Vantage Elite Trader Review

Audition Process & Challenge Types

Although no longer accepting new prop traders, The Vantage Elite Trader program was a structured evaluation designed to identify skilled traders who can manage funded accounts. When it was operating, the challenge and evaluation phases involved trading in a simulated environment with the goal of reaching specific profit targets while staying within set risk limits.

If you successfully passed the first two phases, you then earnt access a funded account with an 80% profit split.

Audition Fees

The audition fee for the Eltie Trader program was the primary cost associated with entering the challenge and varies based on the account type and size selected. Fees ranged from $139 for a $10,000 Basic account to $2,099 for a $200,000 Plus+ account.

These fees allowed traders to participate in the challenge and evaluation phases. Upon successfully becoming an funded trader, the audition fee was refunded with the first profit payout, making it a refundable investment for those who meet the program’s requirements.

Phase 1: Challenge Phase

The Challenge Phase was the initial step where traders are provided with a simulated account. The objective was to achieve the profit target without breaching specific risk limits:

• Account Balance Options: $10,000 to $200,000.
• Profit Targets: 10% for the Basic account; 20% for the Plus+ account.
• Risk Limits: A daily loss limit of 5% for Basic and 10% for Plus+, with an overall loss limit of 10% and 20%, respectively.
• Duration: There was no set time limit for this phase, but traders must trade for at least four days.

Phase 2: Evaluation Phase

Traders who successfully complete the Challenge Phase moved on to the Evaluation Phase, which focused on consistency under slightly relaxed conditions:

• Reduced Profit Targets: 5% for Basic; 10% for Plus+.
• Same Risk Limits: The daily and overall loss limits from the Challenge Phase remain in effect.
• This phase also required a minimum of four trading days, allowing traders to showcase consistent profitability.

Phase 3: Funded Trader Phase

Upon passing the Evaluation Phase, traders were then granted funded trader status. This phase allowed traders to manage larger simulated accounts with the opportunity to earn real profits:

• Profit Split: Traders kept 80% of their trading profits.
• Risk Management: The same loss limits applied, and exceeding these resulted in account closure.
• Fee Refund: The audition fee was refunded upon the first successful payout.

After successfully completing the challenge, it could take 1-3 days to receive your funded account.

Challenge Account Types

The prop firm used to offer two distinct account types throughout the evaluation process, catering to different trading styles and risk preferences:

1. Basic Account: This account type was suitable for traders who preferred lower risk, featuring a 10% profit target during the Challenge Phase and a 5% target during the Evaluation Phase. The daily and overall loss limits were set at 5% and 10%, respectively.
2. Plus Account: Was designed for traders with a higher risk appetite, the Plus+ account required a 20% profit target in the Challenge Phase and a 10% target in the Evaluation Phase. The daily and overall loss limits are 10% and 20%, respectively.

Other Rules

Vantage prohibited the use of Expert Advisors (EAs) and automated trading during evaluation phases. By banning automated trading, Vantage ensured the evaluation focuses on manual trading skills and consistency.

Verdict on Audition Process and Challenges

Before closing down, Vantage offered a clear and structured evaluation process with specific profit targets and risk management rules. While audition fees were competitive, the prohibition of automated trading was a limitation for those who relied on such strategies.

Spreads and Commission Fees

Vantage Markets offered relatively low commissions, but the spreads on major pairs weren’t the most competitive. This resulted in higher overall trading costs compared to other prop firms which may have contributed to the prop firms closure.

Forex Spreads and Commission

Vantage Markets offered a minimum spread of 0.1 pips for AUD/CAD, making it the most competitive pair in their offering. The commission fee is $3 per lot for all forex pairs, which is relatively low.

While Vantage Markets charged a lower commission fee compared to some competitors, its spreads were not the most competitive when considering overall trading costs.

For example, when we compared Vantage’s pricing with what we found in our IC Funded Review, the total cost for trading EUR/USD including commission, was about six times higher with Vantage than IC Funded.

• Vantage: 0.3 pips + $3 commission = 0.33 pips total cost.
• IC Funded: 0.02 pips  + $3.50 commission = 0.055 pips total cost.

Other Commission Fees

Vantage’s commission structure was designed to vary based on the type of asset being traded, providing different cost considerations depending on the market:

• Indices: No commission fees.
• Oil and Commodities: Commission-free.
• Precious Metals: $1 to $2 per lot.
• US Shares: Commission-free.

Verdict on Spreads and Commissions

Vantage Markets provided a low commission structure and a decent spreads. However, when comparing overall trading costs, Vantage’s spreads, especially on major pairs like EUR/USD, were less competitive than those of other firms like IC Funded.

CFD Markets and Leverage

Vantage offered a total of 151 financial markets with a maximum leverage of 100:1.

