Smart Prop Trader Review
4.5

Smart Prop Trader Review

Smart Prop Trader is a forex prop firm with an attractive Two-step challenge. They offer up to $200,000 in funding to traders.

Smart Prop Trader is a forex prop firm with an attractive Two-step challenge. They offer up to $200,000 in funding to traders.

Pros
  • Live Funded Accounts
  • Excellent Trustpilot Rating
  • High Funding Limits and Scaling
  • Rapid Account Processing
  • Partnership with Premium Broker
  • <liDiverse Range of Tradable Instruments
  • Flexibility in Trading Styles
  • No Daily Limits
  • Support for EAs, Tools, and More
  • News Trading Allowed
  • Reputable Ownership
  • Competitive Pricing
  • Outstanding Customer Support
  • Fast Payouts
  • Free Trial Option
Cons
  • Limited Live Chat Hours
  • 4% Maximum Daily Drawdown
  • High Commission Fees
  • New Prop Firm
  • 7.5% Maximum Non-Trailing Drawdown
  • No Weekend Positions
  • Low Leverage (10:1 and 2:1)
  • Challenging Trading Objectives

What is Smart Prop Trader?

Smart Prop Trader, headquartered in Austin, Texas, is a proprietary trading firm established in 2022. Their primary mission is to offer favorable trading conditions to a global audience while maintaining minimal restrictions and competitive pricing. One of their standout features is the 7.5% Phase 1 profit target, which has garnered attention.

Smart Prop Trader allows traders to access an extensive range of trading instruments, accommodating various trading styles, including the use of EAs and trading assistant tools. They have partnered with Eightcap, an ASIC-regulated broker based in Melbourne, Australia, to facilitate trading with account balances of up to $1,800,000 per account.

The firm distinguishes itself by providing funded trading accounts and comprehensive evaluation programs, designed to assist traders in advancing their careers. The profit splits start at 85% and can increase to 90%, making it an appealing choice for traders. The offering encompasses various tradable assets such as Forex, cryptocurrencies, and stocks. Their funding program incorporates well-defined rules, including daily loss limits and profit targets, and the program fees are reimbursed once full funding is achieved.

Smart Prop Trader goes further by offering an Evaluation Program complemented by a scaling plan that rewards consistent and disciplined traders. They maintain flexible trading rules, permitting trading activities during news reports and weekends. To ensure a robust trading experience, they have chosen Eightcap as their broker, which is ASIC-regulated and offers popular platforms like MetaTrader 4 and MetaTrader 5.

logo of Smart Prop Trader.

Leadership Team of Smart Prop Trader:

Blake Olson (Chief Executive Officer):

Blake Olson stands at the helm of Smart Prop Trader as its Chief Executive Officer. With a distinguished career in finance, he brings a wealth of knowledge and experience to the organization. Blake’s journey through the financial world has equipped him with a deep understanding of the intricacies and challenges that traders encounter as they embark on their trading endeavors.

As a finance veteran, Blake Olson has not only honed his expertise in trading but has also assumed the role of a forex educator. This dual perspective allows him to appreciate the unique needs and aspirations of traders, particularly those who are just beginning their trading journey. He has made it his mission to leverage his extensive knowledge and insights to create a trading platform that addresses these complexities.

Blake’s dedication to understanding the diverse facets of trading and the hurdles that traders face underscores his commitment to Smart Prop Trader’s vision. Under his leadership, the company strives to provide traders with the tools, resources, and support they need to navigate the world of trading successfully. Blake Olson’s role as CEO reflects his determination to make Smart Prop Trader a platform that empowers traders and offers them a pathway 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 business and finance significantly contributes to the organization’s strategic direction and operational excellence.

With a career spanning over two decades, Ryan Lepper’s professional journey is characterized by a remarkable ascent. It commenced with his early role in managing a family business, where he honed fundamental skills in entrepreneurship and management. This experience served as a solid foundation for his future accomplishments.

