The Good and Bad about Smart Prop Trader
Smart Prop Trader is committed to helping traders achieve success in their careers by providing them with favorable opportunities and expert guidance. Their team of professionals boasts extensive experience in the trading industry, with a collective track record spanning over a decade. This wealth of experience positions them to offer valuable support and mentorship to traders seeking to thrive in the financial markets.
Pros
- Excellent Trustpilot rating of 4.7/5
- Overnight & Weekend Holding Allowed
- No Minimum & Maximum Trading Day Requirements
- Scaleable Maximum Drawdown
- Professional Trader Dashboard
- Profit Share of 85% up to 90%
- First Payout After 12 Days
- News Trading Allowed
- Leverage up to 1:100
- Bi-weekly Payouts
- Scaling Plan
- Free Trail
- A Large Variety of Trading Instruments (Forex Pairs, Commodities, Indices, Cryptocurrencies)
Cons
- 4% Maximum daily equity-based drawdown
- Martingale is Prohibited
Smart Prop Trader is dedicated to fostering the success of traders and providing them with exceptional opportunities and guidance. Their team of seasoned professionals brings more than a decade of experience in the trading industry to the table. Over the years, they have honed their expertise, allowing them to establish industry-leading practices and offers, which they are now extending to traders worldwide. Smart Prop Trader ensures that traders operate in an environment characterized by optimal trading conditions, and they have the potential to earn profit splits of up to 90%.
Who Is Smart Prop Trader?
Smart Prop Trader is a proprietary trading firm that extends an opportunity to traders with limited capital. Traders have the potential to operate with a capital allocation of $400,000, allowing them to earn profit splits of up to 90%. Furthermore, traders have the option to scale their account balance. The company was established in July 2022 and has formed a partnership with Eightcap, providing traders access to favorable trading conditions. Smart Prop Trader’s offices are situated in Austin, Texas 78701, United States.
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Smart Prop Trader Evaluation Program Accounts
Smart Prop Trader provides traders with a selection of five two-step evaluation program account sizes to choose from.
Evaluation Program Overview
The Smart Prop Trader evaluation program account is designed to recognize talented and disciplined traders who demonstrate consistency throughout the two-phase evaluation period. Traders in this program have the opportunity to trade with leverage of up to 1:100.
Account Size
Price
$10,000
$67
$25,000
$167
$50,000
$267
$100,000
$467
$200,000
$867
In the Smart Prop Trader evaluation program, the first phase necessitates traders to achieve a profit target of 7% while staying within the limits of a 4% maximum daily loss or 8% maximum loss. There’s no specific time frame for reaching this profit target, and there are no minimum trading day requirements to progress to phase two.
The second phase of evaluation requires traders to attain a profit target of 5% while adhering to the same 4% maximum daily loss and 8% maximum loss restrictions. Similar to phase one, there are no minimum trading day requirements during this phase to advance to a live-funded account.
Upon successfully completing both evaluation phases, traders receive a funded account without profit targets, although there is a minimum withdrawal limit of $100. The primary requirement is to adhere to the 4% maximum daily loss and 8% maximum loss rules. The initial payout is scheduled for 12 calendar days from the date of placing the first position on the funded account. Subsequent payouts occur on a bi-weekly basis. Profit splits range from 85% to 90% depending on the profit generated in the funded account. Additionally, traders have the flexibility to change their profit split day up to three times to align with their preferences for withdrawal.
Evaluation program account scaling plan
The scaling plan for Smart Prop Trader’s evaluation program accounts is designed to reward continuous profitability over each 3 months. Traders who maintain consistent profitability will receive an account increase equal to 25% of their original account balance. Additionally, the maximum loss limit will be raised by 2% every 3 months once the account balance is scaled up to 28%.
Here’s an example to illustrate the scaling process:
- After 3 months: If you initially had a $200,000 account, your account balance will increase to $250,000.
- After the next 3 months: The balance of $250,000 increases to $300,000.
- Following another 3 months: The balance of $300,000 increases to $350,000.
- This progression continues.
Smart Prop Trader’s evaluation program accounts provide traders with the opportunity to trade a variety of instruments, including forex pairs, commodities, equity, indices, and cryptocurrencies.
Receiving Capital & Realism
Profit Target: In phase 1, traders must achieve a profit target of 7%, while phase 2 has a profit target of 5%. Funded accounts have no profit targets.
Maximum Daily Loss: The maximum daily loss is capped at 4% for all account sizes. This limit helps control daily trading losses.
Maximum Loss: The maximum loss a trader can incur overall is set at 8%. It’s important to note that this maximum loss limit is scalable and can increase up to 28% as traders successfully scale their accounts.
No Martingale Allowed: Traders are prohibited from using any martingale strategies while trading. Martingale strategies involve increasing the size of trading positions after a losing trade.
