Can a Pokãƒâ©mon Traded Once Be Traded Again?
FTMO Review 2022
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| FTMO offers a ii-footstep evaluation process to go started investing on the financial markets with the prop trading firm's uppercase. | ||
Prop trading is an exciting fashion for experienced investors to speculate on the financial markets with serious uppercase and reduced risk. FTMO is one of the leading firms in the forex prop trading infinite with over 6000 new members joining in 2020. This review covers account types, leverage, FTMO Challenge rules and more.
What Is FTMO?
FTMO was founded in 2017 by owner Otakar Suffner with the aim of providing funded accounts to talented traders. The visitor is based in the Czech Republic, with headquarters in Prague. Since its launch, the firm has grown quickly and has won several awards, including the Deloitte Rise Star accolade in 2019 and 2020.
The visitor has a good reputation with highly developed apps to aid trading strategies and top-rated client support.
FTMO offers a variety of trading instruments including forex, bolt, indices, cryptos, stocks and bonds every bit well as multiple platforms such as MetaTrader 4, MetaTrader 5 and cTrader. Users can begin trading with upward to $200,000 and in one case the verification procedure has been completed, they can proceed up to lxxx% of profits. FTMO's biggest single payout was over $40,000.
How It Works
FTMO evaluates the skill and qualification of prospective traders through a two-footstep evaluation process: the kickoff step is the FTMO Challenge, and the second stride is the Verification.
One time this process has been successfully completed, users are offered a professional person account. Traders can and then remotely manage upwardly to 400,000 USD with leverage up to 1:100 and can go on growing the business relationship according to the scaling plan.
Users technically trade on a demo account at all stages of the procedure – even as a professional trader. The FTMO account is connected to the firm'southward live trading account with real capital.
Hither'due south our guide to getting started with FTMO:
one. Choose Your Account
Account types are broken downwards by risk level (normal vs aggressive) and capital level. One time you have decided which programme is best suited to you, choose a currency (USD, EUR, GBP, CZK), sign up and open an account.
2. Choose Your Platform
FTMO is available on MT4, MT5 and cTrader. MT4 and MT5 are available to download to desktop devices. cTrader is available to download as a mobile app from the Google Play Store and the Apple App Store. You tin as well utilize the prop firm'due south webtrader, bachelor on desktop with no download needed.
iii. Starting time The FTMO Challenge
Before you can showtime generating profits, you volition need to consummate the evaluation process. Footstep 1 is the FTMO Challenge. Yous will have to pay a fee, which will depend on your chosen take chances and capital level. This is a one-off fee which will be reimbursed once you brand your first turn a profit.
There is also the option of a free trial challenge if you want to endeavour before yous purchase. This fourteen-twenty-four hours trial gives you a sense of taste of the Challenge and allows you to refine your skills.
4. Follow Trading Objectives
Each account blazon has its own rules which you will need to follow to continue to the next stage. These objectives include a maximum trading period (30 days), a minimum period (10 days), a maximum daily loss, and a turn a profit target (10% or twenty% depending on your chosen gamble level).
If you achieve the profit target before the maximum trading period, y'all can progress to the next stage. If yous miss the profit target but don't intermission whatever other rules, like violating the maximum daily loss, y'all volition get a 2nd take chances to consummate the challenge for costless.
five. Verification
The second stride of the procedure is known as Verification. This is where you must prove yourself again, but this time information technology'south free. A couple of days after you consummate the FTMO Challenge, you will be sent your Verification log in details. Verification follows the same rules equally the Challenge, but with a 60-day maximum trading period and half the profit target.
Again, if you fail the FTMO Verification by missing the profit target but don't pause any other rules, you can repeat the challenge for free.
half-dozen. Become A Funded Professional Trader
Once you have successfully completed all the requirements in the evaluation procedure, you will exist able to invest professionally with the FTMO proprietary trading firm. You will need to conduct out standard KYC checks to go paid.
As a professional person trader you must follow the same loss rules, but there is no maximum trading period, no profit target, and no minimum trading days. Professional person users keep 70% of profits made on their account.
Note, your positions are copied onto the proprietary trading firm'south live investing account with real capital letter.
seven. Scaling Plan
If y'all're trading profitably, you can use FTMO's growth plan to go a 25% capital increase every four months. To be eligible for an increase, you volition need at least 10% in profits over the concluding 4 months (that ways an average of 2.5% profit a month) with two out of the four months ending positive.
The scaling programme has no cap – in a year and a half of successful trading, you could be managing upward to 600k.
Fees
There is a single fee for signing upward which is calculated according to your majuscule level and risk scheme. This fee is refunded with your first payout and there are no monthly or other recurrent charges. FTMO accepts a diverseness of payment methods including banking company wire transfer, debit/credit carte and Skrill. The proprietary trading firm places no limits on user'due south locations or nationality, so whether you're in Kenya, Bharat or the Us, y'all can join FTMO.
Accounts
Account types are broken downwardly into 10k, 25k, 50k, 100k and 200k challenges. Each challenge has a risk level (Normal or Aggressive) except for the 200k challenge which only has the normal run a risk level. When deciding which level to go for, consider your trading strategies and experience. On the Aggressive account you are allowed bigger losses but have higher profit targets. FTMO prices range from €155 for the 10k Challenge to €1080 for the 200k Challenge.