Verdict on Markets and Leverage

Vantage offered a straightforward selection of 151 markets with clear leverage options. When operating, the prop firms focus was on forex and US shares, along with access to commodities and indices.

Trading Platforms

Vantage offered the MetaTrader 4 (MT4) platform for its prop trading challenges.

MetaTrader 4

MT4 is known for its user-friendly interface, powerful charting tools, and advanced features, making it suitable for both beginner and experienced traders. The platform supports a wide range of technical analysis tools, customizable charts, and trading signals.

However, for the prop trading challenge with Vantage, automated trading through Expert Advisors (EAs) was not allowed, placing a strong emphasis on manual trading skills. This restriction likely deterred traders who relied on automated strategies, especially since other prop firms often permit automated trading if the trader owns the script.

Verdict on Trading Platforms

Vantage offered a solid trading experience across devices, but the ban on automated trading through EAs likely limited its appeal.

Payments and Payout Process

Vantage provided a straightforward process for managing both fee payments and profit payouts. The key expense was the audition fee, which was refundable upon successful completion of the challenge and promotion to funded trader status.

Fee Payments and Deposits

The key cost for participating in the Vantage Elite Challenge was the audition fee, which could be paid through several methods. This fee was refunded upon successful completion of the challenge and qualification as a funded trader. Deposit methods for the audition fee included:

• Debit Cards and Credit Cards: Visa and Mastercard.
• E-wallets: Sticpay, Skrill, and Neteller.
• Cryptocurrencies: Bitcoin, Ethereum (ETH), USDT-ERC20, USDT-TRC20, and USDC-ERC20.

Profit Payouts 

Once traders reached funded trader status, they could withdraw their profits through the same e-Wallet and crypto payment methods, with 80% of the net profits allocated to the trader.

Payouts were processed every two weeks and there were no withdrawal fees, making it straightforward for traders to access their earnings. However, traders were to close all open trades before requesting a payout..

Verdict on Deposits and Payouts

Vantage’s deposit and payout processes were efficient, with no additional fees for transactions.

Customer Support and Education

Vantage provided 24/7 customer support and solid educational resources for prop traders. However we found while the educational materials were extensive and well-developed, the quality of customer support did not consistently meet expectations.

Customer Support

Vantage offered 24/7 multilingual customer support through various channels, including email, live chat, and phone.

However when we tested the prop firm before it ceased operations, the live chat feature was disappointing. The virtual assistant was buggy, often repeating itself without providing useful information.

Additionally, when a request was made to speak with a human representative, the system responded that none were available, despite the advertised 24/7 support. This may have left traders frustrated when they needed immediate help.

Educational Resources

Vantage’s educational offerings were housed within its Trading Academy, which included courses, e-books, webinars, and podcasts designed to improve traders’ skills.

The content covered a broad spectrum of topics, catering to both new and experienced traders. Examples of topics covered included trading central bank announcements, news trading strategies, and detailed overviews of major indices.

Verdict on Customer Service and Education

While Vantage exceled in providing comprehensive educational resources, the customer service experience needed to be improved. The issues encountered with the live chat feature suggested that those seeking immediate assistance weren’t going to get far, which could have contributed to its downfall.

Trust and Community

The broker had established a significant presence in the trading community, backed by a large following on social media and an active engagement across multiple platforms.

Vantage Trading Community

The company had 750,000 likes on Facebook and 27,000 followers on Twitter, indicating a strong reach within the trading community.

Vantage also maintained a YouTube channel with over 32,000 subscribers, where they regularly post educational content and market updates.

Customer Reviews

Despite their substantial online presence, Vantage has a Trustpilot score of 3.3 out of 5 stars. The reviews are mixed, with the most common complaints focusing on the same customer service issues we faced, such as response times and the availability of support.

While Vantage responds to 99% of negative reviews, the overall sentiment reflects dissatisfaction among a portion of their user base, particularly regarding their support services.

Verdict on Trust and Community

Vantage had an established community presence and a large following across social media platforms. However, their Trustpilot score of 3.3 out of 5 was always concerning, and probably deterred some prop traders.

Final Verdict on Vantage Elite Trader

Vantage Elite Trader offered a structured and competitive prop trading program with features like an 80% profit split, account sizes up to $200,000, and an accessible audition process. However, the program faced limitations, such as higher trading costs and restrictions on automated strategies.

As of 30 November 2024, the program has been discontinued as Vantage refocuses on its brokerage services. While the closure may disappoint some traders, Vantage’s decision to realign its offerings reflects a strategic shift to better meet market demands.

For traders seeking similar opportunities, we recommend exploring alternative prop trading firms with lower costs and more flexibility. Read our list of the Best Prop Trading Firms to find the top firms suited to your style.