Hello,
What is the list of Forex brokers used by FTMO, The5%ers, or any other reputable prop firms? I want this list because one of the members of this forum advised me to always use Forex brokers that are used by legitimate prop firms, as there is a very low chance of getting scammed by brokers.
FTMO do not use brokers, they use demo accounts and make money from the subscription fees.
No idea about the other one. I’d be looking at the big names if you want a reputable broker. IG, Pepperstone, IC Markets, Oanda etc.
There is no such thing as legitimate prop firms. They either earn from charging you various fees or eventually serve as marketing lead tool for brokers whom they cooperate with.
Most of the prop firms mention that their charges are refundable. Most of them operate on profit-sharing models. In that case, how do they remain profitable? Even if they do not refund, consider someone who paid $500 for a $100K account, made $10K in profits, and withdrew $5K or more. How is it profitable if their primary source of income is fees?
It’s only refundable if you pass. Bear in mind that about 90% of traders aren’t profitable and over a long period of time it’s far fewer. Then consider the strict rules and how you lose an account for being 10% in drawdown which will mean more than 90% of people lose the evaluation and very few can profit for a long time.
You soon realise that the money they make from failed evaluations far outweighs the profits of traders that actually make anything and most of those soon get booted for one reason or another.
I wouldn’t touch FTMO with a bargepole
Traders4traders use Eightcap.
If any use demo accounts only for their funded accounts run the other way because there is too much risk.
It shocking to see, No body use most reputed and giant brokers like ICMarkets, aaafx, FXCM, Pepperstone, FXTM, Forex.com, etc