Vantage Markets Review

Vantage Markets Pros and Cons

Audition Process & Challenge Types

The Vantage Elite Trader program is a structured evaluation designed to identify skilled traders who can manage funded accounts. The challenge and evaluation phases involves trading in a simulated environment with the goal of reaching specific profit targets while staying within set risk limits.

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

Audition Fees

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

These fees allow traders to participate in the challenge and evaluation phases. Upon successfully becoming an funded trader, the audition fee is 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 is the initial step where traders are provided with a simulated account. The objective is 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 is 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 move on to the Evaluation Phase, which focuses 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 requires a minimum of four trading days, allowing traders to showcase consistent profitability.

Phase 3: Funded Trader Phase

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

• Profit Split: Traders keep 80% of their trading profits.
• Risk Management: The same loss limits apply, and exceeding these will result in account closure.
• Fee Refund: The audition fee is refunded upon the first successful payout.

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

Challenge Account Types

Vantage offers two distinct account types throughout the evaluation process, catering to different trading styles and risk preferences:

1. Basic Account: This account type is suitable for traders who prefer 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 are set at 5% and 10%, respectively.
2. Plus Account: Designed for traders with a higher risk appetite, the Plus+ account requires 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 prohibits the use of Expert Advisors (EAs) and automated trading during evaluation phases. This sets Vantage apart from other prop firms that often allow personal scripts or automated strategies.

By banning automated trading, Vantage ensures the evaluation focuses on manual trading skills and consistency. Traders who rely on algorithms should consider this limitation when considering Vantage Markets for prop trading.

Verdict on Audition Process and Challenges

Vantage offers a clear and structured evaluation process with specific profit targets and risk management rules. While audition fees are competitive, the prohibition of automated trading may be a limitation for those who rely on such strategies. This challenge is best suited for traders who are comfortable with manual trading and are prepared to meet the set criteria.

Spreads and Commission Fees

Vantage Markets offers relatively low commissions, but the spreads on major pairs aren’t the most competitive. This can result in higher overall trading costs compared to other firms. Below is a closer look at Vantage’s spreads and fees.

Forex Spreads and Commission

Vantage Markets offers 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.

Here is a summary of spreads for some key currency pairs:

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

For example, when we compare Vantage’s pricing with what we found in our IC Funded Review, the total cost for trading EUR/USD including commission, is 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 is 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 provides a low commission structure and a decent spreads. However, when comparing overall trading costs, Vantage’s spreads, especially on major pairs like EUR/USD, are less competitive than those of other firms like IC Funded.

CFD Markets and Leverage

Vantage offers a total of 151 financial markets with a maximum leverage of 100:1. The broker provides a solid range of trading instruments with a focus is on forex and share trading.

Foreign Exchange Markets

Vantage offers 62 forex pairs, including major, minor, and exotic currencies. Leverage for forex pairs ranges from 100:1 to 10:1, allowing traders to manage risk while accessing a diverse range of currency markets.

Commodities

There are 4 commodity markets available on Vantage, including key assets such as oil and precious metals. Leverage for commodities ranges from 30:1 to 50:1, providing traders with the opportunity to trade these markets with a moderate level of risk.

Indices

Vantage provides access to 16 global indices, including major indices like the NASDAQ 100 and Dow Jones. All indices are available with a leverage of 50:1, offering traders the ability to take larger positions on these significant market indicators.

US Shares

With 69 US shares available for trading, Vantage includes popular stocks such as Apple, Amazon, and Boeing. Leverage for US shares is set at 3:1, allowing traders to engage in the equity markets while maintaining controlled exposure.

Verdict on Markets and Leverage

Vantage offers a straightforward selection of 151 markets with clear leverage options. The focus on forex and US shares, along with access to commodities and indices, provides traders with practical choices for various trading strategies.

Trading Platforms

Vantage offers the MetaTrader 4 (MT4) platform for its prop trading challenges, which is widely recognized as one of the leading trading platforms in the forex and CFD markets.

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) is not allowed, placing a strong emphasis on manual trading skills. This restriction may deter traders who rely on automated strategies, especially since other prop firms often permit automated trading if the trader owns the script.

Trading Apps

MT4 is available on Android and iOS mobile devices, allowing traders to manage their positions and monitor the markets from their smartphones or tablets. The mobile apps can be downloaded directly from the Google Play Store for Android devices and the Apple App Store for iOS devices.

Verdict on Trading Platforms

Vantage’s use of MetaTrader 4 offers a solid trading experience across devices, but the ban on automated trading through EAs may limit its appeal. Traders who rely on automated strategies might prefer other prop firms that allow such tools if the trader owns the script.

