Upon completing TradeDay’s Evaluation Challenge, traders are awarded a Funded SIM or LIVE Trading Account. They may request withdrawals in accordance with TradeDay’s withdrawal guidelines and earn a portion of the profits.
TradeDay’s payout policy allows traders to keep 100% of the first $10,000 of profits they make, and then 90% of the profits after that. Traders can request withdrawals whenever they like, without any restrictions on the frequency. However, there is a minimum withdrawal amount of $500.
The process for requesting a payout at TradeDay differs slightly between Funded Sim and Funded Live accounts. Funded Sim payout requests are processed after the end-of-day trade report runs at 4.30 pm CT, and Funded Live payout requests need to be received before 11.30 am for same-day processing. Requests received after this time for Funded Live accounts will be processed after 12 pm on the next business day​​.
Withdrawal requests at TradeDay are processed via bank wire or cryptocurrency transactions and facilitated through their payment processor, Riseworks.
This article details TradeDay’s withdrawal and payout policies, emphasizing payment methods, processing schedules, fees, restrictions, and tax considerations.
What is the TradeDay payout policy?
TradeDay’s payout policy allows traders to keep 100% of the first $10,000 and 90% after that, offering unrestricted withdrawal frequency with a $500 minimum, processing Funded Sim payouts post-daily report and Funded Live requests by 11:30 am for same-day processing, and specifying fees for various withdrawal methods. Here are the key aspects of TradeDay payout and withdrawal policy detailed below:
- Traders keep the first $10,000 they make and 90% of the profits after that, with no withdrawal restrictions​​.
- This policy is uniform, regardless of the trading program signed up for, ensuring that the first $10,000 earned is kept 100%, and 90% of earnings afterward​​.
- Profits can be withdrawn anytime, with no restrictions on the frequency of withdrawals, although a minimum withdrawal amount of $500 is specified.
- Funded Sim payout requests are processed after the end-of-day trade report, and funds are transferred to the trader’s Riseworks account within 24 hours​​.
- For Funded Live accounts, payout requests must be received before 11.30 am for same-day processing; requests after this time are processed the next business day​​.
- The policy clearly outlines the fees associated with withdrawals, including international bank wire withdrawals ($15/withdrawal), US bank wire withdrawals (free), L1 Crypto Withdrawals ($2.5/withdrawal + estimated gas fees), and L2 Crypto Withdrawals (free)​​.
What’s the minimum withdrawal amount at TradeDay?
The minimum withdrawal amount at TradeDay is $500​​. This applies to any size of account.
What’s the maximum withdrawal amount at TradeDay?
TradeDay’s documentation does not mention a specific maximum withdrawal amount.
What’s TradeDay’s Minimum Balance For Withdrawals?
There is no minimum balance needed before making withdrawals at TradeDay. However, traders must generate at least $500 in profits to make a withdrawal.
What are TradeDay’s withdrawal methods?
TradeDay offers the following methods for withdrawing trading profits, facilitated through their payment processor, Riseworks:
- Bank Wire Transfers: For both US and international bank accounts, with US bank wire withdrawals being free and international bank wire withdrawals incurring a fee of $15 per withdrawal.
- Crypto Withdrawals: Including both Layer 1 (L1) and Layer 2 (L2) crypto networks. L1 crypto withdrawals come with a $2.5 fee per withdrawal plus estimated gas fees, while L2 crypto withdrawals are free.
When traders can withdraw from TradeDay?
Traders at TradeDay can withdraw their profits whenever they like, without any restrictions on the frequency of withdrawals.
How fast is TradeDay’s payout process?
The speed of TradeDay’s payout process varies by account type:
- Funded Sim traders: Payout requests are processed after the end-of-day trade report at 4:30 pm CT. TradeDay aims to transfer the funds to the trader’s Riseworks account that evening, but it may take up to 24 hours for the payment to be transferred.
- Funded Live traders: Payout requests must be received before 11:30 am for same-day processing. Requests received after this time will be processed the next business day after 12 pm.
How does the payout process work at TradeDay?
