FTMO Reports $213 Million Turnover For 2023, Setting New Records

FTMO, a leading prop trading brand set to launch a brokerage, reported a turnover of nearly CZK 5 billion (over $213 million) in 2023, up 20% from the previous year’s CZK 4 billion (about $170 million). The company’s EBITDA also hit almost $100 million.

Additionally, the number of open trading accounts with the Czech company surpassed 2.3 million in 2023, marking a 33% increase from the previous year.

FTMO Aims To Strengthen Its Position In The Trading Industry

Otakar Šuffner, Co-founder and Chief Executive Officer of FTMO, stated that last year was significant for FTMO for several reasons. He added that the main achievement was the shift from a company focused on a single business to a group that integrates various sectors.

FTMO acquired the proprietary trading firm Quantlane and eVisions, the marketing agency earlier this year. The firm is now launching a brokerage and has appointed Michael Kamerman, an industry expert, as the Chief Executive Officer of its brokerage unit.

FTMO’s expansion is evident from its key hires, including Eva Svobodová as Chief Legal Officer and Radek Dyntar as Chief Financial Officer earlier this year. Despite diversifying, FTMO emphasized that its core prop trading products remain a priority. The company also noted that it paid 80% more to its traders in the first seven months of 2024 compared to the same period last year.

FTMO Seeks To Revolutionize The Trading Industry

While FTMO is flourishing, many other prop trading firms are having a hard time and some have closed down. Companies like SurgeTrader, Stocknet Institute, True Forex Funds, The Funded Engineer, Stocknet Institute, and Skilled Funded Trader stopped their operations for different reasons.

Meanwhile, more retail CFD brokers are joining the prop trading industry, offering these services alongside regular brokerage options. This trend began with Axi, OANDA, and Hantec Markets. But now, brands like Traders Trust, ThinkMarkets, IC Markets, Blueberry Markets, and Trade.com are either offering or planning to offer prop trading services.

However, the industry has attracted regulatory attention. The European Securities and Markets Authority (ESMA) has shown interest in prop trading companies.  Recently, Dr. George Theocharides, CySEC Chair said there will likely be more scrutiny on prop trading companies shortly.

FTMO is a top trading company that lets traders start with up to $400,000 after they pass an evaluation. Traders can work with Forex, Indices, Commodities, Stocks, Cryptocurrencies, and different CFDs.

FTMO is one of the oldest prop trading companies still running. Since starting in 2015, it says it has more than 1.5 million sign-ups. The company offers prop trading services with demo trading accounts, which is common in the industry.