Our Vantage Elite Trader review looks at the now-discontinued prop challenge. Despite its competitive structure, as of November 2024 the prop trading program offering a pathway to funded accounts has ceased operations as Vantage shifts its focus back to brokerage services.
Vantage Elite Trader Summary
As of 30 November 2024, Vantage Elite Trader has discontinued their Elite Trader Challenge.
If you are looking for a new prop firm, we recommend reading our prop firm reviews or our recent list of the best broker backed prop firms.
For existing Vantage Elite Traders:
Vantage Elite Trader was a prop trading challenge from Vantage Markets, an ASIC regulated forex broker with over 14 years in the online trading industry. Yet, as of 30 November 2024 Vantage Elite Trader has ceased all prop trading challenges and instead focusing on their brokerage services.
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.
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.
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:
Traders who successfully complete the Challenge Phase moved on to the Evaluation Phase, which focused on consistency under slightly relaxed conditions:
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:
After successfully completing the challenge, it could take 1-3 days to receive your funded account.
The prop firm used to offer two distinct account types throughout the evaluation process, catering to different trading styles and risk preferences:
| Account Type | Account Balance | Fees | Profit Target | Maximum Daily Loss | Maximum Total Loss |
|---|---|---|---|---|---|
| Basic | $10,000 | $139 | $1,000 | $500 | $1,000 |
| Plus | $10,000 | $189 | $2,000 | $1,000 | $2,000 |
| Basic | $25,000 | $189 | $2,500 | $1,250 | $2,500 |
| Plus | $25,000 | $329 | $5,000 | $2,500 | $5,000 |
| Basic | $50,000 | $329 | $5,000 | $2,500 | $5,000 |
| Plus | $50,000 | $599 | $10,000 | $5,000 | $10,000 |
| Basic | $100,000 | $599 | $10,000 | $5,000 | $10,000 |
| Plus | $100,000 | $1,149 | $20,000 | $10,000 | $20,000 |
| Basic | $200,000 | $1,149 | $20,000 | $10,000 | $20,000 |
| Plus | $200,000 | $2,099 | $40,000 | $20,000 | $40,000 |
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.
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.
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’s commission structure was designed to vary based on the type of asset being traded, providing different cost considerations depending on the market:
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.
Vantage offered a total of 151 financial markets with a maximum leverage of 100:1.
| Asset Class | Total Markets | Leverage |
|---|---|---|
| Forex Pairs | 62 | 100:1 - 10:1 |
| Commodities | 4 | 30:1 - 50:1 |
| Indices | 16 | 50:1 |
| US Shares | 69 | 3:1 |
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.
Vantage offered the MetaTrader 4 (MT4) platform for its prop trading challenges.
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.
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.
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:
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.
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.
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.
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.
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.
The company had 1.4M likes on Facebook and 47,000 followers on Twitter, indicating a strong reach within the trading community.
Vantage also maintained a YouTube channel with over 53,500 subscribers, where they regularly post educational content and market updates.
Despite their substantial online presence, Vantage has a Trustpilot score of 4.2 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 4.2 out of 5 was always concerning, and probably deterred some prop traders.
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.
Vantage Elite Trader is no longer operating as of 30 November 2024. It previously offered a well-structured prop trading program with up to $200,000 funded accounts and an 80% profit split but has since ceased accepting new challenges or accounts.
As of November 30, 2024, Vantage Markets has discontinued its Vantage Elite Trader program, which previously offered funded accounts through a structured challenge. Currently, Vantage does not provide funded trading accounts. Traders can still access various live trading accounts, such as Standard STP and Raw ECN, which require personal capital to trade.
Yes, Vantage offers CFD and forex trading with real funds through VantageFx. Our sister site ‘compareforexbrokers.com’ has a full up-to-date analysis in the VantageFX Review section.
At PropFirms.com, our goal is to provide traders with accurate, comprehensive comparisons of prop trading firms. Our methodology is built on rigorous research and in-depth testing across multiple key areas, including trading costs, platform features, and account structures. We assess firms on factors such as profit payout, leverage options, audition processes, and customer support to ensure traders have all the information they need to make informed decisions. Our team regularly updates our reviews to reflect the latest industry developments, helping you find the best prop firm to match your trading style and goals.
