Smart Prop Trader Review: Challenges, Rules, Payout and More
Is Smart Prop Trader a legit prop firm? Find out in this review.
With so many scams in the trading world, I recommend you only work with the best prop trading companies.
After reviewing 200+ trading companies globally, here are my top recommendations:
Pros
- Current Funded Accounts
- Excellent ratings on Trustpilot
- High funding ceilings and scalability
- Quick Account Management
- High-end Broker Collaboration Differentiable Trading Instruments
- Flexibility in Trading Style
- No daily restrictions
- Tool, EA, and Additional OK support news trading
- Credible Possession
- Reasonable Costs
- Outstanding Client Care
- Quick payments
- Not required Free Sample
Cons
- Chat hours are restricted.
- Maximum drawdown of 4% per day
- costly commissions
- Novel Prop Company
- Maximum Non-Trailing Drawdown of 7.5%
- Weekend Work Only Minimal Leverage (10:1 and 2:1)
- Exigent Trading Objectives
What is Smart Prop Trader?
Smart Prop Trader is a proprietary trading firm that was founded in 2022 and is based in Austin, Texas. Their primary objective is to offer a global clientele fair rates, few limitations, and favorable trade conditions. Their most prominent feature is their eye-catching 7.5% Phase 1 profit projection.
Trading assistant tools and expert advisors (EAs) are just two of the many trading instruments available to users utilizing Smart Prop Trader. They have partnered with Eightcap, an ASIC-licensed broker located in Melbourne, Australia, to provide trading with account values up to $1,800,000 per account.
The organization distinguishes itself by providing comprehensive assessment programs and sponsored trading accounts to support traders in advancing their careers. Because the profit splits start at 85% and increase to 90%, traders may find this to be an alluring alternative. A variety of tradable assets are available on the platform, such as currency, cryptocurrencies, and stocks. The funding program has well-defined criteria, including daily loss ceilings and profit targets, and the program costs are reimbursed upon attainment of full financing.
Above and beyond, Smart Prop Trader offers an assessment method and a scaling plan to reward consistent and disciplined traders. Their trading regulations remain lenient, including trades on weekends and amid news coverage. To ensure a reliable trading experience, they have chosen Eightcap as their broker. Eightcap is governed by ASIC and offers popular platforms such as MetaTrader 4 and MetaTrader 5.
Leadership Team of Smart Prop Trader:
Blake Olson (Chief Executive Officer):
Blake Olson holds the position of Chief Executive Officer at Smart Prop Trader. He brings a wealth of knowledge and experience from his distinguished career in finance to the organization. Blake has a deep understanding of the challenges and complications that new traders encounter due to his background in the financial business.
An accomplished financial expert, Blake Olson has honed his trading abilities and assumed the role of forex trainer. His dual perspective allows him to understand the unique needs and objectives of traders, particularly those who are just getting started. He aims to create a trading platform that considers these nuances by applying his vast experience and knowledge.
Blake’s deep understanding of the various aspects of trading and the difficulties that traders face demonstrates his commitment to the objectives of Smart Prop Trader. Under his leadership, the company strives to provide traders with the tools, resources, and support they need to successfully navigate the trading profession. As CEO, Blake Olson shows his dedication to transforming Smart Prop Trader into a platform that provides traders with power and a path to financial success.
Ryan Lepper (Chief Operating Officer):
Ryan Lepper assumes the pivotal role of Chief Operating Officer (COO) at Smart Prop Trader, where his extensive experience in finance and business considerably supports the company’s operational excellence and strategic direction.
Ryan Lepper has experienced a remarkable rise in his profession for more than two decades in the business. His early role as manager of a family firm served as the foundation for his development of fundamental management and entrepreneurial skills. This experience served as a solid foundation for his later achievements.
Throughout his career, Ryan assumed an increasing number of responsibilities, leading to his ability to oversee assets valued at an incredible $5 billion. This remarkable achievement demonstrates his exceptional talent for financial and business administration.
