The post Best FTMO Alternatives by Sarah Edwards appeared first on Benzinga. Visit Benzinga to get more great content like this.
FTMO has become a well-known name in the proprietary trading world. You’ll get the chance to manage significant capital and can even keep a sizable share of the profits. They make you pass a tough evaluation process first.
The FTMO prop firm recently stopped onboarding U.S. clients. Many seek other brokers to fill the void the freeze on U.S. accounts leaves. If you enjoy proprietary trading, our list of other platforms can help you jump back into prop transactions.
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Best FTMO Alternatives
Here’s a look at the best prop trading firms and FTMO alternatives.
Best for Flexible Funding Options: FXIFY
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FXIFY is a proprietary trading firm offering qualified traders and investors up to $400,000 in proprietary funds after passing a series of trading assessments. Traders can then scale their account up to $4 million with profit sharing splits as high as 90%. FXIFY offers two assessment program options to get funded, including a One-Phase and Two-Phase series. Each assessment has its own unique terms and conditions which gives traders more flexibility based on their trading needs. FXIFY prop accounts are available on MT4 and MT5, the most popular trading platforms in the market, via their exclusive partnership with FXPIG, a multi-asset retail brokerage established in 2010.
Traders using FXIFY can take advantage of commission free trading across a wide selection of products including Forex, Stock Indices, Precious Metals including Gold and Silver, and more. Traders also can take advantage of tight spreads, including no trading restrictions, with customizable leverage. FXIFY also allows traders using automated strategies and Expert Advisors (EAs) to trade at their prop firm, as long as they are unique strategies developed by the client.
Best For
- Experienced traders looking for prop funding access with an established broker
- Traders using Expert Advisors (EAs) and automated strategies
- Traders who trade using MT4 or MT5
- Traders who prefer no commission trading
- Instant payouts on demand
- No consistency rules or trading restrictions
- Unlimited trading days
- Expert Advisors (EAs) allowed
- Backed by FXPIG, a multi-asset broker established in 2010.
- 125% refund of assessment fee upon requesting first payout
- Access to MT4 and MT5
- Minimum assessment fee of $175, which might be high for newer traders
The prop firm FXIFY stands out for its flexible funding options. You can experience proprietary trading without spending a ton of cash. The platform’s introductory subscription starts at just $99. FXIFY represents one of the top-funded trading platforms.
Why We Picked It: We chose FXIFY for its unique combination of funding options and straightforward evaluation process. You can choose from various account sizes and select a subscription price that best fits your trading goals. A top-tier subscription allows you to manage hundreds of thousands in capital.
FXIFY also has a more personalized evaluation structure. FTMO has a much more rigid framework. FXIFY makes it easy to find a funding path that aligns with your needs and budgetary constraints.
Best for Multi-Asset Trading: The Trading Pit
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website
Best For
- Prop traders looking for a multi-asset and tech-driven prop firm
- Novice traders seeking to gain valuable experience from a unique learning environment with comprehensive support and trading resources
- Experienced traders with excellent knowledge of the market seeking a feature-packed, state-of-the-art platform that will allow them to leverage their skills and knowledge effectively for successful trading strategies
- Aspiring professional traders seeking to transition from retail trading to professional trading, with the potential to trade larger positions and expand their trading career
- Professional traders who have achieved consistent profitability but seek opportunities to increase their profit or earning potential
- Fast payout with flexible options
- Straightforward one-step evaluation with simple rules
- Robust and multiple trading platforms (AtAS, Rithmic, Quantower. MT4, MT5)
- Premium trading tools – Squawkbox and StereoTrader
- Excellent scaling plan – up to $5 million
- Resource-rich educational materials and trading tools
- Flexible brokerage options – FXFlat and GBE Permits HFT, scalping, copy and news trading on futures
- Allows overnight and weekend holding on Forex
- Permits algorithmic trading
- No minimum trading days for futures
- No mandatory stop losses
- Free market data
- $250,000 accounts
- Challenges from €99 Refundable fee
- Challenge Duration: 90 Day
- A relatively new prop firm
- Currently offers only contracts for difference (CFDs) and futures
The Trading Pit lets you deal in all sorts of assets. You’ll be able to trade stocks and commodities. The platform also features crypto and forex. Talk about having plenty of options!
Why We Picked It: We chose The Trading Pit for its versatility and wide selection of asset classes. The Trading Pit will allow you to explore different markets and assets. You’ll have a chance to diversify your trading experience and learn new skills.
