Take Profit Trader Review: Key Features and Hidden Costs Explained
Take Profit Trader LLC, a company registered in the US, is apparently behind this investment firm. The founder of the firm is James Sixsmith, ex-hockey player. With this vision of changing the trading industry, he tried his best.
Yet, many traders exposed too many downsides of this company. Most importantly, manipulations and dishonesty. Therefore, make sure you read this Take Profit Trader review carefully.
| Company Type | Proprietary firm |
| Legal name | Take Profit Trader LLC |
| Regulation | Unregulated |
| Registered in | US |
| Established | 2021 |
| Website | Takeprofittrader.com |
| Financial Authorities Warnings | No official warnings |
| Contacts | Live chat |
| If a withdrawal is possible | Highly unlikely |
| Fees | From $150/month up to $360/month |
| If Active on Social Media: | No |
| Investor Protection: | None |
| Activity areas | United States, Canada, Colombia, United Kingdom, India |
| Main threats | Too many scam allegations; lack of regulations; lack of trusted customer support; |
| Main perks | None |
Legal Information: Regulation and Legitimacy
As it seems, Take Profit Trader is registered in the US. Yet, trading in any financial market requires adequate licensing. In the US, that’s NFA and CFTC regulation. However, companies that are doing hypothetical or simulated trading are not required to obtain any licenses, which is clearly said in the company’s disclaimer.
But if they offer you a live trading account at any point, it’s necessary. Still, the Take Profit Trade firm doesn’t have any top-tier licenses. Consequently, whatever they offer you is easily questionable.
Take Profit Trader Reviews – Trusted or Not?
One of the main signs this company is ingenuine is the Take Profit Trader prop firm comments on Trustpilot. There are already 552 comments, and almost 15% are negative ones. Traders are mainly complaining about irregularities while purchasing PRO accounts.
Consequently, if the company is ready to trick you there, nothing stops them from doing something more. But if you didn’t realize that prop trading is not the right solution for making money, keep reading. Also, check our zForex review for some bonus trading tips.
How Does The Prop Trading Work?
If you think that TakeProfitTrader.com offers anything different from others, you are wrong. In general, the idea of proprietary trading is to evaluate traders and give them a chance to invest the company’s funds. Often, companies are offering trusted trading technology and access to worldwide markets.
In the case of the Take Profit Trade funding program, you can access CME-approved providers. Yet, there’s a big difference between simulated and live accounts. Firstly, traders are paying fees for the evaluation plan with virtual funds. If they pass that one-step phase, they should get real money for trading. Isn’t it weird? In any case, without regulations, everything is suspicious.
What Software Options Can Traders Choose?
According to the company’s presentation, there are two options available. CQG Data Feed is recommended, including NinjaTrader, Trading View, and Tradovate.
On the other hand, you can choose Rithmic Data Feed and 16 different platforms. For instance, RTrader, OrderFLow Trading, and more. However, none of these platforms can, in reality, be compared to cTrader or MetaTrader.
What Are Take Profit Trader Rules?
One of the biggest downsides is that traders are not allowed to use bots. If that’s going to make money for a trader and the company, why is that an issue? Exactly, they don’t want you to make money. That way, they would expose their manipulating activities.
Anyway, there are too many things you have to watch out for. Firstly, consistency and 50 executions rule. But the ones that cost you the most are drawdowns. Whether it’s a daily or trailing drawdown, the company can easily make it up and make you pay the fee again.
This is exactly what Take Profit Trader reviews are telling us to take care of. On top of that, you can expect a $5/$0.5 Round Turn commission on simulated accounts, which is complete nonsense.
Pricing Plans Available
Generally, the plans are there to help the company evaluate how good you are at trading. Therefore, you’ll get a virtually funded account with maximum open positions limitation and daily loss limit. Of course, different funding requires different fees. Therefore, you can choose:
- $25k funded for $150/month
- $50k funded for $170/month
- $75k funded for $245/month
- $100k funded for $330/month
- $150k funded for $360/month
Keep in mind that while you are failing to reach your profit target, they are earning from your fees. For what? Providing you with a demo account? Stop wasting your time and choose any Tier licensed firm for maximum improvement.
Firstly, such firms offer demo and micro accounts where you can really test your skills without limits. Also, they offer you maximum protection once you start trading with live accounts. You’ll have negative balance protection, guaranteed stop loss, and much more. To understand better the benefits of that, make sure to check our iFundTraders review as well.
How Can I Make Money While Trading Online?
Without regulations, you can forget about making money with proprietary firms. But also with any other type of investment firm. As you can see, the company can make up conditions along the way. This way, they prevent you from doing what you came for, which is making money and withdrawing it.
On the other hand, many traders think trading with licensed companies is hard. Indeed, yes, if you don’t know what to do. But if you are using AI Analysis Tool, which analyzes markets for you and gives you a precise forecast, it becomes a game changer.
Once you try AI tools on your account, nothing else will matter. Most importantly, you can test it out on a demo or micro account and see the results. Not to mention, zero pressure or obligations are included. Your future is in your hands without swindlers around you. If you are sick of guys trying to rob you, get in touch with our team and see how AI Analysis Tool can improve your results.
FAQ Section
What is the One-Time Fee For Take Profit Trader?
The One-time fee of $130 is for setting up a PRO Account and apparently, once a customer pays that monthly fee is gone.
Who is the CEO of Take Profit Trader?
According to the company’s presentation, the ownership belongs to James Sixsmith. Yet, without regulations, it’s hard to prove anything.
What is Proprietary Trading?
Prop trading is a form of trading where customers don’t risk any of their funds into the market. In theory, they should be funded with real money after evaluation tests.
