The Trading Pit - Prop Trading Firm | February 2024 Review (2024)

In this comprehensive review, we delve into The Trading Pit, a standout prop trading firm known for its advanced technology, flexible trading strategies, and exceptional customer support. Explore how it compares with other industry players and what makes it the go-to choice for traders seeking success in the financial markets.

In this comprehensive review, we delve into The Trading Pit, a standout prop trading firm known for its advanced technology, flexible trading strategies, and exceptional customer support. Explore how it compares with other industry players and what makes it the go-to choice for traders seeking success in the financial markets.

For latest prop firm promotions, discount coupons, and news updates, please follow us on Twitter, Instagram, Facebook, Discord, Telegram and Linkedin.

Pros

  • Access to Cutting-Edge Trading Platforms.
  • Supports a Variety of Trading Strategies.
  • Vibrant Trader Community for Collaboration.
  • Exceptional Customer Support.
  • Transparent Account Types and Fees.

Cons

  • Relatively New in the Market.
  • No Demo or Free Trial Period.
  • Limited Information on Long-term Track Record.
  • Some Account Types Have High Entry Fees.
  • Complexity for Beginner Traders.

Table of Contents

Within the dynamic realm of proprietary trading, The Trading Pit emerges as a standout choice for traders desiring a blend of simplicity and depth in their trading endeavors. Renowned for its impressive 80% profit split, the platform simplifies the evaluation process for traders, providing an efficient path to trading success. The Trading Pit distinguishes itself with a suite of advanced trading platforms including ATAS, Bookmap, Quantower, MT4, and MT5, catering to a broad spectrum of trading preferences.

Embracing Advanced Trading Techniques

The platform sets itself apart by accommodating a range of trading techniques. It is particularly noteworthy for its support of scalping, copy-trading, and notably, high-frequency trading (HFT) with futures. HFT, known for its ultra-fast trade execution, significantly enhances the potential for profits. Additionally, The Trading Pit offers flexibility in trading schedules, including weekend and overnight options for forex traders.

Diverse Account Options and Scaling Plans

The London-based company offers various account options, which pave the way for traders of different backgrounds to venture into the market. With scaling plans that reach up to $5 million, the platform ensures that traders have ample opportunity for growth. It further augments the trading experience with advanced tools like Squawkbox for real-time market analysis and StereoTrader for optimizing trades.

Educational Resources and Due Diligence

Beyond its trading tools, The Trading Pit is lauded for its extensive array of educational resources. These include webinars, ebooks, podcasts, blogs, and infographics, designed to enhance the knowledge and skills of its users. However, it is crucial for traders to meticulously review the firm’s evaluation conditions, reputation, and track record before embarking on their trading journey with the funded programme. In an analysis by Benzinga, The Trading Pit’s unique offerings, pros, and cons are examined, providing a comprehensive comparison with other leading platforms in the industry.

Recognized for its flexible funding solutions, The Trading Pit caters to dedicated prop traders with an array of challenge account options, including Lite, Standard, Executive, and VIP. Each account tier, tailored for different trading strategies, presents unique rules, profit targets, and caters to both futures and forex CFD traders.

Forex CFD Trading Options

Forex CFD traders are treated to a suite of features across all challenge tiers. Notable offerings include the flexibility of overnight and weekend holding, a 100% refundable entry fee, a 90-day evaluation period, a 10% profit target (8% for VIP), minimum trading days, drawdown limits, and 1:30 leverage. These parameters strike a balance between flexibility, attainable goals, and risk management. Traders have the choice of two renowned trading platforms, MT5 and MT4, provided by FXFlat, enhancing their trading journey with either cutting-edge or user-friendly interfaces.

Breaking Down the Challenge Tiers

  • Lite Account: Starting balance of $10,000 with a 50-70% profit split based on performance.
  • Standard Account: Begins with $20,000, offering higher entry fees and similar profit splits to Lite.
  • Executive Challenge: Features a $50,000 starting balance and a 60-80% profit share.
  • VIP Package: The premium option, providing the highest profit potential and scalability up to $5 million.

