2024 The Trading Pit Review • Prop Trading (2024)

The Trading Pit Ratings at a Glance

Product Offering
Customer Service
Security
Minimum Investment and Pricing
User Experience
Overall Rating

Table of Contents

  • The Trading Pit Product Offering
  • Forex CFDs
  • Futures
  • The Trading Pit Customer Service
  • The Trading Pit Security
  • The Trading Pit Minimum Investment and Pricing
  • The Trading Pit User Experience
  • The Trading Pit vs. Competitors
  • Overall Rating
  • Frequently Asked Questions

The Trading Pit Product Offering

The Trading Pit offers flexible funding options to dedicated prop traders thanks to its multiple evaluation or challenge accounts, including Lite, Standard, Executive and VIP. Each of these account types (challenge tiers) has its specific rules and profit targets that vary between the asset classes — futures and forex CFD. Here’s a breakdown of the four challenge tiers based on asset classes.

Forex CFDs

In each of the challenge tiers, forex traders can enjoy features such as overnight and weekend holding, a 100% one-time refundable entry fee, a 90-day timeframe to complete the evaluation, a 10% profit target (except for VIP, with a target of 8%), a minimum of three trading days, a maximum drawdown of 10% and a daily drawdown limit of 5% and leverage of 1:30. These features provide traders with flexibility, achievable targets and risk management parameters during the evaluation. Traders can choose between two reliable trading platforms, the cutting-edge MT5 and the user-friendly MT4, both hosted by FXFlat, a reputable online broker. These factors allow traders to select the platform that best suits their preferences and trading needs, ensuring a seamless and reliable trading experience.

The Lite account is the smallest account type, with a starting balance of $10,000. It offers a profit split of 50%, which can increase up to 70% based on performance. It is similar to the Standard account except that the Standard account offers a higher starting balance of $20,000, which also means a higher entry fee. The Executive Challenge features a starting balance of $50,000. It offers a profit share of 60% that can potentially go up to 80%, similar to the VIP account. The VIP is the most impressive package. Besides the 60% to 80% payout, it has the lowest profit target (8%) compared to the others. With this package, traders can scale up to $5 million, earn up to $562,400 in cumulative profits and withdraw profits at all levels.

Futures

For futures trading, each account type offers a one-time refundable entry fee, a minimum of three trading days, and a 30-day evaluation duration. However, the VIP account stands out with a longer evaluation duration of 60 days.

Like the Forex CFD, the Lite account is also the smallest here but has a starting capital of $20,000, a 5% profit target, and a 60% payout that can increase to 70% based on performance. The contract size is 10 micros with $250 and $500 in daily and max drawdown, respectively. It also includes free access to core platform features such as real-time L1 data, Squawkbox, Quantower, ATAS and a Rithmic license. The Standard account offers similar profit shares and core features as the Lite account but with a starting balance of $150,000, a profit target of $5,000, a contract size of 50 micros and a maximum drawdown of $3,000.

The Executive 2 phase evaluation account has similar starting balances as the Standard account but with a 2% profit target and a contract size of 50 micros for both evaluation phases. The payout starts from 60% and can increase to 80%, depending on performance. Besides the salient features available on the Standard and Lite account, this account also features free real-time L2 data, and traders can potentially access Bookmap on request. The VIP 2 phase evaluation offers similar platform features but a starting balance of $250,000, a profit target of 1.2%, a contract size of 100 micros for both phases and payout shares of 70%, which can go up to 80%.

The Lite account offers an ideal option if you are a novice trader seeking valuable experience. Moderate to experienced traders have the choice between the Standard or Executive accounts. On the other hand, if you are a professional trader with a track record of consistent profitability, the VIP account is the ideal choice for you. The Trading Pit affiliate program is another excellent means for traders to profit from the platform via referrals. The Trading Pit offers a very competitive commission allowing affiliate partners to earn up to $2,000 monthly. Benzinga rates The Trading Pit 5/5 on service offerings.

The Trading Pit offers customer support via multiple channels, including phone, email and live chat on the company's website. When you contact the company through these channels, you can expect an immediate response from its agent. Your questions or complaints will be addressed and resolved professionally. The FAQ also provides a constructive overview of prop trading and the company's core offering, including its affiliate program. The company also maintains an active presence on social media and instant messaging platforms, including Twitter, Facebook, LinkedIn, Telegram and Discord, which provides alternative means of connecting with the team for complaint resolution. The Trading Pit enjoys an overwhelmingly positive review on Trustpilot, with a rating of 4.8/5. Clients commend the company for its speedy complaint resolution, excellent product offering and intuitive trading platform. Benzinga rates The Trading Pit 5/5 on customer service.

