Smart Prop Trader Information
Smart Prop Trader, with its domain registered in 2021 in the United States, is a financial company and mainly deals with trading services in Forex, Cryptos, Indices, Commodities. A free demo account is provided for practicing and the entry point for live account opening is $5000, quite high comparing to industry standard.
Moreover, the broker offers leverage ranging from 1:2 to 1:100 for different products in different live accounts. Commissions are charged at $6 per lot for forex and metals, and the broker requires profit split, eating up investors' profits. Traders can execute trades on the broker's own proprietary platform “DXtrade” via GooeyTrade.
However, one fact worth noting is that the broker currently operates without regulation from any authorities, degrading its credibility and reliability.
Pros and Cons
Is Smart Prop Trader Legit?
The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.
What Can I Trade on Smart Prop Trader?
With Smart Prop Trader, you can expand your trading portfolio and seize abundant market opportunities by trading in Forex, Shares, Indices, Commodities and Cryptos.
Forex: Forex, or foreign exchange, is the global marketplace for trading national currencies against one another, facilitating international trade and investment. Smart Prop Trader enables trading in major, minor and exotic forex pairs such as AUDCAD, EURGBP, USDCHF, EURNOK, etc.
Commodities: Commodities are basic goods used in commerce that are interchangeable with other goods of the same type, such as spot metals and oil products.
Indices: Indices are statistical measures that represent the performance of a specific group of assets, such as stocks or bonds, helping investors gauge market trends and economic health. With Smart Prop Trader, you can trade common indices like NAS100, JPN225, SPX500.
Cryptos: Trade digital currencies like Bitcoin, Litecoin and Ethereum against USD, tapping into the evolving crypto landscape.
When dealing with investment activities, always adhere to the principle of diversification by allocating funds across various products rather than concentrating on a single one you feel optimistic about.
Account Type
Smart Prop Trader provides demo accounts that siTraders can thus practice their trading strategies in a risk-free environment without losing real money.mulates real market conditions that has no restrictions on holding positions over the weekend or trading during macroeconomic news releases.
Besides, the broker provides two live accounts: Standard and Pro account with different profit targets.
The Standard Account offers funding options from $5,000 to $100,000, with a profit target of 7% in Step 1 and 5% in Step 2. It features a virtual daily loss limit of up to 4% and a maximum loss of 8%.
The Pro Account also ranges from $5,000 to $50,000, requiring an 8% profit target in Step 1 and a 5% target in Step 2. Its daily loss limits and maximum loss are higher at 5% and 12% respectively.
The default payout ratio is 75:25, but profit split for both accounts can go up to 95% if traders meet the condition of the broker's scaling plan.
You should choose the account size that is in line with your financial capacity and risk appetite to minimize loss and maximize profitability.
Leverage
Leverage is up to 1:100 in both Standard account and Pro account, while for different products, maximum leverage is up to 1:30 for forex majors and minors, 1:10-1:25 for forex exotic, 1:10 for indices and spot metals, 1:5 for oil, and 1:2 for cryptos.
Leverages are always suggested to be used prudently by investors due to potential amplified losses along with gains.
Smart Prop Trader Fees
For forex and spot metals trading, Smart Prop Trader will charge a commission fee of $6 per lot traded, while commission is absent for other products.
Trading Platform
Traders can execute trades on DXtrade with Smart Prop Trader. Apps with iOS and Android versions for the platform can be downloaded on GooeyTrade website at https://gooeytrade.com/dxtrade-platform-tutorials/.
The platform provide traders with charting tools for technical analysis, swift order execution, and customizable interfaces. Users can acess additional resources like TradingView to switch over between demo and live accounts, manage watchlists, and place various types of orders.
