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FTMO Review 2023: Scam Or Safe? Exclusive Analysis

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Is there any way to start trading without investment? Can you earn $100,000 or even more without investing a single penny? The internet is flooded with these questions, which insisted potential investors think, Is it even possible? The answer is Yes! Proprietary trading firms do the same. They invest their own money in the market through traders and allow them to cash out up to 100% of their earnings. However, they ought to be reliable and regulated. One such reliable prop trading platform is FTMO. But Is it the one you’re looking for? Let’s find out in this detailed FTMO review 2023

FTMO is a proprietary trading firm that allows traders to cash out 90% of their total profit. The advanced and useful trading tools are probably the USP of the platform. Above all, the most important aspect to analyze before getting started on the platform will remain – Is FTMO Legit? Let’s find it out. 

This FTMO Review 2023 will analyze the platform on the basis of its fee, regulatory compliance, trading platforms, evaluation process, trading objective details and pricing.

FTMO Review 2023: Quick Overview

Official Website www.ftmo.com
Year Founded 2017
Headquarters Czech Republic
Available Platforms MT4, MT5 & cTrader browser-based application, desktop and mobile platforms
Tradable Products Forex, Commodities, Cryptocurrencies & Indices
Customer Support 24/7 for emails, live chat and WhatsApp

FTMO Review 2023: What Is FTMO?

FTMO is a globally operating prop trading firm with headquarters in the Czech Republic, Europe. With favourable trading conditions and offering of funded accounts, FTMO tops the list of the best forex prop trading firm. It allows skilled traders to meet specific requirements after accessing accounts with real funds.

The platform operates under a European company FTMO s.r.o, with a registered office at Purkyňova 3, 110 00 Prague, Czech Republic.

Since its inception, FTMO has made a strong presence in over 180 countries. With an average of 6 million trades placed every month, the platform has paid out $23,000 million to its traders, with an average payout processing time of 8 hours. 

Apart from statistics, FTMO has been felicitated with the Deloitte Technology Fast 50 award three years in a row. Let’s now check the platform’s regulatory compliance to ensure it’s not a scam. 

Is FTMO Scam Or Legit? 

FTMO is a legit prop trading firm that has been operating in the market for over five years, which tells a lot about its legitimacy. However, we couldn’t find any regulatory license or information about the platform on its official website. But it doesn’t make it a scam.

Let’s understand it in another way: FTMO is a registered prop firm with physical existence. In addition, there is not a single user complaint indicating it to be a scam. Therefore, we can conclude it to be a legit trading platform. 

FTMO Review 2023: How Does The Platform Work? 

As FTMO is not a brokerage platform, its functionalities also differ likewise. As a prop trading firm, it allows traders to pass the FTMO challenge service to access a fully funded account. 

The platform evaluates the qualification and skills of the applicant through a two-step evaluation process: FTMO Challenge and Verification. However, getting started on this platform is still quite complex, especially for novices. 

Here’s a complete step-by-step guide to getting started on the platform

  • Sign Up for the Platform
  • Choose Your Trading Platform
  • Start The FTMO Challenge
  • Follow trading objectives
  • Undergo the Verification step
  • Become a Funded Trader
  • Choose Scaling Plan

Let’s discuss all these aforementioned steps in brief through this FTMO Review 2023. 

FTMO Sign Up: How Can You Open An Account?

Here’s a step-by-step process to open an account with FTMO: 

  • On the homepage, tap on the FTMO’ Client Area’ icon. 
  • Now, Click on the ‘Register’ button. A signup form will appear on the screen.
  • Fill in your details like your name, email, phone number and country.
  • Your account will be activated instantly. You will receive an email with a link to create a password. 
  • Sign in using your FTMO login credential to use the platform’s services. 

FTMO Account Types Reviewed

The account offerings of the FTMO platform are classified into 10k, 25k, 50k, 100k and 200k challenges. You can choose a new FTMO Challenge and a Swing account type when you configure your account.

Each challenge has a minimum deposit and its own risk level, i.e. Normal or Aggressive. Deciding on which account type suits you depends on your trading strategy and experience. 

