Find out the major disadvantages of FTMO Proprietary Trading Firms and alternatives with lower fees and more security. Unbiased FTMO Alternatives reviews.
So which Proprietary Trading Firms are better than FTMO? Want to jump straight to the answer? FunderPro
is the best alternative broker to FTMO for May 2023 .
OverviewFTMO is the latest in a burgeoning series of scouting programs. Propriety trading firms or “prop firms” put traders to the test (for a fee) through evaluations and challenges. The lucky few who pass are then funded with capital, and successful trades are split down a percentage with the broker. As scouting firms go, FTMO is an excellent all-rounder. Alongside a decent 80% payout for successful traders, FTMO equips users with webinars, workshops, and coaching.
Things we didn't like:
Complaints about the platform freezing
Complaints about lack of customer support
Why would you want an alternative to FTMO?
FTMO may be an all-around box ticker for many traders, but not everyone will be totally satisfied with the FTMO package. The FTMO Challenge fee may be a financial setback to some interested parties. There are traders who may very well have the know-how and confidence to successfully manage the larger accounts but who are understandably reluctant to fork out the initial fee. The FTMO constraints regarding trading during periods of news announcements are a turn-off to many traders as you cannot hold positions over the weekend. That said there is a certain amount of flexibility for the swing account however it comes with lower leverage.
- FTMO has complex rules to comply with, in order to let you manage its capital.
- After passing the funded account challenge of FTMO, you are still on a simulated or demo account with virtual funds, rather than real money.
- There are time limits on FTMO challenges and pressures on account holders.
What to look for in a FTMO Alternative?
With the above in mind, here is what we would suggest as an alternative to FTMO: a propriety trading firm that fills in the gaps above. Ideally, you want to keep the good and add the missing features. A scouting site that matches FTMO’s sleek user interface and ease of use. Ideally, you want an innovative platform that is trader-oriented and offers low to no restrictions on trading conditions.
As prop firms grow in popularity you are growing richer in options. If you want to become richer in other ways you may want to be discerning in your choice! Look for an alternative with decent leverage and trading platforms. Ideally, a reputable prop firm whose rules are straightforward, and which offers a fair payout to their successful traders. New platforms that are fresh off the prop firm boat may not yet have built up a successful or eminent reputation of being quite “green.” Just as age doesn’t necessarily go hand in hand with quality, so the newer prop firms without a reputation as yet may also be worth holding judgment and investing time and a one-off fee to test.
When you are after a better proprietary trading firm than FTMO you need to look for the following:
After passing the challenge you need to be able to trade with real money and potentially earn real profits or losses.
- A program that is built on minimal and simple rules increasing your odds of success.
- There are no time limits on the challenge. You need to can trade at the pace which best suits their preference, skills set and needs.
In sum, when looking for the best proprietary trading firm bear these key qualities in mind: payout scheme, challenge difficulty and rules, reset and refund status, and leverage. After these fundamental pillars, you can then begin to compare the more nuanced differences such as visual interface, platform ease-of-use, and customer support levels. Bear in mind the hours you may be spending using this platform, make sure you are comfortable, and your trading needs are met!
Best FTMO alternatives – Proprietary Trading Firms like (or better than) FTMO
Things we liked: 10% Exclusive Discount Code (SBOCOUPON)
Minimal rules & unlimited time for completion
Two-part assessment leading to $200,000 in funding
Scaling plan & fast-track funding opt
Things we didn't like: New player in the funded account offering
An entry fee to sign up for the challenge.
Founded in Dubai in late 2022 by a group of traders and investment managers, FunderPro was born out of the need to provide an opportunity for traders to be judged on their merit without pressure or unnecessary rules. FunderPro traders can trade in their own time, for as long as they want or need, there are no deadlines looming down nor petty restrictions to trip over.
Things we liked:
it takes a low percentage cut on your profits
Things we didn't like: Not one-off payment
Challenges perceived to be too hard or pointless
Founded in 2012, Topstep has become one of the biggest proprietary trading sites online. Topstep FX is based in the USA, but it is available for everyone to use worldwide. Traders are invited to join their "forex funded trader program," which gives them the chance to use Topstep FX's money (and gain a healthy cut of the profits), without risking their capital.
Things we liked: Over 2k Trustpilot reviews with an excellent rating
Scaling plan up to $2,000,000
Profit split of 80% up to 90%
Things we didn't like: Equity-based drawdown on Top Tier Plus accounts
No EAs allowed on Top Tier accounts
No weekend holding on regular Top Tier accounts
Toptier Trader Overview
Founded by trading legends Cue Banks and Anthony (of Anthony’s World) TopTier Trader is a proprietary firm that offers up to $600,000 in funding to traders who pass their 2-stage evaluation. In 2022, TopTier Traders were allocated over $150 million in company capital and the firm is now present in over 108 countries worldwide.
FTMO Alternatives Frequently Asked Questions (FAQs):
Are there any sites like FTMO?
Yes, there are many sites offering similar services to FTMO. These include FunderPro
and many more. If you are looking for an alternative to FTMO, FunderPro
is currently rank as the number one on the list of top Forex Prop Firms.
Who are FTMO Top Competitors?
's top competitors in May 2023 are: FunderPro
and more. FunderPro
is currently rank as the number one on the list of top Forex Prop Firms.
Which is better FTMO or Topstep?
After assessing the two Proprietary Trading Firms FTMO vs Topstep
, objectively, FTMO
is more reliable based on our analysis. FunderPro is currently ranked number one on the list of top Forex Prop Firms.
Which is better FTMO or FunderPro?
After assessing the two Proprietary Trading Firms FTMO vs FunderPro
on nearly 10 different variables, we would be able to get into an informed conclusion. Objectively, FunderPro
is more reliable based on our analysis.
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