Over time, Ryan’s career trajectory saw him take on increasingly significant responsibilities, eventually culminating in his ability to oversee assets totaling an impressive $5 billion. This substantial achievement underscores his exceptional capabilities in the realm of finance and business operations.

As COO of Smart Prop Trader, Ryan Lepper leverages his wealth of knowledge and experience to guide the company’s operational strategies. His insights and expertise contribute to the efficient and effective functioning of the organization, ensuring that it remains at the forefront of the trading industry.

Ryan’s journey from managing a family business to handling billions in assets is a testament to his dedication, adaptability, and leadership. His role as COO underscores his commitment to the success and growth of Smart Prop Trader, making him an invaluable asset to the organization.

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Smart Prop Trader Funding Programs and Challenges: Rules and Requirements

Smart Prop Trader operates by offering traders the opportunity to manage fully funded accounts, employing a well-regarded two-phase evaluation process known as the Smart Prop Trader Challenge.

This comprehensive evaluation process is designed to assess traders’ skills and commitment to trading success.

Phase 1: Challenge Phase

The initial phase, aptly named the challenge phase, is structured to evaluate a trader’s discipline, patience, and trading acumen. Traders are tasked with achieving a profit target of 7% while adhering to strict risk management criteria, including a maximum daily loss limit of 4% and an overall loss limit of 8%.

What sets this phase apart is its flexibility. There are no stringent requirements for minimum trading days or time constraints. This freedom allows traders to operate at their own pace, employing a trading strategy that aligns with their unique trading style, thereby enabling them to showcase their skills.

Phase 2: Verification Phase

Upon successful completion of the challenge phase, traders progress to the verification phase. The criteria for this phase remain largely consistent, with the profit target reduced to 5%. The same stringent risk management rules, including the 4% daily loss limit and 8% overall loss limit, are maintained to ensure continued disciplined trading practices.

Similar to the challenge phase, the verification phase grants traders the freedom to trade without the burden of minimum trading day requirements or time constraints. This flexibility empowers traders to personalize their trading experience, aligning it with their specific trading objectives.

Upon the successful completion of both phases, traders qualify for a live-funded account. These accounts come with an 85% profit split and the potential to scale up to $2.5 million in funds, representing a significant profit opportunity within the prop firm industry.

The evaluation program is not solely focused on achieving profit targets; it also aims to nurture a professional trading style and cultivate consistent trading performance. Striking a balance between challenge and opportunity, this program appeals to both novice and experienced traders alike.

Aspiring traders can embark on this journey by taking advantage of a special discount through the provided link. It’s a promising opportunity to kickstart a trading career with Smart Prop Trader.

Smart Prop Trader Broker: Do They Use a Reliable Platform? 

Smart Prop Trader has seamlessly integrated its technology with Eightcap, an ASIC-regulated broker based in Melbourne, Australia. Eightcap, established in 2009, has consistently adhered to a straightforward mission: to provide exceptional financial services to its global clientele. With a presence in five offices around the world and regulatory compliance in multiple jurisdictions, Eightcap empowers clients worldwide to trade across various markets, including FX, indices, commodities, and shares.

Eightcap is classified as an average risk broker, holding an overall trust score of 73 out of 99. Here are some of its key features:

  • 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 distinct account types, namely raw and standard. The commissions and fees you encounter will depend on your choice between these two account types. Standard account fees are incorporated into the spread, while raw accounts involve commissions. It’s important to factor in the overnight fee, which represents the interest accrued for holding an open position overnight.

Functioning as a MetaTrader-only broker, Eightcap provides access to both the tried-and-true MetaTrader 4 and the more recent MetaTrader 5 platforms developed by MetaQuotes Software Corporation. These platforms are renowned for their versatility and effectiveness in the world of trading.

