When selecting a proprietary trading firm, traders often weigh options between well-established names and newer entrants. FXIFY and FTMO are two prominent names in the industry, each offering distinct features, evaluation processes, and trader experiences. This detailed comparison highlights their differences to help you make an informed decision that aligns with your prop trading goals.
1. Evaluation Processes
FTMO
- Structure: FTMO employs a two-phase evaluation process:
- Phase 1: Achieve a profit target of 10% within 30 calendar days.
- Phase 2: Achieve a profit target of 5% within 60 calendar days.
- Daily Loss Limit: 5% of the account balance.
- Overall Drawdown: 10% of the initial balance.
- Trading Days: Minimum 10 trading days required per phase.
FXIFY
- Structure: FXIFY offers multiple evaluation models:
- One-Phase Evaluation: A single-phase with a 10% profit target and no time limit.
- Two-Phase Evaluation: Similar to FTMO, with a 10% profit target in Phase 1 and a 5% profit target in Phase 2. However, FXIFY does not impose a maximum time limit.
- Three-Phase Evaluation: Features lower profit targets of 5% per phase, with no time restrictions.
- Daily Loss Limit: 3%-5%, depending on the evaluation type.
- Overall Drawdown: 6%-10%, depending on the program.
- Trading Days: No minimum or maximum trading days required.
Key Difference: FTMO mandates strict timelines for evaluations, while FXIFY provides more flexibility with unlimited time options.
2. Profit Splits
FTMO
- Starting Split: 80% for funded traders.
- Maximum Split: Can increase to 90% for consistent performers.
FXIFY
- Starting Split: Up to 90%, depending on the evaluation program and optional add-ons.
- Maximum Split: Fixed at 90% for all traders.
Key Difference: FTMO’s profit split starts lower but increases based on performance, while FXIFY offers a higher starting split with no incremental increases.
3. Payouts
FTMO
- Payout Frequency: Monthly payouts with the option to request them sooner after 14 days of trading.
- Processing Time: Generally quick, with funds often released within a few days.
FXIFY
- Payout Frequency: Traders can request payouts as frequently as every two weeks.
- Processing Time: Payouts are processed on-demand after closing the first trade in a live account.
Key Difference: FXIFY offers bi-weekly payouts, while FTMO focuses on monthly payouts with the flexibility for early requests.
4. Trading Instruments and Platforms
FTMO
- Instruments: Offers a wide range of forex pairs, commodities, indices, and cryptocurrencies.
- Platforms: Supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.
FXIFY
- Instruments: Provides access to forex, indices, commodities, stocks, and cryptocurrencies, with some restrictions on leverage for certain assets.
- Platforms: Supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), and DXtrade.
Key Difference: Both firms offer similar trading instruments and platforms, but FXIFY also includes stock trading and provides leverage customization through add-ons.
5. Risk Management Rules
FTMO
- Daily Loss Limit: Fixed at 5%.
- Overall Drawdown: Fixed at 10%.
- Trailing Drawdown: Not applicable.
FXIFY
- Daily Loss Limit: Ranges from 3%-5% depending on the program.
- Overall Drawdown: Ranges from 6%-10% depending on the program.
- Trailing Drawdown: Applied in some evaluations, making it slightly more restrictive than FTMO.
Key Difference: FTMO has a consistent set of drawdown limits, while FXIFY’s rules vary depending on the evaluation model.
6. Trading Flexibility
FTMO
- News Trading: Allowed, but traders are discouraged from trading during extreme volatility.
- Weekend Holding: Not permitted.
- Automated Trading: Use of Expert Advisors (EAs) is allowed.
FXIFY
- News Trading: Allowed with no restrictions.
- Weekend Holding: Permitted.
- Automated Trading: Use of EAs is allowed.
Key Difference: FXIFY provides greater flexibility by allowing weekend holding and unrestricted news trading.
7. Scaling Plans
FTMO
- Eligibility: Traders can scale their accounts by 25% after achieving a 10% profit over four consecutive months.
- Cap: Funded accounts can grow significantly over time, with specific conditions for further scaling.
FXIFY
- Eligibility: Accounts are scaled up by 25% after achieving a 10% profit within three months, with at least two profitable months.
- Cap: Accounts can scale to a maximum of $4 million.
Key Difference: FXIFY’s scaling plan has faster growth potential, while FTMO emphasizes sustained performance over a longer period.
8. Fees and Refund Policies
FTMO
- Evaluation Fees: Ranges based on account size, starting at approximately $155 for a $10,000 account.
- Refund Policy: Fully refundable upon passing the evaluation.
FXIFY
- Evaluation Fees: Generally lower than FTMO, starting at $89 for a $10,000 account.
- Refund Policy: Not explicitly refundable but offers competitive pricing and add-ons.
Key Difference: FTMO refunds evaluation fees upon passing, while FXIFY focuses on lower upfront costs.
9. Reputation and Longevity
FTMO
- Established: A well-known and highly trusted firm with a proven track record in the industry.
- Reputation: Consistently receives positive reviews for transparency and reliability.
FXIFY
- Established: A newer firm with a growing presence in the market.
- Reputation: Known for its flexibility and trader-friendly rules but lacks the long-standing credibility of FTMO.
Key Difference: FTMO has an established reputation and industry credibility, while FXIFY is still building its track record.
10. Add-Ons and Customization
FTMO
- Add-Ons: Does not offer account customizations or optional features.
FXIFY
- Add-Ons: Offers several customizable features, including:
- Higher profit splits.
- Bi-weekly payouts.
- Increased leverage options.
- Performance protection.
Key Difference: FXIFY allows traders to tailor their accounts to their preferences, while FTMO maintains a standardized approach.
Conclusion
Both FXIFY and FTMO offer robust proprietary trading programs, but their approaches differ significantly. FTMO emphasizes structure, consistency, and long-standing credibility, while FXIFY provides flexibility, customization, and faster scaling. Traders should carefully evaluate these differences and choose the firm that best aligns with their trading goals, strategies, and preferences.