If we consider FTMO aggressive vs normal level, the former offers higher returns but with greater risks.  The challenges are default denominated in USD, but you can change them in different currencies – GBP, EUR, CZK, CAD, AUD & CHF. 

Features Account Types
Account Minimum $10,000 $25,000 $50,000 $100,000 $200,000
FTMO Challenge Period 30 days 30 days 30 days 30 days 30 days
Minimum trading days 10 10 10 10 10
Max Loss Per Day $500 $1,250 $2,500 $5,000 $10,000
Max Loss $1,000 $2,500 $5,000 $10,000 $20,000
FTMO Challenge Profit Target $1,000 $2,500 $5,000 $10,000 $20,000
Refundable Fee €155 €250 €345 €540 €1,080

FTMO Review 2023: Trading Platforms 

The platform supports the most advanced and user-friendly trading platforms: MetaTrader4, MetaTrader5 and cTrader. All these platforms offer a clean interface with plenty of features like super-raw spreads, very low commission and no markup charges. 

Along with their web versions, these platforms are available for smartphones too. The FTMO mobile apps can be downloaded from Google’s Play Store and Apple’s App Store. 

Review Of FTMO Evaluation Process

The FTMO evaluation process consists of two-step, which lead you to become a professionally funded trader: FTMO Challenge & Verification. 

This section of FTMO review 2023 will explain the platform’s evaluation process and trading objectives.

Step 1: FTMO Challenge

Before you access a funded account, you’ll first need to complete the FTMO challenge. There is a one-off fee, which will depend on your chosen risk, skills and capital level. Completion of this level will move you to the verification stage. 

If you still hesitate to pay a fee, there is still an option of a free trial that lets you use the services for 14 days to refine your skills. 

Step 2: Verification

It is the second step of the evaluation process. You will need to prove your skills and knowledge to clear this step. After the successful completion of this step, you will receive your Verification login information a few days after finishing the FTMO Challenge. 

The requirements for verification are the same as those for the challenge, but the maximum trading duration is 60 days, and the profit target sets at half.

  • Know Your Trading Objectives

Each account type has certain minimum requirements which must be followed to advance to the next stage. These set trading objectives include a minimum period (10 days), a maximum daily loss, a maximum trading period (30 days), and a profit target (10% or 20%, depending on your chosen risk level). You will be advanced to the next stage to become a funded trader upon completing this stage. 

Step 3: Become A Funded Professional Trader

Upon successful completion of all the requirements of the evaluation process, you will become a professionally funded trader. However, you’ll need to undergo the standard KYC process. 

As a funded trader, you must follow the same loss rules. Here are some benefits of FTMO Funded Trader: 

  • No maximum trading period
  • No profit target
  • Receive up to 90% of your profits
  • No minimum trading days

FTMO Review 2023: Scaling Plan

After getting a funded account, you can use the FTMO scaling plan and get a 25% capital increase every four months. 

If you are able to maintain 10% profits over the last four months, you will be eligible for a scaling plan increase. The capital increments occur in four-month cycles.

Here’s a detailed overview of the FTMO Scaling Plan:

Month Cycle Opening Balance Maximum Daily Loss Maximum Loss
0 months $400,000 $20,000 $40,000
4 months $500,000 $25,000 $50,000
8 months $600,000 $30,000 $60,000
12 months $700,000 $35,000 $70,000
16 months $800,000 $40,000 $80,000

Highlights Of FTMO Scaling Plans 

  • Profit Split Upgraded to 90:10
  • Prudent and secure profit qualifying criteria
  • Scale-up cap: $2M per trader 
  • Trading goals remain constant.
  • With each Profit Split, eligibility is evaluated automatically.

FTMO Fees & Other Charges

The platform charges a specific fee to become a funded trader. However, the fee is refundable and will be returned with the first profit split. 

