How Do Traders Decide Which Is The Best Alternative For Their FTMO? – Monthly Finances

Prop trading is more popular now than ever, and the growth of prop trading companies speaks to that fact. While some firms like FTMO may be well established in the industry, they may have strict requirements and may not suit all traders. There are a number of alternatives to FTMO that traders can choose from, but how can they differentiate these methods?

Affiliate trading, also known as prop trading, has provided many new traders with great opportunities to demonstrate their understanding of the financial markets and to establish themselves with top trading firms that work for good money. The industry is established enough that some of the biggest firms, like FTMO, have long histories and are well known for their methods and success stories. However, these large and well-established companies are in a position to set some tough goals during their testing periods, and may not be suitable for every trader.

Traders looking for an alternative to FTMO and other established firms are in luck. As the commercial prop market has grown in popularity, it has also seen a number of other companies start up, each with their own take on the various systems and components they offer. Platforms, including Get Leveraged, are increasingly being discussed as good alternatives for sellers looking for different testing models or payment structures. But how do retailers choose which FTMO alternative is right for them?

Let's take a closer look at some of the distinguishing factors that sellers often look for when trying to decide which other prop trading company is right for them.

Who Evaluates the Evaluation Process?

Because it is the first thing that any prop trading company will ask a seller to do, it makes sense that the vetting process is one of the first important steps for many sellers to consider when deciding whether or not the company is worth their time. Generally, the evaluation process will have several stages that traders must go through to demonstrate that they have a good understanding of the financial market and can follow the trading rubric of the prop company.

Important things to think about when evaluating the evaluation process are:

• How much money do I lose if I don't transfer?
• What is the intended benefit.
• What are the daily limits and total drawdown limits.
• Any time they have.

Every prop firm has slightly different expectations for sellers, and not all sellers will be able or willing to meet those expectations.

Do I Have to Pay for the Inspection Process Before or After Passing?

One of the most important factors that sellers should think about when choosing between other prop trading companies is the inspection fee and what happens if they do not pass the inspection. In many companies, the test money is simply taken away, and you lose it all, however some new platforms like Get Leveraged have come up with a unique model that allows you to take a measurement for a few dollars and complete the payment only if you pass the test, reducing the upfront risk to nothing.

What Restrictions and Trading Rules Does the Firm Have?

This is often one of the biggest make or breaks for traders. Not all salespeople have the same styles and strategies that work for them, and some prop firms have rules that make following certain strategies very difficult or impossible. Some common restrictions that firms have are around things like:

• Catching up on the weekend.
• Night positions.
• Trading news.
• Copy trade.
• High-frequency trading.

If a trader's style or strategy is constrained by the rules the company operates under, it's best not to waste each other's time.

What Account Sizes Are There?

Some dealers make a choice about which company to go with based on the size of the account they will be playing with. This makes sense, since your profit is calculated based on the percentage you earn, so, in theory, the bigger account you can use can lead to more profit.

This is another time when it's important that marketers don't get tunnel vision about 'bigger number=better' because that's not how it works. But, nevertheless, traders who want to make big plays would be well served by looking at how big accounts they have access to.

What Types of Assets and Markets Does a Prop Firm Accept?

Another very important factor when considering an FTMO alternative is the range of goods they offer. Modern prop trading platforms, including Get Leveraged, tend to support a wide range of different asset classes, including many cryptocurrencies, but not all prop companies will.

It is important for vendors to carefully check whether the types of assets they are most familiar with are being used by the company before beginning their evaluation process.

How to Determine the Best Fit?

There is no clear way to determine which other FTMO firm is the best, because every trader has a different list of factors that are most important to them. Some traders will thrive on modern platforms like Get Leveraged that offer access to a wide range of assets and low upfront risk, while others may not be interested in gaining exposure to cryptocurrency trading and don't mind risking high upfront fees.

The important thing for traders is to be honest with themselves about their abilities and goals, and to review prop trading firms in an unbiased environment.