How to open a FTMO account
FTMO is one of the largest and most acclaimed prop trading companies in the foreign exchange (Forex) market. Since its establishment in 2012, the firm has helped many retail traders to break into the competitive world of professional trading through its innovative funding program.
This guide provides everything you need to know about opening and qualifying for a funded account with FTMO. Their proprietary process involves demonstrating one's trading skills through a multi-stage challenge and verification period using demo accounts. Passing these hurdles can lead to traders being allocated a portion of FTMO's own trading capital, allowing them to profit directly from the company's success.
-
Who is allowed to join FTMO?
FTMO accepts traders across the globe. There are no specific qualifications required to create an account. However, clients must be at least 18 years old, and prior knowledge of trading and risk management is preferred. Moreover, they do not do business with those in Iran, Syria, and North Korea, who are on sanction lists, those who have criminal records, especially as it relates to financial terrorism or those who have been banned for breach of contract.
-
What happens if you breach the rules on the FTMO platform?
Once you have breached any Trading Objective, your account will be automatically invalidated. This causes you to lose eligibility in terms of continuing on to the Evaluation Course. The FTMO account associated with your agreement will also be terminated. Although you may try again, you will need to open a new account and start the entire process from scratch.
-
What are the tax requirements for having an FTMO account?
Users receive a 90% share of their achieved profits made on their account and must manage their own taxes in accordance with their local laws and regulations.
-
Which platforms can be used for FTMO trading?
Users can trade on MetaTrader 4, MetaTrader 5, or cTrader. However, US residents cannot use the cTrader platform due to regulatory restrictions.
How do I become an FTMO trader?
To become an FTMO trader, users must first pass the FTMO challenge. This challenge involves a 30-day demo account in which you can trade in accordance with the FTMO rules. During this time, the platform provides users with superior account conditions; you will access meager commissions and raw spreads. Once you pass all requirements, you can move on to the verification process.
The verification process involves using a 60-calendar-day demo account. This is so the platform can gauge your skill and level of consistency overall. However, the rules of this stage are much easier than the initial phase. Once you have passed, you need to submit your ID document (passport, national ID card, or driving license) in order to complete the process.
Who can join FTMO?
To open an FTMO account, clients must be at least 18 years old, and prior knowledge of trading and risk management is greatly preferred. The platform does not do business with those in Iran, Syria, and North Korea, who are on sanction lists, those who have criminal records, especially as it relates to financial terrorism, or those who have been banned for breach of contract.
FTMO account opening guide
To open an FTMO account, you simply need to:
Register: The first step is to register for an account.
Account registration
Try a demo account: You may begin your journey by creating a demo account. This will make it possible to learn how to use the system without wasting money to do so.
Free trial account
Sign up for an account: Once your free trial is up, you can move on to a traditional account.
Accept the FTMO challenge: Complete all requirements to join the FTMO challenge.
Starting a new Challenge
Configure your account: Next, you need to configure your account and add the specifications and settings of your choice.
Pass the challenge: Once you pass the challenge, make sure to wait 1-2 business days to receive your new login credentials.
Complete the verification process.
Begin Trading.
How long does it take to become an FTMO trader?
The amount of time it takes to become an FTMO trader varies. However, generally speaking, the minimum time required to complete the FTMO Challenge is ten trading days. However, the FTMO Challenge takes around 30 calendar days to complete. Moreover, the verification process takes around 60 calendar days. Either way, the amount of time it takes to complete this process primarily depends on your experience and the amount of time it takes to complete the objectives. In other words, if you manage to pass the Trading Objectives sooner, you can complete the process much faster.
Prop Trading Accounts ComparedFree trial FTMO
The Free Trial version of FTMO is essentially a shortened version of the FTMO Challenge. Therefore, it can be used as a means of becoming more acclimated to the FTMO rules and regulations. It allows you to practice your trading skills before risking any real investments to do so. This is best for those who are inexperienced or otherwise need help developing their trading skills.
However, free trials do not guarantee that you will be able to open an official FTMO account. Rather, they simply help prepare you for the platform.
Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.