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Traders Trust Makes Stealthy Move into Prop Trading with Aggressive Offering

Categories: News | Published by: Surjeet
07/06/2024

Story Highlights

  • Traders Trust, a forex and CFD broker, launches prop trading platform, TradingCult.
  • TradingCult offers a unique entry point with challenges costing $99-$999 and a profit split of 95% for traders.
  • This move reflects the growing popularity of prop trading among established brokerage firms.

Traders Trust, a Cyprus-based retail broker for forex and contracts for differences (CFDs), has quietly entered the prop trading space with the launch of a new brand, TradingCult. This move comes amidst a growing trend of established brokerage firms venturing into the prop trading industry.

Separate Entities, Shared Leadership

While both Traders Trust and TradingCult share a physical presence in Cyprus, they operate under distinct entities. TradingCult is helmed by Cultpedia (Seychelles) and Cultedge (Cyprus), separate from the ones overseeing the brokerage operations. Interestingly, Nicola Berardi, the CEO of Traders Trust, serves as the founder and CEO of TradingCult as well. Berardi, a former CFO at Saxo Bank and Synthesis Bank, established Traders Trust in 2009 and has been at its helm ever since.

On the TradingCult website, Berardi emphasizes his commitment to empowering traders through funding, education, and support. He highlights his mission to break down barriers and unlock traders’ full potential within the financial markets. While the forex broker hasn’t officially confirmed the launch, Finance Magnates’ attempts to reach them for comment were unsuccessful.

Competitive Offering in a Crowded Market

Traders Trust isn’t the first established broker to enter the prop trading space. Brokers like OANDA, Axi, Hantec Market, and IC Markets have already made their moves. Recognizing the industry’s potential, other brokerage brands are likely to follow suit.

What sets TradingCult apart is its aggressive offering. The platform boasts a profit split of 95% in favor of the traders. They can participate by purchasing one of four challenges priced between $99 and $999. These challenges grant access to funded accounts ranging from $10,000 to a substantial $200,000 for the top tier. Additionally, TradingCult leverages the forex broker’s brokerage services and offers trading on the widely popular MetaTrader 4 platform.

The prop trading industry is witnessing a surge in popularity, and the CFD broker’s move with TradingCult reflects this trend. The platform’s aggressive structure, particularly the high-profit split, is likely to attract aspiring traders. However, analysts caution that the challenges might not be equally accessible to everyone due to the upfront cost. They recommend thorough research and a measured approach before participating in such programs.

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