Table of Content
FTMO Review – Learn More About FTMO.Com
Table of Content
FTMO claims on their website to be successfully operating since 2015. This firm doesn’t claim to be a typical Forex broker. In fact, what they label themself with is ‘’Proprietary Trading Firm’’. It is allegedly especially designed for experienced traders.
To ensure the trader is qualified to trade with FTMO, they have even developed an evaluation course. After the evaluation the traders are placed in the FTMO Proprietary Trading Firm where they can trade and generate profit. Losses are promised to be covered by the company while the customer is keeping up to 90% of the profit they generate.
|Address||Prague 1, Purkynova str. 2121/3, 110 00|
|Platforms||M4, MT5, cTrader|
|Phone||+442 033 222 983|
|Support||24/7 live chat, messenger, phone|
|Trading instruments||Forex, indices, crypto, commodities, CFDs|
With the conditions that sound too good to be true we have tried to dig deeper, and of course, discrepancies arose.
FTMO is unlicensed by any particular regulator. The company doesn’t even explain their legal aspect of functioning. So it is utterly confusing and any licensing and regulation is not in any context even remotely mentioned.
Is FTMO Broker Safe? Regulation and Security
For a broker to be allowed to operate in the EU they are obligated to be regulated by a jurisdictional regulator. This broker, with headquarters in Chech republic, would have to be regulated by Czech National Bank (CNB). Checking if FTMO is regulated there gave a negative result. To make sure there is no mistake, we have checked other registers of financial authorities like FCA, CONSOB, ASIC, BaFIN. This also gave no result of FTMO being licensed by any of the mentioned regulators.
The governing financial authority of the EU market is ESMA. By complying with ESMA standards of trading, a broker agrees to participate in improving investors protection. Brokers would have to respect the ESMA rules governing the EU market if they offer their services there.
Considering the fact that this broker operates apart from any regulation and without complying to ESMA serves as a testimony about this broker not being trustworthy.
Trading Software Available
The site proudly advertises the possibility of accessing top tier trading platforms like MetaTrader 4, MetaTrader 5. cTrader is also supposedly available. However, no actually working download links could be found. Registering for the site is bugged. Therefore, the trading platform is completely inaccessible.
Regulated brokers make sure to provide a superb trading experience thanks to a functional platform. It is the most important aspect of trading. The fact that FTMO is not giving traders a chance to even try out the platform, is proof enough this broker is not legit.
What Types of Accounts Does FTMO Provide?
There are two types of accounts offered at FTMO:
- FTMO Account
- FTMO Account Swing
Exact specifications and features offered on each account are a complete mystery. The imprecise FAQ section states that the leverage offered is up to 1:100, can be lowered upon request. Swing account type has leverage set to 1:30. It is also stated that platforms calculate free margin based on account balance. Swaps are said to be subject to changes and adjustments, depending on the interest rate differences and dividend.
FTMO Trading Instruments
FTMO allegedly allows users to trade without limitations to their own strategy. No limits are imposed on instruments or position sizes. Customers can even use expert advisors. The supposedly allowed instruments are grouped into several major asset groups:
- Forex (EURUSD, GBPUSD, EURGBP, USDJPY, USDCAD, USDCHF)
- Indices (US30.cash, US100.cash, US500.cash, GER40.cash)
- Crypto (BTCUSD, ETHUSD,LTCUSD, XRPUSD, DASHUSD)
- Commodities (XAUUSD, XAGUSD, XPDUSD, XPTUSD)
- CFDs (metals CFD, cash CFD, futures CFD, crypto CFD, equities CFD)
Methods of Deposit/Withdrawal
Supported depositing methods are bank wire transfer, credit/debit card, crypto, E-wallet. The most notable detail is the fees imposed on the investor. E-wallet depositing includes a fee of 3%. Bank transfer fees are also mentioned but unspecified. The minimum deposit amount required is 155 EUR.
Withdrawals are promised to be fast and processed within 1-2 business days after verifying the withdrawal request. The withdrawn funds are received by regular bank transfer, Skrill or crypto. It is claimed that the broker itself doesn’t charge any withdrawal commission or fees. However, there’s a warning mentioning that the minimum profit requirement is at least $20 for bank wire and $50 for crypto payouts to cover the transactional fees.
How Can I Get a Refund if FTMO Stole My Money?
Do not feel ashamed if you have fallen victim to the scamming scheme of FTMO. As quickly as possible, try to refer to government authorities. These institutions can help you take legal action and restore funds.
Always advised method of depositing money is credit/debit cards cause they allow chargeback within 540 days of depositing. This way if you suspect the broker is ought to scam you, withdrawal of funds is still possible.
- Not regulated
- No functioning trading platform
- Unclear commissioning and fees
- Poor info on trading conditions
FAQs About FTMO Broker
Is FTMO a Legitimate Broker?
FTMO is not a regulated and licensed broker, therefore, it operates illegitimately.
What Funding Methods Does FTMO Accept?
Supported depositing methods are bank wire transfer, credit/debit card, crypto, E-wallet.
Is FTMO a Good Broker?
No, FTMO is not reliable and trustworthy, not regulated and cannot guarantee good trading conditions.