Traddoo Review: Are They Legit? My Honest Take

Hi there, welcome to my Traddoo review.

They are a relatively new forex prop firm with several major highlights including flexible trading days and strategies.

But are they worth it? This is what my Traddoo review will help you find the answer for.

I have looked into their trading conditions, programs, fees, reviews and more.

Let’s begin.

Traddoo Prop Firm Pros and Cons

Pros

• Low entry barrier, user-friendly design, two account types
• No unnecessary fees; fair profit sharing
• Allows flexible trading days, methods, and strategies
• Great Support Team
• Various low-leverage financial instruments
• Easy withdrawals utilizing popular methods
• Trading constraints can be lifted for a charge, and 24-hour technical support is available.
• Coming soon: instant funding
• News Trading 

Cons

• Access restricted for OFAC blacklist nations
• Few customer support options
• No structured education resources 

What is Traddoo Prop Firm?

Traddoo is a US-registered proprietary trading company that abides by regional legal requirements. The two primary account types are the 1-phase challenge and the 2-phase challenge. It has a $99 minimum deposit and welcomes a broad spectrum of traders. Profit-sharing agreements ranging from 75/25 to 80/20 are feasible, contingent on the trader’s balance and account type.

Traddoo facilitates a range of trading techniques, such as news trading, scalping, and hedging, and permits the use of trading advisors. However, trading is not available on weekends.

Traddoo has teamed up with Eightcap, a company that specializes in raw spread trading accounts, to provide a transparent trading experience. Traddoo does not pay trading costs; rather, consumers are responsible for covering spreads and any broker fees that Eightcap may demand. 

Traddoo Funding Programs and Challenges: Rules and Requirements 

Respecting Strict Risk Management restrictions: Traders may find it difficult to adhere to the strict risk management restrictions that brokers employ during issues. It might be challenging to abide by these rules, which include restrictions on the maximum daily losses and mandatory stop-loss orders, especially for traders used to a more flexible approach.

To overcome this difficulty, traders should focus on developing a disciplined trading strategy. This means understanding and adhering to the established boundaries, as well as perhaps refining skills through a demo account to adapt to these limitations. Teaching them effective risk management techniques is also crucial.

• Maintaining Consistent Profitability: It’s a common problem to continue turning a profit even in the face of adversity. The need to demonstrate success in a set amount of time could lead to rash choices or a trader’s deviation from their usual strategy.
• Strategies for Getting Past the Obstacle: Traders can get past this obstacle by keeping up their methodical, deliberate trading style. It is considerably more crucial to stick to tried-and-true procedures than it is to go after quick gains. Setting realistic profit targets and exercising patience are necessary for consistency.
• Handling Restricted Trading Instruments: For traders who specialize in markets or assets that are not part of the challenge, the availability of a limited range of trading instruments in some challenges might be a barrier.
• Techniques for Overcoming the Difficulty: To adapt, traders had to broaden their purview to include a greater range of instruments. This can include looking into other markets and making trades in unfamiliar ground to broaden their horizons and comprehension. 

Phase-1

• $99 is the minimum deposit.
• $10,000 – $400,000 is the balance range.
• A 10% profit target is set for the challenge.
• 25% of profits divided between balances of $10,000 and $25,000.
• For larger balance amounts, 80%

Two-Phase Challenge: 

• $99 Minimum Payment
• $10,000 – $400,000 is the balance range.
• Profit Objectives:
• 10% during the first phase and 5% during the second
• Profit Sharing: 80% of total outstanding balances

What are Forex Prop Challenges?

Prop firms, or proprietary trading companies, use forex prop challenges as a type of assessment process to identify great traders and give them access to the firm’s capital for trading. With a series of trading guidelines and goals to meet over a predetermined amount of time, these challenges are meant to test a trader’s ability to make money while appropriately managing risk.

There are typically two main phases to a forex prop challenge:

1. The first stage is the challenge phase. In this stage, traders are given a demo account with a predetermined balance and given a goal to make a particular amount of money within a given period, usually a month or two, while abiding by various trading standards and maximum drawdown constraints. In this stage, the trader’s ability to turn a profit within predetermined risk parameters is assessed. 
2. The Verification Phase: Traders move on to this stage if they fulfill their profit targets and comply with rules throughout the challenge phase. While it frequently lasts longer and could have slightly different profit objectives or criteria, this stage is comparable to the challenge phase. This phase’s objective is to validate the trader’s reliability and experience over an extended period.