FTMO primarily focuses on forex. The Trading Pit opens the door to stocks and more. You’ll also benefit from the platform’s competitive fee structure and advanced trading tools. Experiment with different strategies and commodities to identify your trading niche.
Best for Low-Risk Trading: The 5%ers
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The 5ers is a proprietary trading firm that offers an affordable and accessible option to access funding for trading forex, metal and indices. Traders may pay as little as $95 to open a demo account, and instant trading access is available. While you’ll already need to have a developed trading strategy in place to get the most out of The5ers, those confident in their skills will find an option to show what they know without paying an ongoing subscription fee. Be sure to note trade restrictions before paying the participation fee — doing so will allow you to work profitably within the bounds of The5ers restrictions.
Best For
- Experienced and beginner forex, indices and metal traders
- Traders with knowledge of the forex market but limited capital to invest
- Those experienced in MetaTrader 5 forex trading
- Scalpers and swing traders
- Traders willing to improve their trading performance
- One-time fee avoids the need to pay ongoing subscription costs
- Offers traders access to capital trading funds without a thousand-dollar deposit
- Large range of exclusive resources
- A program as a solution for every trader style and objectives
- Salary offer on high-stakes program
- Low-entry cost on Bootcamp program
- Fastest scaling plan on all programs
- No access to stock or ETF markets
The 5%ers prop firm was built with risk-averse traders in mind. It offers low-risk trading programs that are ideal for those with a more conservative approach to various markets. You can get started for as little as $39.
Why We Picked It: The 5%ers differentiate themselves from FTMO by focusing on low-cost trading environments. You can engage in high-risk/high-reward transactions or opt for a slow and steady approach to growth. You can pick your path when engaging in trades.
The firm also provides a supportive trading environment with a strong emphasis on long-term development. You can learn new skills and use the platform’s educational resources to become more well-rounded.
Best for Global Reach: FundedNext
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securely through FundedNext’s
website
In the dynamic world of the financial market, traders constantly seek funding opportunities to access the global marketplace and maximize profitability while getting the support they need to excel. Proprietary trading offers traders a way to meet this demand. In this type of trading, financial institutions or prop firms offer capital, advanced trading software and essential resources to experienced traders. In exchange, they retain a portion of the traders’ profits.
Many proprietary traders favor FundedNext thanks to its generous payout of up to 90%, flexible funding options of up to $300,000 ($4 million via scaling), raw spread, competitive leverages and robust trading platform (MT4 and MT5). FundedNext stands out as one of the few proprietary firms that provides payout even during the challenge phase, offering a 15% profit split during this period. The evaluation rules are flexible, and there’s no time limit necessary to hit the profit target. FundedNext’s raw spread extends to Swap Free accounts, plus it offers some of the lowest commissions in the industry, including $3 per round lot for forex pairs and commodities and $0 per round lot for indices.
FundedNext promotes a culture of discipline, efficient risk management and a solid commitment to long-term consistency, enabling traders to excel and succeed. Despite being relatively new in the industry, the firm boasts over 51,000 funded traders across 195+ countries with a total payout of $62 million+. The average payout time is five hours, ensuring traders can access their earnings promptly. With a remarkable track record and a range of distinctive features, FundedNext is revolutionizing trading on a global scale. Read on to explore the company’s key offerings, what sets it apart from competitors and how it can empower you to attain financial independence.
Best For
- Undercapitalized and beginner retail traders seeking access to more significant trading capital or funding options
- Experienced and seasoned traders seeking to amplify their trading capital and diversify their trading strategies while enjoying a comfortable and supportive trading environment
- Prop traders seeking to take advantage of prop firms offering robust trading platforms, raw spreads, competitive leverages and generous payout
- Day traders, scalpers, swing traders, and those who use Expert Advisors (EAs) for trading
- Generous payout ratio of up to 90% and 15% on the challenge phase
- Flexible account sizes or fund options up to $300,000 (up to $4 million via scaling plan)
- Raw spread, competitive commission and leverages (1:100 maximum)
- Flexible timeframe — no evaluation deadline, reducing pressures and anxiety during the evaluation phase
- Support for multiple trading strategies, swing trading, intraday traders, scalpers, use of EAs, overnight and weekend holdings
- Multiple trading platforms — user-friendly MT4 and cutting-edge MT5 platforms
- A Trading Terminal that allows for chart management and direct trading
- Excellent research tools (economic calendar) and risk management guidelines
- Simple and flexible evaluation rules, including balance-based drawdowns
- Global accessibility and impressive community support from over 51,000 funded traders
- Offers swap free account with raw spread
- Relatively new prop firm
- Consistency rules on the Express model can be restrictive
- News trading and weekend holdings are not supported in the Express Model
FundedNext has become one of the biggest prop firms. They offer trading opportunities to users around the world. You can connect with a diverse community of traders, making the experience fun and exciting. You may even learn new skills from your network of peers.
