Verdict: FTMO suits experienced discretionary traders who want the deepest track record in the sector and a payout process with a decade of public evidence behind it. It does not suit traders chasing the loosest rules — the profit split starts at 80%, below several rivals, and the Best Day Rule quietly caps how concentrated your winning days can be. The biggest caveat is structural, not commercial: FTMO now owns a regulated broker, but the challenge you buy is still unregulated simulated trading.
Key terms at a glance
- Account sizes: $10,000 to $200,000, scalable to a maximum initial balance of $2,000,000 under the Scaling Plan
- Evaluation fee: from €79 for a $10,000 1-Step account up to €1,080 for a $200,000 2-Step account, refunded in full with the first reward withdrawal
- Profit target: 10% on the 1-Step; 10% then 5% across the two phases of the 2-Step (FTMO Trading Objectives)
- Maximum daily loss: 3% of initial simulated capital on the 1-Step, 5% on the 2-Step, recalculated at 00:00 CE(S)T
- Maximum loss: 10% on both — but end-of-day trailing on the 1-Step versus static on the 2-Step
- Minimum trading days: four on the 2-Step phases; none on the 1-Step or on a funded FTMO Account
- Profit split: 80% base, rising to 90% under the Scaling Plan
- Payouts: on demand after 14 days, minimum $20 by bank transfer or $50 by crypto
The one thing that makes FTMO structurally different
Every review in this cluster ends at the same wall: the firm is an unregulated company selling simulated accounts, with no capital requirement, no client-money segregation and no regulator to complain to. FTMO is the one firm where that sentence needs qualifying.
On December 1, 2025, FTMO completed its acquisition of OANDA from CVC Asia Fund IV, a deal first reported when CVC put the broker up for sale. Five regulators approved the transaction. OANDA brings regulated entities across eight markets — New York, Toronto, London, Warsaw, Singapore, Tokyo, the British Virgin Islands and Sydney. By March 2026, FTMO co-founders Otakar Šuffner and Marek Vašíček had taken over as co-chief executives of OANDA itself.
“We will continue to focus on our core business — a modern prop trading platform where we rank among the leaders,” said Otakar Šuffner, Co-founder and Chief Executive Officer of FTMO, on completion. Marek Vašíček, Co-founder and Chief Technology Officer, added: “We are excited to work with OANDA’s team, given their impressive track record in complex regulated markets.”
Read that carefully, because the marketing around it is misleading by omission. The regulated entities sit under OANDA. The FTMO Challenge remains a product sold by FTMO s.r.o., a Czech company in Prague, and it remains simulated trading on the firm’s own capital. Owning a licensed broker does not extend that licence to the prop product. What it does change is counterparty risk: a firm that had to satisfy five regulators to complete an acquisition is a materially different solvency proposition from a Saint Vincent shell company registered 14 months ago.
It is also why Americans can trade FTMO again. After the January 2024 MetaQuotes crackdown pushed FTMO to suspend US challenge sales, access was restored in August 2025 through the OANDA relationship — the practical consequence of the deal, arriving before the deal itself closed.
Payouts: what is published, and what is not
This is where FTMO’s decade of operating history does real work. The firm announced it had passed $450 million in cumulative payouts at its 10-year mark, a figure since updated past $500 million. Trustpilot carries a 4.8/5 rating across more than 6,000 reviews — a volume large enough that incentivised reviews cannot dominate the mean, which is not true of most firms in this sector.
Mechanically, funded traders can request a withdrawal on demand after 14 days rather than waiting for a fixed monthly window. The minimum is $20 by bank transfer or $50 by crypto, and FTMO charges no withdrawal fee on its side. The evaluation fee is refunded with the first reward.
What could not be verified: FTMO does not publish an audited pass rate, and it does not publish a payout-denial rate. The $500 million cumulative figure is self-reported and not independently audited. Crucially, cumulative payouts say nothing about the denominator — a firm can pay half a billion dollars and still reject the overwhelming majority of challenge entrants, and FTMO publishes no data that would let you calculate the ratio. Any pass-rate number you see quoted for FTMO comes from third-party estimates, not from the firm.
The rules that actually end accounts
Three mechanics do most of the damage, and only one of them is obvious.
The daily loss limit is calculated on balance, not equity, at 00:00 CE(S)T. Your 5% allowance is fixed against the account balance at the daily reset. Traders who carry a large open floating profit overnight routinely misjudge how much room they actually have the next session, because the limit did not move with the unrealised gain.
