How to cancel your FTMO account and recover your evaluation fees in new zealand

What FTMO is and why traders cancel

FTMO is a proprietary trading firm headquartered in Prague that operates a two-stage evaluation process: the Challenge and Verification phases. You pay a one-time fee to access a simulated trading account, and if you achieve consistent profits within the firm's rules, FTMO credits your fee towards a funded live trading account.

The firm also runs an online merchandise shop and sells digital trading products via their website, the Apple App Store, and Google Play. While FTMO has established credibility in the trading community, many traders find the evaluation fees prohibitive, the profit targets unrealistic, or the drawdown rules too strict for their trading approach.

If you've paid for an FTMO evaluation and want to withdraw, or you've purchased physical goods and reconsidered, you have explicit consumer rights under New Zealand law. Yafee has created this guide to walk you through every cancellation method, refund deadline, and legal protection available to you.

Why traders typically cancel FTMO

• The Challenge fee represents a significant cost relative to account size, and most traders fail before recovering their fee.
• Profit targets appear unachievable within the stipulated timeframe, particularly for part-time or manual traders.
• You have decided to trade your own capital instead of pursuing funded trading opportunities.
• You purchased merchandise or digital products and wish to return them within the cooling-off period.
• The platform rules or trading conditions conflict with your strategy or risk tolerance.

Your consumer rights under new zealand law

New Zealand's Consumer Guarantees Act 1993 and the Fair Trading Act 1986 protect you when cancelling services or returning goods purchased from overseas companies.

Cooling-off period and withdrawal rights

For distance contracts (purchases made online), you possess a 14-day cooling-off right measured from the date you receive goods or gain access to a digital service. You may withdraw without providing a reason, provided you have not substantially used the core service.

For FTMO evaluation products, this right terminates the moment you initiate live trading on the demo account. If you enrol, wait three days, then begin executing trades, you lose your withdrawal right entirely. Yafee emphasises this critical trap: the cooling-off period expires on first use, not on purchase date.

For physical merchandise orders, you have 30 days under FTMO's stated policy, and 14 days under the Consumer Guarantees Act if goods are faulty or not as described.

Your legal position

You have the right to cancel within 14 days of purchase for distance sales, provided you have not commenced using the service. This right is statutory and cannot be waived by FTMO's terms and conditions. If FTMO refuses your cancellation request, the Commerce Commission (comcom.govt.nz) is your escalation authority.

Refund obligations

Upon submitting a valid withdrawal or return notice, FTMO must process your refund within 14 days of receiving returned goods or confirming your withdrawal. Refunds must return to your original payment method.

When you return merchandise, FTMO may deduct a reasonable allowance for wear and tear if items show damage or soiling beyond normal handling. They cannot, however, charge return shipping costs unless you explicitly agreed to bear these costs before purchase.

Dispute escalation and recovery

If FTMO declines your refund after 14 days or disputes your cancellation claim, contact the Commerce Commission or initiate a chargeback through your bank. Yafee recommends retaining all email correspondence, order confirmations, payment receipts, and dated proof of your withdrawal notice. These documents form your strongest evidence in any formal dispute.

How to cancel your FTMO account: step-by-step

Cancellation processes differ depending on whether you enrolled in an evaluation, purchased shop merchandise, or made an in-app purchase.

Cancelling an FTMO evaluation or challenge account

This is the most common cancellation route among traders.

1. Log in to your FTMO account at ftmo.com using your registered email and password.
   • If you have forgotten your password, click "Forgot password" and reset via your email.
2. Navigate to your account settings or dashboard.
   • Look for a "My Account", "Profile", or "Account Settings" menu option.
3. Locate your active Challenge or evaluation.
   • Your evaluation should display with its status (Active, Completed, or Failed) and the date purchased.
4. Select the evaluation you wish to cancel and click "Withdraw" or "Cancel Evaluation".
   • FTMO will present a confirmation screen outlining your remaining balance or fees.
5. Confirm your withdrawal by clicking the final confirmation button.
   • FTMO will display a confirmation message with a reference number and expected refund date.
6. Save or screenshot this confirmation for your records.
   • This reference number is your proof of withdrawal and essential if you later need to dispute with your bank or the Commerce Commission.

