Trading is all fun and games until you make a mistake that causes you a big loss. It is an old skill and people have been doing it since forever. With passing time these trades are getting advanced and better. But forex trading comes with a lot of challenges. Many innovations and entrepreneurship have made it better and reduced the risks. But have you ever wondered why trading is still very famous despite all the risks or scam and money loss? One of the advanced and clever techniques is used in trading known as forex funded accounts.
In this article we will give you a descriptive review of FTMO and a guide to best funded trader accounts.
What are funded trading accounts?
It is a program that allows traders to gain profit by trading capitals of other companies without causing any damage to that company. Two companies having these programs do partnership with each other so both the parties can get benefits.
How can you get a forex funded account?
To get a forex funded account you need to be tested in such a way that:
- You prove your abilities as a trader.
- Go through evaluation process
- If you fulfill their requirements you will be eligible to do partnership and start working as a trader.
Now let’s get into a short descriptive FTMO review:
It presents itself as a company that is providing traders with the money they need for trading. It’s not a broker according to the complete definition. Main task of FTMO is to find a professional trader so that they can transfer investors money to use instead of their own money.
Trading conditions of FTMO:
FTMO provides you following trading conditions:
- Minimum Deposit €155
- Leverage rate of 1:100
- No data spread
- Providing support 8/5
- Using MT 4, MT 5 and cTrader as trading terminals.
Here is a little comparison of FTMO with others:
- If we compare it with others they have a loss margin of 15-20%.
- It has a low cost starting from €155 which as compared to others is quite low.
- Availability of standard platforms like MT 4 and MT 5 while other companies having their own platforms.
How to start making profits using FTMO?
FTMO challenge is a type of test that provides you with different account types. There are two types of test:
- Moderate risk
- Aggressive risk
Loss limit and targeted profit limit depend on the type of risk you are choosing.
Types of accounts:
There are two types of accounts presented by FTMO:
No restrictions for test timing. In the case of real accounts it is not allowed to open or close trades two minutes before news publications. All types of trades should be closed before weekends before it don’t work on weekends.
It is designed for swing trading and means it keeps holding trades for several days. Leverage rate reduced to 1:30.
A guide to FTMO challenge:
To get yourself an FTMO account, you need to get yourself registered first. After registering yourself, the company provides you a free trial where you can try the trading platform and learn if you don’t know about it. You can learn several new skills with the help of this feature. Here is guide about how you can register yourself:
- Go to the main page, select the type of registration. You have two options: passing the test or trying a free trial.
- Link your account by entering your email account. Confirm the registration via the email you added.
- You have the following functions on your account: managing applications, selecting a test type.
Some other useful functions include:
There is a trading academy which will help you learn about trading techniques and policies.
- You can get access to tools for autochartist.
- You get access to customer support services
- Payment and risk managing.
- Profile setting and managing.
Hence now you know everything about FTMO and how to register yourself on it. It is also included in the list of best funded trading accounts because of the benefits and services it provides to its traders. Now you can easily sign up and start trading with the help of FTMO funded traders.