V7.6.0 - Prop Trading System Major Update: Auto-Profit Sharing, Enhanced Configurations & More

Learn about all the details of all our recent CRM updates here.

Released Date - 1 February 2024

This major release brings a host of updates to our Prop Trading System, elevating experiences for both end users and administrators. Now, Prop Firms can effortlessly calculate and distribute profit sharing not only to challengers but IB/referrals as well, offering a powerful incentive to attract more participants. Furthermore, the challenge setup process has been refined for enhanced intuitiveness and flexibility, such as assigning challenges based on client groups, non-disruptive challenge terminations and more. Dive in to explore the full spectrum of improvements!

Summary

Revamped Challenge Setup Process
- Streamlined Step-by-Step Setup: Experience a redesigned Challenge setup process, featuring a clear and intuitive progress bar providing real-time updates on remaining steps.
- Flexible Display Configuration: Take control of your clients' experience by prioritizing which menu to show first: "My Challenge" or "Challenge Details." It's your call whether to have your clients jump right in to choosing packages or to first have an overview of the challenge.
Profit Sharing Distribution
- Profit Sharing Configuration: Unlock unprecedented convenience by configuring profit sharing within the system, designed to distribute rewards seamlessly to both challengers and referrals, ensuring a hassle-fee process and timely payouts for all recipients.
- Flexible Distribution Methods: Choose between automated distribution for administrative efficiency or manual distribution for greater control, incorporating a review step before profits are distributed.
- Adjustable Settlement Frequency: Customize your profit-sharing distribution frequency to align with your business strategies and goals.
Dynamic Challenge Allocation Across Client Groups
- Tailored Challenges for Specific Client Groups: Assign distinct challenges and packages to different client groups, ensuring a more targeted and customized approach to enhance your client conversion and retention.
- Non-Disruptive Experience on Live Clients: The challenge assignment process emphasizes a seamless transition, guaranteeing that no challenge participant is impacted, thereby ensuring business continuity and ongoing client engagement.
Streamlined Challenge Termination Process
- Seamless Challenge Termination: Markets are dynamic and now, you can easily update your challenge configurations accordingly. The smart-switch feature will remove the older challenge preventing further signups while showcasing your new challenge with updated conditions.
- Non-Disruptive Experience for Live Clients: Smart-switch intelligently handles the challenge termination process, ensuring that current participants of the older challenges are not affected, allowing them to proceed until completion. Participants in the older challenge will continue to track their progress, while new participants will enroll in the updated challenge seamlessly.
Advanced Notification Management
- Prop Trading Notification Tab: Introducing a specialized Notifications Tab designed to filter all Prop-related requests and tasks, enhancing focus and efficiency.
- Personalized Congratulatory Email to Challengers: Celebrate your challengers' successes with added flair. Now, when challengers successfully progress to the next level, they will automatically receive a congratulatory email from you, including a timestamp on the achieved milestone. You can further customize the email to embed a "Success" certificate as added recognition to your clients.

Revamped Challenge Setup Process

You can now experience a more intuitive challenge process setup with our revamped system, now offering step-by-step guidance for seamless configuration and flexible configuration.

1) Flexible Display Configuration

When creating challenges, you now have the option to select "Show Challenge Details First."
When creating challenges, the default setting is unchecked, which means that when clients select a prop challenge, they will first see the array of available packages.
If you choose "Show Challenge Details First," clients will directly view the challenge details first.
Clients retain the ability to navigate between Challenge Details and My Challenge via the top menu.

2) Streamlined Step-by-Step Setup

The creation of package settings has been upgraded into a systematic step-by-step process. You can now easily track your progress, see the current step, and anticipate the remaining steps for enhanced clarity and efficiency.
The steps are categorized as follows:
- Basic Information: Input package name and account currency.
- Package Rule: Define the number of steps and their respective criteria (e.g., profit target, max loss, initial funding amount, etc.).
- Profit Sharing: Configure profit sharing distribution and recipients.
- Participation Fee Commission: Payout of referral fee based on the participation fee to referrals.

In this new release, we have implemented a feature allowing you to configure profit sharing distribution for your challengers and their referrals. This involves sharing a percentage of the challenger's profit among themselves and their uplines. This strategic approach serves as an incentive, encouraging proficient traders to actively participate in the challenge.

1) Permission Rights

To start, you will need to enable the respective permission rights:

Read Profit Sharing Reports
Download Profit Sharing Reports
Retry Profit Sharing

Profit sharing distribution enables you to disburse a percentage of your challengers' trading Profit and Loss (PNL) to both the challenger and their uplines.
Profit sharing will not be distributed if the challengers' PNL is negative.
After profit sharing is distributed to challengers or their uplines, the challenger's trading account balance will be reset to the initial funding amount. For instance, if a challenger profits $10,000 and profit sharing is distributed, the trading account balance will be reset to the initial funding balance.
Profit Sharing Methods
- Manual Distribution: The system calculates the profit distribution automatically. However, manual review and approval from you are required before the profit sharing amount is distributed to the recipients' wallet.
- Automatic Distribution: The system autonomously calculates and distributes the profit sharing amount to the intended recipients' wallet. No manual intervention is needed.
Profit Sharing Settlement: Set the profit sharing settlement period in two ways:
- Every Fixed Number of Days: For example, if set to 5 days, profit sharing distribution will occur every 5 days. If a challenger successfully passes a stage on 10 Jan, the profit sharing distribution will happen on 15 Jan.
- On a Specific Day of the Month: For instance, if set for the 25th of the month, profit sharing distribution will occur on the 25th of every month.
Profit Sharing to Uplines:
Define which client types are eligible to receive profit sharing distribution (Traders or IBs). If selecting all clients, profit sharing will be paid out to uplines regardless of their client type. Choosing only "IBs" means that only uplines who are IBs will receive profit sharing, and uplines categorized as "Traders" will not receive any profit sharing.

