Smart Prop Trader, a well-known proprietary trading firm in the U.S., has announced that they will no longer accept new traders. This If you’re an active trader or thinking about joining, here’s everything you need to know about this big update and what it means for funded traders of Smart Prop Trader.

About Smart Prop Trader

Smart Prop Trader is operated under the legal name of Smart Prop Trader LLC, registered in the U.S. with the Company Number: 2022-001073576 and Led by CEO Blake Olson. Smart Prop Trader offers traders to trade with up to $100K of capital which traders can scale up to $800K and balance based drawdown, helping traders focus on their strategies instead of financial stress.

Let's talk about the announcement

Smart Prop Trader has publicly mentioned on their twitter page that they have stopped onboarding new traders . They made it cleat that the decision was about prioritizing fairness and respecting their current traders. They have also mentioned that while many firms suddenly shut down and leave traders unpaid, Smart Prop Trader is taking a different route to ensure all current traders are treated fairly.

Key Points From Their Announcement

Here are the main highlights of their update:

1. Active Traders Can Keep Trading

If a trader already has a funded account, they can keep trading as usual up until the deadline of December 29, 2024.

2. Refunds for Recent Purchases

If a trader has bought an account in November 2024 and is not funded and currently not in loss then they are eligible for a full refund. Traders will have to just submit a refund request on Smart Prop Trader website before December 29, 2024.

3. Plans for Post-December 2024 Accounts

After December 29, 2024, all remaining accounts in good standing with Smart Prop Trader will be contacted individually as Smart Prop Trader is planning to work out fair resolutions for those accounts.

So What's Next?

Even though Smart Prop Trader has stopped onboarding, they have hinted at exciting updates coming soon. They didn’t share many details on it but traders can expect big announcements in the next few weeks.

Conclusion

Smart Prop Trader’s decision to stop onboarding new traders is a big change but it shows their commitment to fairness and transparency. While Smart Prop Trader is ending their operation but it could also be the start of something exciting based on their upcoming announcements. If you’re a current trader, make sure to take advantage of the time and support they’re offering and for new traders, keep an eye out for updates or explore other trusted prop firms.