The Trading Pit Review 2024
The Trading Pit review 2024: As proprietary trading firms become increasingly popular, traders have a growing range of choices for where to go to find funding. The Trading Pit is an attractive option for traders in search of an accessible prop firm that covers all the bases. Apart from its enticing profit share of 80%, straightforward one-stage evaluation process, cutting-edge trading platforms and diverse range of assets, the platform stands out for its innovative approach to accommodating various trading techniques. It accommodates copy-trading, scalping and high-frequency trading (HFT) on futures, enabling incredibly fast trade execution (in fractions of seconds) and thereby increasing traders’ profit potential. Moreover, both weekend and overnight trading are supported for forex.
The Trading Pit provides a range of different accounts, meaning traders of all experience levels and budgets will find something to meet their needs. With its comprehensive scaling plans, traders have the opportunity to trade with as much as $5 million through the platform. In 2022, The Trading Pit was awarded the title of Fastest Growing and Most Trusted Proprietary Firm in Europe, a testament to its growing reputation and credibility within the prop trading industry.
The Trading Pit provides powerful trading tools such as Squawkbox for up-to-the-minute market analysis and SteroTrader for trade optimisation. Its array of educational resources (from webinars and e-books to blogs and podcasts) is exceptional. Nonetheless, it’s imperative to thoroughly assess the firm’s evaluation criteria, reputation, and track record before signing up. In this review we look at everything you need to know, including the main advantages and disadvantages to partnering with the firm, and the key features on offer.
*Get 20% off on all Challenge Accounts. Coupon Code: PRIM20
The Trading Pit Evaluations
Aspiring traders looking to access funding with The Trading Pit need first to successfully complete the firm’s challenges, which have been devised to evaluate traders’ skillset in a simulated environment closely resembling the real market. The Trading Pit has structured these challenges around two distinct categories: forex CFDs, and futures.
The first steps are to register for a challenge account, achieve the account’s set profit target and adhere to specified trading objectives while doing so. When you have demonstrated proficiency, The Trading Pit will provide funded trading accounts and scaling plans to help you advance.
Rules for each challenge differ based on the asset classes and account sizes. Nonetheless, some general guidelines for The Trading Pit challenge accounts are as follows:
- Complete the challenge within the stipulated timeframe (which varies depending on the version)
- Stick to the daily loss limit (which varies depending on the account version)
- Stay below the maximum trailing drawdown (again, this varies depending on the account version)
- Avoid surpassing 50% of the profit target in a single trading day.
We’ll elaborate further on each account in the next sections.
The Trading Pit Forex CFD Challenges
In the forex CFD Challenge, traders undergo a one-step assessment where the objective is to meet a profit target of the demo capital to qualify for real capital funding.
Traders choose from four types of challenge accounts: Lite, Standard, Executive, or VIP. Each challenge account comes with its own starting balance, growth potential, and regulations.
Lite Account
Lite Accounts have a starting balance of $10,000, with the potential to scale up to $500,000.
To qualify for funding, you need to adhere to the following rules:
- Trade for a minimum of 10 days
- Achieve the 10% profit target
- Maintain a 5% daily drawdown limit
- Keep to a 10% maximum trailing drawdown limit
And can enjoy the following benefits:
- Holding positions overnight and during the weekend is allowed
- 100% challenge refundable fee with the first payout
- Challenge days are unlimited
- Scale up to $500,000
- Withdraw profits at each level
- Earn cumulative profit of up to $109,000
The Lite Account is the ideal option for newcomers to the industry looking to start out with a relatively small amount of capital.
Lite Account Forex CFD Scaling Plan
When you successfully pass each Challenge, you will be directed to the corresponding Scaling Plan, which are listed in the table below. There are no additional costs for the Scaling Plan account for forex CFDs.
Standard Account
The Standard Account has a starting balance of $20,000, with the potential to scale up to $750,000.
To qualify for funding, you need to adhere to the following rules:
- Trade for a minimum of 10 days
- Achieve the 10% profit target
- Maintain a 5% daily drawdown limit
- Keep to a 10% maximum trailing drawdown limit
And can enjoy the following benefits:
- Holding positions overnight and during the weekend is allowed
- 100% challenge refundable fee with the first payout
- Challenge days are unlimited
- Scale up to $500,000
- Withdraw profits at each level
- Earn cumulative profit up to $139,950
The Standard Account is well-suited for traders seeking a slightly higher level of funding compared to that offered by the Lite Account.
