|💰 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 get 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|
With the rising popularity of prop firms, traders have ever more choices of where to seek funding. Traders looking for a simple but feature-rich option may want to consider the Trading Pit. In this review, we will assess the pros and cons of the prop firm and discuss what traders would suit the platform and the best alternatives.
First, what is the Trading Pit? The Trading Pit is a prop firm, or “proprietary trading firm.” based in Liechtenstein. Like most prop firms, the concept behind the Trading Pit is simple: they offer company capital to traders through funded accounts. The Trading Pit takes the hit of any losses, but the trader gets to keep up to 80% of the profits. Before they can access the company capital, however, traders will need to demonstrate their ability to gain consistent profits without excessive risk. Like most firms, the Trading Pit evaluates interested traders through an internal evaluation or “Challenge.” Traders who prove their worth can then move on to live trading with a scaling plan of up to $5 million in a funded account.
In a few short years, the Trading Pit has made quite a name for itself. The prop firm has scooped up numerous awards, winning “Fastest Growing Proprietary
Firm in Europe 2022” and “Most Trusted Proprietary Firm in Europe 2022.” Moreover, a growing list of corporate partners including Symax Fintech, Sierra Chart, ATAS, and more. The brand reputation and corporate transparency will help to build trust with their funded traders.
The Trading Pit is undeniably a feature-packed prop firm. The additional tools and software plug-ins for market analysis and seamless trading make it stand out from competitors.
Overall, Trading Pit appears to be a reputable and well-regarded prop trading firm. However, as with any trading challenge, it is important to carefully review the terms and conditions of the challenge and evaluate the firm's track record and reputation before deciding to participate.
The Trading Pit funded accounts are both generous and trader friendly. Not only can traders access up to $5 million but there is no deadline to hit profit targets. There is even an option to pursue a career at the Trading Pit, with some funded traders going on to work for the firm as professional fund managers.
Currently, the Trading Pit funded accounts offer assets in the forex and futures markets. Cryptocurrency and the trading of stocks and shares are forecast for the platform, which has been featured in Wall Street Online, Market Watch, and Yahoo Finance.
The Trading Pit Firm Challenge review
Traders looking for a prop firm with options would be suited to this platform. The Trading Pit offers several avenues to funding; clients can choose from Lite, Standard, Executive, and VIP accounts. Each has its own set of rules and profit targets, but all evaluations offer:
Unsurprisingly, the most impressive package is the VIP evaluation. With this model, traders can scale up to $5 million, earn cumulative profits up to $703,000 and withdraw profits at any level. Traders will have to pay a one-time entry fee to join any of the challenges, with the prices increasing depending on the account size. The smallest account, with a starting balance of $10,000 has an entry fee of $99, while at the other end, the VIP account gives traders $100,000 and costs $999. The minimum number of trading days ranges from 15 to 7, and all challenges take place over 90 days.
The Trading Pit calls itself “the only prop trading firm promise to help you dive into the certificate, hedge fund, and asset management industry and grow as a professional trader.” It also claims to be “the only Prop trading firm that offers forex traders, Multiple brokers, to choose from - freedom of choice to choose the broker of their preference.” These count among the advantages of the platform, but we will delve into more detail in our list of pros and cons below:
The Trading Pit Evaluation Metrics
The Trading Pit platform has an intuitive and user-friendly interface. Traders are invited to use any style or strategy and overnight and weekend traders on forex are permitted. There are Challenge rules, however, and should these be broken the trader’s account will automatically close. Traders must ensure they trade within these Challenge parameters:
The Challenge rules will vary depending on whether a trader chooses the Forex or Futures models, and the profit targets and maximum daily and overall drawdowns will vary according to account size. The rules for each Challenge are outlined in detail on the Trading Pit account, but as a starting point here are some of the evaluation metrics for the Forex Challenge:
Thomas Heyden is the CEO of The Trading Pit. Thomas has demonstrated his expertise in the financial industry by successfully launching and managing multiple investment funds through his regulated company. His clientele comprised institutional investors and high-net-worth individuals (HNWIs). In recognition of his exceptional performance, Thomas was honored with the German Fund Award in 2009 for one of his outstanding investment funds.
Thomas plays a significant role in The Trading Pit, where he is actively involved in the development of TTP (The Trading Pit) in Liechtenstein. Drawing upon his extensive experience in financial engineering, asset management, and business development, Thomas contributes to shaping the growth and expansion of TTP within the region. His expertise in these areas enables him to make valuable contributions to the company's strategic initiatives and overall development.
|TrustPilot||The Trading Pit TrustPilot Customer Reviews, Feedback and Complaints|
|Trustpilot||On Trustpilot, The Trading Pit has currently 122 number of reviews with a TrustScore (the overall measurement of reviewer satisfaction) of 4.80/5.00.|
The Trading Pit firm's reply behavior to negative reviews is up to the standard having replied to 67% negative reviews with a response time to their negative reviews in less than 7 days.
Exciting News from The Trading Pit! They've added two new ways for you to pay: Skrill and Neteller! Both payments solutions, NETELLER and Skrill, are very popular among international brokers as they offer a convenient way to get client deposits in ... [show/hide]
Wednesday 08 November, 2023