The Trading Pit Futures Trading Accounts

Futures traders can also choose from various account types, each with distinct features like refundable entry fees, minimum trading days, and evaluation durations. The VIP account notably extends the evaluation to 60 days.

Account Variations for Futures

  • Lite Account: Ideal for beginners, with a $20,000 starting capital and a 5% profit target.
  • Standard Account: Tailored for more experienced traders, offering a $150,000 starting balance.
  • Executive Account: Similar to Standard, but with a 2% profit target and additional features like L2 data.
  • VIP Account: Aimed at professional traders, featuring a $250,000 starting balance and unique perks.

The Trading Pit also hosts an affiliate program, offering an attractive commission for referrals. This program allows partners to earn up to $2,000 monthly, adding another dimension to the platform’s appeal. Acknowledging these comprehensive offerings, Benzinga rates The Trading Pit with a perfect 5/5 for its service offerings.

The Trading Pit stands out for its multi-channel customer support, offering assistance through phone, email, and live chat on the company’s website. The firm is known for its prompt and professional response to inquiries and issues. Additionally, an informative FAQ section on their website provides insights into prop trading and the company’s offerings, including its affiliate program. The Trading Pit also leverages social media and instant messaging platforms like Twitter, Facebook, LinkedIn, Telegram, and Discord, enhancing its accessibility and complaint resolution capabilities. With an impressive 4.8/5 rating on Trustpilot, the firm is lauded for its efficient customer service, superior product offerings, and user-friendly platforms. Benzinga acknowledges this excellence, rating The Trading Pit 5/5 in customer service.

Stringent Security Measures

The Trading Pit places high importance on user data security. Employing advanced encryption techniques, the company ensures the protection and confidentiality of user data against unauthorized access or misuse. Personal information collected during sign-up is utilized for service enhancement, marketing, customer support, data analysis, and other business-related purposes. Adhering to regional laws, The Trading Pit assures not to share user data without consent or legal obligation. Users are afforded rights including data rectification, restriction, erasure, transfer, objection, and revocation. This commitment to data security earns The Trading Pit a top rating of 5/5 from Benzinga.

The Trading Pit is recognized for its clear and upfront pricing structure. Participation in its evaluation or Challenge programs involves a one-time fee, differing across Challenge tiers and tradable asset classes. For Forex CFD, the Lite and Standard accounts have fees of $99 and $179, respectively, while the Executive and VIP accounts are priced at $399 and $999. In contrast, futures accounts have entry fees of $99 (Lite), $169 (Standard), $349 (Executive), and $599 (VIP). Additionally, account reset options are available for a fee, providing traders with a new account and the remaining days of the Challenge. Successful traders can also opt for an Extension, allowing them additional time to meet Profit Targets without restarting the Challenge. The Trading Pit supports various payment methods for convenience but does not offer a demo or free trial period, unlike many other prop firms. Considering these aspects, Benzinga rates The Trading Pit 4/5 in terms of pricing.

The Trading Pit excels in offering a user-friendly and comprehensive trading experience. Its diverse account options cater to various trading styles and experience levels, supported by state-of-the-art trading platforms for efficient and swift trade execution. The intuitive dashboard design simplifies navigation and makes it easy to access essential features. High-frequency trading (HFT) support empowers traders to capitalize on rapid market movements. The platform’s design ensures a smooth account setup process. A vibrant trader community encourages collaboration, strategy sharing, and learning. Exceptional customer service is always at hand to resolve any queries or technical concerns. Additionally, The Trading Pit enriches traders with a wealth of educational resources, including webinars, podcasts, ebooks, videos, and infographics, blending technology, community support, and educational tools to provide a well-rounded trading experience. Benzinga acknowledges this holistic approach with a 5/5 rating for user experience.

