FTMO and Vanquish Trader both let you prove a strategy on a simulated account and earn payouts for it. That’s roughly where the overlap ends. FTMO is one of the longest-running prop firms, built around forex and CFD trading. Vanquish is built only for options.
So the real question isn’t which firm is better. It’s which one is built for what you trade. This comparison sets out how the two differ on markets, evaluations, risk rules and payouts, so you can decide in a few minutes.
The short answer
Choose FTMO if you trade forex, indices, commodities or other CFDs, want to hold positions overnight, and prefer paying a one-time fee per challenge.
Choose Vanquish if you trade options on US stocks, ETFs or indexes, want no daily loss limit, and want to keep 100% of your profits.
FTMO vs Vanquish Trader at a glance
FTMO offers two challenge types, so both are shown here. Vanquish’s figures span its four plans.
FTMO 2-Step | FTMO 1-Step | Vanquish Trader | |
|---|---|---|---|
What you trade | Forex, indices, commodities and other CFDs | Forex, indices, commodities and other CFDs | Options on US stocks, ETFs and indexes |
Evaluation phases | Two (Challenge, then Verification) | One | One |
Profit target | 10%, then 5% | 10% | 9% or 10%, by plan |
Daily loss limit | 5% | 3% | None |
Maximum loss | 10% | 10% | 3% or 5%, by plan |
Drawdown type | Static | End-of-day trailing | Trailing, intraday or end of day by plan, locking at the Buffer once funded |
Consistency rule | None | Best day no more than 50% of positive days’ profit | None on Rapid Express; below 30% or 50% on other plans |
Minimum activity | 4 trading days per phase | None | None to 4 trading days or 10 trades, by plan |
Time limit | None | None | None |
Profit split | Up to 90% | 90% | 100% |
Fee | One-time, refunded with your first reward | One-time, not refunded | Monthly subscription |
Account sizes | $10,000–$200,000 | $10,000–$200,000 | $10,000–$150,000 |
Overnight positions | Allowed | Allowed | Not allowed; close by 3:59 p.m. ET |
The key differences
What you can trade
This is the deciding factor for most traders. FTMO is built for CFDs: currency pairs like EUR/USD, index CFDs, gold, oil and similar instruments. It doesn’t offer listed options.
Vanquish is the reverse. It’s options only. Every plan lets you buy calls and puts on any ticker, from single stocks like AAPL to index options like SPX. The Advanced Options plan adds spreads, iron condors, covered calls and selling to open. If options are your strategy, FTMO isn’t really an alternative.
Our roundup of prop firms for options trading covers the few firms that are.
How the evaluation works
FTMO’s 2-Step Challenge has two phases: a 10% target, then a 5% target, with at least four trading days in each. Its 1-Step Challenge has a single 10% target and a Best Day rule. Vanquish uses one phase on every plan, with a 9% or 10% target depending on the plan, and no time limit on either firm.
Risk rules
The biggest structural difference is the daily loss limit. FTMO has one on both challenges: 5% of starting capital on the 2-Step and 3% on the 1-Step, including open positions. One bad day can end the account even if you’re well up overall.
Vanquish has no daily loss limit. Instead, it relies on a single trailing loss limit of 3% or 5%, depending on the plan. That limit is smaller than FTMO’s 10% maximum loss, but it’s the only one you need to track. Once you’re funded and reach the Buffer, it locks in place for good.
Our guide to trailing drawdown explains how each type moves.
Payouts and fees
FTMO pays up to 90% of profits, and charges a one-time fee per challenge, which is refunded with your first reward on the 2-Step. Vanquish pays 100% of profits, with a $250 minimum and most payouts arriving in about 15 minutes, and charges a monthly subscription that continues while the account is active.
The Vanquish Trader payout rules cover how often you can withdraw on each plan.
Which fee model costs less depends on how long you take to pass and how long you keep the account. A one-time fee suits traders who pass quickly and trade the account for a long time. A monthly subscription suits traders who want to start for less upfront, and Vanquish resets are available straight away at a set price if an attempt goes wrong.
Holding positions
FTMO allows positions to be held overnight. Vanquish doesn’t: every trade must be closed by 3:59 p.m. ET. For day traders and 0DTE options traders that makes no difference. For swing traders, it rules Vanquish out.
Who each firm suits
FTMO may be the better fit if you:
- Trade forex, index CFDs, commodities or other CFD markets
- Hold positions overnight or over several days
- Want a larger maximum loss and are comfortable tracking a daily loss limit
- Prefer a one-time fee over a subscription
Vanquish may be the better fit if you:
- Trade options on US stocks, ETFs or indexes, whether that’s long calls on NVDA or credit spreads on QQQ
- Day trade or trade 0DTE, so closing by the end of the session suits you
- Want no daily loss limit, with a single loss limit to track
- Want to keep 100% of your profits, with fast payouts
If Vanquish sounds like the right fit, the next step is picking a plan. Our guide to which Vanquish plan is right for you matches each one to a trading style.
FTMO vs Vanquish Trader FAQ
Can you trade options with FTMO?
No. FTMO’s challenges are built around CFDs on forex, indices, commodities and similar markets, not listed options. If you trade options, you’ll need an options prop firm such as Vanquish.
Which has a better profit split, FTMO or Vanquish?
Vanquish pays 100% of profits. FTMO pays up to 90%, depending on the challenge type.
Does Vanquish have a daily loss limit like FTMO?
No. FTMO has a daily loss limit on both of its challenges. Vanquish has none on any plan, only a single trailing loss limit.
Is FTMO or Vanquish easier to pass?
It depends on what you trade and how. FTMO gives you a larger maximum loss but adds a daily loss limit, and its 2-Step needs two phases. Vanquish has one phase, no daily limit and, on Rapid Express, no consistency rule, but a smaller trailing loss limit and no overnight holding.
Is Vanquish an FTMO alternative?
For options traders, yes. For forex and CFD traders, no, because Vanquish only offers options.
Ready to see the plans side by side? Compare prices and account sizes on the plans page.