Traders are frequently given a funded account after completing both procedures. This suggests that the prop company reserves a portion of its cash for the trader’s use. A preset share of the profit made from trading this money is made up of the trader and the prop firm.

The cost of forex prop issues varies depending on the type of prop firm. In addition to covering the evaluation process’s costs, this fee ensures that traders will accept the offer.

Businesses may differ greatly in the specific criteria, goals, and format of prop challenges. The following standard criteria must be met by traders:

Profit targets are a fixed percentage of the account balance that traders need to reach.

Drawdown limits: The most percentage loss that can be taken, both daily and cumulatively, from the account’s peak amount.

The bare minimum of trading days is the total number of days that must be active during the challenge.

Trade style limitations: Certain businesses might have rules about trading tactics, like prohibiting overnight positions or high-frequency scalping.

Forex prop challenges give me access to significant trading capital without risking my own money, except for the initial challenge cost. However, because the requirements set by prop firms are strict and meant to assess my discipline, risk management, and trading acumen, I must carefully consider the conditions of these challenges.

Traddoo Broker: Do They Use a Reliable Platform? 

Through the use of the MetaTrader 4 and MetaTrader 5 platforms, Traddoo guarantees a comfortable and effective trading environment. It provides more than 100 assets, such as CFDs, indices, stocks, currencies, and cryptocurrency. Leverage is capped at 1:30 and is tailored according to the financial instrument.

Traddoo Fees: How Much Do They Charge? 

Traddoo’s fee and commission schedule is in line with what is usually found in proprietary trading companies. Partners pay upfront fees and extra charges for alternative options.

Occasionally, a subscription fee may be required instead of a deposit. It’s crucial to keep in mind that these prop companies typically don’t charge for trading. This is because brokers, such as Eightcap, Traddoo’s partner, manage the routing of client trades to the interbank market; they do not perform this function directly. Spreads and fees are therefore only applied by brokers.

It’s crucial to remember that traders who work directly with brokers could incur different spreads or trading expenses than those who use prop firms. Prop traders, such as Traddoo, have distinct contracts with brokers, who often provide better conditions to their clients, which accounts for the gap.

For instance, Traddoo’s one-phase challenge has a $1 minimum spread and no withdrawal commission. This is true for the two-stage task as well. Traddoo is a very attractive alternative for traders searching for an inexpensive trading platform because of its pricing schedule.

Therefore, Forex prop trading fees are the expenses related to joining a proprietary trading firm’s program, especially if it allows traders to trade the firm’s capital. For many forex prop firms, especially those that conduct challenge or evaluation programs to screen potential traders, these fees are an essential part of their business strategy. Here’s a breakdown of the types of fees that traders might encounter:

1. Costs of challenges

Traders must pay these upfront costs to participate in a trading challenge or evaluation program. The challenge is simply an assessment of a trader’s capacity to turn a profit while abiding by particular risk management guidelines. The trader is typically given the option to trade using the company’s funds if they are successful. Depending on the firm, the amount of the sample account offered for the challenge, and the difficulty of the challenge itself, challenge fees can vary greatly.

2. Setup or administration fees for accounts

A one-time setup fee may be imposed by certain prop firms to create and maintain a trader’s account. This charge may cover the administrative expenses related to establishing the trading infrastructure, keeping an eye on the trader’s account, and providing other backend services required before the trader may start trading.

3. Desk fees per month

Desk fees are similar to what you would pay to hire the prop firm’s resources (such as software, data feeds, and trading tools) and real or virtual premises. Certain online FX prop businesses may charge a monthly fee for access to premium trading platforms or tools; this practice is more prevalent in conventional prop firms that include physical trading desks.

4. Divided Profits

The profit split arrangement is an important financial factor in prop trading, even though it isn’t a fee in and of itself. Traders can use the firm’s capital to trade if they pass a challenge, and any profits they make are divided into a predefined ratio between the trader and the firm. Splits that benefit the trader, like 70/30 or 80/20, are common. The details of the profit split must be understood since they have a direct impact on the trader’s potential earnings.

5. Data or Software Fees

When accessing specialized trading software, real-time data feeds, or analytical tools that aren’t part of the prop firm’s base package, traders may occasionally have to pay extra costs.

6. Training or Education Fees

Additionally, some prop companies provide mentoring programs, trading workshops, and training courses. These may be compulsory or optional components of the trading program, and the cost will vary greatly according to the breadth and length of the material. 

Key Considerations

Value for Money: Traders need to determine whether a prop firm’s fees are reasonable given the services rendered, particularly when considering the availability of trading funds, available technology, and available support.

