders use financed accounts. Any severe trader would benefit significantly from having a best funded trader accounts, whether as a primary or secondary source of equity.
Pros of funded trader accounts
- Traders who have their accounts funded have the bonus of having complete discretion over how those monies are spent.
- To make more significant market swings, financed traders can access considerable cash more quickly than unfunded traders.
- It can be difficult for new professionals and solo traders to obtain a license and complete certification programs, but these obstacles are mitigated if you are a sponsored trader. You will be issued the relevant trading permits and authorizations as soon as you receive your trading funds.
- Most financed trading programs don’t make your work from a specific location (an office) but rather let you trade from any computer with an Internet connection.
Cons of funded trader accounts
- Funded traders have some leeway in using their money, but their company’s policies still bind them. These regulations specify the maximum number of open positions you can have and the maximum daily loss you can incur.
- Becoming a funded trader requires time and effort, especially if you are not yet sufficiently knowledgeable or experienced to dive headfirst into a training program.
- You may make less money in the first few years of trading with a particular company because of the high costs they charge its financed traders.