Cancelling a physical merchandise order

If you have purchased branded merchandise or physical products from the FTMO shop, follow this process.

1. Log in to your FTMO account or shop account.
   • Use the same credentials as for your evaluation account, or create a new login if you purchased without an evaluation account.
2. Navigate to your order history.
   • Look for "My Orders", "Order History", or "Purchases" in the shop menu.
3. Locate the order you wish to return.
   • Click on the order reference number to display full details, including shipping address and item descriptions.
4. Click "Request Return" or "Return Item" if available on the order screen.
   • Some orders may not offer this button if they fall outside the 30-day return window. If so, proceed to step 5.
5. If no return button appears, email FTMO's customer support directly.
   • Send your request to the Prague headquarters address listed below, with your order number, order date, and reason for return in the subject line.
6. Pack the items securely in their original packaging if possible.
   • Include a copy of your order confirmation and return request email.
7. Ship the package to FTMO's Prague address using a tracked courier service.
   • Keep your tracking number and receipt; you will need these to prove delivery if a dispute arises.
8. FTMO will process your refund within 14 days of receiving the returned items.
   • Monitor your payment method for the refund; it typically appears within 7 business days after FTMO processes it.

Cancelling an in-app subscription or digital purchase

If you subscribed to a premium feature or purchased a digital product via the Apple App Store or Google Play, cancellation depends on the platform.

1. For Apple App Store (iOS): Open the App Store app, tap your profile icon, select "Subscriptions", locate FTMO, and tap "Cancel Subscription".
   • Your subscription will end at the next billing date; no refund is issued for the current period unless it falls within 14 days of purchase.
2. For Google Play (Android): Open the Google Play app, tap your profile icon, go to "Payments and subscriptions", select "Subscriptions", choose FTMO, and tap "Cancel Subscription".
   • Like Apple, your cancellation takes effect at the next renewal date.
3. If you purchased within 14 days and did not substantially use the feature, you may request a full refund directly from Apple or Google.
   • Apple: Go to reportaproblem.apple.com; Google: Visit support.google.com/googleplay and select "Request a refund".
4. Keep evidence of your purchase date and cancellation confirmation for your records.
   • If the app store refuses your refund, escalate to the Commerce Commission with screenshots of the purchase and your cancellation request.

FTMO pricing and evaluation structure

Understanding FTMO's fee structure clarifies why many traders choose to cancel.

Note: Prices are approximate and may fluctuate. Yafee recommends checking ftmo.com for current NZD pricing. Importantly, these fees are non-refundable if you fail the evaluation after commencing trading, which is why the 14-day cooling-off period is critical.

Common cancellation mistakes to avoid

Most traders who cancel FTMO can recover their fees easily, provided they act quickly and follow the correct procedure.

Mistake 1: trading before withdrawing

The single most costly error is opening a live trade on the demo account before submitting your withdrawal request. Once you execute a single trade, your cooling-off right expires, and FTMO will classify your cancellation as a failed evaluation rather than a cooling-off withdrawal. You will then forfeit your fee.

Mistake 2: missing the 14-day window

Your cooling-off right begins on the date you purchased the evaluation, not the date you logged in. If 14 calendar days pass without a withdrawal request, you lose the right entirely. Yafee recommends submitting your cancellation within 10 days to leave a safety margin.

Mistake 3: deleting your account without formal cancellation

Simply closing your account or not logging in does not constitute a valid withdrawal under consumer law. You must explicitly request cancellation via the FTMO platform or in writing to their address. Deletion of your account may actually obscure your evidence that you purchased the evaluation.

