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FTMO Review: Is it legit, safe and trustworthy for UAE citizens and residents?

Prop trading is an interesting opportunity for experienced investors to speculate on the financial markets with significant cash and a decreased chance of losing their investment. With over 6000 new members joining in the year 2020, FTMO has established itself as one of the leading organizations in the forex prop trading industry. In this analysis, we explore a variety of topics, including FTMO Challenge rules, leverage, and account kinds. Visit FTMO Website.

Otakar Suffner, the company's current owner, established FTMO in 2017 with the intention of giving exceptional traders with funded accounts. The corporation has its headquarters in the city of Prague, which is located in the Czech Republic. Since its inception, the company has had rapid expansion and has been recognized with a number of accolades, including the Deloitte Rising Star award in both 2019 and 2020.


The organization has earned a positive reputation because to the highly developed applications that it offers to assist traders in their trading techniques and its excellent customer service.

FTMO provides clients with access to a diverse range of trading products, including forex, commodities, indices, cryptocurrencies, stocks, and bonds, in addition to a number of trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader. Users may start trading with up to $200,000, and after the verification procedure is over, they can keep up to 80% of any gains they make. The largest single compensation made by FTMO was more than $40,000.

The FTMO Challenge, which is the first phase in the assessment process, is followed by the Verification, which is the second step. Together, these steps make up the FTMO evaluation process, which determines a potential trader's level of expertise and qualification.

Users are extended the opportunity to upgrade to a professional account once this process has been successfully completed. Traders will thereafter be able to remotely manage up to 400,000 USD with leverage of up to 1:100, and they will be able to continue expanding their accounts in accordance with the scaling plan.

Tweets by FTMO_com Technically, users trade using a demo account at every stage of the process, including while they are acting in the capacity of a professional trader. The FTMO account is linked to the genuine trading account of the company, which is funded with actual money.

The following is a step-by-step instruction that will help you get started with FTMO:

The many sorts of accounts can be categorized according to their capital levels and their levels of risk (normal versus aggressive). After determining which pricing plan is most suitable for your needs, the next step is to select a currency (USD, EUR, GBP, or CZK), sign up, and register an account.

FTMO is accessible through MetaTrader 4, MetaTrader 5, and cTrader. Both MT4 and MT5 are accessible as downloadable applications for desktop computers. You may get the cTrader app for your mobile device by downloading it from either the Google Play Store or the Apple App Store. You may also utilize the webtrader provided by the prop business, which is accessible on PC and does not require a download.

You are going to have to finish the assessment process first in order to get to the point where you can start making a profit. The first step is to complete the FTMO Challenge. You will be required to pay a charge, the amount of which will be determined by the degree of risk and capital that you select. This is a one-time payment that will be refunded to you when you have made your initial profit.

If you want to try before you buy, there is also the possibility of participating in a free trial challenge. This 14-day trial not only helps you to hone your talents but also provides you with a taste of everything the Challenge has to offer.

You will be required to abide by the guidelines that are specific to each type of account in order to go to the next level. A maximum trading term of thirty days, a minimum trading time of ten days, a maximum loss per day, and a profit target are all included in these objectives (10 percent or 20 percent depending on your chosen risk level).


You will be able to go on to the next level of the game if you are successful in reaching the profit objective before the maximum trading duration. If you are unable to meet the profit objective but do not violate any of the other criteria governing the challenge, such as exceeding the maximum daily loss, you will be given a second opportunity to finish the challenge at no additional cost.

The procedure continues with the Verification stage, which is the second step. You will be required to demonstrate your worth once more, but this time it will not cost you anything. You will receive an email with your Verification log in information a few of days after you have successfully completed the FTMO Challenge. The requirements for Verification are the identical as those for the Challenge, with the exception of a maximum trading term of sixty days and a profit objective that is cut in half.

Again, if you fail the FTMO Verification by falling short of the target profit but do not violate any of the other requirements, you are eligible to retake the test at no additional cost.

