What FTMO is
FTMO is a forex-focused proprietary trading firm, founded in 2015, that funds traders in simulated accounts up to 200,000 dollars after they pass a one-step or two-step evaluation. The firm is widely treated as the benchmark of the retail prop-firm category, and its scale reflects that, with more than 4.5 million customers, over 650 million dollars paid out, and service across 140-plus countries (FTMO).
I frame FTMO as the forex counterpart to the futures firms in this section. Where Topstep and Take Profit Trader fund CME futures traders, FTMO funds currency traders, so the choice between them begins with what you actually want to trade.
The firm offers a free trial of its evaluation, which is a genuine differentiator for a trader deciding whether the rules fit their style before they pay a fee. I rate that transparency highly, because the best way to fail an evaluation is to discover the rules after you have paid for it.
The two evaluations
FTMO runs two evaluation products, and the choice between them is the first decision a trader makes. The two-step is the traditional structure, with a Challenge phase followed by a Verification phase, while the one-step collapses that into a single phase with no verification (FTMO).
The trade-off is strictness against speed. The two-step asks for a larger combined target across two phases but uses a more forgiving static loss line, while the one-step asks for a single target with a tighter daily loss and a trailing maximum loss, so the one-step funds faster but punishes a single bad day harder.
I treat the choice as a question of edge shape. A consistent, low-volatility trader may prefer the one-step's speed, while a trader who occasionally has a rough day may prefer the two-step's static line, and the table below makes the difference exact.
The Trading Objectives, verified from FTMO's official page
The objectives are the rules that decide whether you pass, and they are published openly on FTMO's own Trading Objectives page. The two-step sets a 10 percent profit target in the Challenge and 5 percent in Verification, a 5 percent maximum daily loss, and a 10 percent maximum loss that is static, meaning it does not trail (FTMO).
| Objective | Two-step (Challenge / Verification) | One-step |
|---|---|---|
| Profit target | 10 percent / 5 percent | 10 percent |
| Max daily loss | 5 percent | 3 percent |
| Max loss | 10 percent, static | 10 percent, end-of-day trailing |
| Min trading days | 4 | None |
| Best-day rule | None | Best day at most 50 percent of profitable days |
| Time limit | None | None |
The single most important line in that table is the maximum loss. The two-step's static 10 percent line stays fixed at the initial balance minus 10 percent, so a profitable trader does not breach it on a normal pullback, whereas the one-step's trailing version ratchets up with the closing balance and can take back an account that grew then gave some back (FTMO).
The fees and account sizes
FTMO charges a one-time evaluation fee rather than a monthly subscription, which is a different cost shape from the monthly-billed futures firms. The fee runs from roughly 155 euros for the smallest 10,000 dollar account up to about 1,080 euros for the 200,000 dollar account, with no recurring monthly charge to attempt the evaluation (FTMO; current pricing breakdowns).
The account sizes on offer are 10,000, 25,000, 50,000, 100,000 and 200,000 dollars of simulated capital. I state the fee as a range because the exact per-size figures live on a pricing section that renders dynamically, so verify the current number for your chosen size on FTMO's pricing page before you pay.
I weigh the one-time fee against the monthly model as a question of confidence and speed. A one-time fee caps your downside if you fail fast, while a monthly fee caps it if you pass slowly, and FTMO's structure favours the trader who expects to attempt the evaluation once or twice rather than over many months.
The profit split and how it scales
The profit split is where FTMO's structure rewards patience. The two-step starts at an 80 percent split and scales to 90 percent after three consecutive payouts, while the one-step pays 90 percent from the start, and the firm's marketing references up to 90 percent throughout (FTMO).
The scaling rule means a two-step trader earns 80 percent on the early payouts and 90 percent once the streak builds, which is a meaningful bump over a year of withdrawals. The one-step trader skips that ramp but accepts the tighter daily-loss and trailing rules covered above.
I read the split as competitive rather than market-leading. Some rivals offer 90 percent from the first payout or even 100 percent up to a cap, so FTMO's edge is its rules and its longevity, not its split, and a trader shopping on split alone will find higher numbers elsewhere.
Payouts, platforms, and what you can trade
FTMO pays withdrawals through bank wire and cryptocurrency, and the firm runs on MetaTrader 4, MetaTrader 5, cTrader and DXtrade, which covers the platforms most retail forex traders already use (FTMO). The tradable set spans forex pairs, indices, commodities and cryptocurrencies, which is a far broader instrument list than the futures-only firms.
The account types matter for strategy. The Standard account restricts trading around high-impact news and restricts overnight and weekend holds, while the Swing account lifts those restrictions, so a news trader or a swing trader should read the account-type rules before they choose (FTMO).
I flag the Standard account's news restriction because it catches scalpers. A trader who enters around scheduled releases on the Standard account can breach a rule they did not realise applied, so the choice between Standard and Swing is a real one, not a cosmetic one.
The honest verdict on FTMO
FTMO is one of the most established and transparently ruled firms in the retail prop category, and the rules it publishes are the rules it enforces, which is the baseline trust signal a trader should demand. The static 10 percent maximum loss on the two-step is genuinely more forgiving than the trailing lines common elsewhere, and the free trial lets you test the fit before you pay.
The honest caveats are the cost and the filter. The evaluation fee is the price of an attempt most traders do not pass, the 80-to-90 percent split is competitive rather than leading, and the Standard account's news and holding restrictions can catch an uninformed trader.
My view is that FTMO suits a forex trader who wants the most established, transparently ruled route to firm capital and accepts a competitive rather than leading split for it. Verify the current fee and rules on FTMO's own pages before you pay, because the pricing section and the account-type details are the parts most likely to change.
How FTMO fits your trading
An FTMO review sits inside the wider question of whether funded trading is right for you, and the foundational guide to prop trading covers that. The evaluation and challenge rules walk through the model in general, and the futures firm comparison frames where FTMO's forex focus sits against the futures firms.
The skill that passes an FTMO evaluation is the same skill that trades live, which is disciplined risk on a real instrument. A currency pair on MetaTrader behaves differently from a Henry Hub futures contract, but the risk discipline transfers, and a position size calculator is the tool that keeps an account inside its daily and maximum loss lines.
For live execution and accountability rather than a solo evaluation, the trading rooms on Whop include desks that run under real risk, and watching experienced operators manage a loss ceiling in real time is one of the fastest ways to build the discipline a funded account rewards.