Smart Prop Trader Review (5% discount code: FOREXPROPREVIEWS)
4.0

Smart Prop Trader Review (5% discount code: FOREXPROPREVIEWS)

Smart Prop Trader requires traders to be successful in their two-step evaluation program before being granted access to live-funded accounts and the possibility to earn profit splits. However, since they are only looking to invest in disciplined and talented traders, they have a special set of rules that should be respected at all times.
Home » Smart Prop Trader Review (5% discount code: FOREXPROPREVIEWS)

Smart Prop Trader is here to make traders’ careers a success while also offering them the best deals and guidance. They have a professional team that has been involved in the trading industry for over ten years.

Pros
  • Free Trial
  • Competitive prices
  • Excellent Trustpilot rating of 4.7/5
  • Excellent customer support
  • Unlimited evaluation free retries
  • First payout after 12 calendar days
  • Bi-weekly payouts
  • Leverage 1:100
  • Profit share 85% up to 90%
  • Overnight and weekend holding allowed
  • News trading allowed
  • No minimum trading day requirements
  • Scaling account option up to $2,500,000
  • Relaxed & straightforward trading rules
Cons
  • Limited hours of live chat support
  • 4% Maximum daily equity-based drawdown
  • High commission costs

Smart Prop Trader is here to make traders’ careers a success while also offering them the best deals and guidance. They have a professional team that has been involved in the trading industry for over ten years. Within this time, they have developed the best practices and deals that they decided to share with traders worldwide to participate. Traders are provided with the best possible trading conditions while also being awarded with up to 90% profit splits.

Who are Smart Prop Trader?

Smart Prop Trader is a proprietary trading firm that offers undercapitalized traders a chance to work up with $400,000 capital with a profit split of up to 90% while additionally being able to scale your account balance. They were incorporated in July 2022 and are also partnered with Eightcap as their broker, meaning that you will have access to excellent trading conditions while working with them.

Their offices are located at an address in Austin, Texas 78701, United States.

Who is the CEO of Smart Prop Trader?

Blake Olson is the CEO of Smart Prop Trader and also an experienced finance professional and forex educator. His commitment lies in comprehending complex challenges that individuals encounter when embarking on their trading journey. Like many aspiring traders, Blake initially sought guidance from successful industry players and refined his skills through practice. Throughout the years, he gained a profound understanding of trading strategies by learning from hedge fund managers and through self-study. Eventually, he discovered a consistently profitable strategy. Blake embarked on a career as a trading educator for various firms while also sharing trading content on his YouTube channel.

Blake continuously sought out increasingly profitable strategies while also imparting his knowledge to thousands of traders in various successful methodologies such as Elliott Wave, Wyckoff, Smart Money Concepts, and other lucrative approaches. Despite being skilled in trading on his personal accounts, Blake decided to try his luck with prop firms. After achieving a remarkable 30% return in his initial month as a funded trader at FTMO, Blake expanded his funded account portfolio, managing millions of dollars across multiple prop firms. His fondness for the prop firm model and his desire to push the industry forward led Blake to collaborate with fellow traders, establishing his own funding company and shaping the present state of the industry. This endeavor resulted in the creation of The Funded Trader, which eventually emerged as one of the leading online prop firms worldwide.

To this day, Blake remains deeply engaged in enhancing the prop firm industry, conducting interviews with prop firm founders, creating review and prop firm ranking videos, and actively working to foster competition within the industry for the benefit of traders worldwide.

Funding Program Options

Smart Prop Trader offers its traders five two-step evaluation program account sizes to choose from.

Evaluation program accounts

Smart Prop Trader evaluation program account aims to identify talented and disciplined traders who are rewarded for their consistency in the two-phase evaluation period. The evaluation program account allows you to trade with up to 1:100 leverage.

Account sizePrice
$10,000$67
$25,000$167
$50,000$267
$100,000$467
$200,000$867

Evaluation phase one requires a trader to reach a profit target of 7% while not surpassing their 4% maximum daily loss or 8% maximum loss rules. You are required to hit your profit target in an unlimited trading period on your evaluation account. In addition, you also have no minimum trading day requirements in order to proceed to phase two.

Evaluation phase two requires a trader to reach a profit target of 5% while not surpassing their 4% maximum daily loss or 8% maximum loss rules. You are required to hit your profit target in an unlimited trading period on your evaluation account. In addition, you also have no minimum trading day requirements in order to proceed to a live-funded account.

