Smart Prop Trader

What happened

Smart Prop Trader was a retail prop firm based in Austin, Texas, led by chief executive Blake Olson. It sold evaluation accounts to forex traders.

In February 2024, after technology providers began restricting services to prop firms, the firm said it would move to several new brokers and add the cTrader platform. A representative told Finance Magnates the team was working to resolve the ongoing issues.

In July 2024 a prop firm comparison website removed Smart Prop Trader from its listings, citing complaints about delayed payouts and account breaches. The firm disputed this. FX News Group reported that the firm said it was still paying traders weekly, mostly in USDT, denied breaching accounts without reason, and said it would look into claims that traders had been removed from its Discord server for asking about payments.

On 28 November 2024 the firm announced that, as of 27 November, it would no longer accept new traders. It said it would keep supporting existing traders, with payouts on the usual schedule, until 29 December 2024, when operations would wind down. It said it was moving on to a new venture and promised announcements in the following weeks, without giving details. The firm did not give a financial reason for the decision.

Timeline

• 15 February 2024: Firm announces a move to new brokers and cTrader.
• July 2024: Payout complaints are reported; the firm disputes them.
• 27 November 2024: Firm stops onboarding new traders.
• 28 November 2024: Wind-down is announced publicly.
• 29 December 2024: Support for existing traders ends and operations wind down.

What it meant for traders

Existing traders had about a month between the announcement and the end of support. According to the firm’s announcement:

• Traders who bought accounts in November 2024 and were at break-even or above could ask for a full refund.
• Payouts continued on the normal schedule until 29 December 2024.
• Accounts still in good standing after 29 December would be contacted individually with a resolution plan.

The sources listed here do not show whether all refunds and final payouts were made.

Current status

The firm stopped operating at the end of December 2024. None of the sources listed here describe the new venture the firm mentioned or a relaunch of the Smart Prop Trader brand.