The FTMO fee structure depends on the risk level and the account balance. Let’s take a detailed look at the fee structure through this in-depth FTMO Review 2023

Risk Level: Normal

  • 10,000 account: €155
  • 25,000 account: €250
  • 50,000 account: €345
  • 100,000 account: €540
  • 200,000 account: €1,080

Risk Level: Aggressive

  • 10,000 account: €250
  • 25,000 account: €345
  • 50,000 account: €540
  • 100,000 account: €1,080

FTMO Spreads

Assets Spreads (Min)
Forex 0.00002
Indices 0.43
Cryptocurrencies 0.00200
Commodities 0.040

FTMO Review 2023: Tradable Assets

The platform offers 44 tradable instruments across four major financial markets, i.e., Forex, Commodities, Cryptocurrencies & Indices. 

All these available markets can be traded commission-free, except for Forex, which charges a fixed commission of 3%. 

Let’s have a look at the available trading instruments offered by the platform:

Forex

  • EUR/USD
  • GBP/USD
  • EUR/GBP
  • USD/JPY
  • USD/CAD

Indices

  • US30.cash
  • US100.cash
  • US500.cash
  • US2000.cash
  • GER40.cash

Cryptocurrencies

  • BTC/USD
  • ETH/USD
  • LTC/USD
  • XRP/USD
  • DASH/USD

Commodities

  • XAU/USD
  • XAG/USD
  • XPD/USD
  • XPT/USD
  • USOIL.cash

FTMO Review 2023: Maximum Leverage

The platform allows traders to use up to 1:100 leverage on 100+ trading instruments across four major financial markets. 

As per our FTMO review, the platform’s leverage offering is comparatively lower than many of the online brokers. Some of the best forex brokers, like Capitalix and InvestBy, offers leverage up to 1:500. 

FTMO Withdrawal Process: How Can You Withdraw Your Funds? 

The platform’s traders receive returns through monthly profit splits, which can be withdrawn anytime. FTMO processes withdrawals via regular bank/wire transfer or Skrill. Additionally, the platform charges zero commission for withdrawals. 

Here’s how you can withdraw profits from FTMO:

  • In your FTMO Client Area, go to ‘Traders Section’ and select payouts.
  • Enter the amount you want to withdraw.
  • Now, choose your payout channel and tap on “I Want FTMO To Generate My Invoice.’
  • Enter the details in your invoice and click on the ‘Continue’ button.

FTMO Apps Review

The platform offers six different applications that can be downloaded as both desktop and mobile versions. The availability of these different apps makes it simple for new traders to choose a dedicated platform for them. 

Here’s a detailed overview of all available applications through FTMO Review 2023

Account MetriX

Account MetriX is a web application that tracks your progress until you become a funded trader. It serves traders undertaking the platform’s evaluation process or using the free trial. It also offers a wide range of statistics and a clear overview of trading objectives. 

Account Analysis

The Account analysis app analyzes your trading data, including commonly unavailable data, and offers several indicators that could reveal places to optimize your strategy.

Statistical App

The application highlights helpful and number-based probabilities of market behaviour that can favour traders. By trading smarter on this app, you can increase your profitability instantly.

Trading Journal

Trading Journal helps traders to store their trades in eth journal automatically. It also allows to record traders’ thoughts about any position. Traders can also get the best information to help them eliminate future trading mistakes. 

Mentor App

As the name implies, the Mentor app allows users to achieve better results by strengthening their knowledge. 

The app lets traders follow strict rules and risk limits while also monitoring trading objectives. The app work with both MT4 & MT5 platforms. 

Equity Simulator

The application gives a clear picture of the possible outcome a trader is prepared for it. The app allows traders to simulate real market conditions. 

FTMO Review 2023: Educational & Research Support

FTMO’s research and educational offerings are impressive, with plenty of tools available for the help of traders. However, the offerings aren’t as wide as you think, but they are considerable. 

The FAQ section of the website is informative, having an answer to all the users’ queries. In case it misses out at some points, there’s always a customer support executive present to help you.

FTMO research & educational tools include

  • Blogs
  • Trading Updates
  • Academy
  • Trading Symbols
  • Economic Calendar
  • Personalized Performance Coaches

FTMO Affiliate Program Review

The platform offers a generous commission to its affiliate partners. By registering on the platform, you will be given a unique affiliate link. Anyone joining the platform via this link will earn you a generous commission of 8% on their paid FTMO challenge price. 

