Overview
FTMO 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 freezingComplaints about lack of customer support
Why would you want an alternative to FTMO?
FTMO may be an all-round 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 is 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.
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 which fills in the gaps above. Ideally you want to keep the good and add the missing features. A scouting site which matches FTMO’s sleek user interface and ease-of-use. Ideally you want an innovative platform which 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 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 judgement and investing time and a one-off fee to test.
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 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
4.3 / 5
Rating breakdown
Things we liked:
15% Exclusive Discount Code (SBOCOUPON)The OspreyFX team is reliable and helpful
highly transparent - easy track and analyze results
Things we didn't like:
Relatively new player in the funded account offeringAn entry fee to sign up for the challenge.
OspreyFX Overview
OspreyFX is a powerhouse broker that offers leverage of up to 1:500 to trade forex, crypto, stocks, or more. They recently launched the OspreyFX Funded Account Challenge, a chance for traders to manage $100,000 with zero risk.
3.5 / 5
Rating breakdown
Things we liked:
it takes a low percentage cut on your profitsThings we didn't like:
Not one-off paymentChallenges perceived to be too hard or pointless
Topstep Overview
Founded in 2012, TopstepForex 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.
3.4 / 5
Rating breakdown
Things we liked:
Beginners Crash CourseNinjaTrader trading platform
No daily loss or contract size limits
Overnight trades
Things we didn't like:
Bootcamp is expensiveRecurring fees in Gauntlet Mini
Misleading endorsement
Earn2Trade Overview
Earn2Trade is carving a unique path through the forest of prop firms. Their funded account challenge is pitched not as a contest to reward the most consistently profitable traders, but more of an educational academy.