Why We Picked It: FundedNext stands out for its inclusive approach to trading. FTMO primarily focuses on European markets. FundedNext actively seeks to engage traders from various regions and offers localized support and resources. It’s a good choice for traders looking for a prop firm that understands the nuances of different markets.
FundedNext also offers a free trial. You can demo the platform to see if it fits your trading goals. The paid plans start at just $32. They offer a variety of other plan tiers, each providing different splits and account sizes.
Best for Innovative Challenges: Traders With Edge
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Best For
- Prop or retail traders
- Swings and day traders
- Scalpers who rely on short-term trades to generate profit
- Investors looking to scale their trading accounts
- Undercapitalized professional traders looking to trade significant capital
- Beginner traders seeking guidance, education and capital to get started
- Wide range of financial instruments — forex, commodities, indices, metals, stocks, etc.
- Cutting-edge trading platforms — MT4 and MT5
- Comprehensive challenge and funded account options
- Single-phase evaluation for the Turtle Challenge
- Industry-leading 80/20 profit split
- Permits news trading and hedging, uses of EAs and trade copiers
- Allows grid trading and martingale (not recommended)
- Can hold position over weekends for Turtle Challenge
- Proprietary mobile app for Android and iOS
- Free trial available
- Investors still trade demo accounts after evaluation (the demo is linked to a live or funded account)
- 30 days of inactivity may result in account revocation
- Copy trading or using the same EA as another trader within the platform may result in an account breach
- Relatively new in the industry and not well-tested, so it has few reviews across independent platforms
Traders With Edge has innovative challenges designed to test and enhance your skills. Traders With Edge can be a good choice if you are looking for something a little different and want to test your talents.
Why We Picked It: Traders With Edge offers a refreshing take on the traditional prop trading model. You can customize the challenges based on your long-term goals and experience level. Higher subscription tiers have access to more customization options when creating challenges.
The unique challenge model can take some time to get used to. You might want to start with a lower subscription tier before upgrading to a large account size. Keep in mind that your splits will be lower on the cheaper plans.
Best for U.K.-based Traders: FTUK
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FTUK specifically serves traders based in the United Kingdom. The firm offers competitive funding options and trading programs designed to meet the needs of U.K. traders.
Why We Picked It: The firm offers a localized approach to prop trading. You’ll benefit from programs aligned with United Kingdom market conditions and regulations.
FTUK’s focus on the U.K. market makes it a great choice if you live in England. They will provide stellar support and market-specific tools to help you execute trades.
FTMO Overview
FTMO has gained a reputation as one of the leading proprietary trading firms in the industry. It offers a chance to manage substantial capital by passing a two-step evaluation process.
During your FTMO trading evaluation process, the platform will assess your ability to navigate drawdowns and make wise transaction decisions. Winners can access an FTMO account and receive up to 90% of profits from their trades.
FTMO offers several different account types, including aggressive and standard options. Choose an account that aligns with your risk tolerance.
Be prepared to pay some hefty fees to use FTMO. You’ll also lose your subscription money if you fail their challenges.
What’s the Right Prop Trading Firm For You?
It’s essential to weigh your options before choosing a prop trading platform. Our list of FTMO alternatives can help you identify a solution that aligns with your skill level, budgetary constraints and long-term goals.
Don’t just jump at the first option you come across. Weigh the pros and cons of each platform so you can choose the best one for your trading needs.
Frequently Asked Questions
Is FTMO banned in the U.S.?
FTMO has not been banned in the United States, but the company stopped onboarding U.S. clients due to MetaQuotes’ crackdown on CFD usage.
Answer Link
How many FTMO traders fail?
The majority of traders do not pass the FTMO evaluation process. The company has designed the challenges to test traders’ skill levels and identify the most talented individuals.
Answer Link
Why is FTMO so hard to pass?
Individuals who pass the evaluation process can access a real FTMO-funded account. The company wants to thoroughly vet traders before giving them access to real funds or onboarding them to the FTMO profit splits program.
Answer Link
The post Best FTMO Alternatives by Sarah Edwards appeared first on Benzinga. Visit Benzinga to get more great content like this.