You will be allowed to make professional investments with the FTMO private trading business once you have satisfied all of the conditions that are included in the assessment procedure and have done so successfully. In order to get paid, you will first need to complete the necessary KYC procedures.

As a professional trader, you are required to adhere to the same restrictions regarding losses; however, there is no limit trading length, no profit objective, and no minimum number of trading days. Users that operate their accounts professionally are entitled to keep seventy percent of any income produced.

Please be aware that the proprietary trading business will copy your positions onto its live investment account, which deals with actual money.

If you are making a profit from your trading, you may take advantage of the growth plan offered by FTMO to receive a 25 percent increase in your money every four months. In order to be considered for a raise, you will need to have achieved a profit of at least ten percent over the course of the most recent four months (this equates to an average of 2.5 percent profit each month), with at least two of the most recent four months ending on a positive note.

The scaling plan does not have a limit, so if you have a good year and a half of trading, you may end up managing up to 600,000.

There is a one-time cost associated with signing up, and the amount that you are required to pay is determined on the risk category and capital level that you choose. This amount will be reimbursed to you when you get your first payment, and there will be no further charges on a monthly or other recurring basis. Skrill, debit and credit cards, and bank wire transfers are just some of the payment options that FTMO is happy to accommodate. You may join FTMO even whether you live in Kenya, India, or the United States because the proprietary trading business does not set any restrictions on its users' locales or nationalities.

The challenges for each account type are categorized as either 10,000, 25,000, 50,000, 100,000, or 200,000 points. Every challenge has either a Normal or an Aggressive risk level, with the exception of the 200,000 challenge, which only has the Normal risk level available. Take into account both your trading techniques and your level of experience before making a decision on which level to pursue. On the Aggressive account, you are able to incur more losses, but you also have more ambitious goals for your profits. The 10k Challenge costs 155, while the 200k Challenge costs 1080. FTMO fees range from these two extremes.

The challenges have a USD value, but you have the option of competing in them using a variety of other currencies. For example, the 100,000 dollar challenge might award you 100,000 USD, 80,000 EUR, or 75,000 GBP depending on which currency you choose to use.

You are free to open as many accounts as you like, however the maximum amount of initial money that may be allocated across all of your FTMO accounts is $400,000 (or $200,000 for aggressive accounts). This indicates that you might have two accounts for 200,000 gold or four accounts worth 100,000 gold. The total amount of initial capital allocation is not affected by scaling in any way. Take note that in order to create a new account, you will need to pay for and successfully complete the Challenge. Contacting FTMO's customer service allows you to consolidate FTMO accounts if the latter have the same risk and currency settings as the former.

All accounts include leverage of up to 1:100 and access to over 100 foreign exchange pairings, including USD/EUR and USD/GBP, as well as cryptocurrencies like Bitcoin (BTC) and Ripple (XRP), stocks, bonds, indexes like the US30, and commodities like gold (XAU/USD).

The Account Metrix, the Mentor Application, and the Equity Simulator are just some of the one-of-a-kind trading tools and applications that come standard with each and every account. FTMO traders are the only ones who have access to these tools, which can assist you in monitoring and improving your performance.

Other account criteria, such as the following, are important to bear in mind:

There are no restrictions on the sizes of the lots.
You are free to make use of all standard trading tools, such as stop-loss orders and candlestick charts.
You are free to use any trading technique, including scalping, hedging, or automated trading systems (EAs), while you trade on FTMO.
The two-hour rule states that users are not permitted to retain trades throughout the course of the weekend or during extended market pauses. In the event that the rollover takes less than two hours, you are permitted to maintain your positions throughout the night. Make sure that you are familiar with the trading hours as well as the holiday sessions of the market that you have selected. For instance, the trading hours for most cryptocurrencies, such as Bitcoin, are significantly extended.

