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They have five positive reviews on Glassdoor, but they have one comment on their Facebook page calling it a scam, so beware!
Here is their deal, which is better than Top-Step or Earn-to-Trade:
Congratulations!
I have some great news for you.
I am pleased to confirm that You have been chosen for our funded trading account. [subject to our KYC/AML checks]
At Spec Trading we treat all our traders equally regardless of their background, experience or track record. From the very beginning You will be trading company capital - but that’s not all - we will monitor your trades and give you guidance when necessary. Just let us know what are You struggling with and we will try to help.
We have two options for you. Depending on your situation you can choose funded account (where below guidelines must be adhered to) or second option is to trade Cryptocurrencies, Forex and CFDs with your own funds on our unrestricted account with our guidelines and support where you keep all your profits.
Please read the following information and make sure that you understand everything clearly, if you have any questions, do not hesitate to ask. We will be more than happy to help.
Option 1:
Traders Guidelines [funded accounts only]
Please find below a list of trading policies as set out by Spec Trading Limited. All Traders are required to abide by the trade policies at all times.
Spec Trading Prop Traders are not liable for any losses incurred during their trading activity.
Traders are compensated on a profit split basis only. Traders keep 50% of their profits if and only if a profit target of 5% is reached.
Traders will manage buying power of $75,000 or $150,000 depending on the account chosen.
Traders may only trade on major and minor pairs. Any of the following currencies may be traded as pairs: CHF, USD, GBP, EUR, JPY, CAD, AUD, NZD - Gold (XAUUSD) is also available. Please make sure to confirm instruments before entering the market as Silver (XAGUSD) and some currency pairs are visible on Metatrader 4 platform however trading on those instruments is NOT ALLOWED for traders using our funded accounts ! Please trade instruments with the above currencies plus Gold (XAUUSD) ONLY.
Trading Hours are as follows: 6:00am – 9:00pm (Monday – Friday) London time. Traders can initiate new trades only during those hours. Only occasional trades outside of London hours are permitted. Overnight positions are only authorized to traders on a Pro Account.
Hedging is not allowed.
Traders with Pro Account have growth options to progress to larger account capital - our condition is to reach 10% profit target on the account.
If for any reason your account will incur a loss greater than 10% you will be required to refinance your account to continue trading - charged £70
Trading Restrictions [funded accounts only]
Remember You are only allowed to trade mentioned currency pairs.
Your maximum position on any instrument is 0.5 lot however you may open second or more positions of up to 0.5 lot each on the same instrument.
Be aware that sometimes when volatility picks up on any particular instrument our broker may raise margin requirements decreasing your buying power. This is nothing that we as a company control - it is enforced by the broker's risk management. For most cases this is temporary.
You are not allowed to use EA or any trading bots.
Our Growth Fundamentals (funded Pro Accounts only) :
The Spec Trading team never stops trying to find the value in people, particularly when it comes to prop traders. Spotting talented traders is our mission. We have setup a capital growth path for our traders featuring 4 Stages:
Stage 1: All traders start with a $50,000 capital (with 3X leverage that's close to $150,000 of buying power). We give all our traders an equal opportunity to prove themselves as a profitable trader. Profit withdrawals of 5% blocks are independent from the growth targets of 10%.
Stage 2: If you can reach a 10% return on your $50K trading book – growing your account to $55k – we will double your initial funding to $100k, or $105k net. The 10% amount of $5k must be maintained in the account and may not be withdrawn. This is independent of any 5% profit withdrawals. Traders have to separately maintain the 10% for the growth target.
Stage 3: If you can reach another 10% return on your $100K trading capital – growing your account to $115k net – then we will double your account value once again, up to $200k, or $215k net. Again, the $15k amount must be kept in the account. Further, our in-house trading team will also help you to finalize your trading strategies or advise on your trading style if you require.
Stage 4: For the final stage, you must reach 10% once again on your $200K trading capital, giving you a net of $235k. If you can succeed here we will allocate $1Million to you and you will become one of our fund managers. Here You can negotiate your own deal !