When compared with counterparts such as SurgeTrader and Topstep, The Trading Pit demonstrates a significant edge. Unlike SurgeTrader and Topstep, which offer maximum funding of $1 million and $150,000 respectively, The Trading Pit provides traders the opportunity to access up to $5 million in funding. While Topstep charges a recurring monthly fee, The Trading Pit opts for a more trader-friendly, one-time entry fee. SurgeTrader, though charging a one-time evaluation fee, tends to be more expensive than The Trading Pit. The Trading Pit also outperforms its competitors in terms of technology and strategy support. Offering a wider range of trading platforms including ATAS, Rithmic, and Quantower, and equipped with robust tools like Squawkbox and StereoTrader, it caters to a broader spectrum of trading strategies, including algorithmic and HFT. This comprehensive approach and competitive pricing structure give The Trading Pit a distinct advantage over other prop trading platforms.

The Trading Pit has carved a niche for itself in the prop trading industry, distinguished by its unique features and comprehensive offerings. This platform is a haven for traders, providing access to advanced technology and a variety of powerful trading platforms. This ensures a smooth and effective trading experience, essential in today’s fast-paced financial markets.

Embracing a Spectrum of Trading Strategies

One of the key strengths of The Trading Pit is its embrace of diverse trading strategies. This includes news trading, copy-trading, and particularly high-frequency trading (HFT) methods, enabling traders to swiftly execute trades and capitalize on minor price fluctuations. Such versatility in trading approaches enhances the platform’s appeal to a broad range of traders.

Community and Support

The platform is not just about technology and tools; it’s about people. A dynamic community of traders on the platform encourages collaboration, knowledge exchange, and a healthy competitive environment. This community aspect is vital in fostering growth and learning among traders. Exceptional customer support is another cornerstone of The Trading Pit. The platform ensures that traders have immediate access to help and a plethora of educational resources, further enhancing their trading skills. This focus on customer service and education is a significant contributor to the platform’s high rating.

Transparency and Tailored Account Options

Transparency is a key principle at The Trading Pit. The platform offers a variety of account types, each with distinct profit splits and entry fees, catering to traders at different stages of their journey. This approach ensures that traders can find an option that aligns with their experience level and trading style. While The Trading Pit is relatively new in the market, its offerings and track record are promising. Potential prop traders are advised to thoroughly evaluate the platform’s features and history before committing to their audition process. Considering all these aspects, from technology and strategy support to community engagement and customer care, Benzinga awards The Trading Pit a perfect overall rating of 5/5.

The Trading Pit - Prop Trading Firm | February 2024 Review (2024)

FAQs

Is the trading pit regulated? ›

We have brought on board experts in capital markets law to ensure that The Trading Pit and its business models are lawfully and regulatory compliant! No objections were raised to our partnership models with prop traders and created with transparency for actual mutual growth!

Do prop firms really pay out? ›

Yes, prop firms do pay. While there are some scams out there popping up everyday, reputable prop trading firms like True Forex Funds, FTMO,5%ers,FundedNext are legitimate and pay traders according to their profit-sharing agreements. As for True Forex Funds, I can vouch for their credibility.

How do I know if my prop firm is legit? ›

Signs of a Legitimate Prop Firm
  1. Regulatory Compliance and Oversight. ...
  2. Transparency in Fees and Profit-Sharing Models. ...
  3. Positive Reputation Within the Trading Community. ...
  4. Adequate Training and Support for Traders. ...
  5. Evidence of Successful Traders. ...
  6. Clear Communication and Customer Service. ...
  7. Solid Operational History.

Which prop firm is the best? ›

Best Prop Trading Firms 2024 - Reviewed by Experts
  1. Topstep: A Leader in Trading Innovation. ...
  2. The 5%ers: Forex Trading with a Twist. ...
  3. Earn2Trade: Empowering Aspiring Traders. ...
  4. SurgeTrader: A Gateway to Diverse Trading Assets. ...
  5. FTMO: Stringent Yet Rewarding. ...
  6. E8 Funding: Innovative and Flexible.
Feb 2, 2024

How does the trading pit work? ›

The traders buy and sell securities in the pit using the open outcry system, which requires shouting and hand signals. The latest prices are displayed in real-time, allowing everyone to compete for the best price. The pit is also called the trading floor.

