This new prop firm has just made passing challenges and getting funded much easier. It has completely removed its time limits from both phases of its challenge. This is a massive step above most firms like FTMO that offer just 30 and 60 days.
Smart Prop Trader claims to have the best spreads and commissions in the industry, with low profit targets too. But is it as good as it first seems? In this review I’ll compare Smart Prop Trader to other prop firm competition, so you can decide if it’s right for you.
Smart Prop Trader Discount Code
If you do choose to join Smart Prop Trader, make sure to use the discount code TPJ for 5% off and a 125% refund with the first profit split.
Smart Prop Trader also frequently runs other limited time discount promotions, with higher percentages off and other added benefits. If you want to find the latest discount codes for Smart Prop Trader and other prop firms,join the official Prop Journalist Discord Server. Prop firm discounts are found in the limited time discount time codes channel, and you can be notified whenever a new code is posted by reacting to the message in the welcome channel.
I’d always recommend checking the discord server before making a purchase from any prop firm, because 90% of the time you can save money with a discount code found in the server!
The Smart Prop Trader Evaluation
SPT offers just one evaluation funding process, with accounts from $10,000 to $200,000 available. These accounts are priced very cheaply, with the $200k account being more than $100 cheaper than My Forex Funds, which is already one of the cheapest in the industry.
The SPT Evaluation is split into 2 Phases, with a 7.5% profit target in Phase 1 and 5% profit target for Phase 2. The Phase 1 profit target is the lowest in the industry, but in reality, it is the same difficulty to achieve as the 10% FTMO profit target, as SPT only has 7.5% maximum drawdown, while FTMO has 10%.
This means they both have a drawdown to profit target ratio of 1:1. However the much unlimited limits for Smart Prop Trader make its challenge much easier to pass.
SPT accounts have 1:100 leverage, and 4% maximum daily loss which is calculated using both equity and balance. Another benefit of the SPT evaluation is the 0 minimum trading days, so you can pass the process and get funded in as little as 2 days. Funded account profit splits are 80%, paid biweekly, which is increased to 90% with scaling. Your account is scaled up after 4 months of trading live with SPT, with no required profit. This increases the account by 25%. Like most other prop firms the evaluation fee is refunded with the first profit split pay-out.
SPT Trading Conditions & Rules
The trading conditions are very good, with as low as 0 pip spreads on EURUSD, but this comes with $6 commission per lot round trip. SPT offers a free trial that last for 14 days so that you can test these trading conditions for yourself too.
You can hold trades overnight and over the weekend, and news trading is allowed.
Smart Prop Trader Competitions
SPT also runs free monthly trading competitions like The Funded Trader does, but only with prizes for the top 10. These competitions have the same drawdown rules as evaluation accounts, with the traders earning the highest profit winning free evaluation challenge accounts.
Conclusion
So should you try the Smart Prop Trader evaluation? If you’re finding that other prop firm’s 30 day phase one time limits are too small, Smart Prop Trader is a great solution. As maximum drawdown is only 7.5%, true backing is significantly lower than My Forex Fund’s 12% maximum drawdown, but trade execution is better with SPT and the starting 80% profit split is higher. You could also use SPT as an alternative to no time limit prop firms challenges like Funded Trading Plus and Ment Funding, because it has static maximum drawdown instead of trailing relative drawdown. If you do choose Smart Prop Trader make sure to use the discount code TPJ for 5% off and an 125% refund. Thanks for reading, what do you think about Smart Prop Trader, and what prop firm should I review next?
