TradeDay Review: Are They Legit?

Hi, welcome to my TradeDay review.

I’ve gone over their funding programs, trading platform, conditions and several more aspects to help you decide if they are worth your time or not.

There are a plethora of prop firms to choose from. To ensure that you don’t find the variety overwhelming, I have prepared this detailed TradeDay review.

Let’s get started.

TradeDay Pros and Cons

Pros

• Tradovate supports CQG data feeds.
• No setup or recurring fees after funding.
• Initial funding, no “sim alive”
• Unlimited withdrawals and no waiting lists from day one.
• Daily drawdown updates, not just after trades
• Expand the trading account to earn more. 

Cons

• A single-account policy
• Limited special deals now available on Tradovate 
• NinjaTrader coming soon

What is TradeDay?

Due to its unique features, TradeDay is a trader finance program that is growing in popularity. Unlike its rivals, TradeDay offers paid futures programs that, upon qualification, give traders real funding. Traders who complete the Evaluation Challenge will be rewarded with funding from the website.

One of TradeDay’s unique selling points is its extensive educational library, which provides traders with all the skills they need to succeed. By allowing traders to increase their trading volume as their accounts grow, the initiative demonstrates a commitment to long-term support for traders. TradeDay’s 14-day free trial, which allows users to examine the site and its features, adds to its allure.

TradeDay, a 2020 startup with headquarters in Downtown Chicago, has expanded to include the UK. With a wealth of experience in the financial industry, James Thorpe and Steve Miley founded TradeDay to provide a stable and supportive environment for aspiring traders. 

TradeDay Funding Programs and Challenges: Rules and Requirements 

As a seasoned trader, I can tell you one thing for sure. Always check the offered leverage of a forex prop firm. The ability to handle a larger investment with a smaller sum of money is known as trading leverage. Leverage is irrelevant in this instance because buying power is reflected directly in the trading account balance. As a result, the leverage ratio is practically 1:1.

The size of the trader’s account and total earnings are among the factors that affect how many contracts the trader can enter. The extent of the trading skill is determined by these variables. 

Account Size: $10,000

• Price/month: $99
• Contracts: 1
• Goal: $1,000
• EOD Drawdown: $1,000

Account Size: $25,000

• Price/month: $125
• Contracts: 2
• Goal: $1,500
• EOD Drawdown: $1,500

Account Size: $50,000

• Price/month: $165
• Contracts: 5
• Goal: $2,500
• EOD Drawdown: $2,000

Account Size: $100,000

• Price/month: $275
• Contracts: 10
• Goal: $5,000
• EOD Drawdown: $3,000

Account Size: $150,000

• Price/month: $350
• Contracts: 15
• Goal: $7,500
• EOD Drawdown: $4,000

Account Size: $250,000

• Price/month: $750
• Contracts: 25
• Goal: $12,000
• EOD Drawdown: $5,000

What are Forex Prop Challenges?

Prop firms, or proprietary trading enterprises, use forex prop challenges as a kind of evaluation process to identify great traders and give them the chance to trade with the firm’s capital. These challenges, which consist of a set of trading guidelines and goals to follow over a predetermined period, are meant to evaluate a trader’s ability to make money while appropriately managing risk. 

A forex prop challenge normally has two primary stages:

1. The challenge phase: In this first stage, traders are given a demo account with a fixed balance and challenged to meet a profit target within a predetermined period, usually a month or two, while abiding by other trading guidelines and maximum drawdown constraints. This stage assesses the trader’s ability to make money within predetermined risk parameters.

2. The Verification Phase: After completing the challenge phase and adhering to the rules, traders move on to the verification phase. This phase is comparable to the challenge phase, although it usually lasts longer and could have slightly different profit goals or standards. Verifying the trader’s reliability and experience over an extended period is the aim of this step.

Upon fulfilling both phases, traders are frequently granted access to a funded account. This suggests that a portion of the prop business’s funds are allocated for the trader to manage. The trader and the prop firm split the earnings from trading this cash by a prearranged split.

Each prop firm has a different cost associated with forex prop issues. This fee ensures that traders are committed to the offer and pay for the evaluation process.

The specific requirements, objectives, and format of prop challenges may vary greatly throughout companies. Traders should meet the following standard requirements:

1. Profit targets: A set percentage of the account balance that traders have to reach in advance.
2. Drawdown limits: The most daily and cumulative percentage loss that can be incurred from the account’s peak amount.
3. Minimum trading days: The total amount of days that must be traded actively during the challenge.
4. Trade style limitations: Certain corporations may impose restrictions on trading tactics, such as prohibiting overnight positions or high-frequency scalping.