CFD Scaling Plan Standard Account
When you successfully pass each Challenge, you will be directed to the corresponding Scaling Plan, which are listed in the table below.
Executive Account
Opting for the Executive Account provides a starting balance of $50,000, and scaling of up $1,000,000. The evaluation for Executive Accounts is a two-stage process.
To qualify for funding, you need to adhere to the following rules:
- Trade for a minimum of seven days
- Achieve the 8% profit target
- Maintain a 5% daily drawdown limit
- Keep to a 10% maximum trailing drawdown limit
And can enjoy the following benefits:
- Holding positions overnight and during the weekend is allowed
- 100% challenge refundable fee with the first payout
- Challenge days are unlimited
- Scale up to $1,000,000
- Withdraw profits at each level
- Earn cumulative profit up to $244,800
The Executive Account is the preferred option for forex traders due to its swift funding process and high profit-making potential. It’s a great choice for skilled traders looking to grow their careers.
Executive Account Forex CFD Scaling Plan
When you successfully pass each Challenge, you will be directed to the corresponding Scaling Plan, which for the Executive Account are listed in the table below.
VIP Account
The VIP Account offers a starting balance of $100,000 and scaling of up to $5,000,000. Like Executive Accounts, VIP Account evaluations require two stages.
To qualify for funding, you need to adhere to the following rules:
- Trade for a minimum of 15 days
- Achieve the 8% profit target
- Maintain a 5% daily drawdown limit
- Keep to a 10% maximum trailing drawdown limit
And can enjoy the following benefits:
- Holding positions overnight and during the weekend is allowed
- 100% challenge refundable fee with the first payout
- Challenge days are unlimited
- Scale up to $5,000,000
- Withdraw profits at each level
- Earn cumulative profit up to $562,400
Traders who would benefit from immediate access to a large amount of starting capital would do well to choose the VIP Account.
VIP Account Forex CFD Scaling Plan
When you successfully pass each Challenge, you will be directed to the corresponding Scaling Plan, which for the VIP Account are listed in the table below.
Forex CFDs Features
In each tier of the challenge system, forex traders can benefit from features like overnight and weekend holding, a one-off entry fee that is entirely refundable, a relaxed 90-day period in which the evaluation can be completed, and a 10% profit target (with the exception of VIP Accounts, which have an 8% profit target). Additionally, traders need to trade for at least three days, maintain a maximum drawdown of 10%, and stick to a daily drawdown limit of 5%, with leverage capped at 1:30. These features offer traders flexibility, attainable goals, and helpful guidelines for effectively managing risk.
Traders have a choice of two reputable trading platforms: the innovative MT5 and the accessible MT4, both hosted by FXFlat, a well-respected online broker. As such, traders can opt for whichever platform is better suited to their trading preferences and requirements, making their trading experience as straightforward as possible.
The Trading Pit Futures Challenges
Futures challenges operate within simulated environments that are modelled on well-known futures markets like the CME, CBOT, COMEX, NYMEX, and EURE. Traders aim to achieve their profit targets within either a 30-day or 60-day timeframe (depending on which challenge they choose), which can be extended to 60 or 90 days respectively for an additional fee.
In contrast to the forex CFD Challenges, futures challenges comprise two stages. The first imposes stricter criteria for success than the second, requiring traders to demonstrate a higher level of skill and discipline before they qualify for funding. Similarly to forex traders, futures traders have a number of accounts to decide between, each with their own starting capital and rules. We take a look at each account in more detail below.
*Get 20% off on all Challenge Accounts. Coupon Code: PRIM20
Lite Account
The Futures Lite Account has a starting balance of $20,000.
To qualify for funding, you need to adhere to the following rules:
- Successfully complete the challenge within 30 days
- Trade for a minimum of 10 days
And can enjoy the following benefits:
- Holding positions overnight and during the weekend is allowed
- 100% challenge refundable fee with the first payout
- Platform licenses provided free of charge
- Challenge duration of up to 90 days
- Withdraw profits at each level
The Lite Account is ideal for aspiring futures traders who don’t yet have a lot of experience and are happy to start with a modest initial balance.
Lite Account Futures Scaling Plan
For futures accounts, upon entering the Scaling Plan, traders will be directly charged by the exchange for data fees on a monthly basis. As such, traders acknowledge responsibility for the associated market data charges as outlined below:
- Rithmic monthly user login fee: $35.00
- Market data monthly fee:
- CME BUNDLE: $37.50
- EUREX: €20.00
Standard Account
The Standard Account for futures traders has a starting balance of $150,00.