You can withdraw 5% profit withdrawals at anytime. However, if you withdraw any part of the growth amounts retained along the way your account will be rolled back to the lower levels. Therefore, you may withdraw your share of the retained profit at any point of this path, however you will not be able to grow further without reaching the net figures for each stage.
You will not be rolled back to lower funding levels unless there are severe losses on your account.
Our Account Refinance Option [funded accounts only]
To help our traders enter the growth process at stage 2 or to achieve a withdrawal payment, we realize that a psychological boost makes a great difference ! Especially at Stage 1.
All Traders with negative balances now receive refinance back to the initial balance of $25000 or $50000 option available at the price of £70. This is subject to approval by the risk team and is only available to those without unauthorized trades on record.
This is only available for Stage 1 accounts.
Start Trading with US!
Please familiarize yourself with our two trading accounts and choose the one that suits your trading style : https://www.spectrading.org/remote-trading/
Once you have decided on the account type - as you are already approved for the account - please go to : https://www.spectrading.org/start-trading/
and choose your subscription. Your account will be active for as long as your subscription is valid. You can unsubscribe at any time.
Please don't forget to send us email (to [email protected]) confirming that you have subscribed to the account together with your full name and account type in the SUBJECT line.
Option 2:
No subscription needed? Unrestricted trading of Forex, Cryptocurrencies, Stocks and more (commodities, bonds, indices)
If you don't require funding or don't like restrictions that are enforced you can choose option to trade your own funds but also enjoy the benefits of our support and guidance. Check details via link : https://www.spectrading.org/unrestricted/
Refer and EARN
We will pay £10 straight into your account if you will refer a trader to us who will successfully open funded (Pro, Day Trader, Islamic) or unrestricted account ! For funded accounts our team has to accept your proposed trader - you will receive your payment the same day.
"Traders keep 50% of their profits if and only if a profit target of 5% is reached." (Fourth line of Option 1)
But TST and Earn2Trade both have an 80% profit split for the trader, and with TST the first $5,000 profit goes 100% to the trader.
How is 50% better?
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
In looking at it further the advantages are that there is no trial period, you are funded right away. And while you start at the same level you can scale up to $1 million and then cut your own deal, and you can carry positions overnight. The downside is that you are trading CFD's not futures.
Oh my. Doesn't this bother you just a little? Doesn't it make an alarm go off? When I read "there is no trial period, you are funded right away." I said "What???"
So I looked at the text you quoted in the first post, and sure enough, there is this: "At Spec Trading we treat all our traders equally regardless of their background, experience or track record. From the very beginning You will be trading company capital...."
So if I understand this, they are saying that anyone who shows up will be given the use of company money to trade with, and will not need to show they can trade. So my question naturally is, "Well, what if the new funded trader, who has not needed to demonstrate a track record in a trial period, proceeds to just lose the company's money?" I suppose the company has enough money that it doesn't care. Or maybe they are actually a charity for down and out traders.
I don't know anything about these guys, but this is not remotely rational. How can they take on this level of risk and be able to make any money?
Unless I didn't understand something, this qualifies as way too good to be true. I advise taking extreme care. (Actually, I advise running away.)
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
All true, which is why I'm looking for more due diligence, but to be clear they don't take just anybody, you have to apply with a CV and I have a professional trading background. Also, you are paying a monthly fee for an MT4 system (likely inflated) also you don't get to take out everything you make they hold back $5k (the $50k has a $10k loss limit) and they're probably also earning a broker kick back fee on CFD flows. Of course, they can fire you when they want, they will know pretty quickly if you are making the money the right way.
I googled them after your initial post and had a look at their website too.
I had noticed the CV requirement which is certainly different, but also noted that they used MT4. Not what I think of as a professional platform. Are CFDs even regulated? They certainly don't have a centralised exchange. And why isn't the company trading 'proper' exchange futures or regulated stock market shares?
I incline more to Bob's view just on gut instinct.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
