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. Here is the quote from FTMO:
General Update – May 2024
It’s been a few months now since FTMO and many other firms put an end to US prop traders. Unfortunatly the situation hasn’t improved and many firms continue to restrict US-based traders.
Luckily, one of our strong partners, FunderPro, continue to cater for this market. FunderPro operate a legitmite prop firm which utalizes real capital instead of virtual.
Additionally, they offer on-demand payouts which can be requested as often as you would like (one Prop Traders Club members has even withdrawn 10 times in one day!)
Check out our full write-up on this firm here.
Tony Williamson – Admin of Prop Traders Club
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. Therefore, we have decided to suspend the purchase of the FTMO Challenge for our new and existing US clients (nationals), just as we put a hold on onboarding new US clients. At the same time, we are looking for ways to make FTMO available again to all those interested in trading in the USA. Our existing clients can continue to use the services as normal. Nothing changes for clients, partners and those interested in our services in other markets, as the problem only concerns the specifics of our operations in the US market. Our goal remains that FTMO brings value to everyone interested in trading, taking them at least a step further.
Please note that FTMO does not provide services to persons in/from Iran, Syria, Myanmar and North Korea, persons listed on sanction lists, persons with criminal records related to financial crime or terrorism, and persons previously banned because of breach of contract. In the case of the United States of America, FTMO does not accept clients in Louisiana, South Carolina, Montana, Arkansas, and Delaware. FTMO also does not accept clients – legal persons, who are company trusts.
Due to regulatory developments and business decisions based on risk management considerations, FTMO does not accept clients in India, the Russian Federation, the Republic of Belarus, the Republic of Indonesia, Cuba, Venezuela, Sudan, and South Sudan.
We do not know when clients are to be accepted again but in the meantime, here are five great alternatives.
March 2024 Update – Things not looking great for US Prop Traders
It’s now been a couple of months since MetaTrader began their assault on the unregulated prop firm industry. Things are not looking so great.
The industry has been left scrambling to find solutions as MetaTrader licences have been getting pulled from dozens of prop firms. The exception to this rule is those firms that have their own broker licences such as The 5%ers, Alpha Capital Group, FundedNext and a select few others.
We’ve seen many firms switch to alternative trading platforms, often with less-than-ideal trading conditions (mainly due to scaling issues). Of these, the most popular appear to be DXTrade and CTrader. A few are also opting for MatchTrader which are relatively new on the scene.
Overall it’s quite a shambolic time for those prop firms who haven’t invested in their own licences or tech. The coming weeks will be a true test of each prop firm’s ability to move and adapt, with only the strongest prop firms remaining.
Top FTMO Alternative for Live Capital – FunderPro
March 2024 Update: Perhaps best placed to handle the recent issues is FunderPro. This firm is part of a much larger enterprise which includes Netrois and RedAcre which provides tech and other solutions to the trading industry. Therefore FunderPro has had no issues during this time and is currently the saftest option for those who want to exercise caution. Still accepting US Traders.
Read our in-depth article on how FunderPro are handling the current issues in the industry.
FunderPro are one of the few firms in the industry which offer live capital to their traders, making them more aligned with traditional prop trading.
Thanks to this, traders can be sure the interests are aligned and the company will do their best to help you succeed (or they lose money!) Other perks include:
- Tradelocker Platform – Trade directly on TradingView with the unique platform, Tradelocker.
- Daily Payouts – Get paid your profits as much as you like – even everyday!
- Giveaways – We are currently running a giveaway for free accounts with this firm. Check it out here.
Want to learn more? Check out our full FunderPro Review here.
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Top FTMO Alternative for Large Account Sizes – The Funded Trader
March 2024 Update: Being the largest firm without a brokerage licence has been difficult for TFT and there has been a few issues handling the sheer scale of the migration to new platforms. Overall though, they have adapted quickly and are on the right track, now offering DXTrade and Ctrader.
The Funded Trader are one of the few firms that can manage the massive increase in traders as they have the tech and support ready to go.
TFT offer a range of accounts from $5k to $400k and a choice of 1, 2 or 3 phase challenges. Here are some other great facts about The Funded Trader:
- Regular Promotions – Get extra perks and discounts by using one of the regular promotions on offer.
- High Payouts Accepted – This firm has paid many 6-figure payouts with some even receiving over $200k!
- Choice of Brokers – Choose your favorite broker with TFT as they have three different choices!
Want to learn more? Check out our Top 10 reasons to join The Funded Trader.
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Best Budget FTMO Alternative – FundedNext
March 2024 Update: FundedNext has maintained continuity thanks to their investment in their own brokerage licence. We have not heard of any issues coming from this firm and have had many happy traders post in our Facebook group. Unfortunately, they have had to suspend any new US traders but current traders may continue.
FundedNext are an Asian-based prop firm with a range of challenge options which start at around $50 for a $6k account.
FundedNext have a large following and regularly updates their services. They also have the fewest country restrictions compared with other prop firms.
- Regular Promotions – Get extra perks and discounts by using one of the regular promotions on offer.
- Stellar Challenges – Try the new stellar challenges which allow news trading, expert advisors and feature larger drawdowns.
- Great Spreads – FundedNext are known to have great spreads, boosting your profitability.
Want to learn more? Read our Stellar challenge review.
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Best Reputation alongside FTMO – The 5%ers
March 2024 Update: Strong as ever, the 5%ers keep plugging on. Again with their own brokerage license, and a hugely experienced team, this firm has avoided most of the issues currently plaguing the industry. Again, this firm has had to suspend trading from US which is quite a blow for US traders.
The 5%ers have been around since 2016 and have a great reputation in the industry. Many FTMO fans also follow the 5%ers due to their reliability.
This firm also offers a range of accounts to suit any trader. The lowest starting at just $39 for the high-stakes option.
- Bootcamp option – Pay the majority of the fee after passing the challenge.
- Salary for Pros- Prove your skills and scale to up to 100% profit split + receive a fixed salary each month!
- Fast Scaling – Double your account size at each profit target up to $4m!
Want to learn more? Check out our full review (some parts might be outdated).
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Top Newcomer to Compete with FTMO – Tradiac
Update: New US Traders Currently Suspended Pending Further Info.
March 2024 Update: Backed by sister company and brokerage, Scandanavian Markets, Tradiac has also avoided the platform issues. However, they have temporarily suspended US Traders pending the outcome of the MFF case.
The last on this list is Tradiac, a firm which offers some great perks as well as being trusted in the community
This firm is backed by a hedgefund and seeking reliable traders to bring the skills and knowledge to the firm.
- Large Drawdowns – Get up to 30% overall drawdown with the “brainiac” challenge!
- Prop Traders Club Favorite – We have a strong relationship with this firm and feel confident recommending them to our members.
- Checkpoint Feature – Save your scaling progress with the checkpoint feaute.
Want to learn more? Check out our full Tradiac Review.
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