Eightcap’s commitment to delivering a personalized trading experience is complemented by its ultra-efficient technology infrastructure, which facilitates seamless trading for its clients. Their dedication to excellence earned them the distinction of being awarded the Best Global Forex MT4 Broker in 2020 at the Global Forex Awards.

In terms of trading platforms, clients can select either MetaTrader 4 or MetaTrader 5, allowing them to harness the power of these renowned trading tools.

Smart Prop Trader Fees: How Much Do They Charge? 

Smart Prop Trader offers a range of account sizes and corresponding prices tailored to your individual needs and risk tolerance. This financed proprietary trading firm provides accounts that start at $10,000 and go up to $200,000, with pricing structured on a tiered basis:

  • $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

While larger accounts grant increased buying power and flexibility, they are also associated with higher fees. It’s important to select an account size that aligns with your investment objectives and risk appetite. You have the option to purchase your funding plan using either debit or credit cards or cryptocurrency. Smart Prop Trader accepts cryptocurrency payments through Coinbase.

When it comes to withdrawing your profits, Smart Prop Trader facilitates this through Deel accounts, which offer various withdrawal methods such as bank transfers, wire transfers, Payoneer, and others.

Smart Prop Trader permits the use of Expert Advisors (EAs) for trading, except those that take advantage of a demo environment. Copy trading is also allowed, provided that you copy from your account. However, certain trading methods are restricted, including high-frequency trading, Martingale, grid trading, and latency arbitrage strategies in any form.

Traders are free to hold their positions overnight and through the weekend, and trading during high-impact news releases is also permitted. This combination of features and guidelines provides traders with a flexible and accommodating trading environment.

Smart Prop Trader Proof of Payment:

Smart Prop Trader, a proprietary trading firm, was officially incorporated in July 2022. Remarkably, there’s already substantial evidence of payment proof available from their traders who have successfully secured funding. This testament to their credibility is not only evident in the reviews shared by their community on Trustpilot but can also be found within their Discord channel. Within this channel, you’ll discover a plethora of payout certificates from traders who have benefited from the firm’s offerings.

Payouts from Smart Prop Trader follow a specific process. They are initiated 12 days after your first trade is executed on your Funded Trader account. As a trader with Smart Prop Trader, you’re entitled to an attractive 85% profit split. These payouts are processed on the same day they become available.

Moreover, if you decide not to withdraw your profits within 14 days, you retain the flexibility to continue trading on your trading account until your next profit split. This option ensures that your trading activities can seamlessly align with your financial goals.

Importantly, even if you find yourself without any profits at the time of withdrawal, your trading period will be automatically extended, allowing you to persist in your trading journey. It’s worth noting that you can select your profit split day, which can be done up to three times. This feature grants you the convenience of receiving your withdrawals on the day that suits you best. Smart Prop Trader is dedicated to providing a user-friendly and adaptable experience for its traders.

Smart Prop Trader Customer Support: 

Smart Prop Trader recognizes the significance of providing exceptional support throughout your trading journey. While their FAQ page serves as a valuable resource for addressing common inquiries, they place a strong emphasis on personalized assistance, ensuring that help is always within reach.

For immediate assistance, their dedicated support team is just a message away, reachable via email, live chat, or social media channels.

  • Email Support: Their email support operates 24/7, ensuring that your concerns receive attention at any time, day or night.
  • Live Chat Support: Live chat support is available on weekdays from 8 AM to 5 PM EST, providing real-time assistance during business hours.

Additionally, Smart Prop Trader fosters a vibrant and interactive community on Discord, offering traders a platform to exchange insights and share experiences.

You can also connect with Smart Prop Trader on various social media platforms:

  • Facebook: They maintain a Facebook page with 229 followers.
  • TikTok: Their TikTok profile boasts 641 followers.
  • LinkedIn: The LinkedIn page has garnered 310 followers.
  • YouTube: Their YouTube channel features 2.65k subscribers and hosts 147 uploaded videos.
  • Instagram: The Instagram profile enjoys 8,762 followers.

