Hidden Fees On Smart Prop Trader?

With our Smart Prop Trader Challenge, we take pride in providing the lowest upfront fee in the market. This charge takes care of all the initial requirements, including Challenge, Verification, and Funding Smart Prop Trader status! Furthermore, we will even pay back the challenge charge if you ask for your first profit split as a funded trader. There aren't any ongoing costs, hidden costs, or extra charges. Thus, you won't have to worry about additional expenses and can concentrate on trading. Become a successful trader by signing up with the Smart Prop Trader group now!

Smart Prop Trader allows Open Positions Overnight or Over Weekends?

There are no limitations with Smart Prop Trader when it comes to news trading or keeping deals open over the weekend. Traders are free to keep positions for as long as they like, including over the weekend.

Breaching Accounts and Second Chances in Smart Prop Trader?

You will not be allowed to continue in the Evaluation Course and that specific account will be automatically invalidated if you violate any of the Trading Objectives. The related Smart Prop Trader Account Agreement will be terminated if the breach occurs on your Smart Prop Trader Account. If you want to become a Smart Prop Trader, you can always order a new Smart Prop Trader Challenge and attempt again from scratch.

Duration To Become A Smart Prop Trader?

For both Phase 1 and Phase 2, you have an infinite number of days. Furthermore, there is a 30-day inactivity restriction that requires traders to execute at least one trade in a 30-day window in order to prevent their account from being violated as a result of inactivity. That being said, if you are able to satisfy the requirements, you might actually have a funded SPT account in less than two trading days.

How Many Accounts Can You Have On The Platform of Smart Prop Trader??

A trader's ability to have as many accounts as they like is uncapped, however the total amount of capital across all of their accounts is. In particular, traders must make sure that their total capital across all platform accounts does not exceed $400k. For virtual account trading in other currencies, there are corresponding restrictions of €320,000, £280,000, CAD 480,000, AUD 520,000, CHF 320,000, or CZK 8,000,000.These restrictions are in place to reduce risk and promote diversification because we don't want to place a significant amount of our money on a single credit card. It is not permitted to obtain several virtual accounts through separate registrations, so please exercise caution. We reserve the right to suspend those virtual accounts in accordance with the Terms & Conditions if we find identically traded strategies through multiple virtual accounts and surpass $400,000 in the summary of allocated capital value.

Copy Trading On Smart Prop Trader?

Copy trading is allowed with Smart Prop Trader, but you have to do all of this on your own account. If you execute a comparable trade using someone else's account, you may be in breach of the terms and conditions of your account. Additionally, sharing accounts on the network is prohibited. You have to execute every trade on your own account. If you break this rule, there's a chance your account will be compromised.

How Daily Drawdowns Work On Smart Prop Trader?

Maximum Daily Loss on a Daily Drawdown of 4% The maximum daily drawdown on the account during a workday is determined by taking the balance or equity—whichever is higher—at 5 p.m. eastern standard time. This calculation takes into consideration both the current result of opened positions on the account and the result of positions closed on that particular day. 4% of the starting balance is the daily drawdown amount that is never changed. Commissions and trade fees are included in this. The account is breached if it ever goes over the daily drawdown limit. As an example Every day at 5:00 p.m. EST, your maximum daily loss will be reset. For instance, if your account starts at $100,000, the maximum daily loss you can incur is 4% ($4,000). Your account balance will be $106,000 if you complete the day with a $6,000 profit. You will now have a maximum daily loss of $102,000. If, at any time during the day, your equity falls below $102,000, your account will be breached. Example 2: The drawdown would be $105,000 - $4,000 = $101,000 if your account is a $100,000 challenge and you have an open position that is $5,000 in profit at the start of the new day (5 p.m. EST). At any time when your equity falls below $101,000, you have gone over the maximum daily drawdown. Time Reset Every day at 5:00 PM EST, the maximum daily drawdown is reset. Your dashboard will update with your new Daily Breach Level for the trading day after your last balance or equity, whichever is higher, is removed. This is the maximum amount of equity in your account that you cannot go above.We provide an 8% overall drawdown and a maximum daily drawdown of 4%. The maximum amount that can be taken out of the account at once is determined by the drawdown limit. It's crucial for traders to adhere to their drawdown limit because they usually have to keep a specific amount of equity in their account to be active.

What is Smart Prop Trader Refund Policy?

Refunds are not provided by Smart Prop Trader. You will receive an email after registering that contains your account details and the login credentials to access your platform account. The moment you obtain your login credentials, a no-refund policy takes effect automatically. It is also imperative that every consumer reads our Terms & Conditions and refund policy. Before placing an order with Smart Prop Trader, all customers must attest that they have carefully read these agreements, as we aim to be completely transparent with them.

