FTMO: Pros and Cons for Beginners
Trading has become an increasingly popular way to participate in financial markets, but getting started can be challenging for beginners. Choosing the right platform is an important first step, and many new traders look for features such as demo accounts, educational resources, low fees, and user-friendly trading conditions.
FTMO is one of the best-known proprietary trading firms, offering traders the opportunity to access funded accounts after completing its evaluation process. Founded in the Czech Republic in 2014, the company provides access to a range of markets, including currency pairs, stocks, stock indices, commodities, and cryptocurrencies.
This review examines FTMO's suitability for beginners, covering its evaluation model, costs, trading conditions, and the key advantages and disadvantages that new traders should consider before getting started.
FTMO for beginners: Broker review
Here is a review of all FTMO features you need to know about:
FTMO minimum deposit
While deposits are important to confirm your dedication to learning and using the platform, they should be low for a beginner who doesn’t have much to give. For example, FTMO proprietary trading requires a low minimum deposit of €155. The minimum deposit is low but not the lowest in the market.
FTMO fees
Brokers charge fees for their services for providing a trading platform. The fees are usually structured in various ways, including the spread(buying price minus the selling price on an asset), commission per lot, and commission per trade. Each broker will have different fees and use a specific structure for its trading fee. For FTMO, the testing fee depends on the chosen strategy and the deposit amount. The swing account type has a minimum spread of $6.
FTMO accounts for beginners
A good broker for beginners needs to provide novice users with an account where they can train and learn how to trade and use their platform. FTMO provides a free trial and a challenge version that can help novice users learn the ropes before investing. Additionally, you must prove to FTMO that you are a disciplined and reliable trader because they will give you around a $400,000 deposit to trade. You’ll then share the profits depending on the asset and trading type.
FTMO account openingYou need to register with FTMO to access a user account. If you register successfully, you’ll access a free trial to help you study the platform and its supporting applications. When registering, you’ll need to choose either a free trial or a test version. You’ll be required to input your email, full name, phone number, and country. Individuals in/from Iran, Syria, and North Korea, persons listed on sanction lists.
You’ll also have to confirm your registration via the email you provided.
Trading Platform
A good broker for beginners should provide an easy-to-use and reliable trading platform. In addition, it should be easy to navigate and feature a user-friendly interface.
FTMO provides users with a well-defined web platform and a user-friendly mobile application to access the platform from anywhere. Furthermore, the client area feature allows you to access all the necessary features and supporting applications.
Customer support
Accessing customer support whenever you have a question or need help is one of the most important things to consider when choosing a trading broker. FTMO has a good customer care system that is on at any time of the day and all week. In addition, the customer support team has quick responses to questions, and multilingual support is available in 17 languages!
You can contact FTMO through chat, Email, messengers, and a call.
FTMO pros and cons for beginners
FTMO has various benefits that new traders can leverage to learn and become a pro. However, you’ll only start earning after you prove you are disciplined and can manage your given amount carefully. Here are the FTMO pros and cons for beginners.
👍 Pros:
• No recurrent charges
• Zeros restrictions on the number and type of trading style
• Low minimum deposit of €155.
• A wide choice of platforms like MT4, MT5, and cTrader with scripts, indicators, and advisers
•Rewards of up to between 80% and 90%
• Unlimited trading volumes
• Leverage of up to 1:100
•Responsive customer service with up to 17 languages
👎 Cons:
• Limited information about the company’s beginnings
• Strict test period requirements
FAQs
Is FTMO available to anyone who wants to trade?
FTMO accepts traders worldwide and has no special requirements to open a user account. The individuals must be 18 years old and above and should know how to trade. However, individuals from or in Iran, Syria, and North Korea and those sanctioned or financial criminals and terrorists and not allowed to use the platform.
Is FTMO safe, and can it be trusted?
FTMO has operated since 2015 and has a wide range of traders from various countries using it as a broker. The company, based in the Czech Republic, has offered thousands of FTMO accounts linked to its Proprietary Trading Firm. The company also has excellent reviews on some top Trading review sites. However, you must ensure that you are allowed to trade within your country.
How long does it take to become an FTMO trader?
You must finish the FTMO challenge to become a trader on their platform. The minimum requirement to accomplish the challenge and verification is to trade for ten days for each process. The days don’t have to be consecutive, and you can start using your account as less than 20 trading days.
How do reviews affect the FTMO rating?
Review can lower and raise FTMO trading. Good reviews will increase its rating and reputation, while poor reviews will negate its rating. If you want to leave a review, you can do so on our Traders Union website or Facebook and see their review in the FTMO profile.
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.
Also, Andrey is a member of the National Union of Journalists of Ukraine (membership card No. 4574, international certificate UKR4492).
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.