Payments and Payout Process

Vantage provides a straightforward process for managing both fee payments and profit payouts. The key expense is the audition fee, which is 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 is the audition fee, which can be paid through several methods. This fee is refunded upon successful completion of the challenge and qualification as a funded trader. Deposit methods for the audition fee include:

• 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 reach funded trader status, they can withdraw their profits through the same e-Wallet and crypto payment methods, with 80% of the net profits allocated to the trader.

Payouts are processed every two weeks and there are no withdrawal fees, making it straightforward for traders to access their earnings. However, traders must close all open trades before requesting a payout, which might require careful planning.

Verdict on Deposits and Payouts

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

Customer Support and Education

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

Customer Support

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

However, during testing, 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 leave traders frustrated when they need immediate help.

Educational Resources

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

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

Verdict on Customer Service and Education

While Vantage excels in providing comprehensive educational resources, the customer service experience could be improved. The issues encountered with the live chat feature suggest that those seeking immediate assistance might find the support lacking, which could be a significant drawback for some users.

Trust and Community

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

Vantage also maintains 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.

Vantage Markets is regulated by the Australian Securities and Investment Commission (ASIC) for its brokerage services; however, it’s important to note that the prop trading activities do not fall under this regulation as they involve simulated trading.

Verdict on Trust and Community

Vantage has an established community presence and a large following across social media platforms. However, their Trustpilot score of 3.3 out of 5 highlights concerns, especially related to customer service, that may deter some prop traders.

How to Sign Up to Vantage

Signing up to the Vantage Elite Trader program at vantagemarkets.com is a straightforward process that allows prop traders to begin their journey towards earning a funded account. Here’s a 10 step guide to help you get started.

1. Choose Your Challenge Account Type: Start by selecting the account type that best suits your trading style. Vantage offers two distinct options:

• Basic Account: Ideal for traders who prefer a lower-risk approach, featuring a 10% profit target during the Challenge Phase and a 5% target in the Evaluation Phase.
• Plus+ Account: Tailored for traders with a higher risk appetite, requiring a 20% profit target in the Challenge Phase and a 10% target in the Evaluation Phase.

2. Select Your Account Balance: Next, choose the account balance you wish to trade with during the challenge. Vantage provides a range of options to accommodate different trading levels between $10,000 and $200,000.

3. Create an Account: Register your details on the Vantage platform to create your trading account. You’ll need to provide basic information, including your name, email address, and preferred account settings.

4. Verify Your Identity: Complete the identity verification process by submitting the necessary documents, such as a government-issued ID and proof of address. This step ensures compliance with regulatory requirements and secures your account.

5. Pay the Audition Fee: Once your account is set up, pay the audition fee corresponding to your chosen account type and balance. The fee varies based on your selections, ranging from $139 to $2,099. This fee is refundable upon your first profit payout if you successfully complete the challenge.

6. Download MetaTrader 4 (MT4): After completing the registration and payment, download the MetaTrader 4 (MT4) platform. This is the trading software you’ll use to participate in the challenge phases. MT4 is known for its user-friendly interface and advanced trading tools, making it a popular choice among traders.

7. Complete Challenge Phase 1: Begin the Challenge Phase, where your trading skills will be tested. You must trade for a minimum of four days and achieve the profit targets without exceeding the risk limits. As shown below, your Vantage dashboard will show the challenge details, and your virtual account balance.

8. Complete Challenge Phase 2: If you successfully pass the Challenge Phase, proceed to the Evaluation Phase. This stage further assesses your trading consistency, with slightly relaxed profit targets but the same risk management rules.

9. Achiever Funded Trader Status: Upon completing both challenge phases, you will earn funded trader status. This prestigious level allows you to trade with simulated funds and keep 80% of the profits.

10. Start Trading with Vantage Capital: After your funded trader status is confirmed, typically within a few days, you can start prop trading with Vantage’s capital. From here, you can trade in live market conditions and work towards your trading goals.

Final Verdict on Vantage Elite Trader

Vantage Markets offers a well-structured prop trading program that is ideal for disciplined traders who prefer manual trading. The program’s key strengths include its clear evaluation process, accessible audition fees starting at $139, and the use of the MetaTrader 4 platform, which is highly regarded for its user-friendly interface and strong trading tools.

However, the prohibition of automated trading during the evaluation phases could be a drawback for those who rely on such strategies. Additionally, higher spreads on major currency pairs compared to some competitors might affect overall trading costs.

Overall, the Vantage Elite Trader program is best suited for traders who are comfortable with manual trading and are looking for a transparent and structured path to securing a funded account. The program’s emphasis on strict risk management and clear profit targets makes it a strong option for those who can adhere to its rules, but traders who prefer using automated strategies may want to consider other firms.