TradeDay Reviews

What is TradeDay?

TradeDay is a trader finance scheme that is becoming popular because of its distinctive characteristics. TradeDay stands out from its competitors by offering paid futures programs that provide real funding as soon as traders qualify. Traders will receive funding from the website after completing the Evaluation Challenge.

TradeDay stands out due to its comprehensive instructional resources that equip traders with the necessary tools for success. The initiative enables traders to scale up their trading volume as their accounts expand, showing a dedication to supporting traders over the long run. TradeDay’s appeal is enhanced by its 14-day free trial, enabling customers to explore the platform and its features.

Founded in 2020, TradeDay is based in Downtown Chicago and has extended its operations to the UK. TradeDay was established by James Thorpe and Steve Miley, who have extensive expertise in the financial sector, to offer a dependable and encouraging setting for prospective traders.

TradeDay Funding Programs and Challenges: Rules and Requirements 

Trading leverage is the capacity to manage a larger investment with a smaller amount of money. In this case, leverage is not relevant because the trading account balance directly reflects the buying power. This effectively results in a leverage ratio of 1:1.

The amount of contracts traders can get into is determined by criteria including their account size and accumulated profit. These factors dictate the scope of the trading ability.

Account Size	Price/month	Contracts	Goal	EOD Drawdown
$10,000	$99	1	$1,000	$1,000
$25,000	$125	2	$1,500	$1,500
$50,000	$165	5	$2,500	$2,000
$100,000	$275	10	$5,000	$3,000
$150,000	$350	15	$7,500	$4,000
$250,000	$750	25	$12,000	$5,000

Certainly, TradeDay is a

What are Forex Prop Challenges?

Forex prop challenges are a form of evaluation procedure put up by proprietary trading businesses (prop firms) to find exceptional traders and provide them with the opportunity to trade with the firm’s funds. These challenges are intended to put a trader’s capacity to earn profits while properly managing risk to the test, with a set of trading rules and objectives to adhere to over a specific time.

A forex prop challenge normally has two primary stages:

1. The challenge phase: During this initial phase, traders are given a demo account with a fixed balance and are asked to meet a certain profit objective within a set timeframe, often a month or two, while adhering to maximum drawdown restrictions and other trading guidelines. This phase evaluates the trader’s capacity to earn profits within specified risk constraints.

2. The Verification Phase: Traders who successfully met their profit objectives and followed the regulations during the challenge phase advance to the verification phase. This stage is similar to the challenge phase, although it often lasts longer and may include somewhat different profit objectives or criteria. The goal of this phase is to confirm the trader’s consistency and expertise across a longer time frame.

After completing both steps, traders are often awarded a funded account. This implies that the prop business sets aside a portion of its funds for the trader to handle. The profit gained by trading this capital is split between the trader and the prop business according to a predetermined split.

Forex prop challenges need a cost, which varies for each prop business. This charge covers the expense of the review procedure and guarantees that traders are committed to the offer.

The particular criteria aims, and structure of prop challenges might differ significantly between businesses. Traders are expected to match the following common parameters:

– Profit targets: A predetermined proportion of the account balance that traders must meet.

– Drawdown limits: The maximum permissible percentage loss from the account’s peak amount, both daily and cumulatively.

– Minimum trading days: The number of active trading days required throughout the challenge period.

– Trade style restrictions: Some companies may have regulations about trading strategies, such as forbidding high-frequency scalping or overnight positions.

Aside from the initial challenge fee, forex prop challenges provide traders with access to considerable trading capital without putting their cash at risk. However, participants must carefully evaluate the terms and circumstances of these challenges, since the criteria established by prop businesses are stringent and intended to test traders’ discipline, risk management, and trading acumen.

TradeDay Broker: Do They Use a Reliable Platform? 

Top-tier futures trading platforms that TradeDay provides to its clients include:

• NinjaTrader TradingView Tradedovate
• The Jigsaw Trading Company

These platforms give traders access to a wealth of information and instruments necessary for successful and productive trading.

TradeDay Fees: How Much Do They Charge? 

TradeDay stands out since it does not impose any membership fees. There are no initial costs or withdrawal fees, save for a small bank fee that may be charged for withdrawals under $500. 

There are no initial fees or recurring costs, providing substantial advantages to traders. Traders should note that a data fee is charged when they receive funds, as they are then considered professional traders.

Thus, forex prop trading fees refer to the costs associated with participating in a proprietary (prop) trading firm’s program, particularly those that offer traders the opportunity to trade the firm’s capital. These fees are a critical aspect of the business model for many forex prop firms, especially those that run challenge or evaluation programs to vet potential traders. Here’s a breakdown of the types of fees that traders might encounter:

1. Challenge Fees

These are upfront fees paid by traders to enter into a trading challenge or evaluation program. The challenge is essentially a test that evaluates a trader’s ability to generate profits while adhering to specific risk management rules. If successful, the trader is usually offered the opportunity to trade with the firm’s money. Challenge fees can vary significantly depending on the firm, the size of the demo account provided for the challenge, and the complexity of the challenge itself.

2. Account Setup or Administration Fees

Some prop firms may charge a one-time setup fee for creating and managing a trader’s account. This fee might cover the administrative costs associated with setting up the trading infrastructure, account monitoring, and other backend services necessary for the trader to begin trading.