The Discord channel, boasting a membership of 19,150 individuals, provides a space for diverse discussions related to Smart Prop Trader. 

While Smart Prop Trader’s FAQ page is a valuable resource for information, should you require further assistance, their support team is readily available through social media, live chat, or email.

For specific inquiries, they offer two active email addresses:

  • info@smartproptrader.com: For general questions about their proprietary trading firm.
  • support@smartproptrader.com: For additional support in the event of issues or concerns.
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What makes Smart Prop Trader unique? 

A cutting-edge proprietary trading company, Smart Prop Trader stands out for its reputation for exceptional speed across various crucial trading industry processes. This includes swift account creation, efficient upgrading phases, funded account processing, and rapid payout processing. With the combination of these advantages, it has earned its place as one of the fastest operators in the field.

One of the standout features of Smart Prop Trader is its commitment to trader-friendly policies. It boasts a lack of minimum trading day requirements and some of the lowest Phase 1 requirements in the industry. This makes it an attractive choice for traders seeking a reliable two-phase prop firm to secure funding rapidly. Moreover, the firm offers highly competitive pricing, making it one of the most cost-effective options in the industry. It removes lot size limits and accommodates the use of expert advisors (EAs).

Smart Prop Trader distinguishes itself by adopting a lenient approach to regulating trading styles, setting it apart from many industry-leading prop firms. The firm promotes flexible trading practices, allowing traders to operate during news releases, keep trades overnight, and engage in weekend trading. However, it’s important to note that martingale trading strategies are prohibited.

The firm’s evaluation program is characterized by a two-phase structure, requiring traders to successfully complete both phases before becoming eligible for payouts. Phase one sets a profit target of 7%, which is subsequently reduced to 5% in phase two. To ensure disciplined trading, daily loss limits are capped at 4%, with an overall loss limit of 8%. Notably, there are no specific maximum or minimum trading day requirements for each evaluation phase while working toward funding. The evaluation program also features a scaling plan that grants traders additional opportunities to succeed.

In summary, Smart Prop Trader sets itself apart from the industry norm by embracing relaxed trading rules and a flexible approach to regulating trading styles. Traders benefit from the freedom to trade during news events, hold positions overnight, and engage in weekend trading. With low-profit targets and a lack of maximum or minimum trading day requirements in both evaluation phases, Smart Prop Trader offers a unique and trader-focused experience.

Smart Prop Trader Reviews: What Do Their Customers Say?

Trustpilot:

On Trustpilot, Smart Prop Trader has 4.6 stars out of 5 stars, and a total of 277 customers reviewed them there. They are a verified company on Trustpilot. The company is in an excellent state on this platform.

Smart Prop Trader Trustpilot

Positive Customer Responses on Various Rating Websites:

#1. Kamsiyochukwu Lambert expresses that words have failed him in adequately conveying his gratitude and satisfaction with the Smart Prop service. He praises Smart Prop for its top-notch customer service and points out that their response time surpassed his expectations. He encourages them to continue their excellent work and extends his best regards to Newman.

Smart Prop Trader reviews on Trustpilot

#2. Umar Waqas affirms that Smart Pro stands out as one of the best-funded companies. Drawing from his 5 years of trading experience, he asserts that the customer service at Smart Pro Trader surpasses any he has encountered. He expresses great satisfaction in being a part of this firm.

Smart Prop Trader complaints on Trustpilot

#3. Benvan der commends the consistently great customer service at Smart Pro Trader, which is always prompt and helpful. Having successfully taken numerous challenges, passed phases, and secured funding, the one aspect that has remained constant over time is the speed and quality of their customer service. Benvan der expresses gratitude to Karim and Chris, as they ensured the activation of his funded account within a mere 10 minutes. He confidently declares that Smart Pro Trader is undoubtedly the best among its peers.