The Trading Pit Security

The Trading Pit highly prioritizes users' data protection. The company implements robust online encryption measures to prevent misuse, modification, disclosure or unauthorized access to user data, ensuring its security and confidentiality. Personal information collected during signup is used for service improvement, marketing communication, customer support, data analysis and other internal business purposes. The Trading Pit will never share your data with a third party except on consent or for legal purposes in line with regional laws. Users have rights over their information regarding rectification, restriction, erasure, data transfer, objection and revocation. Benzinga rates The Trading Pit 5/5 on customer service.

The Trading Pit Minimum Investment and Pricing

The Trading Pit prides itself on its transparency regarding fees. You must first pay a one-time fee to participate in the evaluation or Challenge and receive funding. The specific amount varies for each Challenge tier within each tradable asset class. For Forex CFD, the Lite and Standard accounts require a one-time fee of $99 and $179, respectively, while the Executive and VIP accounts cost $399 and $999, respectively. However, the one-time entry fees for futures are $99 for Lite, $169 for Standard, $349 for Executive (the most popular according to the company) and $599 for the VIP. You can reset your account for a fee if you risk breaching the trade rules. When you reset your account, a new account will be opened with the remaining days of the Challenge.

Like the entry fees, the reset fees vary among account types within an asset. For the Forex CFD, it is $39 for the Lite, $59 for the Standard, $120 for the Executive and $299 for the VIP account, while for futures, it is $39 and $50, respectively, for the Lite and Standard account and $120 and $299 for the Executive and VIP account. Successful traders who meet the Challenge's criteria also have the option to purchase an Extension, which grants them additional time to reach the Profit Targets without restarting. The Trading Pit supports multiple payment options, which help expedite payment. However, unlike most prop firms, The Trading Pit doesn't offer a demo or free trial period. Benzinga rates The Trading Pit 4/5 on pricing.

The Trading Pit User Experience

The Trading Pit offers traders a comprehensive and user-friendly experience. It provides a range of account options tailored to different trading styles and experience levels. With access to cutting-edge trading platforms, traders can execute trades swiftly and efficiently, aided by real-time quotes and advanced charting tools. The dashboard is highly intuitive, making navigation and utilization of its core features a breeze. Its support for strategies like HFT allows traders to take advantage of rapid market movements. Account setup is also hassle-free, thanks to the simplicity of the platform's design.

The strong community of traders fosters collaboration and provides a platform for learning and sharing strategies. Exceptional customer support is readily available to address inquiries or technical issues. Traders benefit from various educational resources to enhance their trading skills. These include webinars, podcasts, ebooks, videos and infographics. The Trading Pit offers a comprehensive user experience that combines powerful technology, a supportive community and valuable resources to help traders succeed in the competitive world of trading. Benzinga rates The Trading Pit 5/5 on customer service.

The Trading Pit vs. Competitors

The Trading Pit has many competitors like SurgeTrader and Topstep, which like The Trading Pit, are renowned prop trading platforms aiming to streamline funding access for talented but undercapitalized traders. With The Trading Pit, traders can access up to $5 million worth of funding compared to $1 million in SurgeTrader and $150,000 in Topstep. The Trading Pit charges a competitive one-time entry fee compared to Topstep, which charges a monthly fee. Although SurgeTrader also charges a one-time evaluation fee, it is relatively costlier than The Trading Pit. The Trading Pit's multiple trading platforms (including ATAS, Rithmic and Quantower), robust trading tools (including Squawkbox and StereoTrader) and support for diverse trading strategies (including algorithmic and HFT) easily beat these other platforms.

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Overall Rating

The Trading Pit stands out in the prop trading industry with its unique features and offerings. It provides traders access to cutting-edge technology through powerful trading platforms, ensuring a seamless and efficient trading experience. The platform embraces multiple trading strategies, including news trading, copy-trading and HFT methods, allowing traders to execute trades rapidly and take advantage of small price differences. The vibrant community of traders fosters collaboration, knowledge-sharing and a healthy competitive spirit.

The company's exceptional customer support ensures that traders receive prompt assistance and have access to educational resources to enhance their trading skills. With a focus on transparency, The Trading Pit offers various account types with different profit splits and entry fees, catering to traders of different levels. The Trading Pit provides a comprehensive and supportive environment for traders to thrive and succeed in the financial markets. Still, it is relatively new, and potential prop traders must constructively review its offerings and track record before deciding to participate in their audition. Benzinga rates The Trading Pit 5/5 overall.

Frequently Asked Questions

Q

What is a prop trader?

A

A prop trader, short for a proprietary trader, is an individual or firm that trades financial instruments using their own capital to pursue profit rather than executing trades on behalf of clients.

Q

Can you make money from prop trading?

A

Yes, it is possible to make money from prop trading. Traders can earn profits by effectively executing trades, managing risks and capitalizing on market opportunities using the company’s funds.

2024 The Trading Pit Review • Prop Trading (2024)
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