Mistake 4: not retaining proof of withdrawal

Always screenshot your cancellation confirmation and the reference number FTMO provides. If your refund does not arrive within 21 days, you will need this proof to dispute with your bank or the Commerce Commission. Without it, you have no documented evidence that you submitted a valid withdrawal request.

Mistake 5: returning merchandise without tracking

If you ship returned goods to Prague without a tracked courier service, you cannot prove delivery. FTMO may claim they never received the items, and you will have no recourse. Always use a carrier that provides a tracking number and delivery confirmation.

What happens after you cancel

Once you submit a valid cancellation, several things occur in sequence.

Immediate confirmation

FTMO displays a confirmation screen or sends a confirmation email within 24 hours of your withdrawal request. This confirms your cancellation date and expected refund timeline. Save or print this email immediately.

Refund processing (days 1-14)

FTMO has 14 calendar days from the date you submitted your cancellation to initiate your refund. For evaluations cancelled within the cooling-off period, they must process the refund in full. For failed evaluations outside the cooling-off period, your fee remains non-refundable.

Bank processing (days 14-21)

Once FTMO issues the refund, your bank or payment provider requires a further 3-7 business days to credit the funds to your account. In total, expect the full refund to appear 17-21 days after your withdrawal request.

If your refund does not arrive

Contact FTMO's customer support within 21 days and request confirmation that your refund was processed. Provide your cancellation reference number and original payment receipt. If FTMO fails to respond or disputes your claim, file a chargeback dispute with your bank, citing the Consumer Guarantees Act 1993. Your bank will contact FTMO on your behalf and can recover the funds directly.

Comparing FTMO cancellation to other trading platforms

Yafee has analysed how FTMO's cancellation terms compare to other prop trading firms available to New Zealand traders.

FTMO's cooling-off policy is standard across the industry, but Yafee notes that Topstep Trader offers a longer 30-day window, which may suit traders who wish to trial the platform more extensively before committing.

How yafee can help you cancel

Yafee (yafee.com) has helped thousands of consumers navigate cancellation disputes with overseas trading platforms, financial services, and subscription companies. If FTMO refuses your refund or questions your cancellation request, Yafee provides templates, evidence checklists, and escalation strategies grounded in the Consumer Guarantees Act 1993 and Fair Trading Act 1986.

You can access Yafee's cancellation toolkit, dispute letter templates, and live adviser support at yafee.com. Yafee's platform records all your communications with FTMO, automatically dates your cancellation request, and generates statutory evidence that holds weight with the Commerce Commission and your bank.

Contact FTMO for cancellation support

If you need to contact FTMO directly outside the online platform, use the following addresses:

Prague headquarters (mailing address for returns and formal disputes):

FTMO s.r.o.
Pobrezni 3
186 00 Prague 8
Czech Republic

Australian office (fastest response for NZ traders):

FTMO Australia Pty Ltd
Level 16, 680 George Street
Sydney NSW 2000
Australia

Email support: [email protected] (response typically within 48 hours)

When contacting FTMO, always include your account email, account ID, order number, and the date you submitted your cancellation request. Reference the Consumer Guarantees Act 1993 in formal correspondence; this signals to FTMO that you understand your legal rights and are prepared to escalate if needed.

Your next steps

If you have decided to cancel your FTMO evaluation, act immediately. The 14-day cooling-off period begins on your purchase date, not your login date. Log in to your FTMO account, navigate to your active evaluation, and click "Withdraw". Save your confirmation reference number, and monitor your refund over the next 21 days.

If FTMO has already refused your refund or you are outside the cooling-off period, do not assume your fee is lost. Yafee has recovered funds for traders months after cancellation by filing formal disputes with the Commerce Commission and initiating chargebacks through their banks. The Consumer Guarantees Act 1993 provides defences even when companies claim their terms deny refunds.

Visit yafee.com today to access your free cancellation checklist, escalation templates, and live adviser guidance. Yafee has already helped hundreds of New Zealand traders recover FTMO fees and other trading platform charges. Start your cancellation with confidence-your legal rights are stronger than you think.