Third-Party Copy Trading Risk: If traders intend to use copy trading services from third parties, they should be aware that others may be using the same strategy. Exceeding the maximum capital allocation rule when using third-party copy trading services may impact the ability to access a funded account or withdraw funds.
Third-Party EA Risk: Using third-party Expert Advisors (EAs) carries a similar risk. If multiple traders are using the same EA and exceed the maximum capital allocation rule, it may affect the ability to access a funded account or withdraw funds.
These rules are in place to maintain responsible and disciplined trading practices while participating in Smart Prop Trader’s evaluation program accounts.
Suitability Assessment
Assessing the suitability of proprietary trading firms for your forex trading style involves evaluating the realism of their trading requirements. A firm may offer attractive profit splits, but if the trading conditions are too demanding, success may be elusive.
Receiving capital from Smart Prop Trader’s evaluation program accounts is considered realistic, primarily because they have reasonable profit targets (7% in phase one and 5% in phase two) and moderately conservative maximum loss rules (4% maximum daily and 8% maximum loss).
When choosing a prop trading firm, it’s essential to align their trading objectives and conditions with your trading style and capabilities. Smart Prop Trader’s evaluation program accounts provide a balanced approach that can appeal to traders seeking a realistic path to funding.
Smart Prop Trader allows traders to trade with a balance of up to $2,500,000 per account using Eightcap, an ASIC-regulated broker based in Melbourne, Australia, as their broker.
Payment Proof & Process
Smart Prop Trader, established in July 2022, is a relatively new player in the world of proprietary trading. Despite its recent inception, evidence of successful funding can be found through payment proofs shared by traders who have been funded by the firm. This substantiates their commitment to providing opportunities for traders to access capital and earn profit splits. Such proof can often be found in reviews and feedback from the Smart Prop Trader community on platforms like Trustpilot.
Smart Prop Trader operates with a payout process that initiates 12 days after the first trade is placed on your Funded Trader account. Traders can look forward to a significant 85% profit split, a favorable arrangement. Payouts are expedited on the same day they are processed, ensuring that traders receive their earnings promptly.
Notably, if traders opt not to withdraw their profits within 14 days, they have the option to continue trading on their account until the next profit split occurs. This feature ensures flexibility in managing earnings and trading activities. It’s important to keep in mind that if you don’t have any profits at the time of withdrawal, your trading period will be automatically extended.
Furthermore, Smart Prop Trader offers a unique advantage by allowing traders to select their own profit split day, and this can be done up to three times. This flexibility ensures that traders receive their withdrawals on their preferred and most convenient schedule.
Trader Feedback
Trustpilot hosts a diverse array of community reviews, where Smart Prop Trader receives positive feedback, boasting an impressive score of 4.8/5 based on 2,053 reviews. These reviews frequently highlight the company’s fast and dependable customer service, a sentiment echoed in the comment provided below. So their transparency report is sensationally good.
Furthermore, another frequently praised aspect of their proprietary trading firm is their highly competitive spreads, often noted as superior when compared to other leading industry prop firms. Additionally, their pricing structure is a topic of mention, as they provide account sizes of up to $200k at reasonable rates, free from any hidden or extra fees.
Support & Contact Information
Smart Prop Trader offers a FAQ page that may contain the information you’re seeking. If you can’t find what you need there, don’t hesitate to reach out to their support team or become a member of their Discord channel.
Their support team is accessible through various channels, including social media, live chat, and email. They value their customer experience. They have two active email addresses:
- info@smartproptrader.com: For general inquiries related to their proprietary trading firm.
- support@smartproptrader.com: For additional support, especially if you encounter any issues.
Smart Prop Trader’s business hours for customer support are as follows:
- Email support: Available 24/7
- Live chat support: Available from 8 AM to 5 PM EST, Monday to Friday.
Conclusion
Smart Prop Trader is a reputable proprietary trading firm that provides traders with the opportunity to select from five different two-step evaluation program account sizes.
The evaluation programs consist of a standard two-phase evaluation process, requiring traders to complete both phases before becoming funded and eligible to earn profit splits. Smart Prop Trader sets realistic profit targets of 7% in phase one and 5% in phase two. These targets are achievable, especially considering the 4% maximum daily loss and 8% maximum loss rules in place. Traders can earn profit splits ranging from 85% to 90% and have the option to scale their accounts.
I would highly recommend Smart Prop Trader to traders seeking a proprietary trading firm with transparent and manageable trading rules. They are a well-established firm offering favorable conditions for a wide range of traders with diverse trading styles. After thorough consideration of Smart Prop Trader’s offerings, they emerge as a compelling choice within the proprietary trading industry.
They also offer a 5% Discount Code (SHINY) for their new traders. This coupon code doesn’t have an expiry date.
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