Take Profit Trader Review 2024
Website: www.takeprofittrader.com
Min. Deposit: US$ 150
Leverage: —
Trading Platforms: NinjaTrader, Tradovate, RTrader
Regulation: USA
Headquarters: USA
Founded: 2021
Regulatory Licenses:
- TakeProfitTrader LLC — registered in USA company number L21000145354
Updated on January 22, 2024
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In our quest to deliver a comprehensive and unbiased review, we have employed a meticulous approach that involves an exhaustive analysis of Take Profit Trader, comparing its services against a benchmark of over 1000 brokers. This extensive research encompasses a thorough examination of the broker's fees, spreads, and commissions, alongside an evaluation of its trading platforms, tools, customer service, and regulatory compliance. Our method is designed to provide traders with a clear and detailed understanding of what Take Profit Trader offers, equipping them with the necessary information to make an informed decision.
Take Profit Trader represents a distinctive proprietary trading firm that specializes in offering funding opportunities to traders eager to venture into futures trading without the necessity of risking their personal funds. This firm distinguishes itself through a strong focus on educational resources, a comprehensive trading curriculum, and an unwavering commitment to the success of its traders. It offers a supportive environment conducive for both beginners and seasoned traders to excel in the fast-paced trading arena. As a proprietary trading firm, Take Profit Trader opens up avenues for traders to enter the market with minimal initial outlay by providing company funds for trading activities. To tap into these resources, traders are required to pass a qualification test or challenge successfully. Once qualified, they are given the opportunity to trade on the company's behalf as professional traders. However, it's crucial for potential traders to fully understand the risks involved before embarking on this journey.
Take Profit Trader Pros Cons ▲
Pros
Lower profit target requirements compared to competitors
Competitive pricing structure
Wide selection of balances available with low registration fees
The fee is refundable upon becoming a funded trader
Access to both MT5 and MT4 platforms, including support for Expert Advisors (EAs)
Offers a free trial to test the platform
Cons
Lack of strict oversight may pose risks for disciplined trading
Challenges in becoming a funded trader due to stringent qualification criteria
Limited range of tradable instruments
Exclusive reliance on the MetaTrader platform, which may not suit all traders' preferences
Is Take Profit Trader Legit? ▲
Take Profit Trader, situated in the USA, has garnered positive acclaim from its users, highlighting its exceptional services. Users particularly praise the firm for its fast and reliable customer service, as well as the simplicity of its funding processes and the clarity of its trading rules. Compared to forex brokers, proprietary trading firms like Take Profit Trader operate under a different regulatory framework. Proprietary trading firms are generally subject to less regulation and oversight by industry regulators. This situation underscores the importance of understanding the risks involved in dealing with such firms, as the company itself manages operations and allocates funds for trading activities.
Upon reviewing the company's official information, we found no evidence suggesting that Take Profit Trader is a scam. However, given the minimal regulation of proprietary trading firms by financial authorities, it can be challenging to categorically determine the firm's legitimacy. Our professional advice is to thoroughly research and understand proprietary trading before engaging. Choosing a firm with a solid reputation and a history of stable operations can mitigate some risks. Importantly, since traders mainly pay subscription fees rather than investing large amounts of their own money, potential losses are generally lower compared to direct trading with one's personal funds.
Take Profit Challenge Evaluation Rules ▲
The essence of our Take Profit Challenge Review lies in examining how the evaluation challenge is structured and the prerequisites for participation. This involves understanding the type of test required to qualify for a Funded Trading Account and become a Proprietary Trader, as well as the costs involved, typically encompassed by a Registration Fee. Take Profit Trader's evaluation program is a streamlined, one-step process aimed at assessing traders' skills and their ability to meet specific targets, unlike other firms that may employ a two-step evaluation process.
Account Balance and Registration Fee ▲
The Take Profit Challenge aims to evaluate a trader's proficiency in generating profits while managing risks effectively. The program offers a range of account sizes, from $25,000 to $150,000, with subscription costs varying accordingly. For instance, accessing a $25,000 account requires a $150 subscription, while a $150,000 account comes with a $360 fee. These parameters set the stage for traders to demonstrate their trading prowess and qualify for a funded account.
The challenge sets forth several rules, with the profit target being a pivotal criterion. In Take Profit Trader’s evaluation, the profit target is pegged at 6% of the account balance, a critical benchmark for traders aiming to secure a funded account. Achieving this target is essential for demonstrating successful trading strategies and performance.
