FTMO Funded Forex Account
FTMO offers funded accounts to promising traders who pass their challenge. The company is for the traders and by the traders and specializes in forex trading.
FTMO Challenge Review
The process begins with a 30-day simulated trading challenge. Aspiring traders pay a fee for the challenge based on their initial capital requirement, buying power, maximum daily loss limits, and profit target. The fees for these accounts are refundable with the first profit withdrawal.
After the traders pass the challenge, they go through the second round of verification to validate that they are consistent and profitable traders. The second round is similar to the simulated challenge except that the profit target is reduced by 50% and the trading period is extended to 60 days.
Once a trader meets the trading objectives of the challenge as well as the verification, he becomes an FTMO trader. The trader can start making real trades using real money and keep 70% of the generated profits. FTMO still holds certain limits like the daily loss, total loss, and minimum trading days limit, however, there are no restrictions related to profit target.
FTMO also assists the traders in their trading journey with the help of best brokers and trading platforms. Traders can use platforms like MetaTrader 4, MetaTrader 5, or cTrader, and the brokers of FTMO include Purple Trading, Admiral Markets, and Blueberry Markets among others.
Aspiring traders can also benefit from being a part of the FTMO community. FTMO offers tools and strategies to enhance trading and strengthen the mind. Some of these tools are Account MetriX to monitor the progress, Statistical App to show probabilities of market behavior, Mentor App for better discipline, Trading Journal to archive trading results, and Account Analysis to analyze the trading results.