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

FAQs

Did FTMO ban US citizens? ›

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 recent months, several prominent proprietary trading firms have gone out of business. This wave of closures began when regulatory authorities in the US and Canada froze My Forex Funds, a major player in the industry. Following this, True Forex Funds, Surge Trader, and Skilled Funded Traders all shut down.

Yes, forex trading is legal in the United States. However, it's subject to the National Futures Association (NFA) regulations. These rules help to protect traders from fraud, promote fairness, and maintain market stability.

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.

These include FunderPro, SabioTrade, 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.

Yes, prop firms are legal in the US.

Even though FTMO Traders trade with fictitious capital only, they are entitled to obtain a reward in the form of real money if they can generate “profit” on an FTMO Account.

Each trader with an FTMO Account is entitled to receive a reward of up to 80% of simulated profits. This means he/she is entitled to the reward after meeting the necessary conditions and achieving success on an FTMO Account.

MetaTrader is the most widely used program among forex traders, and that applies to FTMO traders as well. The program's environment is intuitive and straightforward, however, its modifiability gives modders space to make it even better and user-friendly.

Why did FTMO stop accepting US clients? ›

A prop trading-focused account pondered if the step "could be due to the migration of US traders to DXtrade," echoing the upheaval the nascent sector is undergoing since MetaQuotes has decided to pull the plug on its funded trading clients accepting US clients, due to regulatory concerns.

The FTMO Challenge stage has reasonable rules, where the Profit Target is in balance with the drawdown we allow you to take. We call these rules Trading Objectives. There is no time limit within which you need to pass the Profit Target, the Trading Period is indefinite.

Forex trading involves the exchange of one currency for another to make a profit from changes in exchange rates. Yes, US citizens can open accounts with legitimate online forex brokers. However, they must be registered with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).

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.

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.

FOREX.com offers US individual customers the ability to trade forex by setting up an Individual Account with us and an IRA through one of our three partner custodians with whom we have established relationships.