As the Chief Operating Officer of Smart Prop Trader, Ryan Lepper guides the company’s operational objectives using his wealth of experience and expertise. His expertise and experience facilitate the organization’s seamless functioning and aid in its continuance as the industry leader in trade.
Ryan’s rise from managing a family business to handling assets valued at billions of dollars is proof of his dedication, adaptability, and leadership. He is an invaluable asset to the firm because of his commitment to Smart Prop Trader’s growth and success, which is evident in his role as COO.
Smart Prop Trader Funding Programs and Challenges: Rules and Requirements
To allow traders to oversee fully funded accounts, Smart Prop Trader employs a well-regarded two-phase assessment process known as the Smart Prop Trader Challenge.
This comprehensive assessment process aims to appraise traders’ skills and commitment to profitable trading.
Phase 1: Challenge Phase
The purpose of the first section, aptly named the challenge phase, is to evaluate a trader’s discipline, persistence, and trading acumen. To reach the 7% profit target, traders must adhere to strong risk management guidelines, such as a 4% daily maximum loss limitation and an 8% total loss cap.
This stage is distinct because it is adaptable. Regarding the minimum number of trading days or duration constraints, there are no hard rules. With this freedom, traders may showcase their skills by working at their own pace and utilizing a trading strategy that suits their unique trading style.
Phase 2: Verification Phase
After completing the challenge phase, traders go to the verification step. Except for the profit target being reduced to 5%, the phase’s criteria remain largely the same. The same stringent risk management policies — such as the 4% daily loss cap and the 8% overall loss cap — remain in effect to ensure continued disciplined trading behavior.
The traders have the same freedom to trade during the verification phase as they have during the challenge phase; they are not limited by time or minimum trading day requirements. This adaptability allows traders to customize their trading experience to fit their trading objectives.
Upon completion of both phases with success, traders are qualified for a live-funded account. With an 85% profit split and the potential to develop funds up to $2.5 million, these accounts present a huge profit opportunity in the prop business industry.
In addition to profit targets, the assessment program aims to build a professional trading style and consistent trading performance. This program appeals to both novice and experienced traders since it finds a balance between opportunity and challenge.
Prospective traders can begin this journey and benefit from a special discount by clicking on the provided link. It’s a terrific opportunity to start your trading career with Smart Prop Trader.
Smart Prop Trader Broker: Do They Use a Reliable Platform?
The technologies of Smart Prop Trader and Eightcap, a Melbourne-based Australian broker governed by ASIC, have seamlessly integrated. Eightcap was founded in 2009 with the unwavering purpose of providing exceptional financial services to its global clientele. With five international offices and compliance with several regulations in multiple jurisdictions, Eightcap allows its worldwide customers to trade in multiple markets, including FX, indices, shares, and commodities.
Eightcap is classified as an ordinary risk broker with an overall trust score of 73 out of 99. Here are some of its most notable characteristics:
- Forex Trading
- CFD Trading
- Cryptocurrency Trading
- Social Trading/Copy-Trading
- A diverse range of 326 Tradeable Symbols
- Access to 45 Forex Pairs
Eightcap offers two types of accounts: raw and standard. The commissions and fees you pay will depend on which of these two account types you choose. Standard account fees are included in the spread, but commissions are linked to raw accounts. It is important to take into account the overnight cost, which is the interest paid for maintaining an open position overnight.
Acting as a MetaTrader-only broker, Eightcap provides access to both the more traditional MetaTrader 4 platform and the more contemporary MetaTrader 5 platform from MetaQuotes Software Corporation. These platforms are well-known for their efficiency and versatility in the trade sector.
Eightcap’s exceptionally efficient technology infrastructure, which facilitates smooth trading for its clients, further accentuates its commitment to offering a personalized trading experience. They won Best Global Forex MT4 Broker at the 2020 Global Forex Awards as a result of their dedication to excellence.
Customers can access the power of these well-known trading products by selecting between MetaTrader 4 and MetaTrader 5 as their trading platforms.
Smart Prop Trader Fees: How Much Do They Charge?
