Consummate Traders is a Nigerian-based proprietary firm that has been gaining popularity in the trading community. Consummate Traders prop firm offers a range of innovative services such as free trial prop firm, consummate traders synthetic indices prop firm trading, instant funding account as well as one & two-phase evaluation programs. Making it stand out from the rest. In this Consummate Traders prop firm review article, we will go into detail on how the prop works, highlighting 10 essential things traders must know.
We aim to provide a comprehensive review of Consummate Traders Prop Firm, covering all aspects of the firm that traders need to know. By the end of this article, traders will have a clearer understanding of whether Consummate Traders is the right prop firm for them and what they can expect from the firm.
Key Focus
- The Owners of Consummate Traders prop firm
- What are Consummate Traders’ Rules
- Consummate Trading Platforms
- Trading Models (account size, pricing, target, drawdown}
- Consummate Trader Synthetic Indices prop firm
- Profit Split in Consummate Traders prop firm
- Consummate Traders Withdrawal & Payouts
- Consummate Traders Competition
- Consummate Traders Customer Service
- Pros and Cons of Consummate Traders
Firstly, we are going to talk about the owners of Consummate Traders prop firm, then its trading rules including the requirements and the targets that must be followed. Secondly, we will explore the trading models and the fees associated with them, as well as the withdrawal process. Thirdly, we will examine the pros & cons, and customer service provided by Consummate Traders and whether it meets the expectations of traders.
1. Who Are The Owners of Consummate Traders Prop Firm
Consummate Traders owners are not clear since there are no official documents that reveal the owners of the prop firm. However, it is believed that the owners of Consummate Traders are Damilare Ogundare who also manages Habby Forex Academy, and his colleague Jeffery Benson the owner of Firepips Academy, with a team of other professional traders who have a passion for trading and are also committed to helping forex traders succeed in the financial markets, most especially Nigerians and Africans.
The owners of Consummate Traders prop firm are financial trading professionals who have a combined experience of over 10 years in the financial markets. Because they have a deep understanding of the markets, they are committed to providing traders with the resources and support they need to succeed in the financial markets.
Aims and Objectives
Consummate Traders proprietary firm was established to cater to the needs of upcoming traders who lack the necessary capital to start their trading journey. With funded accounts of up to $400,000 and scaling up to $1,000,000, traders stand a higher chance of making substantial profits faster. The consummate trading firm offers over 50 instruments such as stocks, crypto, forex, synthetic indices, and more.
The firm is dedicated to helping traders succeed by designing its trading objectives to foster discipline and improve trading skills. Consummate Traders prop firm offers 4 trading models and different types of evaluation accounts to ensure that traders have the necessary skills to succeed in the market.
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2. Consummate Traders Prop Firm Rules
To become a funded trader with Consummate Traders, one must observe some set of rules, below are the most important rules traders must abide by to get funded with the prop firm.
Phase I Evaluation Rules
The one phase evaluation program is designed to test a trader’s skills and ability to manage risk. A trader is required to achieve a profit target of 8% within 30 days period. The following are the rules for the Phase I evaluation:
- The trader must trade only the approved instruments.
- The trader must not exceed the daily loss limit of 6% of the account.
- The trader must not exceed the maximum drawdown limit of 12% of the highest account balance.
- The trader must meet the profit target of 8%.
Phase II Evaluation Rules
Phase II evaluation is a verification process to confirm that a trader is good and has followed rules. A trader is required to achieve a profit target of 5% within the 60-day limit. See the rules for the Phase II evaluation below:
- The trader must continue to trade only the approved instruments.
- The trader must not exceed the daily loss limit of 6% of the account balance.
- The trader must not exceed the trailing drawdown limit of 12% of the highest account balance.
- The trader must meet the 5% profit target.
- The trader must not violate any of the rules from the Phase I evaluation.
It is also important to note that a trader who fails any of the evaluation processes will not be funded. However, a trader that passes both evaluations, will become a funded trader to trade with a large amount of capital.
