The new identity verification solution enables FTMO to verify users on its trading education platform more efficiently
Kaunas, Lithuania (March 00, 2024) — iDenfy, a Lithuanian-based RegTech company offering ID verification and fraud prevention solutions, has announced a collaboration with FTMO, a Czech educational platform for traders that focuses on a new category of education in financial markets. iDenfy’s verification solutions for both individual and corporate clients will help streamline FTMO’s onboarding process while ensuring the prevention of duplicate accounts.
FTMO offers traders worldwide demo accounts connected to real market movements, simulating up to USD 200K in value. To obtain an FTMO account — a demo account with fictitious money — aspiring traders must pass a two-stage evaluation course. Since its inception, more than 1 million individuals from over 180 countries have explored the platform, both in free and paid versions. Consequently, as FTMO expands its educational platform, it must efficiently manage its onboarding and compliance needs to accommodate the company’s growth effectively.
In its nine-year history, FTMO has won five times the Deloitte Fast 50 competition ranking the fastest-growing technology companies in Central Europe. To stay in line with their priorities and maintain the highest level of security, FTMO wanted to partner with a reputable RegTech company, which iDenfy made a good fit due to their comprehensive identity verification suite for both Know Your Customer and Know Your Business compliance solutions. According to FTMO, the main goal was to streamline its client onboarding operations and minimize the number of duplicate account submissions on its platform.
In collaboration with iDenfy, a renowned identity verification service, FTMO found a new opportunity to enhance key processes, such as screening international sanctions lists and identifying clients who create redundant or duplicate submissions on their fast-growing education platform. FTMO selected iDenfy due to their ability to meet the company’s service requirements while offering competitive pricing and robust solutions to mitigate the probability of duplicates in an efficient and compliant manner. The decision was reinforced by the shared values as both companies originated as startups and were able to demonstrate adaptability to emerging challenges to stand out in the market.
By prioritizing identification security, FTMO and iDenfy are setting a new standard for compliance and transparency in the prop trading industry, reinforcing their commitment to providing a safe and secure trading environment for all participants. This partnership not only strengthens FTMO’s and iDenfy position as a market leader in the trading and regulated technology industry but also sets a new standard for compliance and transparency online.
“We’re delighted to partner with iDenfy to strengthen our commitment to providing exceptional services to our educational trading platform as iDenfy’s fully reliable identification solutions enhance and automate our compliance processes. This helps us to empower traders and give them the tools they need to succeed,” said Pavel Dusek, the COO of FTMO.
“Our team is excited to work together to drive efficiency and transparency in the prop trading industry, ultimately benefiting traders and the education platform alike,” commented Domantas Ciulde, the CEO of iDenfy.
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The collaboration with FTMO truly underscores dedication to empowering businesses with cutting-edge compliance solutions. As FTMO and iDenfy embark on this strategic partnership, both companies are committed to delivering value-driven solutions that enhance compliance, foster innovation, and empower individuals to achieve their trading goals.
About iDenfy
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2’s Winter 2024 report as the leading identity verification software.
For more information and business inquiries, please visit www.idenfy.com
Contact:
Aurimas Kybartas
Phone: +37067644539Email: aurimask@idenfy.com