Which prop firm has no time limit? ›

Prop Firms With No Time Limitations
Proprietary Trading FirmNo Time Limitation Requirement
MyFundedFX
PipFarm
RebelsFunding
Smart Prop Trader
36 more rows
Apr 2, 2024

What prop firm has the fastest payout? ›

Fastest Industry Payouts – MyFundedFutures has the fastest payouts in the futures prop trading space which has become more and more important with some of the other futures prop trading firms taking weeks to payout.

What happens if you lose money in a prop firm? ›

Proprietary trading firms often provide evaluation accounts where you prove your trading skills. Usually, you pay a one-time fee to enter this "challenge." If you lose money during this evaluation, you won't owe anything beyond the initial fee.

Are prop firms risky? ›

- Traders in prop firms often have limited control over the firm's capital. They may need to deposit their own money as collateral or risk management. - Additionally, payouts are subject to the firm's rules, which may restrict a trader's access to profits.

Which prop firm is safe? ›

TopTier Trader is a prop firm that offers traders the opportunity to trade with their capital and receive a share of the profits. They have gained popularity in the forex market due to their low-risk approach and high-profit potential.

Are there any legitimate prop firms? ›

FTMO (previously known as MyForexUniverse) is one of the largest and best-known prop firms globally. Based in the Czech Republic, they provide funded accounts up to $400,000 to traders that can pass their evaluation.

How many people fail prop firms? ›

According to it, 4% of traders, on average, pass prop firm challenges. But only 1% of traders kept their funded accounts for a reasonable amount of time. While this result is not nearly as bad as the one discussed earlier, it still looks bleak for prospective prop traders.

Why is FTMO banned in US? ›

FTMO have now restricted access to all new US-based traders as of January 2024. This appears to be related to regulatory issues and may have something to do with the recent My Forex Funds case.

Which prop firm has the lowest fees? ›

Best cheap forex prop firms
  • FTMO: evaluations starting at $399.
  • TopStepTrader: Challenges starting at $375.
  • T4tCapital: Flexible evaluation options starting at $299.
  • Funded Trading Plus: Starting at $25.
  • Earn2Trade: $99 Mini challenge.
  • True Trading Group: $49 evaluation with a $25,000 virtual account.
Feb 27, 2024

Do you need a Series 7 to trade at a prop firm? ›

Each Representative shall be required to pass the Series 7 General Securities Representative Qualification Examination unless his or her activities are so limited as to qualify him or her as a Proprietary Trader as specified hereafter.

How is trade regulated in the United States? ›

Trade Regulation: an overview

The U.S. Constitution, through the Commerce Clause, gives Congress exclusive power over trade activities between the states and with foreign countries. Trade within a state is regulated exclusively by the states themselves.

Is TradeStation regulated in the US? ›

TradeStation is subject to stringent U.S. industry regulations and account-protection requirements and has continuous reporting requirements that are subject to regulatory review and regular audits.

Is Forex Trading regulated in the US? ›

Is forex trading legal in the United States? Yes, forex trading is legal in the U.S. and regulated by the Commodity Futures Trading Commission (CFTC). Forex brokers in the U.S. are required to register as Futures Commission Merchants (FCMs) and Forex Dealer Members (FDMs) with the CFTC and NFA.

What forex broker is US regulated? ›

At the present day, there are now 8 regulated forex brokers in the US. Oanda, Forex.com (GAIN Capital) and TD Ameritrade retained their positions, and are now joined by ATC Brokers, IG US, Interactive Brokers, Ally Invest and ThinkorSwim (now owned by TD Ameritrade).

References

Top Articles
Latest Posts
Article information

Author: Jeremiah Abshire

Last Updated:

Views: 5492

Rating: 4.3 / 5 (54 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: Jeremiah Abshire

Birthday: 1993-09-14

Address: Apt. 425 92748 Jannie Centers, Port Nikitaville, VT 82110

Phone: +8096210939894

Job: Lead Healthcare Manager

Hobby: Watching movies, Watching movies, Knapping, LARPing, Coffee roasting, Lacemaking, Gaming

Introduction: My name is Jeremiah Abshire, I am a outstanding, kind, clever, hilarious, curious, hilarious, outstanding person who loves writing and wants to share my knowledge and understanding with you.