An external tool supporting algorithmic trading solutions for cTrader has partnered with FTMO. According to the software developers, they have become the first strategy builder to sign this type of partnership with a popular prop firm.

AlgoBuilderX and FTMO Form Partnership

“We are excited to announce a new and prestigious partnership between AlgoBuilderX and FTMO, one of the most respected and well-known prop firms worldwide,” AlgoBuilderX commented today (Thursday) on social media.

As part of the partnership, FTMO clients who want to create their own trading algos compatible with the cTrader platform will receive a 25% discount on tools offered by AlgoBuilderX.

AlgoBuilderX is a web-based platform designed to create and backtest algorithmic trading strategies specifically for Spotware's cTrader. The application allows users to create “cBots,” which can be run for free on cTrader servers.

AlgoBuilderX was created by Italian-born Matteo D'Elia and Alessandro Dei Negri and launched earlier this year. “We are very grateful and excited to have established this exclusive partnership with an industry leader,” D'Elia commented further for Finance Magnates.

How It Works

• Strategy Creation: Users build their trading algorithms using the visual interface, combining different components to define entry and exit rules, risk management parameters, and other strategy elements.
• Data Selection: Traders choose the financial instruments and time frames they want to analyze, leveraging the platform's integrated data sources.
• Backtesting: The created strategy is then tested against historical data to evaluate its performance under various market conditions.
• Analysis and Optimization: Users can analyze the backtesting results and use the platform's optimization tools to refine their strategies for better performance.
• Deployment: Once satisfied with the strategy's performance, users can potentially deploy it for live trading, depending on the platform's capabilities and integrations.

FTMO's Performance, Hiring, and Organizational Changes

As for FTMO itself, there's been a lot happening at the Czech prop firm recently. As Finance Magnates exclusively reported, it generated a turnover of almost CZK 5 billion (over $213 million) in 2023.

“Last year was significant for us for several reasons, but the main one is clearly the transition from a company focused on a single business to a group that synergizes different sectors,” said Otakar Šuffner, co-founder and CEO of FTMO.

Meanwhile, the prop trading giant has strengthened its C-Suite, with Radek Dyntar appointed as CFO and Eva Svobodová as the Chief Legal Officer.

All this is happening as the prop firm prepares to become a full-fledged broker. Specifically for this purpose, they appointed Michael Kamerman as the Chief Executive of its brokerage division.

“Like all things, online trading evolves,” said Kamerman. “The needs of traders are changing all the time, and FTMO has caught lightning in a bottle. Their business is one built on product and relentless customer focus. Their ongoing drive to innovate and launch trader-first solutions caught my eye years ago.”