Is FTMO.com Scam? Does it really work?

FTMO is a proprietary trading firm that onboards traders who successfully manage to complete its two-step evaluation process. The first step is the FTMO challenge, which is followed by the verification process.

In this FTMO review, you can find detailed information about the process, including how it works and what costs are involved. At the end of the day, this article should help you decide whether or not this is the right trading platform for you.

FTMO Review – Pros

Pros

• Low minimum deposit of $155
• Profit ratio up to 90:10
• Free trial account available
• Free repeats if you fail the challenge or verification

What is FTMO?

FTMO is a proprietary trading firm that offers traders a placement within its company if they complete a two-step evaluation process. If you manage to successfully complete the challenge and verification stages of this process, you will be given an account balance of $400,000 to work with once you officially become an FTMO trader.

It is an EU company that launched in 2014 and is run from Prague, Czech Republic. The company uses its own profits to fund trader accounts and accepts players from 180 countries worldwide. To date, there are over 10,000 onboarded traders on the FTMO platform. 

FTMO review – How to Trade

Before becoming a fully-fledged trader at FTMO, you need to complete the two-step evaluation process. If you are new to trading, it’s a good idea to use the demo account first, which provides a miniature version of this challenge. Additionally, there are also educational tools to help you along the way. 

There are three stages to trading at FTMO, which are: 

1. FTMO Challenge

2. Verification

3. Become an FTMO trader

You need to pass each stage before you can move on to the next, and there are strict profit targets of 10% of your starting account balance that must be met. Passing each stage isn’t necessarily easy, and requires time and effort. However, you can repeat each stage for free if you fail to reach your targets the first time around but don’t breach any trading objectives.

In this section of the article, you can find a more detailed step-by-step guide to the trading process. 

Create an account with FTMO

Creating an account with FTMO can be done quickly and easily. You can register within a few clicks using your Google, Apple or Facebook account. Alternatively, you can fill in the form by clicking on the “Register” button and entering the following details: 

• Title
• First name
• Last name
• Email
• Mobile
• Country

You then need to enter and confirm your password and verify your account via the email that will be sent to you instantly. Always make sure to check your spam folder, just in case. 

FTMO Login

Once you have created your account and verified it using the link provided in the email, you can log in using your email and password. Once logged in, you have the main menu and all areas of your account to the left of your screen. To begin a new challenge, you need to click on the blue “New FTMO Challenge” button and enter your preferred trading account specifications.

FTMO Verification Process

As stated above, when you first register your account, you just need to verify it via your email address. Once you successfully complete the FTMO Challenge, you need to move on to the verification stage, which is the second of the two-step evaluation process. Once you get to this stage, you will be sent new login information via email. 

The verification stage is similar to the FTMO Challenge itself, only that your profit targets are reduced by half, to 5%. Moreover, you have a full 60 days to complete it – though if you pass it in less, the verification period will end and you will become an FTMO Trader. The verification process is simplified as it is designed to test your consistency as a trader. 

How Does FTMO Work?

FTMO works with a two-step evaluation process that allows successful applicants to become traders using $400,000 of the company’s profits. The first and most important phase is the FTMO Challenge, which is also the hardest to pass. However, you can repeat this step for free as many times as you like, as long as you still meet your trading objectives and stay in profit.

The FTMO Challenge stage runs between 10 and 30 days, with an additional 14 available if needed. If successful, you move on to the verification stage, which you have 60 days to pass. However, the minimum period is 10 days. Effectively, the most successful applicants can become traders after just 20 days. However, realistically, you should expect to need at least the full 90 days – especially if you are an intermediate or novice trader. 

FTMO Challenge Review

You can start the FTMO Challenge with an entrance fee as low as $155, which gives you an account deposit of $10,000 to work with. Here, you will be set a challenge with rules and targets. To pass this stage, you have to meet a profit target of $1,000 within the 30 day period. The maximum losses permitted are $500 per day and $1,000 per week. 

Failure to meet your profit target within the time or losses made below the set limits will result in you not passing the challenge. However, as said before, you can repeat the challenge without paying a fee to reenter. 

To set up the FTMO Challenge, you can configure the following elements: 

• Account currency – Choice between USD, EUR, GBP, CHF, AUD, CAD and CZK
• Risk mode – Normal or aggressive
• Account balance – $10,000 – $200,000 (USD)
• Account type – FTMO or FTMO Swing
• Trading platform – MT4, MT5 or cTrader

Before you can complete the process and start the challenge you will need to enter your billing information and payment currency. You then need to check the boxes to confirm that you have read the T&Cs and the cancellation and refund policy. It is strongly recommended that you read both documents carefully before progressing.  

