Are you confused between City Traders Imperium and FTMO funded trading platforms? If yes, this article is for you. Here we will compare both these platforms so that you can figure which one is the best for you.
If you are thinking of starting forex trading, you really have two options. It’s up to you whether you want to start by risking your own capital or join a funded trading program. Starting trading by putting in your own capital can be a good way to learn, but you will have to risk a lot of money. Getting started with a funded trading program can be a good way when you do not have sufficient capital and you want to learn about the market.
Depending on the funded trading program you choose, rules, fees, etc. will differ. You need to figure out which program will be ideal for you.
What is City Traders Imperium?
Daniel is the founder of this leading forex education and funded trader program. In the year 2014, Daniel found that most prop firms in London were concerned about selling courses and not really on developing people to become real traders. That’s what forced Daniel to build an online platform which is actually focused on developing real traders with real skills.
Hence, City Traders Imperium isn’t just a funded trading program. It is a platform where you can enhance your trading knowledge and skills. In order to become a trader at City Traders Imperium, you need to pass the evaluation process. It’s up to you, for which account you want to get evaluation. The platform offers $20k, $50k, and $70k fully funded trading accounts.
First of all, you need to join the platform and select which funding account you want to get started with. Your account will be funded with CTI capital within 24 hours. Then, the next important step in the process is passing the challenge. During the evaluation period, you will be given 50% profit share after the evaluation.
However, when you become a profitable trader on City Traders Imperium, your profit share will be 60%. Before you start your forex journey on City Traders Imperium, it is important to have a clear idea about the rules. You need to go through its rules for maximum time limit, minimum active trading days, profit targets, profit share, allowed tradable assets, account growth, maximum risk exposure, leverage, etc. With CTI, all trading styles are allowed, EAs are allowed, hedging is allowed, and holding trades overnight is also allowed.
When you know about these things will help you figure out whether this platform is right for you or not. Depending on whether you choose $20k, $50k, or $70k account, the fee will differ. For a $20,000 account, the one-time payment fee is £200. For a $50,000 account, the one-time payment fee is £400. And, for a $70,000 account, the one-time payment fee is £550.
What is FTMO?
FTMO is another popular funded trading program you can use. Just like CTI (City Traders Imperium), FTMO also requires its members to pass the evaluation process. This trading platform has a two-step evaluation process, named FTMO Challenge and Verification. After you successfully pass its two-step evaluation process, you will become the FTMO trader. After you pass the FTMO Challenge step, passing the Verification step won’t be a big hassle for you. It’s because the trading objectives of the second step are easier than the first step.
To give traders an idea about what they need to achieve, FTMO has set Trading Objectives in all the steps. Once you successfully achieve all trading objectives of the step, you can move to the next one.
Under the FTMO Challenge step in a $10,000 account, the trading objectives are a 30 days trading period, minimum of 10 trading days, a $500 maximum daily loss, a $1000 maximum loss, and a $1000 profit target. Talking about the Verification step, the trading objectives are 60 days trading period, minimum of 10 trading days, $500 maximum daily loss, $1000 maximum loss, and $500 profit target.
FTMO also has a fee, but the difference here is, its fee is refundable. Once you complete both the steps successfully and become the trader, the fee will be refunded to you. Trading objectives will vary depending on the step (Challenge, Verification, or FTMO Trader), risk (normal or aggressive), account ($10k, $25k, $50k, $100k, or $200k).
City Traders Imperium Vs FTMO
Whether you choose CTI or FTMO, both the programs have an evaluation process. The purpose of this evaluation process is to vet out the best and skilled traders. Before starting with any of these two platforms, it’s imperative to properly check the rules, such as maximum time limit, profit share, profit target, etc. We only use and recommend the 3 prop trading firms below at this time.
No Timeline: City Traders Imperium – CTI has been around awhile their payout isn’t the best starting at 50% to 60% then up to 70% when to get to 7 figures funded. Now why would we suggest somebody with a lesser payout? Because if the company is making more money they will be much happier relaxing the rules and letting traders do what they want. You can trade during the news, hold over the weekends and take as much time up to to a year on your verification. 50k funded account will cost you around $500 USD.
Longer Timeline: 5%ers – same thing they have a lesser payout at 50%, but you have to look at that they want you to succeed that much more with them paying you 50% and the upside is 7 figures again. They have been around awhile and they give you 6 months to pass the verification as well. It is a little pricier for the verification at around $875 USD, but again not as much pressure as a 60 day verification. Take your time and take the higher quality trades instead of rushing into them.
Most Reputable: FTMO – FTMO has been around about the longest of the most popular prop firms. They aren’t too expensive they have different tiers which used to be only up to 100k, but now they do have a 200k. The only downside with FTMO is the rules they are very strict on things like the news and not holding trades over the weekend and such. This can make you better yes, but it can hold a lot of traders back based on their strategy and principles. We have always been low risk high reward traders so it doesn’t affect us that much.