By completing both evaluation phases, you are awarded a funded account where you have no profit targets. However, there is a minimum withdrawal limit of $100. You are only required to respect the 4% maximum daily loss and 8% maximum loss rules. Your first payout is 12 calendar days from the day you place your first position on your funded account, while all the following payouts are also on a bi-weekly basis. Your profit split will be 85% up to 90% based on the profit you make on your funded account. In addition, you should note that you are able to change your profit split day up to three times. This means that you are able to receive your withdrawal on your most convenient day.

Evaluation program account scaling plan

Evaluation program accounts also have a scaling plan. Upon being continuously profitable over each 3-month period, you will receive an account increase of 25% of the original account balance. They will further increase your maximum loss limit by 2% every 3-month period once you scale your account balance up to 28%.

Example:

After 3 months: If you have a $200,000 account, your account balance will increase to $250,000.

After next 3 months: Balance of $250,000 increases to $300,000.

After next 3 months: Balance of $300,000 increases to $350,000.

And so on…

Trading instruments for the evaluation program accounts are forex pairs, commodities, indices, and cryptocurrencies.

Evaluation program account rules

  • Profit target is a specific percentage of profit that a trader is required to obtain before they can complete an evaluation phase, withdraw profits, or scale their account. Phase 1 profit target is 7%, while phase 2 has a profit target of 5%. Funded accounts have no profit targets.
  • Maximum daily loss is the maximum loss a trader can reach on a daily basis before the account is violated. All account sizes have a maximum daily loss of 4%.
  • Maximum loss is the maximum loss a trader can reach overall before the account is violated. All account sizes have a maximum loss of 8%. Note that the maximum loss limit is scaleable up to 28%.
  • No martingale allowed means that traders are not allowed to use any type of martingale strategy while trading.
  • Third-party copy trading risk means that if you intend to use copy trading services, you should keep in mind that by using a third-party copy trading service, there might be other traders that are already using it and therefore exactly the same trading strategy. By using a third-party copy trading service, you potentially run the risk of being denied a funded account/withdrawal if you exceed the maximum capital allocation rule.
  • Third-party EA risk means that if you intend to use an EA, you should keep in mind that by using a third-party EA, there might be other traders that are already using it and therefore using exactly the same trading strategy. By using a third-party EA, you potentially run the risk of being denied a funded account/withdrawal if you exceed the maximum capital allocation rule.

What makes Smart Prop Trader different from any other prop firm? 

Smart Prop Trader is different from most of the industry-leading prop firms due to almost never regulating your trading style, meaning that they have relaxed trading rules. You can trade during news, hold trades overnight, and during the weekends. However, keep in mind that martingale is prohibited.

Compared to other prop firms, the Smart Prop Trader evaluation program is a two-phase evaluation program that requires traders to complete two phases before being eligible for payouts. The profit target is 7% in phase one and 5% in phase two, with a 4% maximum daily and 8% maximum loss rules. Note that you have no maximum or minimum trading day requirements in each evaluation phase while working toward becoming funded. Evaluation programs also have a scaling plan. Compared to other industry-leading prop firms, they have low profit targets, no maximum or minimum trading day requirements, and relaxed trading rules to follow.

Example of comparison between Smart Prop Trader & Finotive Funding:

Trading objectivesSmart Prop TraderFinotive Funding
Phase 1 Profit Target7%7.5%
Phase 2 Profit Target5%5%
Maximum Daily Loss4%5%
Maximum Loss8%10%
Minimum Trading DaysNo Minimum Trading DaysNo Minimum Trading Days
Maximum Trading PeriodPhase 1: Unlimited
Phase 2: Unlimited
Phase 1: Unlimited
Phase 2: Unlimited
Profit Split85% up to 90%75% up to 95%

Example of comparison between Smart Prop Trader & FundedNext:

Trading objectivesSmart Prop TraderFundedNext (Stellar)
Phase 1 Profit Target7%8%
Phase 2 Profit Target5%5%
Maximum Daily Loss4%5%
Maximum Loss8%10%
Minimum Trading DaysNo Minimum Trading Days5 Calendar Days
Maximum Trading PeriodPhase 1: Unlimited
Phase 2: Unlimited
Phase 1: Unlimited
Phase 2: Unlimited
Profit Split85% up to 90%80% up to 90%

Example of comparison between Smart Prop Trader & E8 Funding:

Trading objectivesSmart Prop TraderE8 Funding (Normal)
Phase 1 Profit Target7%8%
Phase 2 Profit Target5%5%
Maximum Daily Loss4%5%
Maximum Loss8%8% (Scaleable up to 14%)
Minimum Trading DaysNo Minimum Trading DaysNo Minimum Trading Days
Maximum Trading PeriodPhase 1: Unlimited
Phase 2: Unlimited
Phase 1: Unlimited
Phase 2: Unlimited
Profit Split85% up to 90%80%

In conclusion, Smart Prop Trader is different from most of the industry-leading prop firms due to having relaxed trading rules and almost never regulating your trading style. You can trade during news, hold trades overnight, and during the weekends. In addition, you also have low profit targets and no maximum or minimum trading day requirements for both evaluation phases.

