FTMO Review: Why You Shouldn’t Believe This Company
FTMO broker is registered in the Czech Republic. They claim that they don’t provide trading services and that they don’t accept deposits.
Our in-depth FTMO review will cover the basics of the brokerage, including trading terms and a lack of a license.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||FTMO s.r.o / FTMO Evaluation Global s.r.o / FTMO Evaluation US s.r.o|
|Headquarters Country:||Czech Republic|
|Minimum Deposit:||155 EUR|
|Cryptocurrencies:||YES – BTC, BNB, ETH|
|Types of Assets:||Forex, Indices, Commodities, Cryptos, Bonds, Shares|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is FTMO a Regulated Trading Firm?
Three entities are within this group, FTMO Evaluation Global s.r.o, FTMO Evaluation US s.r.o and FTMO s.r.o.
All of these are at the same address in the Czech Republic. However, the contact number presented on the website comes from the UK. The point of this broker is that trading is provided through the liquidity providers and those are mysterious.
So, clients are paying fees for trading. They get a certain amount of money on the trading balance (which is virtual). If they reach their target in evaluation time, they get real money for trading – as the company says. But if you fail, you can pay again for another evaluation until you reach the target. And the number of evaluations is unlimited.
As per regulations, any company that provides FX and CFD trading services should have a license for such a business. FTMO doesn’t have it in any jurisdiction or for any of its entities.
We double-checked the Czech Central Bank and many Tier 1 regulators like CONSOB, ASIC, BaFin, and FCA, but we couldn’t find even a trace of the FTMO company. Because clients don’t make a deposit but pay a fee, they consider it as a grey zone.
Many FTMO reviews state that this company is not reliable, due to platform manipulation, frozen trading accounts, and many more. That’s exactly the downside of not having a license.
FTMO is a trading company, but it’s not. They are not regulated, and they require you to pass the evaluation program to get real funds for trading.
Reasons for Using a Regulated Broker for Trading
With a regulated broker, you know that your funds are safe and that the trading conditions presented are 100% correct. There is no misleading and they are very transparent. However, you get proper education and with that, you are minimizing your risk of losing money. Look only for Tier 1 regulated companies because they have very strict rules.
What Platforms Does FTMO Offer? – Available Trade Software
The surprising fact is that this broker offers very reliable and trusted trading platforms. Those are MT4/MT5 and cTrader. All of the mentioned provide a wide range of possibilities. From social trading, copy trading, EAs, advanced charting and indicators, and many more. However, cTrader is not enabled for US citizens.
MT4/MT5 as the industry standard is used widely. It still has the fastest executions and the best user-friendly design. Very simplified, yet functional. Besides that, it is available for any device for the download.
However, cTrader is a bit more advanced than Meta Trader. It allows you to trade on two accounts simultaneously and algorithmic trading. On top of that, it’s a very easy-to-use interface, with high functionality and in-depth market analysis tools.
Trader’s Reviews of FTMO
If you watch any FTMO reviews, you will find split customer opinions. While doing this FTMO review, we found 4206 comments on the Trustpilot platform. However, 2% of them were rated 1-star which is still a high number.
What clients are complaining about are fixed prices and manipulated spreads. Therefore, just be wise and double-check everything before you invest any money with this broker.
What Financial Instruments Does FTMO Include?
There is a wide range of instruments available across 3 trading platforms. They offer:
- Forex GBP/JPY, USD/NOK, EUR/SEK
- Commodities oil, natural gas, gold
- Indices DAX30, FTSE100, DJI
- Shares Amazon, Starbucks, Tesla
- Cryptos BTC, XRP, ETH
- Bonds treasuries, yields
Even though they provide all these assets and fancy trading platforms, many customers are complaining about their services. For unknown reasons, traders get banned which is nonsense.
FTMO Service Countries
Through FTMO reviews we could identify that they are scamming traders from:
All these countries have very strict regulations, therefore if they continue doing business like this we can expect warnings very shortly. Non-transparent company with unclear trading rules that is banning successful traders is not a good start.
List of FTMO Account Types
The broker offers only 2 different account types. They are different in terms of trading conditions and evaluation rules. Those are:
- Standard Plan 155 EUR – minimum equity 10%, maximum daily loss 5%
- Aggressive Plan 250 EUR – minimum equity 20%, maximum daily loss 10%
Every account has overnight swaps which are dangerous. Just have in mind that the initial fee is increasing as your trading balance increases.
Can Customers Open A Free Demo Account?
Practically, yes. In the first 30 days, you are trading with virtual funds until you pass the evaluation program. However, the broker can allow you to go with real funds within the first 10 days of trading.
But those are just cheesy tactics to get you to pay more. Just think about the fact that they are giving you someone else’s money to trade with. Doesn’t make sense.
FTMO Deposit and Withdrawal Policies
As per the company policy, they accept various deposit and withdrawal methods. Those are credit/debit cards, wire transfers, Skrill, and crypto transfers. Since all of this looks shady, and many customers are unsatisfied with their service, use a card transfer if you still want to try it.
However, we would rather recommend you look for a licensed broker that will educate you properly about trading and have you secured.
According to the policy, withdrawal can be processed within 14 days. Unfortunately, in some FTMO reviews, we found that this company blocks the accounts of clients through the withdrawal process. Apparently due to T&C violations.
FTMO Terms and Conditions
When the company is not regulated by any authority, all T&Cs are questionable. Therefore, the ones here are as well. What is the least satisfying is the number of fees that clients could potentially pay along the way. If you don’t mind reading through all T&Cs, it’s better to see what you can expect.
Leverage, Spreads, and Fees
At least this is clarified. Spreads start from 0.2 pips, which is good. However, leverage is not according to any regulation. It goes up to 1:100, which is not in accordance even with ESMA rules.
What Should I Do If I Have FTMO Problem?
No institution is monitoring this company. So, the only solution if you had trouble with this broker is to request a chargeback.
According to user experience and FTMO reviews, their customer service is useless. Our experts can assist you with the first steps of the chargeback process. Contact us today and don’t waste any time!
What Is FTMO?
They present themselves as a non-brokerage company, but they provide trading services. The only difference is funds organization.
Is FTMO a Regulated Broker?
No. They don’t comply with any US or European regulations. Especially not Tier 1.
Is FTMO Available in the United States or the UK?
This company offers services to both mentioned countries, yet without a license for FX and CFD services.
Does FTMO Offer a Demo Account?
Practically, yes. Because in the first 30 days, you are on an evaluation program with virtual funds. After that, if you pass the test, you are entitled to trade with real money from an unknown source.