Transparency: Reputable prop businesses don’t have any hidden fees and are upfront about their price schedule. Before committing, traders should carefully read over all terms and conditions.

Risk: Although it may seem tempting to pay fees in exchange for the opportunity to trade with a lot more capital, traders should think about the possibility of failing the challenge and losing the money they spend.

Prop trading on the forex market presents a special chance for me to leverage larger amounts of capital than I could otherwise obtain. To make an informed choice on which prop firm to work with, I must comprehend the fee structure.

Traddoo Customer Support: 

A trader will frequently encounter situations like technical difficulties or inquiries about trading platforms that necessitate seeking outside assistance. Additionally, Traddoo’s technical support streamlines the withdrawal request process, thus their promptness and effectiveness are essential.

Traddoo sets itself apart from its competitors by offering knowledgeable help around the clock.

This continuous availability ensures that, day or night, a specialist is always ready to assist. This guarantees that traders will always have support when they need it most, including on the weekends and after dark.

There are multiple routes via which I can communicate with the support staff: live chat, email, and Discord are all available. The extensive communication capabilities and round-the-clock accessibility of Traddoo significantly enhance my trading experience.

Also check out: Tradiac Reviews

What Makes Traddoo Unique? 

Traddoo is unique among private trading companies because of its unique financing campaign structure. Unlike many other organizations that offer complex program alternatives, Traddoo simplifies the program choosing process by offering two separate challenge phases: the 1-phase and 2-phase challenges. Especially for individuals who are new to prop trading, this streamlined procedure makes it easier for traders to understand and choose a program that suits their trading objectives and style.

Another notable feature of Traddoo is its competitive profit split, which exceeds industry standards. In the one-phase challenge, the trader receives a profit share that is favorable to them; it is 75% for balances between $10,000 and $25,000 and rises to 80% for balances over that level. Traddoo stands apart from competitors who provide less favorable terms thanks to its profit-sharing approach, which appeals to traders who seek to maximize their profits.

Additionally, I emphasize trader autonomy and flexibility by not imposing trading days or trading tactics. This provides traders with a level of autonomy that other prop firms might not always offer, allowing them to operate at their own pace and with their tactics. I position Traddoo as a forward-thinking, trader-centric firm in the prop trading market thanks to its strong infrastructure, flexibility, and 24-hour technical assistance.

Traddoo Reviews: What Do Their Customers Say?

Traddoo has 3.3 stars rating out of 5 and it has 47 reviews on Trustpilot. 

#1. I’ve been with Traddoo since September 2023. I’ve passed both phases of my account and made three withdrawals with them during that time. Unfortunately, I lost that account due to personal circumstances, but now that I see all the changes they’re making, I see a chance to work with them once more. Support has helped me until the end of the week to clear up any questions I had about the commissions I could withdraw, and it looks like a tempting offer to reward the free trials with the ability to transfer that 4.5% to the phase 1 account.

 #2. Austin mentioned that it is one of the best proprietary firms he has dealt with. The support was amicable and my account details were promptly provided for his assessment. 

#3. Javi alleges that the spread is excessively high and accuses them of scamming him and others out of hundreds of dollars from a $10,000 account offered through the Learn to Earn function. Everyone was in their Discord chat when they abruptly deleted all user accounts without any hesitation. Unreliable, at the very least.

#4. According to Georges Lechene, he purchased a $10,000 funded account but was inadvertently charged for three accounts. Only two of the 10,000 accounts that were contacted by email accepted to be reimbursed.

He wrote another email after a week went by with no reply. In response to his 10 emails, they apologized multiple times and said they would reimburse him. Avoid dealing with Traddoo as they are a bogus organization. 

Conclusion

Following a careful analysis, it was concluded that Traddoo is a proprietary trading company with a few obvious advantages and certain problems potential customers should be aware of. 

Easy access to account choices, fair profit splitting, and flexibility to accommodate various trading tempos and styles are just a few of Traddoo’s benefits. Not to mention, the business attracts a diverse range of traders with its exceptional features of 24/7 technical support and a large assortment of financial products.

However, it’s imperative to approach Traddoo impartially. The lack of a call center for customer service may be a drawback for those who prefer in-person interactions. Traddoo’s lack of direct licensing or regulatory data may also worry some investors, which highlights the need to do thorough due diligence. 

If you want to begin your trading journey, I recommend going with The Trading Pit’s Scaling Plan. Not only will you get instant funding with them but also get access to their vast selection of tools & resources.