Take Profit Trader imposes limits on the maximum daily loss and end-of-day drawdown, expressed as percentages of the account balance. These limits vary from 2% for daily loss to 3% to 6% for end-of-day drawdown, depending on the account size. Such measures are crucial for assessing a trader’s risk management capabilities.
A significant rule in proprietary trading tests is achieving profitability within a minimum number of trading days. Take Profit Trader mandates a minimum of 5 trading days for all account sizes, an essential timeframe for traders to exhibit their skill set and adhere to the challenge’s conditions.
Take Profit Trader Evaluation ▲
Take Profit Trader does not offer a free trial for its evaluation program. Interested traders must navigate through the evaluation process and meet the specific criteria set forth, including achieving the profit target and complying with the rules of the evaluation. This process is designed to rigorously assess a trader's ability to successfully manage a funded account.
Take Profit Trader opts not to provide a free trial for its evaluation program. Instead, traders who are interested in joining the program and gaining access to funded trading accounts are required to partake in a formal evaluation process. This process involves a set of specific criteria that must be met by the participants, including achieving a designated profit target and strictly adhering to the rules of the evaluation. The emphasis is on demonstrating trading proficiency and discipline within the defined parameters of the program. This approach ensures that traders who successfully navigate the evaluation process and meet the criteria are well-prepared and qualified to manage the funded accounts offered by Take Profit Trader.
Upon successfully passing the test or challenge, the trader’s Funded Account will be established, a process that typically takes a few business days to activate. It’s crucial to note that the account conditions and balance will mirror those for which you qualified in your test. Should you wish to upgrade to a higher-grade account, you will need to retake the test from the beginning for the desired account balance you aim to trade with.
Profit Split
Take Profit Trader provides flexibility in account sizes and a fair profit-sharing model, where traders keep 80% of the profits, with an option to upgrade to a PRO+ membership for a more advantageous profit split of 90/10
For Account Conditions themselves, we check carefully whether Broker has various account preferences, also what Platforms, Instruments and Trading Costs are applicable. It is also important to check Leverage levels and Trading conditions offered, since some Brokers may restrict some startegies and do now allow specific practices in Funded accounts, which may result in loss of Account therefore to regain it you will need to pass the test again. See detailed breakdown below:
Trading Instruments
Take Profit Trader allows trading in a wide range of Futures, including Agricultural Futures, Equity Futures, Interest Rate Futures, Foreign Exchange Futures, Metals Futures, and Energy Futures.
Take Profit Trader Commission
Another point we check is the Commission or Spread on the trades themselves, this conditions are quite favorable at Take Profit Trader as the Broker offers Commission basis of only 3$/Per Lot
Leverage
Take Profit Trader does not offer leverage. Instead, the trading account balance is used as buying power, meaning the leverage is 1:1. Your trading limits are determined by the maximum number of contracts you can trade, which depends on your account size and profit
Take Profit Trader App Platform
Take Profit Trader uses various free platforms for trade execution, such as TradingView, Tradovate, NinjaTrader, Quantower, and R | Trader Pro, catering to the diverse needs of traders with different strategies
Trading Conditions
Take Profit Trader has carefully structured its trading conditions to create a well-balanced environment that supports trader success and development. These conditions are specifically tailored to improve trading prospects and aid traders in progressing along their trading journey with efficiency and effectiveness.
In Take Profit Trader, popular trading conditions such as News Trading, Swing Trading, EA Trading, and Weekend Holding are all permitted. Additionally, traders have the added advantage of utilizing Copy Trading from another Take Profit Trader account, providing extra benefits for various strategy traders. However, it’s essential to note that there are some restrictions as well; practices like High-Frequency Trading, Latency Trading, and Arbitrage are not permitted.
Take Profit Trader Promotions
As observed, the company occasionally runs promotions offering Take Profit Trader coupons for discounts, which may also include some Take Profit Trader discounts. However, these conditions are typically provided on a temporary basis, so it’s advisable to verify their availability upon signing in.
Payout
To withdraw from Take Profit Trader, you have three payout options: ACH, Bank Wire, or PayPal. They will send you a form within 24 hours of your withdrawal request, allowing you to choose your preferred method. You may also need to complete a tax form as part of the process
Take Profit Trader Alternative ▲
When considering alternatives to Take Profit Trader, it’s essential to conduct thorough research. In our analysis of over 1000 brokers, we have identified the Top 12 alternatives that offer similar or better conditions in terms of account flexibility, trading platforms, and profit-sharing models. These alternatives have been carefully selected based on their reputability, trading conditions, and the variety of trading instruments available. It is recommended to review each of these alternatives in detail to determine which broker best suits your trading strategies and goals.
