For those looking to progress to the next level, joining a prop firm may be the perfect answer to expanding your career as a trader. We know as well as anyone that finding the right firm is difficult. With tons of options out there, it can be hard to simplify information in order to assess certain benefits and downfalls of each prop firm. In this article we’ll be looking at Speedup Trader; read on to find out if this is the right prop firm for you.
Who Are Speedup Trader?
Based in New York, USA, Speedup Trader are a prop firm offering up to $600,000 funded accounts to trade with. The prop firm offers 3 accounts each for both Futures and Forex Trading, meaning that whether you prefer to use instruments such as metals or you’re more interested in traditional currency, it’s highly likely that you can find an account that suits your personal style.
Each account varies. The Forex accounts start at a minimum of $150,000 with the largest account at $600,000. Leverage is 1:100, giving you a good scope to work with if you’re interested in increasing your money quickly. The smallest account for Futures trading is $25,000, going up to $100,000. It’s clear that there are a fair amount of options for traders, meaning that those preferring to trade with a smaller amount of money can do so, but those who are perhaps more experienced and looking to work with more money are also catered to.
In addition, Speedup Trader allows traders to keep the first $7,000 in profit that they make before great profit shares of up to 80%. What’s more, they offer a an in depth account dashboard, making it way easier for traders to make the most out of their accounts. At first glance there seems to be a few features of this prop firm making it stand out from the other top prop firms, lets go further into depth here…
Getting Funding From Speedup Trader
If you have experience in trading, you’ll probably know by now that most, if not all, prop firms require an initial test in order to establish your skills as a trader. There are just a few exceptions to this, companies like MyForexFunds and DT4X Trader that allow you to get funded with no challenge needed. Anyway, Speedup Trader lets you do this in one easy step; simply choose the account size you wish to trade and they will set up a simulated trading market. Once you’ve passed the test you’ll be able to trade Live with a funded company, following the same rules as the initial test.
Once you’ve chosen your account- whether that be futures or forex- there are a few things to keep in mind. For ALL account you must stick to the consistency rule. This dictates that your top two trading days profits added together, cannot make up more than 75% of your total profit. Maximum drawdown differs depending on your account type; for example the smallest Futures account is $1,500. For Forex accounts, maximum loss amount also varies, for example being $4,000 on their highest funded account. There are also daily loss limits for all accounts except the smallest Forex account. Major news events should not be traded and of course, profit targets vary depending on the account size.
All in all, the requirements to pass the initial test seem simple enough and highly accessible for those who already have good experience with trading and meeting certain rules. As noted earlier, profit shares go up to a massive 80% which is much higher than any of the Top Prop Firms, even FTMO is just clocking in at 70%!
What Makes Speedup Trader Different From Other Prop Firms?
Though we mentioned them briefly earlier, there are a few stand out features of Speedup Trader which make it worth considering over other prop firms.
There are a great range of instruments and pairs to trade with, making it a really good option for Forex and Futures traders. Unlike many other firms, Speedup Trader allows you to actually keep the first $7,000 in profit that you make which is a great initiative for those wanting to make a good amount of capital. I haven’t seen any of the big forex prop firms offering this kind of bonus, so it’s definitely great to see! Again, profit shares go up to 80% too.
They connect to over 40 trading platforms which means that should you have a preferred platform that you enjoy trading on, you’re likely to be able to keep using that with Speedup Trader. Finding the right platform for you can definitely be a process, so knowing that you’re able to maintain that way of trading even with a different service, is great news for traders. Their in depth account dashboard makes the process even easier, providing an accessible and manageable way of trading. I didn’t think having a full account dashboard was too important, until I started trading with one and realised how beneficial they can be, especially for prop firm trading. Furthermore, Speedup Trader require a monthly fee with no upfront cost which is ideal for those needing to manage their finances.
It seems there are a few details of Speedup Trader which make it different from a lot of other prop firms and worth considering. From what we’ve discovered most of their features, such as no upfront cost and the $7,000 you get to keep in profit, make all the difference for those who are perhaps working with less capital or wanting to play it safer in terms of finances.
Speedup Trader also pay for your data when trading, which is another massive plus. If you are using any US exchange, all data fees are paid for you. If you are trading EUREX however, you must pay for these markets. Data isn’t a worry for forex spot traders as you will usually have access to free market data anyway, but for futures traders this is a big perk.
Is Getting Funding From Speedup Trader Realistic?
With an easy one step process and simple rules to follow, we believe that getting funding from Speedup Trader is a pretty realistic option for most traders.
Most rules for the different accounts are the same, with any differences being really easy to understand. The fact that they work with 40+ charting platforms makes it even easier for most traders, meaning you’re trading in a comfortable environment that you likely have experience in. It’s worth noting that most highly rated prop firms on our Top Prop Firms list have only 1-2 trading platforms to choose from. We think it’s definitely worth noting also, that you have a minimum of 10 days to trade but as much time as you need to reach your profit target. There seems to be a real emphasis with this firm on maintainable, consistent trading. If you’ve researched other companies in the industry you’ll know that companies like FTMO typically have a fairly low maximum time duration, making it hard to pass the challenge.
One of the things that stood out when researching this prop firm was that the whole process appears to be really manageable with no underlying complications that make it way harder to get funding.
What Are Other Traders Saying About Speedup Trader?
If you’ve read any more of our article reviews you’ll know we always place importance on other personal reviews coming from traders all over the world. When choosing a prop firm to trade with, doing research is imperative and more often than not, personal experiences and ratings can give a really good insight into what the company is all about.
When looking on Trustpilot.com, Speedup Trader has an average rating of 3.3 out of 5. Whilst this isn’t terrible, it’s definitely worth considering any problems other people may have had with the firm. However, many seem to enjoy the quick and simple experience they had with completing the test and being able to trade a funded account Live. It’s worth considering looking at some of the other prop firms in the industry and comparing their reviews online. For instance, Funding Talent has over 714 reviews and comes in at 4.7/5 – making it appear to be a much safer option.
Other traders also note that once you achieve the profit target required, you are no longer paying a monthly fee – which is another great perk!
Please see below a few examples of reviews that fellow traders have provided after experiencing Speedup Trader.
Summary- Is Speedup Trader Trustworthy?
In short, we’ve found that you can trust Speedup Trader as a good option when looking at which prop firm you want to go with. There seems to be a few different features making this a viable option for traders of all different backgrounds and preferences, but overall being able to get a funded account to trade Live is a pretty simple process. Particularly if you’re into trading Futures then this may well be the prop firm for you.
The reputation Speedup Trader has, isn’t great. I would definitely recommend having a shop around on our best prop firms list, to take a look at your options. There are other companies with better offerings and much better reviews – which is something to bare in mind.
If you have any experience with this company please do drop a comment down below, I’d love to hear your opinion.