Research profile
SMB Capital
Watch flags
Founded in New York, SMB Capital operates as a physical proprietary trading desk and training firm. Watch flags: Unregulated entity status per regulatory databases, limited independent online payout verification data.
Proprietary trading firm and training desk in Midtown Manhattan founded by Mike Bellafiore and Steve Spencer. Known for its trader development program and SMB Training education brand.
- Headquarters
- New York, USA
- Founded
- 2005
- Funding model
- Leveraged Trader Capital
- Availability
- Not clearly stated
U.S. traders: Not confirmed — ProprietaryTrading.com could not verify from current first-party sources whether this firm accepts U.S. traders.
Profile updated: August 29, 2026 · Primary source types reviewed: firm rules, FAQ and program pages · Research & methodology
May suit
traders focused on equities, options.
Consider alternatives if
you require futures; you rely on copy trading.
Trader rating
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Overview
What this firm is and who it serves
SMB Capital is a New York-based proprietary trading firm focused on discretionary US equities and options, well known for its education arm (SMB Training). Traders go through a structured training program before being allocated firm capital.
"Train and back elite discretionary traders in equities and options."
At a glance
Structured facts about this firm
- Firm Type
- Leveraged Trader Capital prop firm
- Market Focus
- Stocks, Options
- Trading Style
- News trading permitted, overnight holding allowed, weekend holding allowed
- Retail Accessibility
- Open to retail traders
- Based in
- New York, USA
- Trader availability
- Not clearly stated
- Known For
- In-house training program
- CEO
- Mike Bellafiore & Steve Spencer (Co-founders)
- Team size
- 100+ traders
Funding programs
Account types and the path to capital
Evaluation
—Not required by this firm.
Instant funding
—Not offered by this firm.
Scaling plan
—No formal scaling plan documented.
No challenge fee for proprietary track; SMB Training is a separate paid education product.
Trading rules
What's allowed, what isn't
Asset classes supported
Related terms: trailing drawdown · consistency rule · profit split
Platforms & technology
Where and how you trade
Supported platforms
Payout structure
How and when you get paid
Pros & cons
A balanced view based on documented terms
Strengths
- +Real firm capital
- +Renowned education
- +Active mentorship
Trade-offs
- −Highly selective
- −NYC-focused
SMB Capital FAQs
Based on terms reviewed August 29, 2026
What should traders verify before choosing SMB Capital?+
Review the specific program's drawdown rules, payout eligibility, prohibited strategies, platform availability, refund terms and any country restrictions before purchasing. Terms can differ between programs at the same firm. This profile summarizes the latest documented terms we found, but traders should confirm the current rules directly with SMB Capital before purchasing.
Does SMB Capital offer evaluation and instant-funding options?+
SMB Capital does not require a traditional evaluation phase. Program rules, fees and payout terms can differ between paths, so confirm the terms of the specific program you intend to buy.
How do SMB Capital's payouts and profit split work?+
The published profit split is up to 70% of net profits to the trader, depending on the program; payouts are processed on a monthly basis. Payout eligibility begins after the applicable program cycle, and program-specific terms should be confirmed directly with the firm.
What are SMB Capital's main drawdown and trading restrictions?+
Based on the documented terms we reviewed: news trading is allowed, overnight holding is allowed, weekend holding is allowed, copy trading is not permitted. Drawdown type and consistency requirements can vary by program, so check the rulebook for the exact program before purchase.
Which platforms and markets are available at SMB Capital?+
Platforms: Sterling, Thinkorswim, Internal. Markets: equities, options. Availability can differ by program and by region — confirm on the firm's platform and product pages before purchasing.
Disclosure
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