Prop Firm Smart Prop Trader Sets December Exit Date

Smart Prop Trader, a well-known company in the proprietary trading world, has announced it will stop accepting new traders and shut down its operations by December 29, 2024. The firm has assured its current clients of a structured exit plan and hinted at a transformative future project, leaving traders and industry watchers speculating about what’s next.

This closure is yet another in a string of exits from the prop trading sector, which has seen over 50 firms shutter their doors this year alone.

How Smart Prop Trader Is Handling Its Exit

The company has shared a plan to make the closure as smooth as possible for its current traders:

• Traders Can Keep Working Until December 29: Traders can continue managing their accounts and earning payouts until the end of the year.
• Refunds for November Accounts: Traders who are at break-even or better in November 2024 will get full refunds.
• Plans for Active Accounts After December 29: Accounts still in good standing after the deadline will be handled individually.

In a social media post, Smart Prop Trader said it is focused on fairness and transparency during this transition. CEO Blake Olson emphasized the company’s commitment to supporting its traders and ensuring a respectful end to its current operations.

Big Challenges Facing Prop Trading Firms

Smart Prop Trader isn’t the only prop firm closing its doors this year. Over 50 similar firms have shut down, with many struggling to navigate stricter rules and regulations.

The trouble started when regulators in the U.S. and Canada froze the operations of My Forex Funds, a major player in the industry. This event triggered a chain reaction, leading to the closures of other firms like True Forex Funds, Surge Trader, and Skilled Funded Traders.

“This wave of closures began when regulatory authorities in the US and Canada froze My Forex Funds.” Alex Zanutto of FunderPro wrote in an opinion piece for Finance Magnates. “The effects have exposed weaknesses across the industry.”

The situation shows how tough it has become for prop trading firms to keep up with changing rules and market demands.

A New Future on the Horizon?

Even as it shuts down, Smart Prop Trader has hinted at a big change ahead. The company has teased plans for a new product or venture that it says could “redefine the trading industry.” While there are no details yet, many are curious about what the company is planning next.

For now, traders and industry experts are keeping a close eye on what Smart Prop Trader might reveal in the coming weeks.