Forex prop challenges, excluding the initial challenge charge, give traders access to substantial trading capital without risking their money. Participants must carefully consider the conditions of these challenges, though, as the strict standards set by the prop firms are meant to assess traders’ trading skills, risk tolerance, and discipline. 

TradeDay Broker: Do They Use a Reliable Platform? 

Top-tier platforms for trading futures that TradeDay offers its customers include:

• TradingView by NinjaTrader Tradedovate
• The Trading Company for Jigsaw

These platforms provide traders with access to a multitude of tools and information required for profitable and successful trading. 

TradeDay Fees: How Much Do They Charge? 

TradeDay is unique in that it doesn’t charge a membership fee. Except for a tiny bank fee that could be applied to transactions under $500, there are no upfront expenses or withdrawal fees.

The lack of one-time fees and ongoing expenses offers traders significant benefits. Because they are therefore regarded as professional traders, traders should be aware that they are charged a data fee upon receiving funds.

Therefore, the expenses related to joining a proprietary trading business (prop) especially those that give traders access to trade the firm’s capital are referred to as forex prop trading fees. 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. The several kinds of fees that traders could experience are broken down as follows: 

1. Costs of challenges

Traders must pay this upfront 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 my trading program, and the cost will vary greatly according to the breadth and length of the material.

Key Considerations

1. 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.
2. 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.
3. 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 traders to leverage larger amounts of capital than they could otherwise obtain. To make an informed choice on which prop firm to work with, it is crucial to comprehend the fee structure. 

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 offer efficient and timely customer support. Customer care representatives at the organization are well-known for being effective and responsive, according to user reviews. You can get in touch with them via phone, email, or live chat. The company’s official website is located at TradeDay.com.

What Makes TradeDay Unique? 

• From the beginning, traders can trade real money using Tradovate and NinjaTrader as software alternatives.
• Make money the first day without needing to know any further details.
• When the account balance rises, they should increase the size of their trades. 

TradeDay Reviews: What Do Their Customers Say?

TradeDay has a rating of 4.6 stars out of 5 on Trustpilot, where 543 customers have left reviews. On Trustpilot, their company is verified. The business is doing well on this platform.

#1. From the beginning, traders can trade real money using Tradovate and NinjaTrader as software alternatives.

Make money the first day without needing to know any further details.

When the account balance rises, they should increase the size of their trades. 

#2. Currently ranked among the top prop businesses for futures in the industry! Fair goals and costs, together with a wonderful community and assistance. all to guarantee you have all you require to continue being a successful trader. Not enough recommendations can be made!

#3. It’s not been a bad experience thus far. I believe that because the rules for the challenge are so intricate and complex, it is harder to understand them all because of the way the website is formatted and laid out. I did post a question in the forum regarding the rules, and I received a rather mean response about reading them yourself. Thus, after adding five or six distinct URLs that don’t stand out, I reorganized the rules into a straightforward checklist with an equally straightforward explanation. We’ll watch and hope that the drawdown rule is a little easier to handle than it is for other prop firms.

#4. Have you observed that this company does not have any evaluation certifications or success stories of financed traders?

In the fine print, it is stated that they do not want scalpers, so be careful if your approach calls for quick scalps of two to three points.

Additionally, they offer no assistance when there are platform problems, such as Tradovate downtime. Support informed me that Tradovate’s crash was not their fault.

#5. The third-party payment provider “Rise Pay” is primarily to blame for the terrible customer service. TradeDay does not offer any alternative payment choices, therefore if you are rejected for any reason by Rise Pay, TradeDay’s policy states that it is sorry but will not issue a refund or continue doing business with you. Good luck making any modifications or receiving any feedback on the results, Rise Pay is unresponsive.

TradeDay Review: Conclusion

TradeDay has been able to carve out a unique position for itself in the prop trading market because of its novel evaluation challenge and generous resource offerings. The organization is a desirable choice for traders of all experience levels, from beginners to seasoned experts, due to its transparent policies and generous profit-sharing plan.

Although some beginners may find it challenging, the Evaluation job offers a fair assessment of potential traders’ abilities. The platform provides a large assortment of trading tools and platforms that improve trading in general. Even with limitations on trading during major news events and overnight deals, TradeDay remains a useful platform for futures trading.

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

TradeDay is appealing because of its professional-caliber trading tools, a wealth of educational materials, and quick market information. In addition, the company’s excellent Trustpilot rating confirms its commitment to providing excellent customer service and encouraging the professional growth of prospective traders.