Which Payment Methods Are Accepted in Smart Prop Trader?

We accept cryptocurrency payments through the Coinbase network in addition to credit/debit card payments made through the Stripe and Payscout systems. Please be aware that in order to be eligible for a payout, you must have a minimum profit of $100. This amount is determined after accounting for our 85/15 profit split. In order to request a withdrawal of your winnings from the platform, traders must have a minimum balance of $118 prior to the profit split computation.

Which Trading Methods Aren't Allowed in Smart Prop Trader?

We give traders access to a large range of trading methods, such as EAs and trading aid tools. The following strategies are prohibited: account sharing, martingale, reverse trading, high frequency trading, grid trading, latency arbitrage, and general exploitation of a demo environment. Prop trading firms that value sustainable trading methods and cautious risk management, as focused on the Smart Prop Trader platform, do not support or accept these trading strategies due to the significant dangers involved. As a result, using these forbidden alternatives will lead to the closure of your Smart Prop Trader account and the removal of your ability to access the platform and services. It's also important to stress that participating in fraudulent activity, cheating, failing to exhibit adequate risk management because of the volume and sparsity of transactions, or abusing the simulated trading environment are all completely forbidden and violate our terms and conditions. A Comprehensive Rundown of Banned Trading Techniques: Martingale Trading After every loss in martingale trading, you raise your investment. Your expectation is that a profitable trade will offset your losses. This tactic is extremely dangerous and is regarded as a type of gambling. If there are several losses in a row, it can result in significant losses or even the total loss of all invested capital. When trading with a firm, you do not have infinite virtual money, hence this trading approach is not applicable. Trading companies impose a maximum loss limit, and traders must modify their approach to stay inside this risk limit. Trading in reverse Usually, reverse trade is carried out between two or more distinct companies. It should be noted that Smart Prop Trader interacts with other businesses. Therefore, Smart Prop Trader reserves the right to close the trader's account and prohibit the trader from using Smart Prop Trader's services in the future if reverse trading from the same trader is discovered across two or more other firms. Trading at High Frequency High-frequency trading, or HFT, is the practice of executing numerous deals in a matter of milliseconds by using advanced computer algorithms and fast communication networks. Because High-Frequency Trading (HFT) has the potential to cause market instability, unfair advantages, and manipulation of the market, it is prohibited. Trading Grids In grid trading, opposing buy and sell orders are placed strategically for the same item in an effort to attain identical or equivalent risk. In addition to the possibility of a risk-free simulated profit, this method entails the hazards of market manipulation, excessive leverage, and market instability. Trading Latency Arbitrage Trading latency entails using a data stream that is purposefully created to provide market data—like stock prices or trading volumes—with a delay or lag. As a result, the trader has an unfair advantage over others who are dependent on real-time market data. It is considered unethical and goes against the way that legal financial markets operate to use latency arbitrage. Exploiting a Demo Environment in General Although one of the most popular strategies used to take advantage of demo environments is Latency Arbitrage Trading, there are other ways as well for traders to take advantage of a trial environment in order to profit unethically in ways that are not achievable in regulated financial markets. In other words, instead of reporting a fault that occurs, traders can also profit from it when it occurs in a demo setting. In the event that the demo feed abruptly stops at a particular price, for instance, but permits a trader to place trades locked in at that price, and the trader repeatedly clicks back to the feed's original location five minutes later, this could also be considered a general exploitation of the demo environment if the trader looks at other charts that are not affected by a bug and executes a trade on that precise five-minute window to take advantage of the glitch (rather than reporting the bug). Additionally, using a demo environment for commercial purposes without permission is against our terms and conditions, which can lead to the cancellation of a trader's account and a ban from using Smart Prop Trader's services in the future. Sharing Accounts: Traders are not allowed to share accounts or move Simulated Funded Accounts between owners for any reason. Sharing or selling accounts is not permitted at all, and doing so will result in a breach of your account(s) and an immediate ban from our services.

What Kind of EAs Are Allowed in Smart Prop Trader?

All EA types are accepted by Smart Prop Trader unless they abuse the demo environment. Any form of Grid Trading, HFT, Martingale, or Latency Arbitrage strategy is not allowed. If you use these techniques, your account will be compromised and you won't be able to use Smart Prop Trader.

How Do Evaluation Days Work on 2-Phase Challenge in Smart Prop Trader?

