Prop Firm FTMO Restores MetaTrader Mobile, but Not for All (2024)

FAQs

Does FTMO still use MetaTrader? ›

Many traders use our FTMO account type that doesn't allow trading during restricted macroeconomic news. Following the need, we have developed a custom indicator for the MetaTrader platform to make it easier for you, showing these events directly in the chart.

Due to the pricing structure of MetaTrader licenses, MetaQuotes does not generate direct revenue from demo server activities. Apart from Blackbull Markets, Purple Trading, another brokerage that licences MetaTrader, also ceased its services to proprietary trading firms earlier this week.

FTMO Banned USA Clients – Heres our Top 5 Alternatives (Accepting USA Traders) FTMO have now restricted access to all new US-based traders as of January 2024. This appears to be related to regulatory issues and may have something to do with the recent My Forex Funds case.

The FTMO challenge has a reputation for being extremely difficult to pass. Across FTMO's various account levels, it is estimated that only around 10% of traders are able to successfully complete the evaluation and become a funded trader. This means approximately 90% of those who attempt the challenge end up failing.

Effective 04 May 2023, due to our business decision based on operational considerations, FTMO stops accepting new clients in the US states of Delaware, Louisiana, South Carolina, Montana, and Arkansas.

Restart your platform.

If you are certain that you are using the correct logins, restart the platform— close it > wait for 10 seconds > open it again. If you are using an anti-virus, firewall, VPN, or any other security program, make sure that MT4 and/or MT5 are on the list of “allowed programs“.

Prop trading firms have been shutting down or suspending their services, particularly to U.S.-based clients, because of a crackdown from MetaQuotes, the company behind the popular MetaTrader trading platforms.

In summary, the online prop firm industry will be around for many decades to come. It's not going anywhere! However, there will no doubt be strong regulation coming in the following years, which is hugely positive. This will weed out all the prop firms that are scamming traders and should not be operating.

In what appears to be related to the latest MetaQuotes crackdown on the proprietary trading landscape, prop firm FTMO has stopped onboarding US clients, Finance Magnates has learned. New traders attempting to register from a US IP address were unable to complete the registration form.

How many people fail FTMO? ›

There is estimated to be a 90% fail rate of traders that take the FTMO challenge. The reason behind this is due to traders chasing the profit target with a time restriction in place. A trader doesnt know when a winning streak might occur, or when they may take a string of drawdowns.

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.

As a result, anyone can be profitable as a prop trader because profitability is linked to their experience and skills, strategy, and ability to generate gains by trading in the market with the firm's capital.

Prop Firm Trader Salary

The salary of a prop trader can vary greatly depending on several factors such as experience, performance, and the size of the firm. On average, a junior prop trader can expect to earn anywhere between $50,000 to $100,000 per year, while a senior trader can make upwards of $500,000 annually.

According to it, 4% of traders, on average, pass prop firm challenges. But only 1% of traders kept their funded accounts for a reasonable amount of time. While this result is not nearly as bad as the one discussed earlier, it still looks bleak for prospective prop traders. But why is the percentage of failure so high?

MetaQuotes, the company behind the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, abruptly started cracking down on prop trading companies that were using their platforms without proper licensing. Many of these prop firms were servicing US-based clients without authorization from US regulators.

Funded Trader uses the Metatrader 4/5 platform, which is the most common choice for Traders and Brokers worldwide.

It is similar to choosing a broker, where the number of instruments offered may not say represent the overall quality of its services. FTMO offers its clients a choice of MetaTrader 4, MetaTrader 5 and cTrader platforms, with the addition of the new DXtrade web platform.

The best overall MetaTrader 4 alternative is thinkorswim. Other similar apps like MetaTrader 4 are eToro, E*Trade Web Platform, Binance Broker, and Active Trader Pro. MetaTrader 4 alternatives can be found in Brokerage Trading Platforms. Have you used MetaTrader 4 before?