3. Consummate Trading Platforms
Consummate Traders prop firm provides trading with MetaTrader 4 and MetaTrader 5 platforms that are backed by Kwakol Markets, an ASIC-regulated multi-asset broker. These platforms are known for their user-friendly interface, advanced charting capabilities, and customizable features.
MetaTrader 4 (MT4) is a popular platform among traders due to its efficient trading tools, indicators, and real-time data analysis. It is available for both desktop and mobile devices.
MetaTrader 5 (MT5) is an advanced platform that offers additional features such as multi-asset trading, depth of market analysis, and economic calendar integration. It is also available for desktop and mobile devices.
Traders can choose between MT4 and MT5 platforms, The company also offers a free trial demo account for traders to test and familiarize themselves with the platforms free, before trading with real money.
4. Trading Models (accounts, fees, targets & drawdown)
Consummate Traders offers 4 trading models to suit different trading styles and preferences. The account types are Evaluation which is a 2-phase challenge, Express Lite instant funding program, Express Pro instant funding, and Synthetic Indices 2 phase evaluation.
Account Sizes
Account sizes in Consummate Traders prop firm start with a minimum balance of $5,000 while the maximum account is $400,000. Please compare the account sizes below:
- Evaluation Account Sizes: $5,000, $10,000, $25,000, $50,000, $100,000, $200,000, and $400,000
- Express Lite Account Sizes: $5,000, $15,000, $25,000 and $50,000
- Express Account Sizes Pro: $5,000, $15,000, $25,000 and $50,000
- Synthetic Indices Account Sizes: $5,000, $10,000 and $20,000
Pricing
Consummate Traders charge a one-time fee for each trading model, which varies depending on the model and account size. The firm’s most affordable trading models are the $5,000 account sizes. Pricing is as follows:
- Evaluation Fee: $49, $84, $199, $299, $499, $979, and $1849
- Express Lite Fee: $69, $169, $269, and $499
- Express Pro Fee: $299, $699, $1119, and $2,229
- Synthetic Indices Fee: $99, $189 and $249.
Profit Target
Each trading model has a profit target that traders must aim to achieve within a specified timeframe. Profit targets for
- Evaluation Profit Targets: Phase I 8%, Phase II 5%.
- Express Lite Profit Target: 10% within 60 days and zero targets afterward
- Express Pro Profit Target: 20% scaling for every 10% profit made after 3 months.
- Synthetic Indices Profit Targets: Phase one 10%, phase two 8%, within a 30 day period.
Daily & Max. Drawdown
Drawdown refers to the maximum percentage of account equity that can be lost before a trader loses the account. Each trading model has a specific drawdown limit, which varies depending on the model.
- Evaluation Drawdown Limits: Daily loss 6%, Max Loss 12%
- Express Lite Drawdown Limits: Daily loss 6%, Max loss 10%.
- Express Pro Drawdown Limit: Max loss of 5%. No daily drawdown limit.
- Synthetic Indices Drawdown Limits: Daily loss 5%, Max loss 10%.
Overall, Consummate Traders’ trading models provide a clear set of rules and parameters to follow, which can help traders minimize risk and improve trading performance. However, traders should carefully consider the minimum account size, fees, profit targets, and drawdown limits of each model and choose one that best suits their trading styles.
5. Consummate Trader Synthetic Indices Prop Firm
Consummate Traders is one of the 3 prop firms with synthetic indices trading which we listed previously. Synthetic indices which were created by the Deriv platform are a financial instrument that allows traders to speculate on the price movement of an underlying asset without actually owning it. Instead, synthetic indices are created using a combination of other financial instruments such as futures, options, and CFDs.
Consummate Traders synthetic indices trading comes with a two-phase evaluation process with 5% & 10% drawdowns, and 10% & 8% profit targets which traders must pass to potentially earn a prop firm synthetic indices funded account.