When engaging in news trading, exercise extreme caution. Certain events, such as the publication of particular macroeconomic reports, are off-limits to FTMO participants. Traders are not permitted to enter or close positions two minutes before or after the occurrence of certain events. Check the company's economic calendar to find out when these events are going to take place, and if necessary, utilize a time zone converter.

The returns are distributed on a monthly basis based on the profit split. Users are required to submit invoices to FTMO, after which the funds will either be transferred to your account by a wire transfer from a traditional bank or through Skrill. Withdrawals from FTMO are not subject to any commission fees. You will be provided with a withdrawal certificate to serve as evidence that payment was made.

You have the option to send an invoice to the prop trading firm either in the name of your company or as an individual. Make sure that you are managing your profits in accordance with the tax requirements of your nation. For instance, if you are doing business in the United Kingdom, you will be required to pay tax on earnings that are greater than $12,500. Make sure you are in compliance with the applicable requirements by consulting a tax expert in your area.

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The following are some of the advantages of creating an account with FTMO:

Free trial and competition.
You get to retain seventy percent of the profits.
Support for the clientele in its entirety
You invest using FTMO money, not your own. Tutorials, question-and-answer sessions, webinars, and discounts on instructional websites owned by partners are available.
With the scaling strategy, profitable traders are able to grow their capital by a quarter of a percentage point every four months.

The following are some of the negative aspects of the offering made by the prop trading firm:

When you upgrade to the professional account, you will unlock the ability to earn.
Less initial capital volume available
Comprehensive assessment consisting of two stages
There will be no storage during the weekend.

Since FTMO is not a broker, it is not subject to any regulations. The organization uses a comprehensive, two-stage review procedure that has a pass rate that is on the lower end of the spectrum. This guarantees that only those traders who are capable of doing the job make it to the professional level. Before paying the FTMO registration fee and entering the Challenge, new traders may utilize the free demo account to hone their trading abilities and improve their chances of success.

In the event that something goes wrong, such as a payment being cancelled, the customer care service at FTMO has a solid reputation and is available in 13 different languages. Email and live chat are available around the clock, while phone calls can be placed between 8 a.m. and 5 p.m. (CEST) Monday through Friday:

Email: support@ftmo.com
To reach us at this number, dial +44 2033222983.
Personal appearances in their office in Prague for scheduled appointments

You may also visit the FTMO shop, which is located online and offers various items with a trade motif on them, such as t-shirts, caps, and posters. Viewing FTMO Challenge evaluations on YouTube is just another fantastic technique to acquire additional information regarding the organization.

Prop trading is an attractive alternative for investors in 2022 who are trying to enhance their capital, but you should evaluate several businesses to discover the one that is most suited to your requirements before engaging in this activity. Because of its one-of-a-kind analytical applications and highly rated customer service, FTMO is one of our top recommendations for traders who are interested in developing their skills further.

An FTMO trader works as a contractor for the proprietary trading business and invests via that organization. Investors can begin trading with real funds to make substantial returns once they have successfully completed a two-step assessment task.

A hedge fund is not what FTMO is. Both a limited liability corporation and a proprietary trading firm make up this organization. Visit the website of the firm in order to sign up for an account there.

A pyramid scam is not what FTMO is; rather, it is a proprietary trading company. Before potential traders are given access to the company's funds, they are put through a two-part evaluation process that they must pass in order to succeed.

CFDs and other derivatives can be traded by users on more than 100 different pairs. These pairs include currency pairs (such as GBP/USD, EUR/USD, and USD/JPY), commodities (such as gold (XAU) and silver (XAG), indices (such as US30 and UK100), and cryptocurrency pairs (such as BTC/USD, LTC/USD, and XRP/USD), among many others. Please be aware that FTMO does not support trading on the NASDAQ100 (NAS100) index.

It is common practice to regard as forbidden or Haram some facets of trading, such as the utilization of margin. However, Islamic traders who use FTMO have the ability to construct swap-free accounts that are consistent with Sharia law by consulting with the customer service staff.

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.