In this article, we’ll be seeing a comprehensive review of Consummate Traders, a proprietary trading company that provides retail traders with enough capital to begin their forex trading journeys. Before we proceed to the article properly, I’d like to explain what forex trading is about, in case you’re just hearing the term for the first time.
Forex trading (also known as foreign exchange trading or currency trading) is the act of buying and selling currencies with the aim of making a profit. Forex trading is done in pairs, where one currency is bought while another is sold. The most commonly traded currencies are the US dollar, Euro, Japanese Yen, British Pound, Swiss Franc, Canadian Dollar, and Australian Dollar.
Forex trading is a decentralized market that operates 24 hours a day, five days a week. The forex market is the largest financial market in the world with an average daily trading volume of over $5 trillion. Forex traders can make money by buying a currency pair at a low price and selling it at a higher price or by selling a currency pair at a high price and buying it back at a lower price.
Forex trading can be done through a broker who provides access to the market. Brokers offer different types of accounts with varying features such as leverage, spreads, and commissions. Forex traders can use technical analysis tools such as charts and indicators to analyze the market and make informed decisions.
About Consummate Traders
Consummate Traders is a proprietary trading company that provides retail traders with enough capital to begin their forex trading journey. They offer funding and take care of the risk so that traders can enjoy up to 90% of the profits they make. They let you trade over 1000 instruments including stocks, crypto, forex, and more.
How does Consummate Traders work?
They have five trading models that cater to different trading styles and preferences:
- Evaluation: This model is a bi-weekly evaluation account with a profit target of 8% in Phase I and 5% in Phase II. The Evaluation model is designed to test your trading skills and discipline in observing the trading goals. Once you pass the evaluation, you will advance to the Confirmation stage and get the chance to trade for Consummate Traders Proprietary Trading Firm.
- Express Lite: This model lets you trade up to $50,000 without any challenge. You can trade any instrument or position size you want without any restrictions.
- Express Pro: This model is for experienced traders who are up for a challenge. It lets you manage a gargantuan capital of up to $400,000. You can trade any instrument or position size you want without any restrictions.
- Synthetic: This model lets you trade indices unaffected by regular market hours, global events, or market and liquidity risks.
- Bi-Weekly Evaluation: This model is similar to the Evaluation model but has a different profit target and scaling rules. The Bi-Weekly Evaluation model has a profit target of 8% in Phase I and 5% in Phase II, with no minimum trading days required. You can scale up by 20% after every 10% made within three consecutive months.
Consummate Traders has a refundable fee that you can earn back. There are no monthly fees, hidden costs, or recurring costs. You also get to keep up to 90% of the profits you make on the platform.
Which Broker does Cossumate Traders use?
Consummate Traders partners with Kwakol Markets, a global multi-asset broker that provides online trading and investing opportunities to individuals, retail investors, and institutions. They offer a range of financial services, including advanced market analysis tools and educational resources to help clients improve their knowledge of the global markets.
Kwakol Markets is an ASIC-regulated broker that provides a simple, secure, and superior trading experience with transparency and innovative technology 12. They offer a variety of trading platforms to suit your preferences and needs, including the award-winning MetaTrader 4&5, the innovative cTrader, or the convenient Web Trader 2.
Kwakol Markets offers true ECN connectivity with market-leading pricing and trading conditions. They provide clients with up to 1:500 leverage, 0.01 minimum lot, $250 minimum deposit, and access to over 1,000 assets 2.
Who founded Consummate Traders?
Consummate Traders was founded by Damilare Ogundare, one of the most successful Nigerian forex traders and founder of the Habby Forex Trading Academy. In 2022, he was honored by ECOWAS in 2022 as their Youth Ambassador.
Consummate Traders Reviews: Pros and Cons
Here are some of the pros of Consummate Traders:
- Access to Capital: Consummate Traders is a proprietary trading firm that provides traders with the opportunity to trade using the firm’s funds. This gives traders access to larger trading capital, which can significantly increase their trading potential and allow them to take larger positions in the market.
- Risk Management Support: Proprietary trading firms like Consummate Traders have risk management protocols and guidelines in place to help traders manage their risk effectively. This can be particularly beneficial for traders who are still developing their risk management skills.
- Competitive fee structure: Consummate Traders has a competitive fee structure, which is one of the significant advantages of trading with them.
- Wide range of tradable assets: Consummate Traders offers a diverse selection of tradable assets, catering to the needs and preferences of various traders.
- User-friendly trading platform: They have a user-friendly trading platform that is easy to navigate.
- Responsive customer support team: Consummate Traders has a responsive customer support team that is available 24/7 to assist traders.
Here are some potential drawbacks of trading with a proprietary trading firm like Consummate Traders:
- Profit-Sharing Arrangement: Proprietary trading firms like Consummate Traders have profit-sharing arrangements, which means that traders must share a portion of their profits with the firm. While this can be a good way to get access to capital, it also means the firm earns a portion of the traders’ profits. This is a fair trade-off for access to capital, but traders should keep this in mind as they trade.
- Limited Autonomy: When trading with a proprietary trading firm, you may be required to follow specific trading guidelines and rules set by the firm. Although these guidelines are designed to mitigate risk and safeguard the firm’s assets, they may restrict a trader’s freedom and flexibility to execute trades based on their own strategies and preferences. Traders should evaluate whether they are comfortable functioning within the firm’s framework.
- Selection process: Traders may need to prove they are successful, pass evaluations, or have specific experience to join proprietary trading firms like Consummate Traders. This process may limit access and opportunities for some traders.
How to join Consummate Traders
To join Consummate Traders, follow these four simple steps:
- Visit the website registration page
- Input your details (Name, Username, Email, Phone, Country, and Password) and solve the captcha.
- Read and accept the Terms and Conditions (if you agree) and click on SIGN UP.
- The next step is to confirm your email by clicking on the link that will be sent to you.
- You’re now set to begin your trading journey.
If you’re looking for a proprietary trading firm that provides retail traders with enough capital to achieve financial freedom, Consummate Traders is a great option. They offer a free trial and easy entry options for those who are new to trading. With over 1000 instruments including stocks, crypto, forex, and more, you can trade with the best tools and conditions.
Based on the reviews on Trustpilot, Consummate Traders appears to be a legitimate proprietary trading company with many satisfied customers. They have over 300 reviews, averaging 3.9 and I encourage you to also check it out before signing up, to help you know what fellow users think about the platform.
In conclusion, if you’re interested in joining Consummate Traders, it’s important to do your research and read reviews from other traders. While there are some negative reviews, many customers have had positive experiences with the company. Good luck with your trading journey!