Is getting Smart Prop Trader capital realistic?

When looking at prop firms that best suit you and your forex trading style, it’s important to look at how realistic the trading requirements are. For example, a company offering a high % profit split on a highly funded account sounds great but if they expect high % gains per month with low % maximum drawdowns, your chances of success become close to zero.

Receiving capital from the evaluation program accounts is realistic mostly since they have relatively low profit targets (7% in phase one and 5% in phase two) with slightly below average maximum loss rules (4% maximum daily and 8% maximum loss).

After considering all of that, Smart Prop Trader is an excellent choice to get funded since evaluation program accounts that you can choose from all have realistic trading objectives to follow and conditions to receive payouts.

Payment proof

Smart Prop Trader is a proprietary trading firm that was incorporated in July 2022. That being said, we can find a lot of payment proof out there already from their successfully funded traders. The proof can be seen on Trustpilot from reviews from their community.

In addition, you can also find payment proof on their Discord channel, where you can find numerous payout certificates from traders.

Payouts from Smart Prop Trader are processed 12 days after your first trade is placed on your Funded Trader account. You are entitled to a high 85% profit split. Payouts are processed the same day, and in case you don’t wish to withdraw your profit in 14 days, you can continue trading on your trading account until your next profit split. If you don’t have any profits at the time of withdrawal, your trading period will be automatically extended. In addition, you should also note that you have the ability to choose your own profit split day up to three times, meaning that you will always receive your withdrawal on your most convenient day.

Which broker does Smart Prop Trader use?

Smart Prop Trader has integrated its technology with a broker Eightcap, an ASIC-regulated broker in Melbourne, Australia. They were founded in 2009 with a simple, straightforward mission to provide exceptional financial services to its clients. They have five offices around the globe and regulations in multiple locations providing clients worldwide with the ability to trade on markets across FX, indices, commodities, and shares.

Eightcap is considered average-risk, with an overall Trust Score of 73 out of 99. They have the following features:

  1. Forex Trading
  2. CFD Trading
  3. Cryptocurrency Trading
  4. Social Trading/Copy-Trading
  5. A total of 326 Tradeable Symbols
  6. A total of 45 Forex Pairs

They offer two account types, one being Raw and the other Standard. The commissions and fees will depend on which of the two you choose. Fees for Standard accounts are built into a spread and for Raw accounts into a commission. Another fee you should always consider is the overnight fee, which is an interest for holding an open position overnight in trading.

Being a MetaTrader only broker, their offers are MetaTrader 4 and the newer MetaTrader 5 platforms from MetaQuotes Software Corporation.

They deliver a personalized trading experience and create an ultra-efficient technology infrastructure for you to trade on and have been awarded the Best Global Forex MT4 Broker 2020 at the Global Forex Awards for doing so.

As for trading platforms, you can use MetaTrader 4 or MetaTrader 5.

Trading instruments

Smart Prop Trader offers a large variety of trading instruments. You are allowed to trade forex pairs, commodities, indices, and cryptocurrencies with up to 1:100 leverage.

FOREX:AUD/USDEUR/USDGBP/USDNZD/USDUSD/CAD
USD/CHFUSD/JPYAUD/CADAUD/CHFAUD/NZDAUD/JPY
CAD/CHFCAD/JPYCHF/JPYEUR/AUDEUR/CADEUR/CHF
EUR/GBPEUR/JPYEUR/NZDGBP/AUDGBP/CADGBP/CHF
GBP/JPYGBP/NZDNZD/CADNZD/CHFNZD/JPYEUR/NOK
EUR/PLNEUR/SEKUSD/HKDUSD/MXNUSD/NOKUSD/PLN
COMMODITIES:XAG/USDXAU/USDXPT/USDXPD/USDBRENT
NGASWTI
INDICES:AUS200ITA40CHNINDEU50FRA40
GER30HKINDJAP225SPA35US100US30
US500
CRYPTO:ADA/USDAVE/USDBCH/BTCBCH/USDBNB/USD
BSV/USDBTC/EURBTC/USDDOG/USDDOT/USDDSH/USD
EOS/USDETH/BTCETH/USDLNK/USDLTC/BTCLTC/USD
THT/USDUNI/USDVET/USDXEM/USDXLM/USDXMR/USD
XRP/EURXRP/USDXTZ/USD