As part of the Smart Prop Trader 2-Phase Challenge, users have an infinite number of days to trade after opening an account. The only limitation is a 30-day inactivity rule, which states that traders must make a deal within that time frame in order to avoid having their account hacked. We will start the KYC procedure to obtain you your live-funded account if you reach the earnings level in both phases (7% and 5%, respectively). Please be aware that all traders must go through our internal review process before they can graduate to a funded account. During this process, we look over all of the trading habits and tactics you've used throughout the challenge's phases to see if you qualify. In particular, our internal review procedure will guarantee that no trading behaviors or tactics that are forbidden were displayed as described in this article. Although there are no time limits for virtual accounts with Smart Prop Trader, please be aware that in order to maintain the activity of your account, you must make at least one trade every thirty days.

Why Pick Smart Prop Trader?

We have extensive knowledge of both the trade and the field. To customize and maximize the ideal prop conditions for our clients, it took some effort and investigation on our part. Making sure our traders have the highest chance of passing the evaluation process is our main goal. To put it plainly, we benefit from virtual money if our traders do. Therefore, it only makes sense to assist our traders by giving them unrestricted trading freedom and by giving them access to the greatest virtual account conditions and virtual leverage available. The main objective of Smart Prop Trader is to make things simple for each and every trader! We are always creating new programs, tools, features, and educational materials for our traders. Some of the highlights that make us proud of what we accomplish are as follows: Statistical Application: This tool will provide you with useful, numerical probability of market activity that you can manipulate to your benefit. Trading Journal: Most traders don't enjoy keeping track of their trading performance, but with our Trading Journal, it's easy. We knew we had to give our traders an objective assessment of their trading performance when we made the decision to start this initiative. Performance Coach: Although trader psychology is sometimes overlooked, it is nevertheless a vital component of trading. Additionally, we provide market-leading benefits to investors, including extended evaluation periods, lower costs, and an easy-to-use user interface. In addition, we take great satisfaction in providing our members with round-the-clock support and the greatest customer service in the business. The three main characteristics that set Smart Prop Trader apart from other prop firms are as follows: Quick: Whether it's customer service or funding traders, we take great satisfaction in our ability to act quickly. Easy - An easy-to-use platform with clear guidelines and assurance Growth-minded: we constantly strive to enhance our community, staff, and traders by incorporating feedback.

Are There Any Restrictions On Payouts in Smart Prop Trader?

Our standard payout ratio is 85:15. The payment ratio is increased to 90:10 in the event that a trader surpasses the requirements of our scaling plan and is successful. The Profit Split Day is up to the traders to select, and they can do so up to three times. It is noteworthy that payouts are contingent upon an internal review process aimed at ascertaining the validity of the trader's actions on the platform and verifying that the trader's email address and account name correspond with the name on the submitted KYC papers. If a trader does not submit an email address and account name that match the submitted KYC documentation, either through Wise or Rise, their account will be closed, their payout request will be rejected, and they will not be allowed to utilise Smart Prop Trader's services in the future. Because the KYC documents does not match the account details linked to the payment platform, traders are unable to use business or corporate Wise or Rise accounts for payouts. That is to say, traders wishing to request payouts must create a personal Wise or Rise account and make sure that the account information linked to their Smart Prop Trader account and their KYC credentials match.

How Are Prop Traders Taxed in Smart Prop Trader?

A person must pay capital gains tax on their profits if they trade their own capital. Prop trading involves trading the company's capital, which is normally accessed through a sub-trading account held by the company. In order to file your annual taxes, you must speak with a local tax expert about any capital gains you may have made in the prior tax year. Smart Prop Trader does not offer a Form 1099. Prop traders should be aware of their tax responsibilities because noncompliance could result in expensive fines. If you have any questions or concerns about submitting your taxes, we suggest speaking with a local tax adviser.

How Do I Withdraw My Profits in Smart prop Trader?

The Smart Prop Trader Account's Virtual Profit Split is automatically performed on a monthly basis, but it can also be done on-demand up to 12 calendar days following the account's initial trade. Note that in order to obtain a payout, all open traders must be closed out. It is noteworthy that payouts are contingent upon an internal review process aimed at ascertaining the validity of the trader's actions on the platform and verifying that the trader's email address and account name correspond with the name on the submitted KYC papers. A trader will have their account terminated, their payout request rejected, and they will not be allowed to utilise Smart Prop Trader's services in the future if they do not give a matching account name and email address (via Rise) that match the completed KYC documentation. The Smart Prop Trader Account's Virtual Profit Split is automatically performed on a monthly basis, but it can also be done on-demand up to 12 calendar days following the account's initial trade. Note that in order to obtain a payout, all open traders must be closed out. It is noteworthy that payouts are contingent upon an internal review process aimed at ascertaining the validity of the trader's actions on the platform and verifying that the trader's email address and account name correspond with the name on the submitted KYC papers. A trader will have their account terminated, their payout request rejected, and they will not be allowed to utilise Smart Prop Trader's services in the future if they do not give a matching account name and email address (via Rise) that match the completed KYC documentation. The Smart Prop Trader Account's Virtual Profit Split is automatically performed on a monthly basis, but it can also be done on-demand up to 12 calendar days following the account's initial trade. Note that in order to obtain a payout, all open traders must be closed out. It is noteworthy that payouts are contingent upon an internal review process aimed at ascertaining the validity of the trader's actions on the platform and verifying that the trader's email address and account name correspond with the name on the submitted KYC papers. A trader will have their account terminated, their payout request rejected, and they will not be allowed to utilise Smart Prop Trader's services in the future if they do not give a matching account name and email address (via Rise) that match the completed KYC documentation.