Synthetics Indices Evaluation & Targets
1. Phase I Synthetics Evaluation: This phase is set to test the trader’s skills and ability to manage risk. Traders are required to achieve a profit target of 10% within 30 days.
2. Phase II Synthetics Evaluation: This verification phase is to confirm that indeed a trader is good and has followed the rules. Traders are required to achieve a profit target of 8% within 30 days.
Maximum Account Per Trader
The maximum number of funded accounts per trader is $600,000. This means that traders can only have a maximum total of $600,000 across all their funded accounts at any given time.
Synthetic Indices Profit Split
After the evaluation phases, Consummate Traders will pay traders a 70% profit split at the end of the first month, and subsequently, traders get paid monthly.
6. Profit Split In Consummate Traders Prop Firm
Consummate Trading prop firm traders can earn a unique profit-sharing of up to 90% of their profits, 15% of the profits made during evaluation processes, and a full refund of the registration fee.
The profit split in Consummate Traders prop firm is based on the trader’s performance. Traders who perform well get a higher profit split, while those who do not perform well receive an 80% profit split. The profit split is based on the trader’s net profit.
Traders who pass the evaluation process can keep up to 90% of their profits plus 15% from profits made during the evaluation process, which is one of the highest profit splits in the industry. The profit split is based on a sliding scale, which means that the more a trader makes, the higher their profit split.
7. Consummate Traders Withdrawal & Payouts
One of the most important aspects of any trading firm is its withdrawal and payout policies. The Consummate Traders promised that its withdrawal process will ensure that traders receive their payouts in a timely manner.
Consummate Traders withdrawals are through Wire Transfers and Cryptocurrency. Wire transfers typically take 3-5 business days to process, while Cryptocurrency withdrawals can be in 24 hours. It is also important to note that withdrawals are only processed on business days, requests made on weekends or holidays are processed on the next business day.
8. Consummate Traders Competition
Consummate Traders prop firm runs a competition from time to time where traders stand a chance at a certain prize. The just concluded competition has $10,000 worth of prizes. The competition runs for 30 days, a trader with the highest equity stands a chance to win $500 weekly and over $10,000 worth of prizes.
The Consummate Traders monthly trading competition is a valuable opportunity for traders to test their skills and potentially earn additional profits.
9. Consummate Traders Customer Service
Consummate Traders operates good customer service through different channels. The firm’s representatives are always available to address any concerns or inquiries that traders may have.
Whether it’s via phone, email, or live chat, traders can also reach Consummate Traders through social platforms like Twitter, Facebook, WhatsApp, Instagram, LinkedIn, and Discord, and expect a prompt and professional response from the Consummate Traders team.
Consummate Traders also offers a comprehensive online knowledge base that is accessible to all traders. This knowledge base includes articles, tutorials, and videos that cover a wide range of trading topics. Overall, Consummate Traders’ customer service is top-notch. Traders can expect prompt and professional support from the firm’s representatives, as well as a comprehensive online knowledge base.
10. Pros and Cons of Consummate Traders Prop Firm
Consummate Traders prop firm provides traders with access to substantial trading capital to turn it into a full-time income and improve one’s financial situation. Here are some pros and cons of Consummate Traders:
Pros
- High Capital Limits: Consummate Traders prop firm offers high capital limits for traders, which allows them to trade with bigger amounts of money, this can help them make more profits and grow their accounts faster.
- Flexible Trading Models: Consummate Traders prop firm offers flexible trading models, which allows traders to choose the model that best suits their trading style in a way that is comfortable for them.
- Synthetic Indices Account: Consummate Traders synthetic indices for prop firms is one of their selling points as traders around Nigeria and Africa are searching for ways to trade synthetic funded accounts
- Cheaper Challenge: Consummate Traders offers cost-effective and cheaper challenge accounts as compared to many prop firms, ensuring that traders start trading without breaking the bank.
- Refund Of Fee: Consummate traders refund all traders who pass the evaluation phase on their first profit-split period at the end of the first month. Plus additional 15% of the evaluation model profits.
