Smart Prop Trader to Close Doors in December 2024

Smart Prop Trader, a proprietary trading firm known for offering funded trading accounts, has announced plans to cease onboarding new traders as it prepares to wind down operations by the end of the year. While the firm hints at an upcoming product launch, the closure marks yet another exit in the fast-changing proprietary trading sector.

The company made its intentions clear through a recent social media post, stating that it will no longer accept new traders. Emphasising its commitment to fairness and transparency, the firm assured its existing clients that they would be given ample time to secure their payouts before the closure. Led by CEO Blake Olson, Smart Prop Trader aims to honour its responsibilities by supporting its current traders until December 29, 2024.

To facilitate a smooth transition, the company has introduced a structured exit plan. Existing traders will be allowed to continue trading until the end of December, and those with accounts opened in November 2024 who are at break-even or profitable will qualify for full refunds. Furthermore, accounts in good standing beyond the December deadline will be provided with individual resolution plans to ensure a fair wind-down process.

While the firm has portrayed its closure as a positive step forward, it has also hinted at a strategic pivot that could reshape the trading industry. In a statement shared on social media, the company suggested that its next venture could introduce innovative solutions, with more details expected in the coming weeks. However, the specifics of this new direction remain undisclosed.

The decision to shut down comes amid a broader wave of consolidation and exits within the proprietary trading industry. According to industry reports, at least 50 prop trading firms have ceased operations this year, reflecting the sectors volatility and evolving regulatory landscape. Despite these challenges, Smart Prop Trader has positioned its closure as an opportunity to redefine its role in the market, promising a future that could potentially benefit the wider trading community.

As the proprietary trading sector continues to adapt to changing market dynamics, Smart Prop Traders exit underscores the challenges firms face in maintaining competitive and sustainable operations. The outcome of its forthcoming venture will be closely watched as the industry seeks to navigate its next phase of development.