The 1-Step’s maximum loss trails; the 2-Step’s does not. Both are 10%, and that symmetry is what catches people. On the 1-Step, the floor ratchets up at the end of each day as your balance makes new highs — so a trader who runs to +8% and gives it back is not at −2% against the start, they are against a floor that moved. On the 2-Step, the 10% is anchored to the initial capital and never moves. Traders picking the 1-Step for its shorter path frequently do not price this in.
The Best Day Rule. Your single best day must not represent more than 50% of the total profit from your positive days. This is not a breach that closes the account, but it affects eligibility — and it is designed specifically to exclude traders who pass on one lucky news trade. If you are running a strategy whose returns are lumpy by design, this is the rule most likely to strand you.
How FTMO compares on the terms that matter
| Term | FTMO | Apex Trader Funding | FundedNext |
|---|---|---|---|
| Base profit split | 80%, to 90% on scaling | 100% of first $25,000, then 90% | Up to 95% |
| Maximum account | $200,000 (scalable to $2,000,000) | $300,000 | $300,000 |
| Profit target | 10% (1-Step); 10% + 5% (2-Step) | Varies by plan | Varies by plan |
| Payout timing | On demand after 14 days | 5 qualifying days, $500 minimum, capped at 6 payouts per account | Varies by plan |
| Fee refunded? | Yes, with first reward | No | Varies by plan |
| Owns a regulated broker | Yes — OANDA, eight jurisdictions | No | No |
On headline generosity FTMO loses. An 80% base split is beaten by Apex Trader Funding’s 100%-then-90% structure and by FundedNext’s headline 95%. On the probability that the firm still exists and still pays in three years, FTMO is the strongest name in the category. Which of those matters more depends entirely on how much capital you expect to have parked with the firm.
Regulatory posture
FTMO s.r.o. is a private Czech company headquartered in Prague, trading since 2015. The prop business itself holds no financial-services authorisation in any jurisdiction, and it does not need one under current rules — which is precisely the perimeter question regulators are now testing. The Industry Spread has tracked that debate through the CFTC’s action and ESMA’s slower approach and the EU’s attempt to pull prop trading inside MiFID II. If that perimeter moves, FTMO is better positioned than any competitor to absorb it, because it already runs regulated infrastructure.
One qualifier on the OANDA halo: OANDA is not a spotless counterparty either. It was fined $600,000 over capital shortfalls and crypto trading issues in 2025. Regulated does not mean flawless; it means there is a regulator with the standing to fine someone.
FAQ
Is FTMO regulated? No. The FTMO Challenge is sold by FTMO s.r.o., an unregulated Czech company, and involves simulated trading. FTMO’s parent group now owns OANDA, which holds licences across eight markets, but those licences cover OANDA’s brokerage, not the prop product.
Does FTMO accept US traders? Yes, since August 2025. Access was suspended in January 2024 during the MetaQuotes licensing crackdown and restored through the OANDA arrangement.
How quickly can you withdraw? On demand after 14 days on a funded account, with a $20 bank or $50 crypto minimum. There is no firm-side withdrawal fee, and your evaluation fee is refunded with the first reward.
Is the 1-Step or 2-Step easier? Neither cleanly. The 1-Step has one phase and no minimum trading days, but a tighter 3% daily loss limit and a trailing 10% maximum loss. The 2-Step gives you a 5% daily allowance and a static 10% floor, in exchange for two phases and four minimum trading days.
What is the Best Day Rule? Your single best trading day must not exceed 50% of your total profit across positive days. It does not close the account, but it affects eligibility, and it is the rule most likely to catch traders with concentrated, event-driven returns.
What is FTMO’s pass rate? Unpublished. FTMO discloses cumulative payouts, not the number of entrants, so no pass rate can be calculated from official data. Treat any specific figure you see as a third-party estimate.
This review is independent editorial analysis and is not financial, investment, or trading advice, and is not an endorsement or solicitation. The Industry Spread has no affiliate or referral relationship with the firms covered. Proprietary trading challenges carry a fee that is generally non-refundable, most participants do not reach a funded account, and funded capital is the firm’s capital, not the trader’s. Terms change frequently — always verify current rules directly with the firm before paying any fee.
Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets. With a B.A. in Finance and hands-on industry exposure, Aziz blends analytical rigor with clear storytelling to make complex market structure understandable for traders, brokers, and fintech professionals.
