Historically, a trading pit has been the epicenter of financial markets, embodying the raw energy and frenetic activity of live trading. In the contemporary financial landscape, “The Trading Pit” has become one of the best futures prop trading firms. This comprehensive The Trading Pit review delves into its offerings, structure, and support to help you ascertain whether it could be your ally in the financial arena or an adversary to your trading goals.
Understanding The Trading Pit
The Trading Pit is a proprietary trading firm established in 2022. It rigorously assesses prospective traders using demo capital to determine their ability to handle significant trading volumes. Successful candidates who clear this evaluative phase are rewarded with actual capital to trade futures and Contracts for Difference (CFDs).
Those aiming to secure funding from The Trading Pit must participate in and pass its challenges. These challenges are designed to discern the trading proficiency of individuals in a simulated environment, closely mirroring real-market conditions. The Trading Pit has organized these challenges into two categories, reflecting the two primary asset classes within its scope: CFDs and futures.
- CFD Challenges: The CFD Challenge is a single-phase test where participants aim to achieve a profit target ranging from 8% to 10% of the provided demo capital to qualify for real capital funding. Traders engaging in CFD Challenges through The Trading Pit are tasked with trading various instruments, including stock CFDs, cryptocurrency CFDs, commodities, indices, and forex. These challenges are conducted on the FXFlat and GBE brokerage platforms and must be completed within 90 days.
- Futures Challenges: These challenges are run in simulated environments mirrored after renowned futures markets such as CME, EUREX, and COMEX. Traders strive to reach set profit targets within 30 or 60 days, depending on the specific challenge they enter. For those needing more time, the duration of the challenge can be extended to 60 or 90 days, respectively, for an additional fee. Unlike the CFD Challenges, Futures Challenges consist of two phases. The first phase has more stringent success criteria than the second, requiring traders to exhibit a higher level of skill and discipline to advance and ultimately secure funding.
Features of The Trading Pit
- High Profit Share: At The Trading Pit, traders are paid 50% to 80% of their profits. The high volume of capital that The Trading Pit provides ensures that even the lower end of this profit share range can result in considerable earnings.
- Opportunities to Scale: The platform recognizes and rewards growth. With sustained success and effort, traders can access as much as $5 million in capital.
- Profit Calculator: Prospective traders can use the profit calculator on The Trading Pit’s official website to estimate potential earnings. This tool aids in selecting the most suitable evaluation program in alignment with individual profit objectives, offering clarity and strategic insight before beginning the evaluation process.
Pros and Cons of The Trading Pit
- Refundable Challenge Fee: Completing The Trading Pit’s challenge grants access to the Scaling Plan, where you can trade with actual capital. Upon entering this plan, your initial challenge participation fee is fully refunded.
- Choice of Brokers: You can select your preferred trading environment during the challenge sign-up process, tailoring your trading experience to suit your comfort and strategy.
- Employment: Achieving level 10 within The Trading Pit’s Scaling Plan opens the door to employment opportunities with The Trading Pit’s asset management partners. This allows top-tier traders to further their careers within professional trading environments.
- Cryptocurrency Trades: As one of the best crypto prop trading firms, The Trading Pit provides an avenue for cryptocurrency enthusiasts to get as much capital as they need to trade cryptocurrency futures and CFDs.
- Spotlight: The Trading Pit fosters a competitive and motivational atmosphere by featuring the week’s top trader on their official website, visible to members and the public. This recognition encourages a culture of excellence and continuous improvement among traders.
- Flexible Trading Strategies: The Trading Pit permits a range of trading strategies to accommodate various trading styles. When trading futures, you can hedge, which means taking an offsetting position to mitigate risk, and scalp, which involves making numerous trades for small profit gains. For both futures and CFDs trading, there is a provision for copy-trading to a certain degree.
- Live Account Usage Fee: During the challenge, The Trading Pit gives you free licenses to access broker platforms. However, once you’ve cleared the challenge and begin trading with real capital, you must pay monthly fees directly to those platforms to continue using them.
The Trading Pit vs. TakeProfitTrader
TakeProfitTrader and The Trading Pit are both proprietary trading firms that provide capital to traders, but they differ in a few key areas:
- Maximum Account Size: The Trading Pit offers up to $5 million, suitable for those aiming to trade with large capital. TakeProfitTrader’s maximum is $150,000, which might appeal to those who prefer smaller-scale trading.
- Number of Trading Platforms: TakeProfitTrader has a wide selection with over 30 trading platforms, while The Trading Pit offers fewer than 10, focusing on the quality of optimal trading experiences.
- Assets Traded: The Trading Pit provides the opportunity to trade both futures and CFDs, giving traders more variety. TakeProfitTrader specializes in futures only.
- Withdrawal Fees: When it comes to taking out your profits, The Trading Pit allows you to do so without any fees. TakeProfitTrader, on the other hand, imposes a $50 charge for withdrawals under $250.
Is The Trading Pit Worth It?
Investing in The Trading Pit is a smart move for your time, money, and effort. If you don’t pass the challenge in 30 days, you can pay a small fee to extend your challenge and get more time to succeed, or reset your evaluation account and start over. Either way, The Trading Pit allows you to keep pursuing your trading goals.
The Trading Pit Reviews Online
Almost every The Trading Pit review online is overwhelmingly positive. For example, on Trustpilot, The Trading Pit is rated 4.7 stars out of 5. Participants in the challenge are encouraged to complete it and those who’ve passed the challenge are pleased with their payouts and progress.
A trader in the former group shared, “I give them MAXIMUM STARS! And that’s because, until now, I’m extremely satisfied, these people are extremely responsive and will come with an option to help you, and even don’t hesitate to remind you that they’re here to help you. From the point of view of the evaluation models, they are the most profitable, and the most professional, compared to other companies, which are only interested in the money you would pay for the evaluation or reset.”
Meanwhile, a trader in the latter group said, “Everything worked perfectly, good customer service, fast uncomplicated payment.”
The Trading Pit Review: Final Verdict
Following a thorough appraisal of beneficial features in this The Trading Pit review, it’s safe to conclude that the platform suits traders seeking growth opportunities. Click here to join The Trading Pit.