To qualify for funding, you need to adhere to the following rules:
- Successfully complete the challenge within 30 days
- Trade for a minimum of 15 days
And can enjoy the following benefits:
- Holding positions overnight and during the weekend is allowed
- 100% challenge refundable fee with the first payout
- Platform licenses provided free of charge
- Challenge duration of up to 90 days
- Withdraw profits at each level
- Earn cumulative profit up to $111,000
The Standard Account is suitable for traders seeking a larger starting balance than that offered by the Lite Account.
Standard Account Futures Scaling Plan
Executive Account
The Trading Pit Executive evaluation account has two phases, with the same $150,000 starting balance as the Standard Account, but with a profit target of 2% and a contract size of 50 micros for both stages of the evaluation. Payout begins at 60% and can rise to 80%, contingent upon performance. Apart from the notable features offered in the Lite and Standard Accounts, the Executive Account also includes complimentary real-time L2 data, and the potential to use Bookmap (on request).
To qualify for funding, you need to adhere to the following rules:
- Successfully complete the challenge within 30 days
- Trade for a minimum of 10 days per phase
And can enjoy the following benefits:
- Holding positions overnight and during the weekend is allowed
- 100% challenge refundable fee with the first payout
- Platform licenses provided free of charge
- Challenge duration of up to 90 days
- Withdraw profits at each level
Just as for the forex market, the futures Executive Account is the most popular option.
Executive Account Futures Scaling Plan
VIP Account
The VIP Account also has two phases, offering comparable platform features to the Executive Account but with a higher starting balance of $250,000, a profit target of 1.2% and a contract size of 100 micros for both stages of the evaluation. Profit shares begin at 70% and can potentially increase to 80%.
To qualify for funding, you need to adhere to the following rules:
- Successfully complete the challenge within 30 days
- Trade for a minimum of seven days per phase
And can enjoy the following benefits:
- Holding positions overnight and during the weekend is allowed
- 100% challenge refundable fee with the first payout
- Platform licenses provided free of charge
- Challenge duration of up to 90 days
- Withdraw profits at each level
- Earn cumulative profit of up to $133,300
The futures VIP Account is the best fit for traders who want to maximise their profit potential.
VIP Account Futures Scaling Plan
Futures Features
The wealth of trading tools and educational materials provided by The Trading Pit prop firm is a huge plus. Partnering with the prop firm gives you access to StereoTrader, Squawkbox, CME Heatmap, and an economic calendar. Additionally, newcomers to the industry can benefit from a range of webinars, videos, blogs and glossaries to educate themselves and improve their trading skills. Below we take a more detailed look at what’s on offer:
*Get 20% off on all Challenge Accounts. Coupon Code: PRIM20
Instant Payouts
The Trading Pit allows traders to request a withdrawal when they qualify for funding and meet their initial 8% or 10% profit target. Doing so not only makes traders eligible to receive a payout, but also for account scaling. There are no time constraints on meeting the profit target once you’re funded. You will receive a profit share of between 50% and 80%, which is dependent on your funded account size and your scaling level.
This profit-sharing framework was created by The Trading Pit to reward successful traders. As they achieve their profit targets, they move closer to accessing bigger Earning Accounts and claiming a substantial share of the profits they generate. With a profit share of 80% a possibility and scaling of up to $5,000,000 on the horizon, it’s obvious that higher performance really is rewarded with greater earnings. Every time you achieve a profit target, you unleash the potential to take home ever greater earnings.
Trading Platforms
The Trading Pit ensures that industry-leading platforms are accessible across all devices. Forex traders will use Metatrader 4 or Metatrader 5, while for futures challenges The Trading Pit supports ATAS, Quantower and R | Trader, which can be downloaded from the trader dashboard. The Trading Pit’s accounts are also compatible with Sierra Charts, Jigsaw & Volfix, although licenses for these platforms are not provided by the firm.
- Clear rules, about which the firm is transparent.
- Unique prop trading experience.
- No recurring monthly fees.
- Payouts are processed quickly.
- Trade with capital of up to $5,000,000.
- The challenge fee is entirely refundable.
- Traders can choose a broker, thereby benefitting from a customisable trading experience which aligns with their strategies and experience level.
