FTMO is probably the biggest prop firm in the retail world which gives customers capital to trade with. The trader must complete 2 assessments before reaching a real account. Once traders reach live funded status, there is an 80% payment. The only Traders who are eligible for the 90% Profit Split are those who have reached the scaling plan. The business is governed by the regional regulator and operates in strict line with European financial regulations.
Let’s dive deep on the aspects that distinguish this prop firm:
- challenges only
- 10% and 5% profit target in order to reach funded status
- Trading nfp and news events during 2 minutes before and after the release are forbidden
- maximum days in order to complete the assessment
OFP is completely unique and introduces a revolutionary idea to the world of retail trading; there are no challenges to overcome, no profit goals to hit in order to be paid, and no constraints on news trading. The prop firm industry was radically changed by this innovation, and traders are choosing this new model since it is more customer-satisfying.
How does FTMO challenge work?
It functions exactly like any other prop trading company that provides funded accounts. If traders make it through the assessment, they’ll give traders up to $200,000 in trading capital to get started. They cover the losses, and traders’ pocket 80–90% of the earnings. After paying the money for the account, traders must successfully complete the challenge to demonstrate their account management skills.
During the challenge there are two max loss limits:
- one for the most a trader can lose in a single day
- the other for the most one can lose overall in the account.
Currently, traders can lose up to 5% of their initial balance per day, and overall, their account can’t fall below that starting level by more than 10%. With a $10,000 account, traders are eliminated if they lose $500 in a single day or more than $1,000 throughout the Challenge.
Traders may advance to the verification step when they successfully complete the first stage of the Challenge. Although the verification stage is nearly identical to the challenge, traders now have 60 days to achieve a reduced profit target of 5% while still operating within the same trading constraints.
Benefits of trading with FTMO
- The one-time charge is one the lowest of any proprietary trading company, and it is 100% refunded when a trader successfully completes the evaluation process.
- They have paid out millions to their supported traders and are incredibly reliable. On its website, FTMO claims that in 2022, they paid out more than $70 million to their traders.
- Some of the best profit payouts in the industry are offered by this firm.
- Few companies provide as many tradeable assets. One can trade commodities, indices, bonds, equities, metals, and cryptocurrencies in addition to currency, despite the fact that many traders specialize in forex trading.
- FTMO has made significant investments in trade-tracking technologies (dashboard) to assist in directing their trading strategy. With the help of FTMO’s scaling strategy, their most experienced traders can access up to $2 million in trading money.
Are people choosing OFP over FTMO?
Trading with OFP is getting more and more popular among traders, particularly experienced traders with a successful career in prop firms. Traders favorite instant funding accounts versus challenge accounts for a number of reasons. First off, instant funding accounts give traders quick access to funds for trading on financial markets. This makes it possible for traders to profit from market opportunities without having to wait to prove their trading prowess and finishing a trading challenge.
Secondly, instant funding accounts typically provide greater freedom with regard to trading technique and style. There are no restrictions on trading techniques or risk management principles, which are often present in challenge accounts. With an instant funding account, traders are free to trade in the manner of their choice and choose how to manage their risk. To sum up, experienced traders but mostly novice traders frequently favor immediate funding accounts. They seek flexibility and freedom to trade more freely, as well as access to the resources and money they need to turn a profit.