Smart Prop Trader offers a range of account sizes and related fees to meet your specific needs and risk tolerance. With tier-based pricing for customers ranging from $10,000 to $200,000, this privately funded proprietary trading organization provides services:
- $10,000 account: $67/month
- $25,000 account: $167/month
- $50,000 account: $267/month
- $100,000 account: $467/month
- $200,000 account: $867/month
Larger accounts give more purchasing power and independence, but they often come with higher costs. It’s important to determine the size of your account on your investing objectives and risk tolerance. You have the option to use credit cards, debit cards, or bitcoin to pay for your funding plan. Smart Prop Trader uses Coinbase as its cryptocurrency payment processor.
With Deel accounts, you may easily withdraw your gains with Smart Prop Trader. These accounts offer multiple withdrawal options, including Payoneer, wire transfers, bank transfers, and more.
Smart Prop Trader allows the usage of Expert Advisors (EAs) for trading, except those that might benefit from a demo environment. As long as the copies come from your account, trading copies is also allowed. However, a few trading techniques are not allowed, including grid trading, any kind of latency arbitrage strategy, high-frequency trading, and martingale.
Traders are free to hold positions throughout
the weekend and overnight, and they are also free to trade in response to important news releases. This combination of rules and features provides dealers with a friendly and flexible environment.
Smart Prop Trader Proof of Payment:
Smart Prop Trader, a proprietary trading firm, was formally incorporated in July 2022. Remarkably, a sizable quantity of payment evidence has already been submitted by traders who have been funded. Both their Discord channel and the Trustpilot recommendations left by their community provide proof of their dependability. In this channel, traders who have benefited from the company’s offers have left a ton of payout certificates.
Payouts from Smart Prop Traders follow a certain process. They start 12 days after your Funded Trader account’s first trade is executed. As a trader with Smart Prop Trader, you may enjoy an enticing 85% profit share. These rewards are processed on the same day they become available.
If you decide not to withdraw your earnings within the designated 14 days, you can continue to trade on your trading account until your next profit split. Making this decision ensures that your trading pursuits will align flawlessly with your financial goals.
Most importantly, if you find yourself with no earnings at the moment of withdrawal, your trading period will be automatically extended so you can keep trading. It’s crucial to keep in mind that you can select your profit split day up to three times. This feature makes it easy for you to select the day that suits you the most for receiving your withdrawals. A user-friendly and adaptable interface is what Smart Prop Trader aims to provide for its traders.
Best Smart Prop Trader Alternatives:
E8 Markets (Best Overall)
E8 Markets is a standout proprietary trading firm praised for its comprehensive and flexible trading programs. Here are some highlights:
1. User-Friendly Technology: The E8X Dashboard is highly intuitive, offering in-depth analytics for evaluating trading strategies. It displays real-time and historical data clearly, helping traders make informed decisions.
2. Flexible Evaluation Process: E8 Markets provides a range of account types, including the E8 Account, E8 Track, and ELEV8 Account. These accounts cater to different trading styles and experience levels, with realistic profit targets and no minimum or maximum trading day requirements. This flexibility allows traders to progress at their own pace.
3. Generous Profit Sharing: Successful traders can enjoy up to an 80% profit split, with opportunities to scale account balances significantly. The firm’s scaling plan further enhances traders’ potential to grow their capital.
Sign up with E8 Markets today!
The Trading Pit (Best Resources)
The Trading Pit stands out in the prop trading industry for its comprehensive offerings and robust support for traders. Here’s why traders praise this firm:
1. Diverse Account Options: The Trading Pit offers multiple account types tailored to different trading styles and risk appetites. Whether you’re into forex, futures, or a combination of both, there’s an account that fits your needs. Their VIP accounts, in particular, provide substantial initial balances and the potential to earn significant profits.
2. Profit Sharing: Traders can start with a 50% profit split, which can increase up to 80% for forex and 70% for futures. This incentivizes traders to perform well and maximize their earnings as they progress through their trading journey.