Profit sharing distribution can be set during the creation of editing of a package. You will be able to configure the following:

Choose between automatic or manual profit sharing methods.
Specify the steps at which you want profit sharing to be distributed. Enable profit sharing for various steps by clicking the "Enable" button.
Enter the profit sharing percentage for each recipient. Additionally, determine the number of upline levels for profit sharing distribution by clicking the "Add" icon.
Select the profit sharing settlement period:
- For settlement every fixed number of days, specify the required number of days.
- For settlement on the nth day of the month, enter the desired day. If set to the 31st day and the month lacks a 31st, the settlement will automatically occur on the last day of the month.
Indicate the upline client types eligible to receive profit sharing distribution—either all client types or IBs only.

You will be able to view profit sharing reports for your challenges, with data updated on the settlement day.

To view the profit sharing reports, follow these steps:

Navigate to Challenge Statistics.
Locate the challenge you wish to view the report for.
Click on the "Profit Sharing Report" icon.

You will be able to download the profit sharing report by clicking the "Download" icon.

With the automatic profit sharing method, the profit sharing amount is distributed to the recipients automatically.
You can track the status of the payout in the profit sharing report.
In the case of failed distribution, you can initiate a retry by selecting the failed transaction and clicking "Pay".
A popup notice will prompt you to confirm your action. Click "Confirm" to proceed with the retry process.

For manual profit sharing method, you will need to review the profit sharing amount before distributing it to the recipients.
Once you have confirmed the profit sharing amount, proceed to distribute it by selecting it and clicking "Pay".
A popup notice will prompt you to confirm your action. Click "Confirm" to proceed with the distribution process.

You can manually initiate profit sharing distribution to recipients outside the scheduled settlement period. Do note that manual triggering of profit sharing is not possible if the challenger has open positions.

To manually trigger profit sharing distribution, follow these steps:

Navigate to Challenge Settings and click "Participants".
Locate the specific challenger for profit sharing distribution and click the "Profit Sharing" icon.
A popup notice will appear for your confirmation. Click "Confirm" to proceed with the distribution.
You can manually trigger profit sharing for each challenger only once a day. If you've already initiated the process on a given day, an error message will appear to notify you that it has already been completed.

6) Newly Added Report Filters

We've introduced additional filtering options in the CRM report, allowing you to refine data searches specifically for profit-sharing-related information:

Prop Trading Profit Sharing
Prop Trading Reset Balance

As your clients engage in prop challenges, they now have the ability to view the details of profit sharing distribution and settlement periods on their client portal.

Dynamic Challenge Allocation Across Client Groups

Now, you have the flexibility to assign different challenges and packages to specific client groups, tailoring offerings to their unique business requirements. Assigned client groups gain visibility of the challenge and packages, while unassigned groups won't have access.

All client groups will be automatically selected by default for existing challenges and packages.
Modifying assigned client groups is possible even after the challenge has commenced.
Existing challengers can still view and participate in the challenge, even if they are not part of the assigned client groups. However, upon completion or full failure of the challenge, participants will no longer have visibility of the challenge.

To assign a challenge/package to client groups:

Locate the challenge/package and click the "Client Groups" icon.
Select the client groups where the challenge and package will be visible.
Click "Save."

If a challenge or package does not have any assigned client group, an "!" icon will remind you to make an assignment.

Streamlined Challenge Termination Process

You now have the capability to terminate ongoing challenges or delete upcoming and concluded challenges.
Challenges can be deleted if they are upcoming or have already ended. Deleting challenges will remove them fully from the CRM.
If a challenge is currently ongoing, a terminate icon will be visible instead of a delete icon. Terminating a challenge ensures it is no longer visible to clients, yet participants will still have access until their challenge concludes. Once there are no active participants, you can proceed to delete the challenge.

1) Deleting Challenges

To delete a challenge, follow these steps:

Locate the challenge you wish to delete and click the "Delete" icon.
A popup notice will appear for you to confirm your action.
Click "Confirm" to proceed.

2) Terminating Challenges

To terminate a challenge, follow these steps:

Locate the challenge you wish to terminate and click the "Terminate" icon.
A popup notice will appear for you to confirm your action.
Click "Confirm" to proceed.
The challenge status will be changed to "Terminated".
- If there are active participants for this challenge, you will not be able to delete this challenge.
- If there are no active participants for this challenge, you will be able to see the "Delete" icon and can proceed with the deletion.

Advanced Notification Management

We've upgraded the notification system for prop challenges. Access and manage prop trading notifications effortlessly through a dedicated tab. Additionally, challengers achieving progression now receive a congratulatory email to celebrate their success.

1) Prop Trading Notification Tab

In the Admin Notifications section, a dedicated tab for "Prop Trading" has been introduced. This facilitates seamless navigation to Prop Trading-related notifications, offering efficient management of notifications.

2) Personalized Success Acknowledgment for Challengers

We have implemented an email notification system designed to congratulate your clients when they successfully advance to the next step in the prop challenge.
You can customize the email content and embed certificates, providing clients an extra layer of recognition. Should you need certificate templates, please reach out to your dedicated account manager for assistance.