- Multiple Customer Service: Consummate Traders has multiple customer service channels, which are available 24/7 through different channels and social platforms like WhatsApp, Email, Phone, Twitter, and Discord.
Cons
- No EAs: Consummate traders recently discontinued the use of trading bots making it difficult for traders who rely on the EAs to lose interest in trading.
- Consistency Rule: Although, consistency rule can be good in certain ways. It can limit traders’ ability to maximize opportunities in the financial markets.
- Maximum Time Limit: Consummate Traders impose a 30-day maximum trading limit for phase I evaluation and 60 days limit for phase II evaluation which may be a disadvantage for less experienced traders.
- Poor Customer support: The customer support is not efficient, they sometimes do not respond to messages. I have had my email support delayed for over 5 days and that is horrible.
- No Owner’s Information: The hidden or lack of owner’s information on the company’s platform is something to be wary of. A prop firm of such magnitude should be transparent about its CEOs.
- Regulatory Issues: The firm is not transparent about its regulatory status as there is no information anywhere that shows they are registered with any financial regulatory body, no registration number or registered office.
In summary, Consummate Traders is an excellent prop firm for traders who are looking for high capital limits, as well as flexible trading models, and average customer service support. However, traders should be aware of the limited educational resources, EAs restrictions, consistency rules, lack of transparency, and regulatory issues before joining them.
User Reviews
Consummate Traders has received mixed Trustpilot reviews from its users. While some traders have had a positive experience as a result of trading with the prop firm, others have expressed dissatisfaction with the service. According to the information on Trustpilot, the firm has an average rating of 3.6 stars from 260 users, with 55% of 5 stars and 22% of 1 star. Here are some of the most common comments from users:
- Customer Service: Several users have praised Consummate Traders’ customer service, citing prompt and helpful responses to their inquiries. Others, however, have complained about slow or unresponsive customer support. I personally have 4 unresolved tickets that haven’t been responded to since 3 weeks ago.
- Trades Against Customers: Some users claimed that the firm opens trades in traders’ accounts through their back office just to make sure they fail the challenge.
- Withdrawals: Some users have reported difficulty withdrawing funds from their accounts, with delays or complications in the process. Others have had no issues with withdrawals.
- Payouts: While some traders said their payouts were processed successfully, Others have complained that the firm refuses to process payouts and instead cancel customers’ accounts.
- Competition: Consummate Traders hosts a monthly trading competition, which some traders have found to be a valuable opportunity to test their skills and potentially earn additional profits. Others have criticized the competition for being too difficult to win or for having unclear rules.
- Synthetic Indices: Consummate Traders offers trading on synthetic indices, which some traders have found to be a profitable and exciting option. Others have criticized the synthetic indices for being too volatile or unpredictable.
- Rules and Regulations: Consummate Traders has a set of rules and regulations that all traders must follow. Some users found these rules to be fair and reasonable, while others complained that they were too restrictive or difficult to understand.
Above all, each trader’s experiences with Consummate Traders can vary widely based on their individual circ*mstances and preferences. As with any trading platform, it is important to carefully consider both positive and negative reviews and their risks or benefits before investing your money.
In my opinion, I advise that traders should pay more attention to the negative reviews and find out exactly what those people complain about before registering an account with this firm. You can use this link to sign up with Consummate Traders prop firm if you are convinced that the prop firm is good for you.
Conclusion
In conclusion, Consummate Traders Prop Firm seems to be a reputable and reliable option for traders looking to work with a prop firm. With the opportunity to trade with up to $400,000 in trading capital.
The firm’s competitive fee structure, wide range of tradable assets, user-friendly trading platform, and responsive customer support team make it an attractive choice among traders.
The firm’s commitment to transparency, fair rules, and exceptional customer support make it a top choice for traders of all experience levels, however, customers should pay attention to the negative reviews as well as the positive ones and decide whether the firm is good for them.
