Smart Prop Trader is one of the most trusted prop trading firms that focuses on transparency, trader education, fast trade execution, and offers dedicated professional customer support. The prop firm enables traders to trade currency pairs, crypto, indices, and commodities on Eightcap broker platforms.
One of the key features that sets Smart Prop Trader apart from its competitors is the low prices. Traders are offered 100K evaluation accounts for as little as $467. In addition, it’s worth mentioning that the company has one of the best profit split offerings in the industry, 85/15 (Trader/Firm). Many competitors offer 80/20 or less payout splits. And even 5% can have a huge impact on your trading income. We’ll discuss trading conditions, prices, safety, customer support, instruments offered, and more in this review in more detail.
Pros & cons of Smart Prop Trader
Pros
- Ability to withdraw with $0 fees
- Offers access to MetaTrader 4, MetaTrader 5
- Fast and digital account opening/verification
- Offers access to 54 Forex pairs
- Lower profit target of 5% & 7%
- Low price $467
- Most payment options are free and instant
- Good payout split 85/15 (Trader/Firm)
Cons
- Low total loss limit of 8%
- Low daily loss limit of 4%
Quick rating of Smart Prop Trader and its features
| FPA Score | NOT RATED |
| Year founded | 2022 |
| Headquarters | Texas |
| Minimum audition fee | $67 |
| Fees on withdrawals | 0 |
| Minimum funded amount | $10,000 |
| Maximum funded amount | $200,000 |
| Allowed daily loss | 4% |
| Profit target | 7% & 5% |
| Maximum trailing drawdown | 8% |
| Profit sharing (Payouts) | 85/15 |
| Trading Platforms | MetaTrader 4, MetaTrader 5 |
| Available trading markets | Forex, Crypto, Indices, Commodities |
Safety of Smart Prop Trader – 1.5
It’s important to find a safe company to do a business with. And there are a couple of indicators to take into account. Smart Prop Trader was founded in 2022, which means that the company lacks experience, which may become an issue. In addition, Smart Prop Trader is not yet ranked by the FPA (Forex Peace Army). On the other hand, it should be emphasized that Smart Prop Trader offers trading through regulated Forex broker Eightcap, which is why the firm gets a 1.5 rating in safety from us. Eightcap is authorized and regulated by the following regulatory bodies:
- The Australian Securities and Investments Commission (ASIC)
- The Securities Commission of The Bahamas (SCB)
Funding and Maximum Capital Allocation – 4
All accounts offered by Smart Prop Trader are divided into 5 categories. Traders are challenged to access live trading accounts of 10,000 USD, 25,000 USD, 50,000 USD, 100,000 USD, and 200,000 USD. To win the challenge and be able to get the funded account, given terms must be met.
Assets – 3.5
Traders are offered a wide range of instrument classes for trading with Eightca. Available instruments are: currency pairs, crypto currencies, indices, and commodities. It should be mentioned that these instruments are CFDs (Contracts for Difference), which means that they are great for speculating market prices, but are less profitable for long term investing due to trading fees. Furthermore, there are no stocks, stocks as CFDs or other asset classes with Smart Prop Trader, hence the company gets a 3.5 rating from us.
Trading Rules and Limitations – 3.4
Smart Prop Trader has a maximum drawdown of 4% daily and 8% total, which is very low compared to competitors. For example, FTMO has a higher maximum drawdown limit of 5% daily and 10% total. Strict rules limit traders ability to meet the requirements to get the funded accounts. On the other hand, the prop firm has low profit targets of 7% & 5%. Furthermore, there are no limitations on the number of demo trades on different days, and no time limits. The firm allows traders to keep active positions during weekends. In addition, traders are allowed to trade during news announcements.
It’s important to mention that some of the strategies are not allowed such as Martingale, Grid Trading, HFT, or Latency Arbitrage strategies.
The firm accepts payments via debit/credit cards. In addition, traders can deposit using crypto trading platforms such as coinbase.
Copy trading is allowed with the company, as long as traders use their own trading accounts. Opening and closing a similar trade from someone else’s account is considered a violation of the rules.
When it comes to accounts and account balance, it is important to mention that there is no limit on the amount of accounts a trader can have. However, traders need to make sure that their account balances do not go over $400 thousand in capital.
Fees – 5
When it comes to fees, Smart Prop Trader offers one of the lowest fees. For a 10,000 USD account challenge, traders need to deposit 67 refundable USD. As the trading objectives increase, so do the refundable fees. For a 25,000 USD account the required amount is 167 USD. For a 50,000 USD account, it’s 267 USD. For a 100,000 USD account, traders need to deposit 467 USD. And an 867 USD deposit will give you a chance to manage a 200,000 USD account, assuming you can overcome obstacles and pass the evaluation period successfully.
Platforms – 5
Smart Prop Trader offers industry leader trading platforms through Eightcap, such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms support mobile and web trading, and offer highly reliable desktop applications. It’s important to note that MT4 is easier to use and many beginner traders that aim to trade currencies choose this platform. However, MT5 offers more capabilities, and while is a bit more complex to use, is preferred by multi-asset traders. MetaTrader 5 enables traders to speculate on various asset classes, such as bonds, and stocks, while MT4 is primarily used for trading currencies and a limited number of CFD classes. Both platforms enable traders to automate their trading using Expert Advisors (EAs). Overall, we can safely say that trading platforms are great with Eightcap and the prop firm gets maximum rating in this category.
Profit-Sharing and Withdrawals – 3
Smart Prop Trader offers a high profit-sharing ratio of up to 90%. However, in most cases, payouts are split (Trader/Firm) – 85/15. On the other hand, traders should keep in mind that the company has very low drawdown limits, which can become a roadblock in achieving high profits. In investing, higher the risks, greater the possible profits. There’s a maximum drawdown of – 4% Daily and 8% Total with Smart Prop Trader.
Education at Smart Prop Trader – 1
Proper education is important for every trader to trade profitably. Traders need to understand the importance of risk management, understand markets, develop strategies, control their emotions, adapt to changing environments, and keep learning to remain competitive. Smart Prop Trader offers blogs and informative guides to its clients, however, on the downside, there are no webinars and seminars available, no video guides and special tools for measuring economic conditions, which is why the firm receives low ratings from us in this section.
Customer Support at Smart Prop Trader – 2.8
Access to good technical assistance is crucial for trading successfully for a number of reasons. Professional customer support resolves problems fast and offers technical and informative assistance. The prop trading firm offers customer support in 8 languages, however, an online chat option for potential customers is lacking. Traders can join the company’s Discord channel for live support.
Frequently Asked Questions
Is Smart Prop Trader a broker?
What asset types are available for trading at Smart Prop Trader?
Is it safe to deposit with Smart Prop Trader?