FTMO Payment Methods

In order to begin the FTMO Challenge, you will need to pay a fee, which will be funded to those who successfully complete the challenge. These fees start at $155 for a $10,000 account balance, and range up to $1,080 for $200,000. 

You can pay your fee using the following payment methods: 

FTMO Review – Payouts

If you successfully pass the evaluation process – challenge and verification – you will start off with a payout ratio of 80:20. In other words, you keep 80% of all trading profits that you make. FTMO sets out scaling conditions for all traders, and if they are met, your payout ratio can increase to 90:10.

Additionally, you will also be given an extra 25% account balance to trade with. Profits are paid out on a monthly basis and your payout ratio can be re-evaluated based on scaling and performance.

Does FTMO Really Pay?

Yes, FTMO does payout on a monthly basis, based on the profit ratio that you are on – as explained above. You can choose to withdraw it every single month, or you can do so on a payout-on-demand basis. Additionally, you have the option to change the profit-split day for each withdrawal up to a maximum of three times. This will be explained in more detail below. 

How to Cash Out on FTMO?

You can choose to cash out your profits on a monthly basis, with your first cashout option being available 14 days from the first trade made on your FTMO Trader account. There is no minimum profit required in order to cash out or alter your ratio. The rise from the 80:20 to the 90:10 profit split is solely determined by meeting the targets required to follow the scale-up plan and not the size of your profit.

FTMO Review – Withdrawal

When your profits are paid to you each month, you will receive an invoice that you have to confirm, once that is done, you can request a withdrawal. Once your invoice has been confirmed your withdrawal payment should be processed in one to two business days plus the time required by your payment provider. FTMO doesn’t charge any commission fees for withdrawals. 

You can withdraw profits from FTMO using the following payment accounts:

• Wire transfer
• Skrill
• Cryptocurrency

Does FTMO Have an App?

Yes, there is an FTMO app that you can download to all up-to-date iOS and Android cell phone and laptop devices. You can find the app on the App Store and Google Play. At 83.4 MB for the iOS version, the app is a little bit on the heavy side. 

However, for a trading app with this many features packed in, that is to be expected. That being said, you do still need to be sure that you have the memory space available on your phone. 

While you cannot use the MT4, MT5 or cTrader platforms on the app, it does have all of the features found in the “Client Area” of your FTMO account. This means you can manage your account, track your trades and use educational trading tools while on the move. 

FTMO App Features:

• Evaluation process
• Real-time statistics
• Economic calendar
• Equity simulator
• Automatic trading journal
• Account analysis

FTMO Customer Support

The FTMO customer support team can be contacted in five different languages through the following mediums:

• Live chat
• Support email
• Phone line
• WhatsApp

Response times are quick, helpful, pragmatic and informative. You might not receive the warmest responses in the world, but you should find that the service is extremely efficient.

There is also an FAQ section that is well laid out and contains helpful answers to pretty much all standard account and trading-related issues. If you make good use of this tool, you should only need to contact customer support for specific issues related to your account. 

FTMO is also active on the following social media channels:

• Facebook
• Twitter
• Instagram
• TikTok
• YouTube

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Website Design 

The FTMO website has an extremely modern design that is very easy to follow for new, intermediate and experienced traders. The FTMO Challenge model is quite unique, but you can follow an entire explanation and step-by-step guide simply by scrolling down the home page. Alternatively, you can use the menu bar at the top of your screen to skip to different sections. 

The layout of the website uses icons, infographics and stats that help to take you on a journey. All explanations are short and simple, meaning that you will get an overall idea of how the platform works even if you have zero prior knowledge of trading. 

Client Area

Once you are logged in, the client area of your account is very user-friendly. Every area of your account is always available on the left-hand side of your screen, with the main information being displayed down the middle. Overall, the site is simple enough for newer traders, whilst having plenty of tools to satisfy those with more experience. 

How to Delete Your FTMO Account

You cannot completely delete your FTMO account, as the company requires them for future records – this is explained in the terms and conditions. Instead, you can hide your account by completing these steps:

1. Log in to your FTMO account
2. Go to Client Area
3. Under the “Actions” header click on the blue “Hide Account” button

Conclusion – Is FTMO Legit?

The high ratings and reviews from current traders suggest that FTMO very much is the real deal. However, the two-step evaluation process is deliberately difficult to pass, especially the FTMO Challenge stage. If you are willing to put in the time and effort required, then there is a realistic chance of making a profit on this platform. If you are a new trader, it is definitely worth making use of the educational tools and the demo account before paying to start the FTMO challenge. 

Key takeaways from this FTMO review:

• Challenging evaluation process with 10% profit targets
• Low entrance fee compared to similar sites
• Profit ratio of 80:20 to 90:10
• Free repeats for both evaluation steps
• Fee refunded upon successful challenge completion

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