FTMO Customer Support Review 2023

FTMO customer support services are exceptional & appreciable, with a team of experts readily available to solve users’ queries 24×7. 

Additionally, the support services are available in 17 languages, i.e. English, German, Spanish, Portuguese, French, Italian, Czech, Japanese, Filipino, Vietnamese, Slovenian, Serbian, Ukrainian, Turkish, Russian, Polish, and Arabic.

Here’s how you can contact FTMO customer care:

What Are FTMO Trading Reviews?

The user reviews of the FTMO indicate one thing the platform is reliable and offers the best services. Based on over 3,500, the platform has managed to secure 4.9 stars out of 5.0.

ftmo review 2023

FTMO Review 2023: Pros & Cons

Pros  Cons
Free trial challenge No holding over the weekend
Profit splits upto 90:10 Comparatively low product offerings
Professional Customer Support
Allow to increase capital by 25% through Scaling plan
Tutorials, FAQs, Webinars

Final Words On FTMO Review 2023

Considering this detailed FTMO Review 2023, we can term it the best Forex prop trading firm. The platform’s offerings, like a two-step evaluation process, high-leverage offerings, refundable fees, and a range of trading instruments are what make it stand out from other prop trading firms. 

Overall, the platform’s services and features are excellent. But the biggest drawback remains the platform’s lengthy evaluation process, making it challenging for new traders. So, for a smooth trading process, our only advice is to stick to fully-fledged trading platforms like Capitalix, TradeEU and InvestBy.

The perks of using these fully-fledged trading platforms are better than these prop firms. You get better returns, have a good selection of trading instruments and have access to higher leverage of upto 1:500. 

FAQs

What Is An FTMO Trader?

FTMO Trader is a fully funded trading account offered by the platform. After becoming the funded trader, you can trade with the firm’s capital and open positions with higher leverage of up to 1:100. 

How To Become FTMO Funded Trader? 

In order to become FTMO Funded trader, you will first need to pass a two-step evaluation process, i.e., FTMO Challenge and Verification. Before getting a funded account, you will need to undergo one more process, i.e., know your trading objectives. 

What Can You Trade On FTMO?

The platform offers 44 tradable instruments across four major financial markets, i.e., Forex, Commodities, Cryptocurrencies & Indices. 

Is FTMO Real?

Yes, FTMO is a real prop trading firm, with the majority of positive reviews from its existing users. Despite lacking regulatory licenses, the platform operates legitimately. 

Is FTMO Challenge Scam?

No, the FTMO challenge is not a scam but a legit prop trading firm that has been operating in the market for over 5 years, which tells a lot about its legitimacy. However, we couldn’t find any regulatory license or information about the platform on its official website. But it doesn’t make it a scam.

What Are The FTMO Account Types Available? 

The account offerings of the FTMO platform are classified into 10k, 25k, 50k, 100k and 200k challenges. You can choose a new FTMO Challenge and a Swing account type when you configure your account.

Each challenge has a minimum deposit and its own risk level, i.e. Normal or Aggressive. Deciding on which account type suits you depends on your trading strategy and experience. 

What Is FTMO Challenge Fee?

The platform charges a specific fee to become a funded trader. However, the fee is refundable and will be returned with the first profit split. 

The FTMO fee structure depends on the risk level and the account balance. 

Risk Level: Normal

  • 10,000 account: €155
  • 25,000 account: €250
  • 50,000 account: €345
  • 100,000 account: €540
  • 200,000 account: €1,080

Risk Level: Aggressive

  • 10,000 account: €250
  • 25,000 account: €345
  • 50,000 account: €540
  • 100,000 account: €1,080

What Is FTMO Review Trustpilot?

The user reviews of the FTMO indicate one thing the platform is reliable and offers the best services. Based on over 3,500, the platform has managed to secure 4.9 stars out of 5. 

What Is FTMO Profit Split?

FTMO allows traders to cash out 90% of their total profit, meaning traders can withdraw a 90:10 profit split. 

FTMO Scammed Me? What Should I Do?

There is no way FTMO is scamming its customer. However, if you are still having issues with the platform, you can raise a complaint request with the FTMO customer support team. 

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