The Concept Trading Review: Are They Legit? My Honest Take

Hey, welcome to my The Concept Trading review.

Today, I’ll go through the different aspects of this prop firm to help you determine if they are worth your money or not.

There are a ton of advatnages to investing with a prop firm.

However, choosing the right prop firm might seem challenging. Through this review, I’ll help you decide if this prop firm is worth it or not.

Pros and Cons of The Concept Trading

Pros

• Rapid Scaling: Facilitates swift scaling across funding models, emphasizing profit-driven scalability over time constraints
• Superior Leverage: Offers unparalleled leverage of up to 1:200, ideal for scalping strategies
• High Funding Ceilings: Enables traders to attain substantial seven- or eight-figure balances

Cons

• Standard accounts usually have a 5% maximum drawdown
• Premier or Challenge accounts start with a maximum drawdown of 10%

What is The Concept Trading?

Reputable business The Concept Trading offers a range of funding options, including instructional resources. The organization is committed to building strong, win-win relationships with traders. The company was founded in Australia in 2021 by Thomas Grayson, the CEO, and Max Eason, the CTO. Together, they have 20 years of business expertise.

The Australian Securities & Investment Commission has granted The Concept Trading an ASIC License, which enables the business to provide financial services. This license is necessary to operate a financial company in Australia and calls for a thorough evaluation of the business’s ability to manage its finances, perform particular financial services competently, and meet the obligations of an AFS licensee. 

The Concept Trading Funding Programs and Challenges: Rules and Requirements 

The company offers three different funding models: Traditions, Premier, and Challenge. Each has its own set of guidelines.

Traditional – Single Phase Challenge

The Challenge account is a one-phase challenge in which traders attempt to achieve a five percent profit during the “intern” phase. 50% of profits (which increase to 90%) are given to them after they reach this objective. Furthermore, there are no time or daily drawdown limits; traders gain an additional 50% of their capital after reaching each 5% profit target.

Premier – Instant Funding Account

Because the Premier option provides speedy funding, traders can profit from their initial trade immediately. Capital doubles for every 7% profit target reached, and the company has one of the fastest development plans in the industry with a 90% profit split. With pricing starting at $300 for $3000 of rapid funding, traders can invest up to $10 million in the President’s account. Moreover, traders can lock into a particular level to receive 90% of profits at any moment based on the 90% lock rule.

The Concept Trading is appealing because it offers traders flexibility and few trading restrictions. The essentials are outlined as follows: 

• Trading news is permitted without restrictions.
• Expert advisers, bots, and other algorithmic trading tactics are all permitted.
• In all programs, working positions through the night and on the weekend is allowed.
• Copy trading is permitted at this company.
• All programs encourage inclusivity for a range of trading methods by accepting all trading types. 

The Concept Trading Broker: Do They Use a Reliable Platform? 

I found that the MetaTrader 4 platform is the only trading platform used by traders with The Concept Trading accounts. Soon, efforts will be made to bring the platforms of CTrader and MetaTrader 5 together, giving traders more options.

While the MetaTrader 5 and CTrader platforms offer more capabilities and enhancements to address the evolving needs of traders in the financial sector, the MetaTrader 4 platform offers robust functionality and several trading tools.

With more financial products supported, faster execution times, new charting capabilities, and a greater selection of technical analysis indicators, the MetaTrader 5 platform provides improved trading functionality. With MetaTrader 5, traders may access a vast array of markets, including stocks, futures, options, currencies, and commodities, thanks to its multi-asset trading features. With the use of the platform’s sophisticated algorithmic trading tools, traders may more precisely and efficiently streamline their strategies.

Popular trading platform CTrader is renowned for its broad order management facilities, powerful charting capabilities, and easy-to-use interface. The platform ensures reasonable prices and seamless order execution for many asset classes by providing access to a wide range of trading instruments and liquidity sources.

Depending on their preferences for advanced features or familiarity, traders can pick between MetaTrader 4, MetaTrader 5, and CTrader, allowing them to select the platform that best suits their trading objectives and style. The brokerage is committed to providing ongoing platform upgrades and assistance to ensure that all of its clients have a reliable and easy trading experience. 

The Concept Trading Fees: How Much Do They Charge? 

Once the “Traditional” and “Premier” accounts reach their assigned goals of 10% and 7%, respectively, profits are disbursed. After choosing a particular level, traders will get paid every week.

Weekly incentives are given to challenge accounts without a minimum payment amount. For greater convenience, there are several other ways to make payments, including:  

1. Bank transfer 
2. DEEL
3. Wise
4. PayPal
5. Cryptocurrency transactions 

This excellent technique ensures that traders have a variety of options, catered to their needs and tastes, to quickly and efficiently realize their gains. 

The Concept Trading Proof of Payment:

This company must demonstrate that it has the resources necessary to pay for operations by legal requirements. The required funds are supplied by Australian financial services provider JP Markets to guarantee this.

The Concept Trading Customer Support: 

Strong customer support services are important to The Concept Trading since they enable partner traders to quickly address their concerns and questions. The organization ensures that customers can easily contact their technical support team by offering different channels for communication. 

