Poor communication = big issues
My very short experience with FTMO has been a mix: on the one hand, I love the idea of taking on their demo and/or challenge and learning trading techniques in the Forex market, on the other hand this company has huge communication issues. Let me explain...
I devoted 8 days over the past couple of weeks to work on the FTMO challenge. As a newbie, I had a vague impression that maybe the low equity I reached in some of the positions would be problematic, but my MetaTrader account kept running and the FTMO app indicated that the challenge was still "Ongoing." Additionally, I never received any email or push notification from FTMO indicating that I failed the challenge... so I kept going on under the assumption that I was still "in the game."
(Take, for contrast, the response of MyForexFund: My wife failed her test, and her account was immediately disabled on MetaTrader, her app indicated the challenge had failed, and she received an email reporting the failure to pass the challenge.)
After long hours, I managed to bring my balance from the brink of extinction to an amount that suggested I was on track to pass the challenge. To my surprise, yesterday I accidentally found out that my Max Loss and Max DL had been violated, which apparently is code for "you failed."
Now, I am not disputing the failure. I am aware that I have LOTS to learn about trading, and I am willing to continue putting the work. What I find unacceptable is that this company never thought their platform should immediately notify the user about this critical detail. I should not need to find out that I had continued putting long hours of work, many of them until late at night, on an already failed challenge by accidentally clicking on an account that clearly indicated that the challenge was still "Ongoing."
I am still waiting to hear back to my email to FTMO support. In addition to providing feedback, I requested a free repeat, which in my opinion is reasonable considering the reasons I pointed out in my email. I have a good feeling about this company, but I need them to prove they care about their customers. If their response does not satisfy me, I will have to move to MFF.
Regardless of their response, however, I am hoping they remedy their poor communication issues.
Follow up:
I just heard back from FTMO and: (1) They are not willing to offer free repeats. (2) They insist that they only way to know you failed the challenge is by checking the app's Account MetriX, which indicates they are unwilling to listen to my feedback on properly notifying users about the status of their challenge.
I am accordingly downgrading my original rating by one star, and will seek future opportunities with other companies, most likely MFF.
Addendum 8/24/2023
FTMO communicated that my review, which is completely genuine and truthful, violates their T&C 10.1 and that I should remove it if I plan to use their service again in the future. This confirms my previous impression about this company, and may explain the very high ratings: those who had any complaints to share were likely forced to withdraw their reviews under threats of retaliation. Below is what I got in an email today:
“As mentioned in the T&C 10.1 acts in any manner that may damage the company's good reputation in this case in the form of public review. Although we do not restrict you from voicing your opinion publically, the review needs to be based on the truth and genuine experience. The grade of the review questions our good reputation and might cause future conflict if you decide to utilize our services again in the future.”
This downgrades my rating by another star. Such a disappointment.
Addendum 8/28
In consonance with the rest of my experience with FTMO, I just found out that they terminated my account, restricting access to challenge and demo accounts.
This shameless extortion is clear from this explanation I received from their team leader: "As was mentioned to you previously the review is a reflection of your stance towards our company and as a result, I have temporarily suspended your registration with its service as understandably utilizing our services while objectively being dissatisfied with it is contradicting. Therefore, if you wish to resume our cooperation we will need you to clear your stance with our company by either removing the review or edit it accordingly."
13 August 2023
Unprompted review