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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 prop firm to FTMO for May 2024 .
FTMO
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 freezing
Complaints about lack of customer support
Head to head With ...
- FTMO vs. FunderPro
- FTMO vs. the5ers
- FTMO vs. Topstep
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.
In sum:
- 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
FunderPro
4.8 / 5
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Rating breakdown
Challenge Assessment
90%
4.5/5
Support
100%
5.0/5
Trading Fees
100%
5.0/5
Payout Scheme
90%
4.5/5
Things we liked:
Exclusive Discount Code (20% Off Exclusive Offer)
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:
A Relatively New player in the funded account offering
#1
FunderPro Overview
Founded in Malta 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.
the5ers
3.9 / 5
Rating breakdown
Challenge Assessment
70%
3.5/5
Trading Fees
90%
4.5/5
Payout Scheme
80%
4.0/5
Things we liked:
Let you trade with leverage of up to 1:30
Things we didn't like:
5%ers Challenge fee is on the higher end of the spectrum
There are other holes in the 5%er offer
#2
the5ers Overview
The 5%ers is a prop trading firm founded by Gil Ben Hur and Snir Chiel. Both former forex day traders, Gil and Snier, experienced first-hand the frustrations that lack of capital bring to experienced traders ready to play the markets. Hence, the 5%ers Funding Program was born: a platform to reward worthy traders with significant capital, with profits shared in a win-win outcome.
Toptier Trader
3.9 / 5
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Rating breakdown
Challenge Assessment
80%
4.0/5
Support
80%
4.0/5
Trading Fees
70%
3.5/5
Payout Scheme
80%
4.0/5
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
#3
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, the5ers 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?
FTMO's top competitors in May 2024 are: FunderPro, the5ers and more.FunderPro is currently rank as the number one on the list of top Forex Prop Firms.
Which is better FTMO or the5ers?
After assessing the two Proprietary Trading Firms FTMO vs the5ers, 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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