What Is FTMO Broker? How Does It work?
The best proprietary trading company for FX traders is FTMO. The guidelines for the FTMO Challenge and the Verification procedure are transparent and well-documented. Both the price and the supported trading tools are well-liked by traders.
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What Is FTMO Broker?
The reputable and award-winning prop trading company FTMO broker provides, among other things, a versatile and alluring swing account with reduced leverage. Other proprietary fundraising systems offer a similar bundle, down to the user-friendly, slick design. The finest FTMO substitute has escalation funding, no constraints on trading circumstances, and trader orientation. Owner Otakar Suffner created FTMO in 2017 to give skilled traders financed accounts. With its corporate headquarters in Prague, the business is based in the Czech Republic.
How Does It work?
The FTMO Challenge and Verification are the first and second steps in the evaluation process that FTMO uses to determine the skill and qualifications of potential traders. Users are presented with a professional account after this procedure is successfully finished. The eblogz report can then be expanded by traders remotely managing up to 400,000 USD with a leverage of 1:100 by their scaling strategy. Users technically always trade on a demo account, even if they are experienced traders.
The following is our starting FTMO guide:
1. Select a User Account
The two categories of account types are capital Mediaposts level and risk level (normal vs. aggressive). Decide which plan is best for you after that, then register and open an account by choosing a currency (USD, EUR, GBP, or CZK).
2. Select a Platform
FTMO is accessible through cTrader, MT4, and MT5. You can download MT4 and MT5 for desktop computers. Mobile apps for cTrader can be downloaded from the Apple App Store and Google Play Store. You can also utilize the web trader for the prop company, which is accessible on the desktop without the requirement for download.
3. Commence the FTMO Challenge.
You must finish the evaluation process before you can start making money. The FTMO Challenge is stepped on. Depending on the risk and capital level you select for free, you may be required to pay a fee. If you are successful, you will get a refund for this one-time cost. There is also the option of a free trial challenge if you want to try anything out before purchasing it. During this 14-day trial, you can sample the Challenge and perfect your talents at the same time.
4. Observe Trading Goals
To advance to the next phase, it would be great if you followed the guidelines for each type of account. According to your selected risk level, These goals include a daily loss cap, a minimum trading period of 10, a maximum trading term of 30 days, and a profit target of 10% or 20%.
Verification is the name of the second step in the procedure. You have to prove yourself once more, but this time it’s free. 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 is halved.
How to Select a Funded Trading Program?
We recommended the top 6 businesses with the utmost funded trading forex schemes. However, what standards should you consider while considering your options?
Verify that any company you plan to trade with is a natural, functioning business before doing so. Read every review and report, along with the small print.
Decent profit margin
Make sure the profit percentage is at least 50% of the profit. Look for programs that give more than 70% of revenues.
Sufficient trading resources
Verify if the company offers training, webinars, and all necessary documents. Instead of just providing you with trading funds, these services are where the company makes its part of the sale.
In 2014, the Czech Republic saw the establishment of the global proprietary trading firm FTMO. The site accepts traders, and after the traders complete a two-step testing process, FTMO transfers $400,000 to the trader’s account. To increase the deposit, FTMO keeps an eye on transactions. At the first stage of actual trading, there is an 80% payment and a 90% payment at each successive step.