FT9ja Trading Account Review: Legit Prop Firm or Scam?

FT9ja is claiming to provide funded accounts of up to $25,000 for financial traders in Nigeria, and this is something to be really excited about.

If you've ever done any form of trading, you would know that trading with small accounts can hinder you from making considerable profit.

I mentioned in a blog post about how trading with a small capital can lead to frustration and risking too much, and that is why I've decided to resume trading only with a funded account.

So, FT9ja could be a breath of fresh air for traders looking for prop firms that offer funded accounts, especially for Nigerian traders.

In this review, we'll take a look at some aspects of the FT9ja prop trading to ascertain if it's worth putting your money on.

Who knows, this could be enough motivation for me to restart my futures trading career. Maybe. Just maybe.

How Does FT9ja Work?

Just like every funded account, traders can sign up for a funding model, select an account size, and start trading.

FT9ja claims to be the first prop firm offering funded trading accounts in Nigeria for a one-time fee.

They claim that traders can withdraw as much as 90% of profit earned on a weekly basis, with all losses absorbed by the company.

New traders can begin evaluation to ascertain their skills level, and FT9ja promises to pay traders all profits earned during the evaluation period.

Is FT9ja Real or Fake?

The company looks real for now, with the website already live.

I tried to sign up for an account, and everything went smoothly, from the profile page up to the payment page.

However, I'm yet to get a funded account and start trading with the prop firm, so I'll need to provide an update on this.

How Can You Get Started With FT9ja?

Getting started with FT9ja is easy.

Sign up with your email address, complete your profile, select the funding model and account size, and then pay the fees to get a funded account.

Traders could get an account size of up to $25,000 and start earning as early as a week after signing up.

FT9JA also offers a “2nd chance account” free of charge for traders to try again if they lose their trading account.

The funding models available are:

FT9ja Classic Funding

This funding model is a 1-step challenge model, with a 25% profit target.

The daily account drawdown is 5% while the total account drawdown is 10%. Traders are required to trade for a minimum of 10 days (2 days per week).

I tried to purchase a classic funded account with FT9ja, and the cost was 96,000 Naira.

FT9ja Challenge Funding

This funding model is a 2-step challenge model, with a 5% profit target for evaluation, and a 10% profit target in the next phase.

The daily drawdown and account drawdown is similar to that of FT9ja Classic, but traders are required to trade for a minimum of 6 days in each phase (2 days per week).

I tried to purchase a challenge account with FT9ja and the cost was 105,000 Naira.

How Can You Make Money With FT9ja?

To make money using a funded trading account with FT9ja, you have to be a very skilled and disciplined trader due to the trading instructions placed on the account.

For example, there's a limit to how much you can risk and how much of the account you can lose.

Even though FT9ja incurs losses on behalf of traders on their platform, they do not allow traders to incur much losses. Once an account incurs a drawback of up to 10%, the trader loses that funded account and will have to purchase another account.

Traders could trade currencies, commodities, stocks, and indices, depending on where their interest and experience lies, and they can get paid up to 90% of their profit weekly.

How Much Can you Make Using FT9ja Funded Account?

How much you make using FT9ja actually depends on your trading skill and experience.

With an account size of $25,000 it is not uncommon for traders to make at least $25 per day on the average if they trade with just 1% of the account.

So, you can realistically make between $25 to $50 on the average with FT9ja if you use an account size of $25,000.

In reality, you should know this already if you already have some trading experience.

Is FT9ja Legit or Scam?

For now, I can't say, as I'm yet to get a funded account with them.

Many of the available prop trading firms out there are scams though, so you should beware and do your own due diligence before committing with them.

Having browsed the FT9ja website, it's encouraging that funded accounts are purchased with a one-time payment unlike many others that require a monthly recurring payment.

Positives About FT9ja

The positive about FT9ja is their lenient account rules.

Not only do traders get paid a “talent bonus” during evaluation, they're flexible about the timeline for achieving profit targets. Unlike many other prop firms, they don’t have a timeframe for traders to meet target profit.

The icing on the cake is then that they provide traders with a free “2nd chance” account to give it a go again in the eventuality that they fail the first time.

Many other prop trading firms do not pay during evaluation, and they usually give a rigid timeline for meeting target profit, without which traders would lose their trading accounts.

So, FT9ja is like a breath of fresh air for African and Nigerian traders looking to try out funded trading accounts.

Negatives about FT9ja

In my opinion, the only negative about FT9ja is that they are relatively new.

In an industry that is popular for scams, it is difficult to quickly trust a new trading platform, no matter how lucrative their offers are.

It's only a matter of time until traders on the platform start to show solid proofs of using FT9ja to trade and make money, that they can be recognized as a legitimate prop trading firm in Africa.

Should you Subscribe to FT9ja?

It's really up to you.

There are a variety of prop firms to choose from, so your choice would depend on your preferences and what you want to achieve with a funded account.

The biggest deal with FT9ja is that the payment for their fees is collected in Naira unlike many other global prop firms that require monthly payments in dollars.

FAQs About Prop Firms and Funded Accounts

Why Should You Get a Funded Account?

A funded account is simply leverage for traders to trade with large funds that they would otherwise not have access to.

So, if you're looking to trade with an account size that gives you the opportunity to utilize reasonable risk management and still make a sizable profit, then you need a funded account.

Is a Funded Account Worth It?

You should know this if you have any trading experience.

Trading with a small account is not only frustrating, it also tempts you to risk more in pursuit of profit.

Moreover, smart traders seldom trade with their own capital. They use other people's money.

Which Account Size Should You Use on a Funded Account?

It depends on your financial goals.

A larger account size could translate to larger trade sizes, and potentially more profit.

It is advisable to go for an account size of at least $10,000 so you can have enough room to make sizeable trades.

What if You Lose Money on a Funded Account?

It's allowed to lose money on a funded account. In fact, it's normal for traders to lose money.

However, most prop firms will place a limit to how much you can lose before your trading account gets liquidated.

On the average, most prop firms will liquidate an account after a 20% loss.

How Much Risk Can You Take with a Funded Account?

Again, it depends on the prop firm that you are trading with.

Some will place a daily loss limit of up to 5% while others could give room for daily losses of up to 10% of trades. Note that trade losses are different from account losses.

Can You Trade with More Than One Funded Account?

It's not advisable.

Trading profitably with one account is difficult enough for the average trader, so why add to the stress?

Most successful traders use one trading account to trade because they know that it is their trading skills that determine their success, not the amount of trading accounts they trade with.

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