The payout process at TradeDay, from a trader’s request to the completion of payment, involves several steps:
- Trader Requests a Payout: The trader emails support@tradeday.com to initiate the payout process. Before making a payout request, traders need to be onboarded with Riseworks.
- Processing the Request:
- For Funded Sim traders: Payout requests are processed after the end-of-day trade report at 4:30 pm CT.
- For Funded Live traders: Payout requests received before 11:30 am are processed for same-day transfer.
- Transferring Funds to Riseworks: Once the payout request is processed, TradeDay transfers the requested amount to the trader’s account at Riseworks.
- Trader Accesses Funds via Riseworks: After the funds are transferred to Riseworks, the trader can access them. Riseworks provides options for payouts, including bank wire and cryptocurrency.
- Receiving the Funds: The Trader receives the funds via the option chosen at Riseworks, either Bank Wire Withdrawals or Crypto Withdrawals.
what are TradeDay’s payout restrictions?
TradeDay’s payout restrictions are structured as follows:
- Prohibited Countries: TradeDay adheres to restrictions placed by US FCM (Clearing firm) and broker, disallowing traders from countries with insufficient data protection or regulatory standards.
- Account Type: Payouts are not available in the evaluation phase. Payouts are only available from both Funded Sim and Funded Live accounts.
- Minimum payout: it is not allowed to withdraw less than $500.
What is the TradeDay profit share?
TradeDay offers traders a profit share structure where traders get to keep 100% of the first $10,000 of profits they make. After surpassing the initial $10,000 threshold, traders retain 90% of their profits thereafter. This profit-sharing arrangement applies regardless of whether earnings are made in a Funded Sim or Funded Live account.
What to know about taxes on TradeDay payouts?
Regarding taxes on TradeDay, it’s important to note the following:
- Independent Contractor Status: As a funded trader with TradeDay, individuals are considered independent contractors, not employees of TradeDay. This classification impacts how earnings are reported for tax purposes.
- Reporting Income: Traders are required to report only the actual account withdrawals they make within a year as regular income. This approach specifies that not all earnings but only the amounts withdrawn must be reported for tax purposes.
- Tax Documentation for US Citizens: US citizens who make withdrawals exceeding $600 within a tax year will receive a 1099-NEC form from Riseworks.
- Non-US Citizens: Traders who are not US citizens will not receive a 1099-NEC form, as it is specific to US tax reporting requirements. TradeDay does not provide documents for reporting taxes to foreign governments.
- TradeDay’s Non-Advisory Role: It is explicitly mentioned that TradeDay does not offer tax advisory services and cannot provide guidance on tax reporting.
- Business Entity Trading: For those trading under a US-based single-person LLC, the KYC (Know Your Customer) process is manual and might take time.
does TradeDay apply withdrawal fees?
TradeDay does not apply withdrawal fees for U.S. bank wire withdrawals, which are free. However, there are fees for international bank wire withdrawals ($15/withdrawal), L1 Crypto Withdrawals ($2.5/withdrawal plus estimated gas fees), and L2 Crypto Withdrawals are free.
Does TradeDay Pay Out?
Yes, TradeDay pays out to its traders. Since 2020, TradeDay has been recognized for offering funded accounts with real money from the beginning of the funding phase. With over 400 reviews on Trustpilot and a rating of 4.5 out of 5 stars, TradeDay is considered legit by traders around the world. Traders confirm that they withdraw their profits according to the profit split agreement from the first day of achieving profits in their funded accounts.
Verified Withdrawal Proofs from TradeDay Traders
Here are a few actual proofs of TradeDay payouts:
- Some Trustpilot reviews confirm payouts.
- This is a video from ImanTradingLive with proof of withdrawal.
Will withdrawals affect TradeDay’s trading rules?
Yes, withdrawals can affect TradeDay’s trading rules, particularly the Trailing Maximum Drawdown (TMD). The TMD is adjusted based on the “gross” account balance, which incorporates all profits before any withdrawals. Therefore, when a trader withdraws funds, the gross balance decreases, effectively reducing the TMD limit. This reduction in TMD means that the safety margin before reaching the auto-liquidation threshold is smaller.
