Audacity Capital vs Smart Prop Trader

Audacity Capital Overview

Audacity Capital emerges as a prominent figure in the prop trading industry, bestowing upon its traders the highly coveted option of receiving direct funding up to $500,000 without the need for a preliminary evaluation process. The firm boasts an impressive Trustpilot rating of 4.7 out of 5, indicative of their exceptional customer service. Their scaling plan is remarkably lenient, allowing traders an unrestricted timeframe to reach new profit benchmarks along with a fair 10% fixed drawdown. Flexibility is one hallmark of Audacity Capital, permitting users to hold positions overnight from Monday to Friday and incentivizing strong performance through their policy of account doubling upon achieving 10% in profits. When it comes to the Ability Challenge, traders will appreciate the offer of a retry and an additional 14-day extension should they require it. However, not all is rosy with Audacity Capital. The firm does not present a free trial opportunity, which may deter some traders from committing outright. Additionally, the inability to hold trades over the weekend could be a drawback for some trading strategies. Their 50% profit share agreement might also not be as competitive as one would like, and the monthly platform charges are a consideration for cost-sensitive traders.

Smart Prop Trader Overview

Smart Prop Trader, a newer participant in the prop trading sphere, has quickly garnered attention with its stellar 4.7 Trustpilot rating mirroring that of Audacity Capital. Their customer service is reported to be of exceptional quality. One of the standout features is their offering of a free trial, along with competitively priced packages and the enticing proposition of infinite free evaluation retries. The firm sets itself apart by promising an initial payout within just 12 days, following a bi-weekly payout schedule with an attractive profit sharing model of 85%-90%. Their stance on trading flexibility is substantial, offering an impressive 1:100 leverage, as well as allowing overnight and weekend holding, plus news trading capabilities. Prospective growth within Smart Prop Trader is significant, with scalability up to a monumental $2,500,000 and relatively relaxed trading regulations. Still, certain aspects may require careful consideration. The availability of live chat support is limited, which can pose problems for traders in need of immediate assistance. A 4% max daily drawdown can be restrictive for aggressive trading styles and their commission charges are above industry norm, potentially eating into profitability.

Comparative Analysis on Rules and Financial Operations

Both Audacity Capital and Smart Prop Trader set clear trading parameters to balance risk management with trader autonomy. While Audacity Capital enforces a strict no trading over the weekend and no news trading policy, Smart Prop Trader tends to be more lenient in these aspects, which can appeal to a different type of trader. Smart Prop Trader constrains the use of high-risk strategies like martingale but does allow third-party tools with some associated risks. From a financial transaction standpoint, both firms accept deposits through credit/debit cards and crypto, however, Audacity Capital adds the option of a bank wire transfer for both deposits and withdrawals. Smart Prop Trader, on the contrary, uses Deel for withdrawals, a payment platform that may not be as familiar to some traders.

Considerations for Traders

Concluding this comparison, Audacity Capital is the go-to for traders seeking a more conventional prop firm experience with consistent rules and direct funding. However, its profit split, inability to trade over weekends, and platform fees might push some to seek alternatives. On the flip side, the fresh vigor of Smart Prop Trader provides unmatched flexibility in trading and scalability, coupled with favorable profit sharing, but could be less appealing due to higher commission charges and restrictive support hours. Retail traders and potential users are advised to weigh these critical aspects vis-à-vis their trading preferences to make the most informed decision when aligning with a proprietary trading firm.