Contact Information:

There are many methods to obtain assistance. For example:

• Email: [email protected]
• Phone number: +61 7 4599 3855
• Live chat is located at the corner of the website

Therefore, The Concept Trading is present on various social media platforms. These consist of

• Discord
• Facebook 
• Instagram 
• YouTube 
• Twitter 

What Makes The Concept Trading Unique? 

While I can list out several things that make this prop firm unique, the biggest highlight is the 90% Lock Rule.

It’s A unique element of The Concept Trading. The “90% Lock Rule” enables traders to select and secure a predetermined capital level. Basically, traders will get 90% of earnings after everything is finished, no more scaling up. Challenge account holders are eligible for weekly payouts instead of having to wait for every 5% profit milestone. 

The Concept Trading Reviews: What Do Their Customers Say?

The Concept Trading is rated 4.7 out of 5 ratings on Trustpilot. They are situated on the platform’s magnificent stage. In total, 213 reviews have been submitted by customers on Trustpilot. 

#1. So far, I’ve only had positive encounters. This prop company truly stands out because of the service and “restrictions,” or rather lack of them.

Because there was a significant lag in trade execution, I recently lost an account challenge. I’m not sure if this is a platform issue, a broker issue, or a result of a technological error. But as an apology, I was given a new account at no cost and excellent customer service. It is the best customer service I have ever had, so I have no complaints. Fantastic work, gentlemen. I’m happy to see a business that is making an effort to do good.

#2. Excellent site with a simple The Concept Trading operation. Fantastic and fairly equitable options for anyone attempting to obtain a financed account. No daily trading requirements and no deadlines for achieving goals.

#3. As per TY’s report, The Concept Trading’s level 1 was completed with the 10% maximum drawdown incentive. However, level 2 is somewhat challenging due to the doubling of the account and the reduction of the drawdown to a maximum of 5%; therefore, increasing the lot size is not possible at this time. 

As a result, the maximum risk must be halved for those who employ an EA, as the EA becomes more aggressive as the account balance increases. The subsequent tier doubles the account balance once more, with a maximum drawdown of 5%.

#4. Cosh asserted that not even in the battle for merchants. Exorbitant fees—any account with less than $25,000 will not succeed.

In contrast, you can trade for less than your 2, 3, or 10k account with Funded Traders Plus, Funded Traders Academy, and The 5ers, all of whom provide 25,000! Then you jump right to 100,000, but your accounts are in phases, right? Promised to fall short! You don’t currently offer any platforms either?

With nearly 300 reviews on Trustpilot alone and most of them being positive, it’s clear that traders trust this prop firm.

Conclusion

To sum up, The Concept Trading presents a compelling prospect for traders seeking to boost their earnings quickly and without any temporal restraints. It presents a unique offering in the proprietary trading industry, the platform provides excellent coaching and learning resources.

This ensures traders receive beneficial support. Moreover, its lack of trading restrictions sets it apart from other businesses with complex rules. All things considered, it’s an excellent choice for anyone wishing to raise their trading capital. 

Be sure to browse the market and check out other options as well.

FAQs on the Concept Trading:

Here are some frequently asked questions (FAQs) about The Concept Trading prop firm along with their answers:

What are the profit targets for different accounts?

• For Traditional accounts, the profit target is 5%. For Premier accounts, it is 7%. In the Three Over Three program, the target is 3% each month for three consecutive months. Some accounts using the 90% Lock Rule do not have a profit target, and traders can receive a 90% profit share.

What happens if I hit the maximum drawdown limit?

• If an account hits the maximum drawdown limit, it will be closed.

Do I need to provide identification documents?

• Yes, you must comply with AML/CTF laws, provide proof of identification, and sign a Service Agreement before receiving your first payout.

Can I trade any style?

• Yes, The Concept Trading allows various trading styles, including the use of Expert Advisors (EAs), algorithms, and scalping strategies without restrictions.

How many accounts can I trade simultaneously?

• You can trade up to three accounts simultaneously.

Is there an age requirement to participate?

• Yes, you must be at least 18 years old to participate.

Is The Concept Trading a broker?

• No, they are not a broker. Their executing broker is LCM-FX, and they also use Kubera Markets for MT5 accounts.

What payment methods are accepted?

• Payments can be made via PayPal, credit card, and cryptocurrency.

Can I get a free retake if I fail?

• If your account fails, you can reapply within 30 days from the closure date to potentially receive a discount, subject to management approval. If you apply after 30 days, the standard fee applies.

What is the 90% Lock Rule?

• This rule allows traders to lock their account at a certain level and receive 90% of the profits from that point onwards. It eliminates the requirement to continue scaling up and provides weekly payments instead of waiting for profit targets to be met.

What are the account levels and scaling options?

• The firm offers multiple levels, starting from Intern to Traditional Manager levels. As you hit profit targets, your account is scaled up with increased capital. Scaling is based on hitting profit targets rather than time-based increments.

Are there any restrictions on trading styles?

• There are no restrictions on trading styles. The firm allows news trading, overnight and weekend holding, and copy trading, providing traders with a lot of flexibility.