Trading is an old skill and people are doing it for a long period of time. 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 discuss forex funded accounts with a brief review about FTMO brokers.
What are Forex Funded 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.
Pros of Forex funded accounts:
Here is a list of pros you can get by forex funded accounts:
- Funded traders do not have to use their own capital instead they use other companies’ capitals.
- They can trade in a larger amount.
- You will get a positive image in the trading industry as only trustworthy companies get the funded trading
- Although you need to prove your skills and pass the evaluation test to get started.
- It is also beneficial for the company that partners with the trader.
Cons of Forex funded accounts:
Along with the pros there are few cons of funded accounts:
- Traders are bound to the platform that the partner company will recommend.
- You have to learn how to use funded accounts.
- Need to show positive results and keep losses in margin.
- Not every partner split the profit 50/50, some companies do ask for 70/30 while getting. a split of 90/10 is still a dream.
FTMO Broker review:
FTMO is a well known proprietary trading company working since 2014. The platform provides traders its fold after they successfully pass the two step testing system, they transfer 400 thousand dollars to the traders account. Here are few numbers that can show success of FTMO:
- Available in more than 180 countries.
- Trades of more than 6 million is done per month
- More than 27 million dollars are paid to traders.
How to become a professional trader on FTMO broker?
Follow these steps if you want to work as a trader on FTMO forex broker:
This process starts with the evaluation stage in which the trader will choose the amount of initial deposit ranging from 10,000 to 20,000 dollars. For larger deposits you have to submit more fees.
In this stage you have to prove yourself by achieving the target of 30 days with 10% profit.
Next stage is the verification stage. In this stage traders will get 60 days to fulfill the requirements and reach the targeted goals.
Affiliated program by FTMO broker:
This program involves attracting traders who like to see their hidden potential but have no startup capital. Company will offer each affiliate an 8% fee amount.
Trading conditions of FTMO broker:
They are offering a classical set of trading assets whether its currency pairs or stocks. Here are few trading conditions of FTMO:
They are offering a minimum deposit of €155 which is affordable for most of the people.
They have a leverage rate of 1:100.
Deposit and withdrawal:
Credit cards, bank transfers, Skrill, Confirmo, Nuvei, and other fee payment methods are used for transfer, deposit or withdrawal of money.
Metatrader 4, MetaTrader 5 and cTrader are used as trading platforms.
You get three types of accounts:
- Demo account
- Main account
- Swing account
- Allow mobile trading and affiliated programs.
- Instant order execution.
- No bonuses
- No data spread.