Smart Prop Trader Review 📈 Is it GOOD or BAD? (2024)

FAQs

Is smart prop firm legit? ›

Moreover, Smart Prop Trader has been in operation since 2016 and has a large and active community of traders who have been using the platform for years. This longevity and positive reputation among traders further solidify its legitimacy.

That result should look catastrophic for anyone who hopes to join a prop firm. The article from Lux Trading Firm provides slightly different results. According to it, 4% of traders, on average, pass prop firm challenges. But only 1% of traders kept their funded accounts for a reasonable amount of time.

Yes, prop firms do pay. While there are some scams out there popping up everyday, reputable prop trading firms like True Forex Funds, FTMO,5%ers,FundedNext are legitimate and pay traders according to their profit-sharing agreements. As for True Forex Funds, I can vouch for their credibility.

The Virtual Profit Split Day can be changed up to 3 times for each withdrawal, anytime between 12 days and 60 days from the start of trading. The payouts are processed within 1-2 business days upon confirming the invoice.

Smart Prop Trader will pay out up to 90% profit share on a monthly basis. Periodically, we will allocate more balance into your Smart Prop Trader Virtual Account if you consistently profit.

Around 10% pass

According to FTMO statistics, only about 10% of traders are able to pass the funded account challenge at any account level. This means approximately 90% of aspiring funded traders fail the evaluation and are unable to gain access to the firm's capital.

Prop trading can be lucrative, with earnings tied to a profit-sharing ratio. Unlike traditional brokers relying on commissions, prop traders' income directly links to generated profits. Ratios vary, often ranging from 75/100 to 90/100, offering flexibility based on experience and strategy.

Prop trading is worth it, although it's not recommended to invest more than you can afford to lose. Prop trading is suitable for beginner traders who don't have enough capital to start their journey.

- Prop firms frequently offer high leverage and margin requirements, allowing traders to amplify their bets on the market. - While this can be exhilarating, it also comes with inherent danger. One wrong move can lead to significant financial losses¹.

Do prop firms really work? ›

Prop firm trading is a legitimate way to make money, but it is not without its risks. Prop firms provide traders with access to a significant amount of capital, typically in exchange for a percentage of the profits generated.

Here are some of the disadvantages associated with working for a prop trading firm: High Pressure and Stress: Prop trading can be fast-paced and high-pressure, especially in firms that focus on short-term trading. The need to make quick decisions and manage risk can lead to high stress levels.

We do not place any limit on the number of virtual trading accounts you can have in the Smart Prop Trader Challenge and Verification.

You can transfer the money to a bank account, wire it, or request a physical check. Most brokers, even the best online brokers that don't have many fees, do charge fees for wire transfers. This type of transfer is faster than a standard electronic funds transfer.

Proceeds from selling a stock or security will settle in your brokerage account 2 business days after the sale. Once the proceeds from your sales have settled, they will be available to withdraw.

I had my first payout with their demo account, and I think this amount of profit is insane for any prop firm to share with traders during their assessment period. Yes, proprietary (prop) trading firms are real. They trade financial markets using their own capital.

While these laws applied to banks, not all independent prop companies in operation today are covered by the Volcker rule. Prop businesses nowadays are utterly unregulated and far apart from the banking industry. As a result, these internet prop companies are legitimate and not a fraud.

Smart Prop Trader is a project which is looking for experienced traders. To ascertain if a trader has all the qualities we seek, we developed a 2-step evaluation course. These two steps consist of the Smart Prop Trader Challenge and the Verification.