In the world of proprietary trading, numerous firms claim to offer traders the chance to access significant funding and earn substantial profits. One such firm is FTMO, which has gained considerable attention in recent years. As a result, traders worldwide are asking the crucial question: “Is FTMO legit?”
In this article, we will delve into the company’s background, its evaluation process, profit-sharing structure, and customer support to determine whether FTMO is a legitimate opportunity for skilled traders seeking to capitalize on their trading prowess. So, let’s dive in and uncover the truth about FTMO and its offerings.
Learn More About FTMO
FTMO is a proprietary trading firm (also known as a prop firm) based in Prague, Czech Republic, founded in 2015. The company’s primary goal is to identify profitable traders and provide them with the necessary trading capital and resources to succeed in the financial markets.
FTMO has developed a two-step evaluation process to assess traders’ skills and ensure they have a well-defined trading strategy before offering them access to the firm’s capital.
When evaluating the legitimacy of FTMO, it’s crucial to consider the experiences of actual traders who have interacted with the company. Trustpilot, a popular online review platform, offers valuable insights into FTMO’s customer satisfaction levels.
As of now, FTMO has an impressive average rating of 4.9 out of 5 stars on Trustpilot, based on over 4,389 reviews. With a TrustScore of 5 out of 5, the company has been designated as a verified company, showcasing its commitment to customer satisfaction. The vast majority of users have had positive experiences, praising FTMO for its reliable trading platform, transparent evaluation process, professional customer support, and the opportunities it provides for traders to access substantial trading capital.
Here are a few examples of customer testimonials:
Two-Step Evaluation Process
FTMO’s evaluation process consists of two stages: the FTMO Challenge and the Verification stage. This process is designed to assess a trader’s skills, discipline, and ability to achieve specific trading objectives.
FTMO Challenge: In this stage, traders are required to reach a profit target within a 30 day set time frame, maximum trading period, while adhering to specific risk management rules. The challenge helps FTMO assess a trader’s skill level and determine if they are a good fit for the firm. The profit target and trading parameters vary depending on the chosen account size. (click here for more details in our FTMO Review)
Verification Stage: Traders who successfully complete the FTMO Challenge move on to the Verification stage. In this phase, traders must again achieve a profit target and follow the same risk management rules as in the FTMO Challenge, but with a longer time frame of 60 days and a more relaxed profit target. The Verification stage further validates a trader’s ability to perform consistently in the financial markets.
Minimum Trading Days
Both the FTMO Challenge and the Verification stage require traders to trade for a minimum of 10 days within the trading period. This requirement ensures that trading talent is not based on luck or a few profitable trades but rather on consistent performance and a well-executed trading strategy.
FTMO supports various trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader. These platforms are widely used and highly regarded in the trading community for their advanced tools, user-friendly interface, and reliability. By offering compatibility with these platforms, FTMO ensures that traders can use their preferred trading tools and environments.
Profit Share and Scaling Plan
FTMO offers an attractive profit share structure for its traders, providing a competitive incentive for those who successfully pass the evaluation process and begin trading with a funded account. The default payout ratio for all FTMO traders is set to 80:20, which means traders receive 80% of the profits they generate, while FTMO retains the remaining 20%.
However, FTMO’s Scaling Plan offers even better profit-sharing terms for traders who meet its conditions. When a trader fulfills the Scaling Plan requirements, the balance of their FTMO account is increased by 25%, and the payout ratio automatically changes to a remarkable 90:10. This means that the trader will receive 90% of the profits, while FTMO retains only 10%.
Moreover, FTMO allows its traders to request payouts on-demand, ensuring flexibility and convenience in receiving withdrawals. Payouts can be processed just after 14 days, but traders also have the option to choose their own Profit Split Day, which can be changed up to three times. This flexibility ensures that traders can receive their withdrawals on their preferred day, making FTMO’s profit split system highly accommodating for its traders.
Customer Support Team
FTMO is known for its responsive and knowledgeable customer support team, which is available to assist traders via email, phone, and live chat. The support team can address questions about the evaluation process, trading rules, and account management.
Additionally, FTMO provides educational resources and access to a community of professional traders to help traders continually improve their skills and trading strategies.
Final Thoughts – Is FTMO Legit?
So, is FTMO legit? Based on the company’s transparent evaluation process, compatibility with reputable trading platforms, provision of trading capital, and excellent customer support, the answer is yes. FTMO is a legitimate proprietary trading firm that offers skilled traders an opportunity to access trading capital and profit from the financial markets. The competitive profit split structure, along with the Scaling Plan, makes it an attractive option for traders looking to expand their trading career and potentially earn a substantial income.
However, it’s essential to remember that success in trading comes with dedication, discipline, and a well-tested trading strategy. FTMO is not a get-rich-quick scheme, and it requires traders to demonstrate consistent profitability and adhere to strict risk management rules.
So, if you’re a skilled trader with a proven trading strategy and you’re seeking an opportunity to trade with substantial capital while benefiting from a supportive environment and flexible payout system, FTMO is a legitimate and appealing option to consider. Click here to get started today!