What is Smart Prop Trader's 2-Step Evaluation Process Details?

You need to complete our two-step evaluation process in order to become a Smart Prop Trader. Step 1 is the evaluation phase, and Step 2 is the verification phase in this process. We describe our two-step procedure in full and give more information below. The initial round of our evaluation process is the Smart Prop Trader Challenge. We need to make sure you can trade sensibly and appropriately manage risk before we let you use our Smart Prop Trader Virtual Account. Reasonable guidelines govern the Smart Prop Trader Challenge stage, where the Profit Target is balanced with the maximum drawdown you are permitted to accept. The rules are referred to as Trading Objectives. You can go on to the Verification stage as soon as you've completed all of the Trading Objectives for the Smart Prop Trader Challenge. For the Smart Prop Trader challenge, there is no minimum number of trading days needed. The second and last phase in our evaluation process is verification. The Verification stage's goal is to evaluate your trading consistency. We must be certain that you can trade your method or approach ethically and profitably over the long term. Compared to the Smart Prop Trader Challenge level, the Trading Objectives in the Verification stage are substantially simpler. In the Verification, you have an infinite number of days to shine like a star and the Virtual Profit Target is cut in half. When you achieve all of your trading goals, we will be pleased to have you join our Smart Prop Trader Traders.

What Capital Will I Trade As A Smart Prop Trader?

The virtual account balance you used to trade in the Smart Prop Trader Challenge will be available to you again. You would manage $200,000 in the Smart Prop Trader Virtual Account if you traded with $200,000 in the Smart Prop Trader Challenge. Please be aware that every virtual account we offer to our clients is a demo account with virtual funds in order to clear up any confusion. Clients that sign up as Smart Prop Traders will receive login information for a demo account; nevertheless, the Smart Prop Trader Virtual Account is linked to our proprietary trading firm's live trading account, which is where we produce actual cash flow. Up to 85% of earnings made on the Smart Prop Trader Account are awarded to clients. From an administrative standpoint, this solution is far simpler, and it provides us with additional information to actively manage risk. You can easily apply for another Smart Prop Trader Challenge and trade more virtual accounts if you would want to trade with a larger account balance. It is necessary to trade every Smart Prop Trader Challenge right from the start, regardless of how well your other accounts are doing. We permit a maximum capital commitment of $400,000 per trader or per strategy, at any given time, in order to diversify our risk and exposure. This can be interpreted as two $200k accounts each, or four $100k accounts, etc.

What To Do After Successfully Passing the Smart Prop Trader 2-Phase Challenge?

You will receive a notification on your Dashboard letting you know that you have successfully completed all of the Trading Objectives in the Smart Prop Trader Challenge. Please be aware that once your Trading Objectives are recorded as passed, you will no longer need to trade the account. Your successful completion of the Smart Prop Trader Challenge will instantly notify us, and we will then email you the SPT Trader Agreement and instructions for our KYC procedure. We will email you the new virtual account login details for your financed account as soon as your identity has been confirmed. Please be aware that in order to process any payouts, a trader needs to supply an email address and account name (via Rise or Wise) that match the required KYC documentation. In the event that a trader fails to present the necessary paperwork, Smart Prop Trader will cancel the trader's account, deny their payment request, and prohibit them from using the service in the future. Please take note that, in accordance with the terms and conditions outlined in our No-Refund Policy, traders who fail our KYC process through our third-party verification platform, Sumsub, will not only be banned from the Smart Prop Trader platform and unable to advance to a funded account, but they will also not be eligible for a refund of their challenge purchase.

Minimum Time For Holding or Closing Trades on Smart Prop Trader?

There are no time restrictions placed by Smart Prop Trader on holding or terminating trades on our platform. Trades only need to be closed off completely when a trader uses the platform to request a payout. It's also critical to remember that, as this article explains, using a high-frequency trading method is completely forbidden.