- Over 4k Trustpilot reviews at 4.9/5 with exceptional 24/7 customer support.
- Trading Psychologist available, scaling plan, and CEO's public visibility.
- Free trial, infinite evaluation retries, and bi-weekly payments at 80%-90% profit.
- Flexible trading: no cap on duration, minimum 4 days, 1:100 leverage, and diverse tools.
Smart Prop Trader
- Stellar Trustpilot rating of 4.7/5 and exceptional customer service.
- Free trial, competitive pricing, and infinite free evaluation retries.
- Initial 12-day payout with bi-weekly schedules and 85%-90% profit sharing.
- Flexibility: 1:100 leverage, overnight/weekend holds, and news trading.
- Scalability up to $2,500,000 with relaxed trading regulations.
Cons ❌
FTMO
- Educational videos suit beginners more
- Maximum of 2 accounts at $200,000 each
Smart Prop Trader
- Restricted live chat support hours
- 4% Max daily drawdown based on equity
- Elevated commission charges
Rules 📋
FTMO
Maximum Daily Loss, Maximum Loss, Minimum Trading Days, No News Trading, Profit Target, Third Party Copy Trading Risk, Third Party EA Risk
Smart Prop Trader
Maximum Daily Loss, Maximum Loss, No Martingale Allowed, Profit Target, Third Party Copy Trading Risk, Third Party EA Risk
Overview of FTMO: Established Leader with Comprehensive Offering
FTMO stands out as a seasoned entity in the proprietary trading firm landscape, having a robust history since 2015. The vast array of Trustpilot reviews averaging 4.9/5 underscores their undeniable reputation for exceptional customer support, operational all hours of the week. FTMO's dedication to trader development is evident through their provision of a trading psychologist and their accessible educational materials, though these may be skewed towards novices. Offering a versatile trading environment with no set duration cap, a minimum trade period of just 4 days, and leverage up to 1:100, traders revel in the freedom accorded to them. Additionally, the diverse array of tradeable instruments and account currencies typifies FTMO as a versatile platform for traders globally.
Critical Reflection on FTMO's Offerings
While FTMO seemingly caters to trader growth with a scaling plan, it's important to note that there's a ceiling on account sizes, capped at two accounts with a maximum of $200,000 each. This restriction may deter high-volume traders in pursuit of expansive growth opportunities. Additionally, the rules set by FTMO, which include restrictions on news trading and limitations associated with third-party software usage, could be viewed as constraints by some traders who thrive on flexibility.
Smart Prop Trader: A Rising Contender with Promising Features
Smart Prop Trader, although relatively new with its start in 2022, has quickly garnered positive sentiment with a Trustpilot rating of 4.7/5. Their commitment to customer satisfaction parallels that of an industry veteran. Traders are greeted with a competitive environment that rewards with a staggering 85%-90% of profits and facilitates initial payouts on the 12th day. The firm's significantly high leverage capacity and tolerance for overnight positions and news trading indicate a philosophy that leans towards trader autonomy.
Unique Advantages of Smart Prop Trader
One of the standout features of Smart Prop Trader is their scalability, which supports growth up to a colossal $2,500,000, coupled with more relaxed trading regulations. This presents a promising landscape for traders aiming for high stakes and autonomy. Moreover, the infinite free evaluation retries and the ability to hold positions over the weekend make this prop firm particularly alluring for traders who may take longer duration positions or require more attempts to succeed.
Limitations of Smart Prop Trader to Consider
However, Smart Prop Trader is not without its limitations. The restricted hours for live chat support hint at potential delays in addressing trader concerns, which can be critical in high-pressure trading scenarios. Furthermore, the stringent 4% max daily drawdown based on equity, coupled with elevated commission charges, could eat into traders' profits and become a deterrent for those particularly sensitive to cost.
Comparative Analysis of Trading Rules
Both FTMO and Smart Prop Trader maintain stringent rules that safeguard their operations but could restrain traders' tactics. The prohibition on Martingale strategies by Smart Prop Trader, although a commonsensical risk management step, might be a deal-breaker for some. Meanwhile, FTMO's blanket ban on news trading curtails strategies that pivot on market volatility, which may be a crucial part of some traders' arsenals.
Funding and Withdrawal Options
FTMO offers more traditional deposit and withdrawal methods, including bank wire and crypto, accommodating a wider audience. This contrasts with Smart Prop Trader, which channels withdrawals solely through Deel, potentially obstructing those who prefer more conventional banking methods or direct access to crypto withdrawals.
Final Thoughts on Prop Firm Selection
Both FTMO and Smart Prop Trader bring distinct advantages to the trading table, appealing to different trader profiles and strategies. FTMO is a stalwart with reliable support and extensive market access, while Smart Prop Trader delivers on scalability and flexibility despite its nascent stage. Potential users should weigh the trade-offs such as account size constraints, cost structures, and rule strictness before deciding which firm aligns most closely with their trading objectives and risk management principles.