3. Top-Notch Trading Platforms: The Trading Pit supports industry-leading platforms like MetaTrader 4 and 5, ensuring traders have access to reliable, feature-rich environments for executing their strategies. These platforms support various trading styles, from scalping to automated trading.
4. Comprehensive Challenges and Scaling Plans: Their well-structured trading challenges help traders improve their skills while working towards real funding. The scaling plans are particularly impressive, allowing traders to scale up their accounts significantly as they meet performance targets.
5. Strong Partner Network: The Trading Pit collaborates with top brokerage firms and partners globally. This network ensures traders benefit from excellent trading conditions, including tight spreads, low commissions, and deep liquidity pools.
6. Educational and Certification Opportunities: For those looking to grow their trading careers, The Trading Pit offers opportunities to partner with the firm, provide financial advice, and even produce trading signals. They also support traders in obtaining official certifications, enhancing their professional credentials.
Certainly, they are the best available prop firm in the market right now.
Get Funded Today with The Trading Pit
My Flash Funding (Best for New Traders)
My Flash Funding is an innovative proprietary trading firm that offers a supportive and flexible trading environment, making it a great choice for traders. Here are some key highlights:
1. Flexible Trading Rules: My Flash Funding allows traders to hold trades overnight and over weekends, engage in news trading, and use various trading strategies without restrictions on lot sizes or trading styles. This flexibility is designed to empower traders to follow their unique strategies without unnecessary constraints.
2. Evaluation Programs: The firm offers both a one-step and a two-step evaluation challenge. The two-step evaluation has realistic profit targets of 6% for each phase, with a 4% maximum daily drawdown and 8% maximum loss. The one-step evaluation requires a 10% profit target with a 4% maximum daily drawdown and 6% maximum trailing drawdown. Both programs have no minimum trading day requirements and allow unlimited time to complete the evaluations.
3. Generous Profit Sharing: Traders can earn an attractive 80% profit split, with opportunities to scale their accounts significantly. Payouts are bi-weekly, ensuring regular access to profits for successful traders.
Get Funded Today with My Flash Funding
Smart Prop Trader Customer Support:
The Smart Prop Trader is aware of how critical it is to provide exceptional support to you throughout your trading career. While their FAQ page is a wonderful place to start for answers to often-asked concerns, they also place a strong emphasis on personalized support to make sure that help is always available.
For individuals who require immediate assistance, their dedicated support staff can be reached by social media, live chat, email, or other channels.
- Email service: Because of their 24-hour email service, your problems will be resolved whenever you need them, day or night.
- Live chat support: Live chat support is available from 8 AM to 5 PM EST on weekdays during business hours, providing timely assistance.
Additionally, by creating a vibrant and active community, Smart Prop Trader gives traders a forum to exchange experiences and ideas with other traders on Discord.
Additionally, you may interact with Smart Prop Trader on the following social media networks:
- Facebook: They have 229 followers on their page.
- TikTok: They have 641 followers on their TikTok profile.
- LinkedIn: There are 310 followers on the page.
- YouTube: With 2.65k followers, their channel has 147 videos uploaded.
- Instagram: There are 8,762 followers on the Instagram account.
The 19,150-person Discord channel provides a platform for a range of discussions about Smart Prop Trader.
While Smart Prop Trader’s FAQ page is a fantastic resource for information, their support team may also be reached by social media, email, or live chat.
They provide two working email addresses for specific questions:
- For general inquiries concerning their proprietary trading company, contact info@smartproptrader.com.
- Support@smartproptrader.com: For extra help in case you have any questions or problems.
What makes Smart Prop Trader unique?
Modern proprietary trading company Smart Prop Trader stands out for its exceptional speed in several crucial trading sector procedures. This includes opening accounts fast, processing payouts promptly, upgrading accounts efficiently, and processing funded accounts fast. The combination of these advantages has earned it a place among the field’s fastest operators.
One of Smart Prop Trader’s most noteworthy features is its commitment to trader-friendly practices. It takes pride in having no minimum trading day limits and some of the lowest Phase 1 criteria available. This makes it a desirable choice for traders seeking a stable two-phase prop firm to obtain funds fast. Furthermore, the organization offers incredibly inexpensive prices, making it one of the most reasonably priced options in the industry. It eliminates lot size limitations and allows the use of expert advisers (EAs).
