The prop firm first educates its clients with content and then with mentors until they can aspire to a professional skill level in no time. Traders link their accounts at The Trading Pit to their Volume Trader accounts. The Trading Pit strives to meet a wide array of trading styles and preferences. Below is a review of the main features of The Trading Pit, considering the pros and cons of its service. Based on all these considerations, we will be able to help you figure out whether The Trading Pit Prop Firm fits your trading needs and goals.
Key Features of The Trading Pit Prop Firm
- Fees: For Forex Account Type, the Lite account is subject to a fee of $99, the Standard account is $179, the Executive is $399, and the VIP is $999 One-Time Payment.
- Profit split: The Trading Pit pays out up to 80%. Your profit share will start at 50% it gets bumped to 80% with scaling.
- Evaluation: The profit target for the one-step challenge is 10%, with a 3% maximum daily loss and 7% up to 10% maximum trailing drawdown rules.
- Profit Target: The evaluation phase requires a trader to reach a profit target of 8% up to 10%
- Maximum drawdown (MDD): The maximum trailing drawdown ranges between 3% and 10%, depending on your initial account size and your current level of scaling.
- Trading Period: There is no time limit or pressure to reach any profit target within a restricted period.
- Leverage: Both accounts Lite and Executive have leverage of 1:30 and 90 days challenge duration.
- Instruments: With The Trading Pit you get access to a wealth of different asset classes and instruments including Forex, Futures, Indices, Commodities, Stocks, and Crypto.
- Allow Trade News: Yes, with The Trading Pit you can trade during news events.
- Weekend Position: Yes you are permitted to hold your trade overnight & over the weekend for the Evaluation program
Pros and Cons of The Trading Pit Prop Firm
The Trading Pit claims to be “the only prop trading firm that promises to help you dive into the certificate, hedge fund, and asset management industry and grow as a professional trader.” It is also “the only Prop trading firm that offers forex traders Multiple brokers to choose from – freedom of choice to choose the broker of their preference.” We will give more information below in a pros and cons list of some of the pros:
Pros of The Trading Pit Prop Firm
Advanced Trading Platforms
The Trading Pit Prop Firm offers advanced trading software, including MT4, MT5, and cTrader, which is in demand. These platforms offer robust technical analysis, event-based automated trading, and real-time data feeds, empowering traders to execute their deals successfully. Advanced features along with customization options will satisfy both novice and experienced traders.
Partnership with Reputable Brokerages
The Trading Pit has, therefore, partnered with well-esteemed brokers to make sure traders benefit from reliable and reputable trading environments. It is through such collaborations that traders enjoy superior conditions for trading, tight spreads, fast execution speeds, and access to a wide range of financial instruments. Its partners reflect the best choices by the firm in offering quality and legitimate trading experiences.
Transparent Funding Process
The funding process at The Trading Pit is designed to be as smooth and transparent as possible: clear information on how the account is set up, what kind of funding is required, or how it will be evaluated. This transparency helps the traders understand exactly what to expect, so there are no hidden fees or unexpected conditions.
Education Resources
The Trading Pit is serious about traders’ education, offering them more sophisticated means of improving their trading skills and knowledge through webinars, tutorials, eBooks, and market analysis reports. It stands to offer these tools to help in trader development to encourage learning and improvement processes.
Flexible Profit Splits
The flexible profit split arrangements are one of the highlights of The Trading Pit. The profit split ratio may vary depending upon the account type and performance. It allows for room for flexibility in allowing traders to come up with a profit split scheme that best suits them and their goals in trading.
User-Friendly Interface
The Trading Pit’s platform is designed to be simple to use for a novice, intermediate, and experienced trader. Intuitive in design and easy to navigate, it ensures comfort in finding one’s tools, trading efficiently, and maintaining an account without any excess complexity.
Regular Payout Schedule
The regular payout schedule allows traders to withdraw their profits at equal intervals. This regularity enables a trader to maintain predictable cash flow and helps one to better manage their finances. Indeed, timely payouts are one of The Trading Pit’s ways of improving the trading experience.
Low Minimum Deposit for Beginners
The Trading Pit has a friendly minimum deposit for beginner traders. It will give new traders an easy initial investment into trading, reducing financial risk and thus allowing them to start their trading journey without much hassle.
A Number of Different Withdrawal Options
For diverse needs, The Trading Pit allows several ways of withdrawal. Bank transfers, e-wallets, and other viable alternatives to popular ways of payment are options open to traders availing of such services. In view of such variety, traders are assured of getting the money in the way most convenient and efficient for them.
Cons of The Trading Pit Prop Firm
Monthly Subscription Fees
Some features or account types come with subscription fees that could add up month after month. The Trading Pit Prop Firm requires traders to pay subscription fees every month, which adds up over time. While these are necessary for accessing specific features or account types, they may deter traders who prefer a one-time fee or no recurring costs.
Limited Trading Platforms
The Trading Pit has a limited number of trading platforms, considering the firms in this niche. In such cases, some traders may find their working scope reduced to only a few available platforms. It is a challenge for all those traders who are used to, or would like to, use other platforms. It cuts back on trading efficiency and the user experience that would be if one relies on certain tools or features provided in alternative platforms.
Time for Payouts to be Processed
Payment processing might also take a little longer than some traders prefer with regards to the Trading Pit payout. While the company aims to process payouts quickly, banking procedures may cause delays. This longer period of processing would affect how fast the traders may need access to funds and perhaps overall satisfaction with the services of the firm.
Challenges of CFDs Not Available to US Clients
Unfortunately, The Trading Pit doesn’t offer Contract for Difference challenges to clients based in the United States. This severely limits US-based traders’ opportunities regarding participation in CFD trading challenges. This is a major drawback for US-based traders who look forward to taking part in one of the world’s most popular trading instruments.
Leverage Options Limited
Trading Pit offers relatively low leverage compared to some other prop firms. While it promotes good risk management and disciplined trading, it may not suit traders who prefer higher leverage for their strategies. The limited amount of leverage really constrains trading strategies reliant on higher levels of leverage for potential returns.
No Free Trial Available
The Trading Pit does not offer a free trial, preventing potential traders from testing their services before committing. This lack of a trial can be a drawback, as traders prefer to experience the firm’s environment and features before investing. You have to give a clear decision without any trial at all, basing it on reviews and information available.
The Challenge Process
- Registration: Traders start by registering for the challenge that corresponds to their desired account type. This involves paying an entry fee, which varies depending on the account.
- Challenge Phase: Traders must meet specific performance criteria, such as achieving a set profit target within a defined period while maintaining good risk management practices.
- Evaluation Phase: Successful completion of the initial challenge phase moves the trader to an evaluation phase, where consistent performance over another period is required.
- Funding: Upon successfully passing the evaluation phase, traders receive funding according to the account type they signed up for. This means they can start trading with the firm’s capital, sharing profits as per the agreed split.
Frequently Asked Questions (FAQs)
What is The Trading Pit?
The Trading Pit is a proprietary trading firm that provides traders with funded accounts to trade various financial instruments. It offers competitive account types and advanced trading platforms. The firm supports traders with educational resources and professional tools.
How long do I have to complete my Challenge?
The Trading Pit Challenges last 30, 60, or 90 days, depending on the account. The countdown begins upon purchase, but traders can buy an “Extend” option to prolong the deadline for reaching their profit target.
What Trading Platforms Does Trading Pit Use?
The Trading Pit provides access to three sophisticated trading platforms: ATAS, Rithmic, and Quantower.
Which Broker Is Used by The Trading Pit?
The Trading Pit partners with FXFlat and GBE Brokers to provide traders with reliable and secure trading environments.
