The Trading Pit Review: All Pros and Cons of the Prop Firm
- Advanced trading platforms
- Partnerships with reputable brokers
- Transparent funding process
- Comprehensive support
- Extensive educational resources
- Flexible profit splits
- User-friendly interface
- Regular payout schedule
- Low minimum deposit for beginners
- Multiple withdrawal methods
- Monthly subscription fees
- Strict evaluation criteria
- Limited trading platforms
- Payout processing time
- CFD challenges not available for US clients
- Could provide more leverage
- No free trial
- No detailed performance analytical tools
- FAQs could be more comprehensive
- New traders do not start at the 80/20 profit split
When we tested The Trading Pit, we found it to be a comprehensive prop trading firm offering large funded accounts to successful traders. Here, we look into the various aspects of The Trading Pit, examining its pros and cons while providing an unbiased review based on our hands-on experience.
Summary of Our Expert:
5 The Trading Pit Customer Reviews And Ratings
What Is The Trading Pit?
The Trading Pit is a proprietary trading firm designed to provide traders with the capital and resources needed to trade financial markets effectively. Founded in 2021, The Trading Pit aims to support traders by offering funded accounts, allowing them to trade without risking their own capital. This business model bridges the gap between skilled traders and the financial resources they require to maximize their trading potential.
With The Trading Pit, traders can engage in various financial markets, including forex, futures, indices, crypto, stocks, and commodities. The firm provides access to state-of-the-art trading platforms and offers multiple account types.
Is The Trading Pit Legal?
Yes, The Trading Pit is a legitimate proprietary trading firm that operates within the bounds of financial regulations. The firm adheres to industry standards, ensuring that it provides a secure and transparent environment for traders. Its operations are designed to comply with all relevant legal frameworks, which enhances its reputation as a trustworthy entity in the prop trading industry. Although not regulated by an authority, no laws or regulations forbid The Trading Pit from operating.
The Trading Pit has built a solid reputation over the years, gaining 4.3 stars from over 300 reviews on Trustpilot. It has implemented security measures to protect traders’ information and funds, making it a safe choice for those looking to engage in prop trading. Overall, The Trading Pit is recognized as a reputable firm that maintains high standards of legality and ethical operation in the financial markets.
Prop Trading Account Types With The Trading Pit
The Trading Pit offers various prop trading account types to suit the different trading needs and experience levels. These accounts include options for trading CFDs and futures, providing traders with the flexibility to choose the instruments that best fit their trading strategies.
Each account type comes with specific features, costs, and profit-sharing ratios designed to optimize traders’ trading experience. Below is an overview of the available account types:
CFDs:
| Aspect | Information |
|---|---|
| Challenges Available | Lite, Standard, Executive, and VIP. |
| Account Balance | $10,000 to $100,000 |
| Profit Target | 10% |
| Total Challenge Duration | Unlimited |
| Minimum Trading Days | 5 days |
| Daily Drawdown | 4% |
| Max Drawdown | 7% |
| Profit Share | 50% to 80% |
| Challenge Price | $99 to $999 |
Futures:
| Aspect | Information |
|---|---|
| Challenges Available | Lite, Standard, Executive, and VIP. |
| Account Balance | $20,000 to $250,000 |
| Profit Target | $1,000 to $6,000 |
| Total Challenge Duration | 30 to 60 days |
| Minimum Trading Days | 3 days |
| Daily Drawdown | $250 to $1,500 |
| Max Drawdown | $500 to $5,000 |
| Profit Share | 60% to 80% |
The Challenge and Costs on The Trading Pit Explained
The Trading Pit offers a structured approach to getting funded through their trading challenges. Here’s a detailed explanation of how it works and the associated costs:
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.
Costs Overview
Each challenge will have a cost that ranges based on the starting balance, profit share, and challenge duration. Here are the costs for CFD and futures challenges:
CFDs:
| Challenge | Cost |
|---|---|
| Lite | $99 |
| Standard | $179 |
| Executive | $399 |
| VIP | $999 |
Futures:
| Challenge | Cost |
|---|---|
| Lite | $99 |
| Standard | $169 |
| Executive | $349 |
| VIP | $599 |
Win Your The Trading Pit Challenge With WR Trading
The Trading Pit challenge demands traders to hit specific profit targets while maintaining disciplined trading practices. WR Trading’s course equips you with the necessary skills to meet these rigorous standards. The course emphasizes high-risk reward strategies and scalping, essential for quick decision-making and maximizing profits.
Personal coaching by Andre Witzel, with over a decade of trading expertise, ensures you receive the best advice and support. You’ll also join an exclusive group that offers trade analysis, continuous development, and direct interaction with professional traders and Andre Witzel himself through regular webinars.
