TradeDay Review 🚀

When trading financial markets, allocating reasonable capital becomes critical and challenging, especially for beginners. Prop firms offer funded accounts, allowing traders to access trading capital and trade almost risk-free.

TradeDay is a futures prop trading firm based in the USA, Chicago, Illinois. The firm only permits traders to speculate on futures and does not allow traders to trade on other assets.

In today’s TradeDay review, we are going to assess this futures firm’s important features such as safety, accounts, assets, platforms, support, and more. This unbiased review will enable readers to define whether TradeDay is trustworthy.

🏛️Safety & Security of TradeDay

Safety is critical in prop trading as many scams and frauds are trying to steal traders’ challenge fees and decline withdrawals. TradeDay has no reviews on the FPA platform yet despite being around since 2020. This is a red flag and safety concern for the firm. As for the Trustpilot, TradeDay has around 600 reviews and only 5% of these reviews are 1-star evaluations, giving the firm a 4.6 score.

TradeDay has been around since 2020 giving it considerable experience in the futures prop trading industry which is always a good thing. So, the firm has experience and positive overall evaluations on Trustpilot but lacks FPA reviews.

When it comes to brokers and trading services, TradeDay only allows traders to speculate on the following exchanges: CME, CBOT, NYMEX, and COMEX. The firm offers trading services through a regulated broker Tradovate, which is licensed by the NFA of the USA and allows the clients of TradeDay to trade on exchanges with futures.

Overall, TradeDay seems like a legit and safe futures proprietary trading firm.

📊 Available Assets on TradeDay

The firm does not offer diverse assets as it only allows traders to trade on listed Futures products on the exchanges of CME, CBOT, NYMEX, and COMEX. These exchanges offer futures in diverse markets and there are thousands of different futures to trade. While the firm lacks other assets such as Forex, and cryptos, the aforementioned exchanges offer futures on all of these popular assets and more.

Overall, TradeDay offers only futures but there are thousands of futures available on all asset classes on regulated exchanges the firm allows trading on.

🗂️ TradeDay Account Types

TradeDay only offers a single funded account type divided into different tiers based on the funded amounts. There are 10k, 25k, 50k, 100k, 150k, and 250k USD tiers. These tiers differ by the number of contracts they allow traders to speculate with.

Each of the accounts has a slightly different profit target and loss limits. There is no daily risk limit and the maximum risk limit is calculated at the end of the day.

📌 The 10k USD TradeDay funded account has a 10% ($1,000) profit target, 10% trailing maximum drawdown, and 1 contract (10 minis) position limit. The 25k USD funded account has a 1,500 USD profit target, a 1,500 USD trailing maximum drawdown, and allows up to 2 contracts (20 micros) positions. 50k USD accounts have a 2,500 USD profit target, a 2000 USD maximum trailing drawdown, and a maximum of 5 contracts (50 micros).

100k USD accounts have a 5k profit target, 3k trailing drawdown limits, and allow up to 10 contracts (50 micros). 150k account has an 8,5k USD profit target, 3.5k trailing drawdown, and allows up to 15 contracts (50 micros) positions.

The 200k USD funded account has a 12k USD profit target, 4.5k USD maximum trailing drawdown, and allows 25 contracts (50 micros) positions. This account allows 1 on 1 free coaching.

As we can see, the firm lacks funded account diversity and has very strict rules that differ for each funded tier. It will be challenging for traders to hit the profit target while maintaining such tight risk control.

💸 Pricing on TradeDay

TradeDay offers monthly subscription-based funded tiers and has currently several discounts on pricing. Low prices are important for prop traders. Since many futures prop firms prefer a monthly fee structure, TradeDay is no different.

Free reset is possible during subscription renewal, allowing traders to start over if they fail in the challenge. Since the firm has a monthly subscription model, this is not a discount but a slight advantage to continue trading on a funded account.

📌 Since there is only one account, we are going to list all fees for each funded tier to make it simple for our readers to compare with other futures prop firms:

• Funded tier: 10k USD – Monthly subscription fee: 80 USD per month (with discount)
• 25k USD – 100 USD per month
• 50k USD – 132 USD per month
• 100k USD – 220 USD per month
• 150k USD – 300 USD per month
• 250k USD – 600 USD per month

With current discounts, traders can access 10k funded accounts relatively cheaply at 80 dollars per month. However, there are other reliable prop firms with even lower monthly fees and TradeDay is in fierce competition with these firms, making it mediocre when it comes to fees.

📱 Platforms and Mobile Trading on TradeDay

Trading platform diversity is important for traders as everyone has a different preferred platform. TradeDay allows traders to connect the following platforms to the Tradovate broker, NinjaTrader, TradingView, and Jigsaw. These platforms are all advanced and popular among futures traders. They allow custom indicators and can be super useful to quickly analyze markets and make accurate decisions. NinjaTrader has a comprehensive set of tools dedicated to futures trading. There is also a dedicated futures trading platform offered by Tradovate.

When it comes to TradeDay mobile trading, NinjaTrader is available for mobile devices allowing traders to trade and analyze markets on the go. This is very important because traders need to monitor their trading activities using smartphones and TradeDay supports both iOS and Android users.

📚 Education and research tools offered by TradeDay

Education is paid and based on a monthly subscription model, which makes it expensive for traders on TradeDay. It is not required to hold a futures funded account to subscribe and get access to various trading educational resources on TradeDay. There is also a trading blog available for free posts and materials but is not a full replacement for free educational resources. This blog offers interesting and engaging posts about market developments, tips for futures trading, and advertisements about the firm’s services and accounts.

Overall, TradeDay offers quality education for monthly fees and traders will have to pay to learn futures trading and pass challenges.

🤝 Customer Support on TradeDay

Customer support is one of the most important when dealing with prop firms. Right after defining whether the firm is safe and offers preferred instruments, traders must check the firm’s support options. This is to quickly resolve any issue during the trading process and avoid frustration and failure in prop challenge.

TradeDay offers email and live chat channels. The live chat has limited assistance built-in to search through FAQs. Both the website and support channels are only provided in the English language, which is a downside.

❓ FAQ on TradeDay