#4. Krystyna shares a highly positive experience, emphasizing that it was truly excellent. Madhu and Elsa were instrumental in swiftly resolving an issue with Krystyna’s account. Krystyna greatly appreciates their assistance and characterizes the company as highly professional and reliable. He expresses his gratitude once again.

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#5 Selvi Chinnathambi mentions a recent encounter with the SPT team that went well, praising in particular Mr. Steve’s assistance. Selvi notes that Steve responded promptly and efficiently and resolved the issues at hand. Gratitude is expressed towards the SPT support team for their help.

Negative Customer Responses on Various Rating Websites:

#1. Filo expresses extreme dissatisfaction with the prop firm, describing their slippage as “absolutely horrible.” He strongly advises against using this firm, citing their unresponsiveness to his emails and screenshots regarding the issue. Filo notes that while there was no slippage in the demos, he experienced slippage five times in just two weeks when trading his “funded” account.

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#2. Hadi strongly warns against the firm, describing them as fraudulent, and advises others to stay away. He expresses frustration with their lack of responsiveness to email complaints. Hadi highlights the absence of a live chat option and mentions that their Telegram handle is also non-existent. He recounts a specific incident where he purchased a challenge and paid with BTC, receiving confirmation on a Saturday. 

However, as of Wednesday, he still hadn’t received a response from them regarding this matter. Hadi concludes that this situation is a major red flag, suggesting that the firm might have either disappeared or possessed extremely poor customer service.

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#3. Ban Nsbain points out some pros and cons of the service. On the positive side, they mention good and affordable challenge prices. However, they express disappointment in the cons, specifically highlighting terrible executions and slippage even during regular trading sessions with no news. Ban Nsbain had initially held high expectations for this firm.

In an attempt to address these issues, they raised questions and concerns on the firm’s Discord but received no response or answer, which left them feeling uneasy. They advise others to be cautious when dealing with the firm.

#4. Monroe Payne voices concerns about the Smart Prop Trader site, noting frequent maintenance and waiting periods, along with numerous glitches. They mention the presence of various fees and term limits. He finds fault with the Smart Prop Trader hardware, suggesting it doesn’t operate automatically. As a result, they’ve opted for the Gainatrade platform to ensure a smoother and more profitable trading experience.

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#5. Michael Wilson reports ongoing slippage problems, acknowledging the accuracy of recent YouTube videos that have raised similar concerns. He goes on to mention that out of his six accounts, only one stopped him out, and it wasn’t even close to his stop level, which he considers a clear case of manipulation. Michael advises others to review the YouTube content and take it into account, particularly if they tend to hold trades, as evidence suggests the firm has engaged in such practices. He expresses hope that impending regulations will help put a stop to these issues.

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Wrapping it up:

In conclusion, Smart Prop Trader stands as a reputable and innovative proprietary trading firm, known for its rapid and efficient account processing, flexible trading options, and generous profit-sharing terms. Their partnership with the ASIC-regulated broker Eightcap further enhances their credibility, providing access to a wide range of trading instruments and well-regarded trading platforms.

The firm’s commitment to supporting traders is reflected in its accessible customer service channels and the vibrant Discord community where traders can interact and share their experiences. They offer a variety of account sizes and competitive pricing to cater to different risk appetites and trading goals. While Smart Prop Trader does have some drawbacks and difficulties, such as limited live chat hours and high commission costs, these are more than offset by the numerous benefits it provides.

Ultimately, Smart Prop Trader is a compelling option for traders looking to secure funding rapidly and embrace a flexible trading environment. The positive customer reviews on Trustpilot and other platforms attest to the firm’s dedication to trader success and its commitment to providing quality support and services.

Smart Prop Trader Review Details

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4.0
Fees
5.0
Trading Platforms
4.0
Deposit and Withdrawal
5.0
Customer Support
4.5 Overall Rating

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Smart Prop Trader Review
4.5/5
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