Promo Codes for Rebates
The Trading Pit frequently offers promo codes that provide traders with rebates on their trading fees or discounts on account subscriptions. These promo codes are usually available during special promotions, holidays, or marketing campaigns and can significantly reduce the overall cost of trading with the firm.
How to Use Promo Codes
- Finding Promo Codes: Traders can find promo codes on The Trading Pit’s official website, social media channels, or through their email newsletter. It’s a good idea to subscribe to the newsletter to stay updated on the latest offers and promotions.
- Applying Promo Codes: During the registration or payment process, there will be a field labeled “Promo Code” or “Discount Code.” Enter the valid promo code in this field to apply the rebate or discount to your transaction.
- Confirmation: Once the promo code is applied, the discount will be reflected in the total amount due. Ensure the discount is applied before completing the payment to take advantage of the rebate.
Payouts on The Trading Pit
The payout process at The Trading Pit is designed to be efficient and transparent, ensuring that traders can easily access their earnings. Here’s a detailed step-by-step guide on how to request payouts, including the policies, methods, and processing times.
Step-by-Step Request Process
- Reach the Profit Target: Ensure you have reached the profit target on your Earning account.
- Request Withdrawal: Log into your Client Area and click on “Request Withdrawal.”
- Complete KYC: Make sure your Know Your Customer (KYC) documentation is completed and your preferred payout method is uploaded to your Client Area.
- Approval: If your KYC is approved (not just submitted) and you request a payout by Monday, you will receive your payment on the upcoming Friday. If your KYC is not approved by Tuesday morning, your payout will be executed the following Friday.
Payout Frequency and Methods
The Trading Pit processes payouts every Friday. The exact processing time depends on the payout method chosen:
- Crypto Transfer: Processed within the same day.
- International Wire/SWIFT: Takes up to 5-7 business days.
- SEPA Transfer: Takes up to 1-3 business days.
These times are estimates and can be affected by additional reviews or information requests from payment providers or the Finance & Compliance Team.
Processing Time and Fees
| Withdrawal Method | Processing Time | Payout | Fees |
|---|---|---|---|
| Crypto Transfer | Within the day | On Friday | Not specified |
| International Wire/SWIFT | Up to 5-7 business days | On Friday | Not specified |
| SEPA Transfer | Up to 1-3 business days | On Friday | Not specified |
Trading Platforms
In our review of The Trading Pit, we evaluated the trading platforms they offer to ensure they meet the needs of various trading styles and preferences. The Trading Pit provides access to three sophisticated trading platforms: ATAS, Rithmic, and Quantower. Here’s a closer look at each platform based on our hands-on experience.
ATAS
ATAS (Advanced Trading Analytical Software) is a platform designed primarily for professional traders who need advanced analytical tools. During our testing, we found ATAS to be exceptionally user-friendly with a rich set of features. The platform excels in order flow analysis, providing detailed insights into market depth and trading volumes.
Its highly customizable charting options allow traders to tailor their interface to their specific needs, enhancing the overall trading experience. Additionally, ATAS includes a wide array of built-in indicators and supports custom scripts, making it a powerful tool for technical analysis. ATAS impressed us with its depth of analytical capabilities, making it an excellent choice for traders focused on understanding market mechanics.
Rithmic
Rithmic is best known for its high-performance data feed and order routing, making it a favorite among day traders and scalpers. Our review highlighted several key aspects of this platform. Rithmic’s ultra-low latency data feed ensures that traders receive real-time market data with minimal delays, which is crucial for prop trading.
The platform demonstrated exceptional stability during our testing, maintaining reliability even under high trading volumes. Furthermore, Rithmic supports various advanced order types, providing traders with the flexibility needed to execute their strategies effectively. Rithmic’s focus on speed and reliability makes it a top choice for traders who require precise and timely market data.
Quantower
Quantower is a versatile trading platform that suits a wide range of trading styles. During our testing, we noted its interface and comprehensive suite of trading tools. Quantower offers extensive charting capabilities with multiple chart types and advanced drawing tools, which are beneficial for in-depth technical analysis. The platform supports multi-asset trading, allowing traders to manage their portfolios across different markets from a single interface.
Additionally, Quantower’s integration with various data feeds and brokers ensures that traders have access to real-time market data and seamless execution. Quantower impressed us with its combination of usability and functionality.
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. FXFlat, regulated by BaFin in Germany, offers competitive spreads and fast execution speeds, ensuring a comprehensive trading experience. GBE Brokers, regulated by CySEC, also provides competitive spreads and a wide range of trading instruments. Both brokers ensure high levels of regulatory compliance and client protection, making them strong partners for The Trading Pit’s prop trading model.