3. Monthly Desk Fees

Desk fees are akin to rental fees for the physical or virtual space and resources (like software, data feeds, and trading tools) provided by the prop firm. While more common in traditional prop firms that offer physical trading desks, some online forex prop firms might also charge a monthly fee for access to premium trading platforms or tools.

4. Profit Split

While not a fee per se, the profit split arrangement is a significant financial consideration in prop trading. After successfully passing a challenge, traders are allowed to trade with the firm’s capital, and any profits generated are split between the trader and the firm according to a predetermined ratio. Common splits might be 70/30 or 80/20, favoring the trader. It’s essential to understand the profit split terms as they directly affect the trader’s potential earnings.

5. Software or Data Fees

In some cases, traders might need to pay additional fees for access to specialized trading software, real-time data feeds, or analytical tools that are not included in the basic package offered by the prop firm.

6. Education or Training Fees

Some prop firms also offer educational courses, mentoring programs, or trading workshops. These might be optional or required parts of the trading program, with fees varying widely based on the content’s depth and duration.

Key Considerations

– Value for Money: Traders must assess whether the fees charged by a prop firm offer good value for the services provided, especially in terms of the trading capital access, technology, and support offered.

– Transparency: Reputable prop firms are transparent about their fee structure, with no hidden charges. Traders should thoroughly review all terms and conditions before committing.

– Risk: While paying fees for a chance to trade with significantly more capital can be appealing, traders should consider the risk of not passing the challenge and the potential loss of the fee paid.

Forex prop trading offers a unique opportunity for traders to leverage more substantial capital than they might otherwise access. However, understanding the fee structure is crucial to making an informed decision about which prop firm to engage with.

TradeDay Proof of Payment:

TradeDay gives traders the freedom to take money out whenever it’s convenient for them, with no restrictions on the number of withdrawals or minimum traded days. With a $500 minimum withdrawal amount, withdrawals are free of cost but may take up to 7 days to process.

TradeDay Customer Support: 

TradeDay does provide quick and effective customer service. User reviews indicate that the company’s customer service personnel is renowned for being efficient and quick to respond. They can be contacted via phone, email, and live chat. The official website of the firm is: TradeDay.com

What Makes TradeDay  Unique? 

• With Tradovate and NinjaTrader as software options, traders can trade actual capital from day one.
• Take gains on day one without requiring any more technicalities.
• Increase the magnitude of their trades as the account balance increases.

TradeDay Reviews: What Do Their Customers Say?

TradeDay has a rating of 4.5 stars out of 5 on Trustpilot, where 395 customers have left reviews. On Trustpilot, their company is verified. The business is doing well on this platform.

#1. In line with Chris Parker, He can genuinely state that his time working with TradeDay as a funded trader has been the finest he has ever had with a prop firm. They offer the greatest payout policy in the business, are incredibly dependable, and respond to inquiries quickly. If a trader looking to get sponsored, they heartily suggest them.

#2. According to Aaron, the service has been adequate thus far. After he paid for an evaluation, he was approached soon away by someone attempting to upsell me on the Discord channel. It was for a copy-trading product, which is completely at odds with using trading to become independent. A different person who was presumably unrelated to TD also got in touch with him and attempted to offer him a copy trade program. The community requires effort.

#3. According to Daryle, Alright, It appears that after enrolling in a 50K assessment program, he released programs with the same funding but worse profit projections and greater drawdowns a few days later. It would have been nice if he could have registered for these programs!

#4. Randy declared with pride that he had observed no examples of this company having paid traders or evaluation certifications.

In the fine print, it is stated that they do not want scalpers, so be wary if their strategy is focused on rapid 2-3-point scalps.

Additionally, they offer no assistance when there are platform problems, such as Tradovate downtime. When Tradovate crashed, support told him it wasn’t their problem.

#5. When they wanted me to change the rating to a positive review about an earlier issue, they threatened to deactivate his account, Chris said he passed the evaluation, paid the setup cost, and was signing documents. He claimed he was worried they wouldn’t pay, but if they did, he would take down his negative review because he only wanted to be honest about his experience. 

However, they declined and gave him the money back. He passed his evaluation, so they won’t be at risk; if he passes, they’ll repay them; if he doesn’t, they’ll retain the money. Please exercise caution when sending money to dubious prop firms.

Conclusion

TradeDay’s creative evaluation challenge and generous resource offerings have allowed it to carve out a distinctive niche for itself in the prop trading market. The company’s clear policies and substantial profit-sharing plan make it an appealing option for traders of all skill levels, from novices to seasoned pros.

A reasonable evaluation of prospective traders’ skills is provided by the Evaluation task, albeit some novices may find it difficult. The platform offers a wide selection of trading instruments and platforms that enhance the trading experience in general. TradeDay is still an effective platform for trading futures, even with restrictions on overnight deals and trading during significant news events.

TradeDay’s professional-grade trading tools, extensive instructional resources, and rapid market insights all contribute to its attractiveness. Furthermore, the company’s stellar Trustpilot rating attests to its dedication to offering top-notch customer support and promoting the professional development of aspiring traders.

You can also check out the best forex prop firms in the UK and see other options available to you.