No more FTMO for US citizens, for the time being (2024)

FAQs

No more FTMO for US citizens, for the time being? ›

FTMO just banned US citizens: USA update – January 2024: Since the establishment of our company, our goal has been to provide top-quality services for our clients. Unfortunately, at present, we are not able to do that in the United States due to specific conditions in the market segment there.

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.

Please note that FTMO does not provide services to persons in/from (both nationals and residents) Iran, Syria, Myanmar, North Korea and USA, persons listed on sanction lists, persons with criminal records related to financial crime or terrorism, and persons previously banned because of breach of contract.

There is no time limit within which you need to pass the Profit Target, the Trading Period is indefinite. As soon as all the Trading Objectives of your FTMO Challenge are met and your results are reviewed, you can proceed to the Verification phase. The minimum time to complete an FTMO Challenge is 4 trading days.

FTMO is a leading firm in the field of modern prop trading based in the Czech Republic. It was founded in 2015 under the name Získej účet (Get an Account).

The two MetaTrader apps were banned on Apple's App Store in 2022 for their alleged use by fraudsters targeting the US citizens and residents.

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.

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.

The reason for this is quite simple - capital requirements. While a broker has to have around $100,000 - $500,000 of locked capital to obtain one of the European licenses, NFA requires quite an enormous amount of capital to be able to operate in the US - 20 million dollars.

Are Forex Brokers and Forex trading legal in the U.S.? Yes, forex brokers are legal in the U.S., but they must be registered with and regulated by the Commodity Futures Trading Commission (CFTC) and be members of the National Futures Association (NFA).

Can you use FTMO in the US? ›

USA update – January 2024:

Since the establishment of our company, our goal has been to provide top-quality services for our clients. Unfortunately, at present, we are not able to do that in the United States due to specific conditions in the market segment there.

During the FTMO Challenge & Verification, you can ignore the rule of not trading in the window of 2 mins before to 2 minutes after the specific releases. We don't enforce it as we want to make it easier for you to pass the evaluation process.

Besides the standard eligibility conditions, you should not have any past or prevailing conflict of interest with FTMO, or engagement in the Forbidden Trading Practices, as laid out in the Terms & Conditions (clause 5.4).

FTMO just banned US citizens: USA update – January 2024: Since the establishment of our company, our goal has been to provide top-quality services for our clients. Unfortunately, at present, we are not able to do that in the United States due to specific conditions in the market segment there.

It is not illegal to operate or trade with a prop firm. However, where most online prop firms come unstuck is in their business practices and terms of service. Some of the largest prop firms that I'm sure you would have heard of have fallen victim to these mistakes over the last few months.

US citizens cannot use FTMO moving forward. A few months ago this happened to MFF as well. If the US bans prop firm trading, what are ways are you able to run challenges as a US based trader?

USA update – January 2024:

Since the establishment of our company, our goal has been to provide top-quality services for our clients. Unfortunately, at present, we are not able to do that in the United States due to specific conditions in the market segment there.

Over the last decades, the forex market in the US has emerged as one of the most regulated markets anywhere in the world. Rules that were introduced and backed up by Federal laws have made it very difficult for brokers and traders alike to operate in the US forex market.

Short answer: Yes, FunderPro is still accepting US traders.

One major issue in the industry at the moment is for US-based traders.

ARE TRADERS FROM THE UNITED STATES ACCEPTED? Yes. we are not brokers. Our relationships with our traders are legally bound by a service provider contract between the trader (the provider of the services) and the fund (The contract issuer).