Taxes on The Trading Pit
When trading with The Trading Pit, you should understand the tax responsibilities associated with your earnings. Traders using The Trading Pit are responsible for handling their own taxes, as the firm does not provide tax services or withhold taxes on behalf of traders. Earnings from trading are treated as business income rather than capital gains, meaning traders must report their profits and losses accordingly when filing their tax returns.
Support and Education
In our review of The Trading Pit, we found their support services to be both efficient and highly responsive, making them a reliable partner for traders. The support team is knowledgeable and quick to assist with any issues or queries, ensuring that traders can resolve problems quickly and continue their trading activities without significant interruptions.
The educational resources offered by The Trading Pit are comprehensive; from webinars and video tutorials to an extensive knowledge base. These resources are well-structured and easy to understand, making them useful for beginners who need a solid foundation in trading concepts and strategies.
Available Support Options:
- Phone number – +423 237 9000
- FAQ section
- Live chat
- Email – support@thetradingpit.com
Alternatives
In our comprehensive review of The Trading Pit, we also evaluated several alternative proprietary trading firms. Here are three notable alternatives, each with unique strengths that may appeal to different types of traders.
Apex Trader Funding
Apex Trader Funding is known for its flexibility and supportive trading community. They offer multiple account types and funding options, which suit various trading styles and risk appetites. One standout feature is their straightforward challenge process, where traders can prove their skills and receive funding quickly.
Apex Trader Funding also provides extensive educational resources, including webinars and blogs, which are beneficial for traders at all levels. Their platform is user-friendly, and the support team is responsive, making it an excellent choice for traders seeking a balanced combination of flexibility and support.
5%ers
The 5%ers offers a unique low-risk trading environment focused on long-term trader development. They provide instant funding, allowing traders to start trading with capital immediately. The firm has a structured growth path where traders can scale their accounts based on performance milestones.
One of the key advantages of 5%ers is their comprehensive training program, which includes live trading sessions, educational videos, and personalized coaching. This focus on education and skill development makes 5%ers attractive to traders who are serious about improving their trading capabilities and achieving consistent profitability.
Leeloo Trading
Leeloo Trading is notable for its competitive funding programs and advanced trading platforms. They offer a clear and straightforward evaluation process, with various account types designed to suit different trading needs. Leeloo emphasizes transparency, providing detailed information about its evaluation criteria and funding process.
The firm supports top trading platforms that can handle significant trading volumes. Additionally, Leeloo Trading provides a range of educational tools, including video tutorials and market analysis, to help traders enhance their strategies. Their commitment to trader support and platform reliability makes Leeloo a strong contender for active traders looking for a reliable and transparent prop trading firm.
TopStep
Topstep is a well-regarded alternative to The Trading Pit, known for its comprehensive trader development programs and simple evaluation process. Topstep allows traders to earn funding by passing a two-step evaluation process that tests their trading skills and risk management. The firm offers a range of account sizes and types, catering to different trading styles and preferences.
Topstep stands out for its focus on trader education and support, providing extensive resources such as webinars, live classes, and free coaching. Additionally, they offer a proprietary trading platform that integrates seamlessly with popular trading tools and platforms.
Conclusion
In our review of The Trading Pit, we found it to be a great proprietary trading firm offering competitive account types and advanced trading platforms. The firm’s partnerships with brokers like FXFlat and GBE Brokers ensure secure trading conditions. Their support and educational resources are comprehensive. Also, the challenge process is straightforward to understand and has clear criteria on how to pass. Overall, The Trading Pit provides a reliable and supportive environment for traders seeking funded accounts and professional trading tools.
Frequently Asked Questions on The Trading Pit:
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 do I get funded by The Trading Pit?
Traders can get funded by completing a trading challenge. The challenge involves meeting specific trading performance criteria. Successful traders receive capital based on their chosen account type.
What Are the Trading Platforms Available?
The Trading Pit offers ATAS, Rithmic, and Quantower trading platforms. Each platform provides advanced analytical tools and features to enhance trading efficiency. They cater to different trading styles and preferences.
Are There Any Promo Codes for Rebates?
Yes, The Trading Pit occasionally offers promo codes for rebates and discounts. These codes can be found on their website or through their newsletter. Promo codes help reduce overall trading costs.
How Often Are Payouts Processed?
Payouts are processed weekly, every Friday. Traders must ensure their KYC is approved to receive their payouts. The processing time varies depending on the withdrawal method chosen.