The challenges are denominated in USD but you tin effort them in unlike currencies – the 100k claiming could provide you with 100k USD, 80k EUR or 70k GBP, depending on your chosen currency.
You can take multiple accounts, but FTMO has a maximum initial uppercase resource allotment of $400k (or $200k for Aggressive accounts). This means you could have ii 200k accounts or four 100k accounts. Scaling does not count towards the initial capital allocation sum. Note that yous volition need to pay for and pass the Challenge for each new account. You lot tin merge FTMO accounts if they have the same risk and currency setup by contacting customer support.
All accounts offer leverage up to one:100 and access to over 100 FX pairs including USD/EUR, USD/GBP; cryptos such a Bitcoin (BTC) and Ripple (XRP); stocks; bonds; indices like US30 and commodities such as gold (XAU/USD).
All accounts come up with unique trading tools and apps such equally the Account Metrix, Mentor Application and the Equity Simulator. These tools tin can assist you monitor and better your performance, and are only available to FTMO traders.
Mentor App
Other account conditions to go on in listen include:
- At that place is no limit on lot sizes
- You can utilize all common trading tools, similar cease losses and candlestick charts
- You tin trade on FTMO using any strategy, including scalping, hedging or EAs
- Users cannot hold trades over the weekend, or over long marketplace breaks – this is called the ii-hour rule. You can agree your positions overnight if the rollover is less than 2 hours. Make sure you are aware of the trading hours and the vacation sessions of your chosen market place. For case, well-nigh cryptocurrencies like Bitcoin have extended trading hours
- Exist careful with trading the news. FTMO has certain restricted events, such every bit the release of specific macroeconomic reports. Traders cannot open up or shut positions two minutes earlier or later these events. Check the firm's economic calendar to know when these are happening, and employ a time zone converter if needed.
Withdrawals
Returns are paid via a monthly profit split up. Users must invoice FTMO and the coin volition be sent to your account via regular depository financial institution wire transfer or Skrill. FTMO charges nada commissions for withdrawals. You will receive a withdrawal certificate as proof of payment.
You can invoice the prop trading firm as a visitor or equally an individual. Ensure you manage your earnings in line with your country's tax regulations. For example, if you're trading from UK, yous will pay tax on earnings above £12,500. Consult a local tax advisor to ensure compliance with the relevant regulations.
Pros
Benefits of opening an FTMO account include:
- Free trial challenge
- You lot continue 70% of profits
- Comprehensive customer back up
- You invest with FTMO funds, not your own
- Tutorials, Q&Every bit, webinars and discounts on partners' educational websites
- Profitable traders can increment their majuscule by 25% every iv months with the scaling plan
Cons
Downsides of the prop trading firm'due south offering include:
- You can only earn when you get to the professional account, different competitors such as The5%ers
- Less initial capital volume available versus competitors such as Fidelcrest
- Thorough, 2-step evaluation process
- No holding over the weekend
Security
FTMO is non a banker so it'due south unregulated. The company has a thorough two-stride evaluation process which has a relatively low pass rate. This ensures that only capable traders brand it to professional status. New traders can use the complimentary demo account to refine their skills earlier paying the FTMO joining fee and beginning the Challenge.
Customer Support
If something goes wrong, such as a payment gets cancelled, FTMO's client support team has a proficient reputation and is available in 13 languages. Business hours are 24/vii for electronic mail and live chat and 8 am – five pm (CEST) for phone calls Monday – Friday:
- Electronic mail: support@ftmo.com
- Phone number: +44 2033222983
- In person appointments at their office in Prague
You tin also visit the online FTMO shop which sells trading themed merchandise such equally t-shirts, hats and posters. Another great mode to learn more about the visitor is to look at FTMO Challenge reviews on YouTube.
Final Discussion On FTMO
Prop trading is an interesting option for investors in 2022 looking to increment their capital letter, but be sure to compare firms to find the i best suited to your needs. FTMO's unique assay apps and highly regarded customer support make it 1 of our elevation picks for traders looking to have their talent to the adjacent level.
FAQs
What Is An FTMO Trader?
An FTMO trader acts as a contractor and invests through the proprietary trading firm. Afterward completing a two-step evaluation challenge, investors can trade with existent capital to earn serious profits.
Is FTMO A Hedge Fund?
No, FTMO is non a hedge fund. It is a limited visitor and a proprietary trading firm. Head to the visitor website to register for an account.
Is FTMO A Pyramid Scheme?
No, FTMO is not a pyramid scheme – it is a proprietary trading house. Prospective users must laissez passer a two-step evaluation challenge before being allowed to merchandise with the firm's uppercase.
What Can You Trade On FTMO?
Users can trade CFDs and other derivatives on over 100 pairs, including forex (GBP/USD, EUR/USD, USD/JPY); commodities such as golden (XAU) and silver (XAG); indices such as US30 and UK100; crypto pairs such equally BTC/USD, LTC/USD and XRP/USD, plus many more. Note, trading on the NASDAQ100 (NAS100) is not possible with FTMO.
Is Trading With FTMO Halal?
Certain aspects of trading, such as the use of margin, are typically considered Haram. However, Islamic traders with FTMO tin configure Sharia-compliant swap-free accounts by speaking to the customer back up team.
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| FTMO offers a two-step evaluation process to become started investing on the financial markets with the prop trading house'southward capital. | ||
Source: https://www.daytrading.com/ftmo
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