Prop Trading Monthly Recap [AUGUST 2024]

August brought a lot of new developments in the prop trading market, including updates from the biggest companies in the industry. If you want to find out what’s changed, this article is for you! We’re about to go over a quick review of the 7 most important events and news from the past month!

The Trading Pit Launched a New Program

At the beginning of the month, The Trading Pit announced the launch of its new Futures Prime program. The offer is designed to reward consistent trading performance while providing flexible rules and competitive pricing.

In this new program, traders can request their first payout after achieving a profit of at least $200 on 10 different trading days. The next payout is simpler, as it only requires 5 profitable days. After meeting these conditions, traders can request payouts every 14 days, regardless of the amount, even if they only traded for one day.

The main features of the program include:

• 80% profit share – fixed for all account sizes.
• 40% consistency rule – applicable during the challenge phase.
• Maximum of 2 live accounts per strategy.
• No overnight position holding required.
• Daily loss limit calculated based on the end-of-day balance.

GFT Introduces Triple Payday And a New Payment Method

Moving on to more updates, Goat Funded Trader has announced the launch of a new payout schedule called Triple Payday, allowing traders to request withdrawals three times a month — on the 5th, 15th, and 25th of each month. 

Before purchasing a prop trading challenge, traders can choose whether they prefer the new Triple Payday schedule or stick with the current payout options. Triple Payday comes at no additional cost, and none of the available options require consistency rules to be met. 

Additionally, GFT has announced the integration of PayPal payments, offering even greater convenience and accessibility for traders worldwide.

New Features at Aqua Funded and Blue Guardian

Blue Guardian and its sister company Aqua Funded announced exciting new updates to their offers. At Blue Guardian, traders can enjoy a 90% profit split and make their first withdrawal within 7 days. 

Aqua Funded, on the other hand, offers a 95% profit split, and like Blue Guardian, provides access to funds with the first withdrawal available after 7 days. Both options are available during the purchase checkout, offering more flexibility and better alignment with traders’ needs.

New Cryptocurrency Pairs at Instant Funding

In August, Instant Funding announced the addition of six new cryptocurrency pairs to its platform, giving traders even more opportunities to diversify their portfolios and trade 24/7! The new cryptocurrency pairs are:

• Solana (SOLUSD)
• Dogecoin (DOGEUSD)
• Bitcoin Cash (BCHUSD)
• Ripple (XRPUSD)
• Polkadot (DOTUSD)
• Cardano (ADAUSD) 

These new pairs join the existing lineup, which includes Bitcoin, Ethereum, and Litecoin.

Sway Funded Acquires Glow Node

A major event in August was the acquisition of Glow Node by Sway Funded. These changes are aimed at further improving services and providing high-quality support to clients. As part of the acquisition, all existing Glow Node accounts have been smoothly transferred to Sway Funded. Clients can now enjoy uninterrupted service and receive any due payouts.

New Affiliate Program at E8 Markets

E8 Markets has introduced a new Affiliate Program, which rewards affiliates with increasing benefits as they progress through three dynamic levels:

• Level 1: E8 Talent Hunter
• Level 2: E8 Ambassador
• Level 3: E8 Partner 

Additionally, affiliates also receive a 15% commission on the first purchase made through their referral link, as well as the opportunity to earn through individual discount codes and repeat purchases.

New Restrictions and Limits at FundedNext

Finally, FundedNext has introduced new restrictions and limits aimed at complying with changing legal and regulatory requirements for prop trading. 

As of August 21, residents of the following countries are no longer able to make new purchases or reset their accounts on the FundedNext platform. These countries include: 

North Korea, Syria, United States, American Samoa, Puerto Rico, Grenada, Chad, Belize, Bangladesh, Antigua and Barbuda, Cape Verde, Tuvalu, Vietnam, Bouvet Island, Burundi, Cook Islands, Eritrea, Comoros, and Fiji. 

Existing users from these countries can continue using their accounts, provided they follow all platform rules. Traders from the listed countries who are currently participating in ongoing competitions will be able to complete them but will not be eligible to participate in future competitions, giveaways, or use free trial accounts. 

FundedNext is also introducing a maximum account allocation limit of $50,000 for traders from specific countries. This limit only applies to new purchases and resets. Existing users from these countries will retain their current account allocations without affecting active accounts. 

The countries subject to the allocation limit include: Pakistan, Cambodia, Mongolia, Slovakia, Slovenia, Taiwan, Ukraine, and Czech Republic.

Final Thoughts

August 2024 was an eventful month in the prop trading world, marked by significant program launches, new features, and regulatory adjustments. As we look ahead to the coming months, it will be exciting to see how these changes impact the trading community and whether more companies follow suit in offering increased profit splits, faster payouts, and new asset options.

As always, staying informed on the latest developments is key to success in prop trading, so be sure to check back for more updates next month. Happy trading!