Trading fees

Trading commission:

AssetsFee terms
FOREX 7 USD / LOT
COMMODITIES 7 USD / LOT
INDICES 7 USD / LOT
CRYPTO 7 USD / LOT

Spread:

In order to check the live spreads login to the trading account below:

PlatformServerLogin numberPasswordDownload platform
MetaTrader 5EightcapLtd-Demo220073579FTPNewPW2023!Download

Education & Support for traders

Smart Prop Trader does not provide any additional educational programs. However, they do have a Blog section on their website where traders can find the following articles:

  • Trading Tips
  • Trading Updates
  • Success Stories

Smart Prop Trader also has an active thread on ForexFactory where you can get some additional information about the prop firm from a wider range of their community.

In addition, another thread can be found on ForexFactory named ‘’PROP FIRM HUB’’ made by MasterrMind, where Smart Prop Trader also gets mentioned numerous times.

To see the mentioned thread click here.

Traders’ Comments about Smart Prop Trader

Smart Prop Trader has great feedback from their community. 

On Trustpilot, they have a large variety of their community commenting and giving positive feedback with a great score of 4.7/5 out of 2,175 reviews. In the reviews, their community mostly mentions their quick and reliable customer support, which you can also see in the comment below.

In addition, another positive aspect of their proprietary trading firm that gets mentioned numerous times is their spreads which are very competitive when comparing them to other top industry prop firms. In addition, pricing also gets mentioned since they offer account sizes up to $200k for reasonable prices without any additional or hidden fees.

Social media statistics

Smart Prop Trader can also be found on social media. 

They have a:

  • Facebook page with 229 followers,
  • TikTok profile with 641 followers,
  • LinkedIn page with 310 followers,
  • Youtube channel with 2,65k subscribers with 147 uploaded videos, and
  • Instagram profile with 8,762 followers,

They also have a Discord channel with 19.150 members with various chats where you can discuss different topics regarding Smart Prop Trader.

Support

Smart Prop Trader has a FAQ page where you might find the information that you are missing. If not, you should contact their support team or join their Discord channel.

The support team is available on their social media, live chat, or you can contact them directly by email. They have two active emails:

  • [email protected]: for general questions regarding their proprietary trading firm
  • support@smartproptrader.com: for additional support if any issues occur

Their business hours are the following:

  • Email support: 24/7
  • Live chat support: 8 AM – 5 PM EST, Monday – Friday

Conclusion

In conclusion, Smart Prop Trader is a legitimate proprietary trading firm that offers traders a chance to choose between five different two-step evaluation program account sizes.

Evaluation programs are an industry-standard two-phase evaluation challenge that requires the completion of two phases before becoming funded and being eligible to earn profit splits. Smart Prop Trader requires traders to reach profit targets of 7% in phase one and 5% in phase two before becoming funded which are realistic trading objectives considering you have a 4% maximum daily and 8% maximum loss rules to follow. With evaluation programs, you can earn 85% up to 90% profit splits while also being able to scale your accounts.

I would recommend Smart Prop Trader to anyone who is looking for a prop firm with straightforward trading rules. They are a well-established proprietary trading firm that offers excellent conditions for a big pool of individuals with unique trading styles. After considering everything Smart Prop Trader has to offer, they are for sure one of the more attractive options within the proprietary trading firm industry.

This review about Smart Prop Trader was lastly updated on 02.11.2023 at 09:54 (CE(S)T).

So, what do you think about the layout of the Proprietary Trading firm? Does Smart Prop Trader have the instruments that you want to trade?

Let us know if you enjoyed our Smart Prop Trader Proprietary Trading firm review!

Smart Prop Trader Review (5% discount code: FOREXPROPREVIEWS) Details

Trading Platforms
Deposit Methods
Withdrawal Methods
Tradable instruments
Brokers
Account Currencies
Trading Programs
Incorporation
Maximum Capital Allocation
Account size up to:
$200,000
Use code for 5% discount: FOREXPROPREVIEWS
*Choose your account type and start trading
4.0
Fees
4.0
Trading Platforms
4.0
Deposit and withdrawal
4.0
Customer Support
4.0 Overall Rating

Leave a Reply

Your email address will not be published. Required fields are marked *

Forex Prop Reviews
© 2021 Forex Prop Reviews. All rights reserved. Created with ❤️ for trading