By allowing trading strategies to be less tightly controlled, Smart Prop Trader distinguishes itself from many of the leading prop firms in the sector. Because of the company’s accommodating trading procedures, traders can execute deals over the weekend, maintain positions overnight, and work during news releases. It’s important to keep in mind that martingale trading strategies are prohibited.
For traders to be eligible for payouts, they need to finish both of the firm’s evaluation steps. Phase one sets a 7% profit target, which is cut to 5% in phase two. To encourage cautious trading, daily loss caps are set at 4%, with an overall loss cap of 8%. Notably, there are no minimum or maximum trading day constraints for any evaluation procedure while seeking funds. Another component of the assessment program that increases traders’ chances of success is a scaling strategy.
In summary, Smart Prop Trader sets itself apart from the competition by implementing lax trading policies and a flexible approach to trading method enforcement. For traders, it is helpful to be able to trade on news events, hold onto positions overnight, and trade on the weekends. In all assessment phases, Smart Prop Trader offers a unique and trader-focused experience with no minimum or maximum trading day criteria and modest profit targets.
Smart Prop Trader Reviews: What Do Their Customers Say?
Trustpilot:
Smart Prop Trader is rated 4.7 stars out of 5 on Trustpilot, where 2,560 customers have left reviews. On Trustpilot, their company is verified. The business is doing well on this platform.
#1. The best prop company in the business is Smart Prop Trader, with a team of experts. They are available to their clients at all times.
These people put their clients first and handle technical problems quickly.
I just finished my 10k account’s second phase, and I sincerely hope that our trusting connection lasts forever.
#2. Notwithstanding all of the issues facing US traders holding prop firm accounts, SPT remains an excellent prop firm. They are going through some teething problems, just like any prop firm, but they are attempting to navigate the volatile trading environment. Carlpe and Newman provide excellent customer service and regularly go above and above to resolve my issues. They are a delight to work with.
#3. This company looks great overall, however the fact that 8cap is their only broker makes me stop thinking about it. They frequently execute at incredibly slow speeds, have terrible spreads, and dishonest slips. They are the worst broker I have ever worked with, hands down. I refuse to accept a challenge from this company unless they offer an alternative broker option.
#4. The worst rule for a prop business is equity-based drawdown; you should make it clear to traders that this is your rule in order to avoid confusion. A FAQ on the drawdown and main page is necessary to make it clear that the drawdown is contingent on equity. As a result, a few accounts were closed. Farewell, SPT. This rule prevents me from embarking on my adventure here, no matter how cheap the price is.
#5. Ryan Body Builders is an awful company that turned down several compensation requests and funding requests from those who made big sums of money or completed two phases. SPT went so far as to change the rules to ban dealers. If you find a legitimate prop company, never deal with this disgusting company.
Wrapping it up:
In conclusion, Smart Prop Trader is a reputable and innovative proprietary trading firm that has gained recognition for its favorable profit-sharing plans, flexible trading options, and quick and simple account processing. They get even more credibility from their association with Eightcap, an ASIC-regulated broker, which also provides them with access to a wide range of reliable trading platforms and trading products.
The company’s commitment to supporting traders is demonstrated by its readily accessible customer support channels and the vibrant Discord community, where traders can interact and share experiences. They provide a selection of account sizes and competitive prices to suit different risk appetites and trading objectives. Smart Prop Trader has certain drawbacks and restrictions, such as limited live chat hours and pricey commissions, but overall, these are considerably offset by all the benefits it provides.
Ultimately, traders who wish to adopt a flexible trading environment and receive money swiftly can consider Smart Prop Trader. Positive customer reviews on Trustpilot and other websites show the company’s dedication to providing top-notch support and services and to the success of traders.
I recommend you start trading with E8 Markets. They have already paid out $39,000,000+ to traders and have received thousands of positive reviews online.