- Attaining level 10 within The Trading Pit’s Scaling Plan opens avenues for employment with the prop firm’s asset management partners. This enables high-performing traders to advance their careers in a professional trading environment.
- The Trading Pit funds cryptocurrency traders with the capital necessary to trade cryptocurrency futures and CFDs.
- Access to live webinars, instructional guides and one-one-one mentoring among other resources for improving your skillset.
- Professional trader dashboard.
- Diverse range of trading instruments available, including forex pairs, commodities, stocks, cryptocurrencies, and indices.
- Maximum trading period of 90 (calendar) days.
- Holding trades overnight and during the weekend is allowed.
- No free trials or demonstration versions offered.
- Rigorous qualification standards in challenges for professional traders.
- Limited leverage, capped at 1:20.
- Three days minimum trading required for futures and five days for forex.
- Relatively low profit share starting at 60% or 70% for futures and 50% or 60% for forex.
- Trailing drawdown on $10,000 and $20,000 during evaluation.
- Trading during news events is not allowed.
Conclusion
The Trading Pit’s unique features and innovative offerings distinguish the prop firm as one of the more compelling options in the prop trading industry. Traders partnering with The Trading Pit prop firm will benefit from pioneering technology via robust trading platforms, ensuring they can trade at their full potential. The firm accommodates a wide range of trading strategies, including copy-trading, news trading and HFT approaches, which means traders can execute their trades efficiently and capitalise on small price fluctuations.
The dynamic and supportive community nurtured by The Trading Pit encourages collaboration and the exchange of ideas – as well as healthy competition! Traders receive efficient help from the firm’s outstanding customer service and can access a wealth of education materials to help them refine their strategies. Prioritising transparency, the firm provides a number of different accounts, with varying entry fees, to accommodate traders of all experience levels.
All in all, partnering with The Trading Pit would be a smart move for traders looking to improve their skills and increase their profit-generating potential in the futures and forex markets. However, we would recommend gauging all advantages and disadvantages and then compare it to its competitors. The Trading Pit has many competitors, including industry leaders Topstep, Apex Trader Funding, and MyFundedFutures. Each one of these prop firms offer access to multiple account options for undercapitalized traders, enabling them to perform in the futures market. Like The Trading Pit, these prop firms grant you access to sophisticated trading platforms and futures contracts as well as offering attractive payout structures.
*Get 20% off on all Challenge Accounts. Coupon Code: PRIM20
To learn more, get all the information you need in our comprehensive Prop Firm Plus reviews:
- Apex Trader Review 2024
- MyFundedFutures Review 2024
- Take Profit Trader Review 2024
- Topstep Review 2024
The Trading Pit FAQs
How can I request an Upgrade?
After reaching the profit target and completing the minimum trading days, a new option will show up at the bottom left of your Dashboard, “Request Upgrade”. After clicking this, our team will start the upgrade process. Please note this may take from 1-3 working days, and you will be kept fully updated via email.
If you are using a mobile device, you will have to click on the Menu button (three horizontal lines) and scroll down.
Can I reset my Scaling Plan account?
During the Scaling Plan, we do not offer the option to ‘Reset’ since at this stage we either generate profits or incur losses depending on your performance. Any losses in the Scaling Plan are fully absorbed by us.
What are your prohibited trading practices?
During demo trading, the following is prohibited:
- Knowingly or unknowingly use trading strategies to exploit errors in the Services, such as errors in displaying prices or delays in updating them.
- Conducting business with an external or slow data feed.
- Acting alone or in concert with others, including between linked accounts or accounts maintained at different companies in our group, to engage in transactions or combinations of transactions designed to manipulate trading, such as by taking opposing positions at the same time.
Do you have a gambling rule?
Introduction
At The Trading Pit, we are committed to promoting safe and responsible trading. This Gambling Policy is written clearly and is designed to be accessible to all traders, ensuring that everyone is informed and guided appropriately. The primary purpose of this policy is to establish responsible trading practices and discourage actions resembling excessive risk-taking and gambling behaviours.
Quick Profits Warning
We alert our traders to the risk of chasing fast earnings. Such actions can be risky. We emphasize a focus on gradual, consistent profit-building to maintain the safety of our traders and the stability of the company.
Definition of Gambling Behaviour
“Gambling” is the term we use for actions that violate this policy. All traders should exhibit a disciplined and well-calculated approach, steering clear of overly risky behaviours.
Forbidden Gambling Practices in Trading
