Cyprus-based Traders Trust has become the latest forex and contracts for differences (CFDs) broker to join the prop trading trend. Finance Magnates has learned that the retail broker launched prop trading services under the brand TradingCult.
Another Broker Enters Prop Trading
According to the TradingCult website, the prop trading brand is operated by Seychelles-based Cultpedia and Cyprus-based Cultedge, two separate entities from those running the FX and CFDs brokerage brand. Interestingly, the entities operating TradingCult and Traders Trust are based in the same Cyprus office.
Furthermore, Nicola Berardi, the Chief Executive of Traders Trust, is the founder and CEO of the new prop trading brand, as shown on the TradingCult website. Berardi is the former Chief Financial Officer of Saxo Bank and Synthesis Bank, who founded the Traders Trust brand in 2009 and has been heading it as the CEO since.
“At TradingCult, I’m dedicated to providing the funding, education, and support that traders need to succeed,” a message from Berardi on the TradingCult website notes. “My mission is to empower traders by breaking down barriers and ensuring everyone can thrive in the financial markets, and I am committed to helping them reach their full potential.”
Finance Magnates approached Traders Trust for official confirmation but has not received any reply as of press time.
Brokers’ Interest in Prop Trading
Before Traders Trust, established FX and CFDs brokerage brands like OANDA, Axi, Hantec Market, and IC Markets have already launched their prop trading services. The popularity of prop trading is also pushing other brokerage brands to take an interest in the new industry.
Interestingly, TradingCult approached the industry with a very aggressive offering. The newly launched prop trading platform offers traders a 95 percent profit split. Prospective traders can buy any of the four offered challenges, which cost between $99 and $999. The lowest-tier account offers a funded account with a balance of $10,000, while the top-tier one offers $200,000.
Prop trading challenges offered by TradingCult
TradingCult also uses the brokerage service of Traders Trust to offer trading on MetaTrader 4.
