Want to become a futures trader but don’t know where to start? Consider working with a proprietary trading firm like My Funded Futures or Topstep. Prop trading firms allow you to trade futures with a funded account after you pass an evaluation.
Comparing My Funded Futures vs. Topstep is like pitting the new kid on the block against a more experienced and tested foe. However, both are favorites among futures traders. This review of My Funded Futures vs. Topstep will help you decide which one might be better for your needs.
What Is My Funded Futures?
In operation for over a year, My Funded Futures has quickly risen to prominence among futures prop firms.
Based in Dover, Delaware, the firm empowers traders by providing a single-stage evaluation to begin trading with a simulated account quickly. It then funds traders who show consistency with 30 winning days through a live account.
My Funded Futures has built a strong community to support futures traders from day one and supplies the latest market insights, analysis and risk management tools.
Pros
- Potential to complete evaluation in one day
- Transparent pricing and fees
- Traders keep 100% of their first $10,000 profit
- Traders keep 90% of profits
- Up to 10 funded accounts
Cons
- Only offers access to futures
- Doesn’t allow expert advisors (EAs)
- Limited educational materials
What Is Topstep?
Topstep was founded in 2012 as a prop firm trading futures in Chicago, Illinois.
In 2018, the company began offering foreign exchange (forex) trading to help traders develop their skills and earn significant profits. However, it ended the program in 2022 and now encourages traders with forex experience to trade in forex futures.
Topstep uses a one-step evaluation program it calls its “Trading Combine” to drive home the values of consistency in strategy and risk management. Though the ultimate goal may be a funded account, all traders can learn discipline and solid habits through the Trading Combine.
Pros
- Single-rule evaluation
- Multiple account options
- Traders keep the first $10,000 they earn
- TopstepTVTM delivers insights, news and analysis
- TopstepX, a proprietary trading platform
Cons
- Rules and programs can be challenging
- Funded traders pay exchange data fees as professionals
- Five winning days required before qualifying for payout
Side-by-Side Comparison
Here’s a side-by-side comparison for My Funded Futures vs. Topstep:
| Feature | My Funded Futures | Topstep |
|---|---|---|
| Funding Options | Up to $150,000 | Up to $150,000 |
| Profit Split | 100% of the first $10,000; 90% thereafter | 100% of the first $10,000; 90% thereafter |
| Pricing | Starts at $80 for the $50,000 account | Starts at $49 for the $50,000 account |
| Evaluation Process | Single-phase evaluation | Two-phase evaluation (Trading Combine + Verification) |
| Trading Platforms | NinjaTrader, Tradovate, TradingView, Quantower, Volumetrica, ATAS | TopstepX™, NinjaTrader, Quantower, Tradovate, TradingView, and others |
| Scaling Plans | Yes, based on performance | Yes, based on performance |
| Account Reset Options | Available with fee | Available with fee |
| Payout Frequency | Every five winning days | Daily |
| Leverage | 1:1 for futures trading | 1:1 for futures trading |
| Risk Management | Fixed drawdown limits; Starter plan has 2.4% daily loss limit | Max loss limits; daily drawdown limits; no time limit to meet profit targets |
| Trading Styles Allowed | Day trading, swing trading, scalping | Day trading, swing trading, scalping |
| Customer Support | 24/7 support via chat and email | 24/7 support via chat and email |
| Mobile App | Yes | Yes |
| Trial Accounts | Yes, free demo account available | Yes, free trial account available |
Key Differences:
- Evaluation Process: My Funded Futures offers a streamlined single-phase evaluation, allowing traders to get funded faster. In contrast, Topstep requires a two-phase evaluation, which may provide a more thorough assessment of trading skills but takes longer to complete.
- Payout Frequency: My Funded Futures allows payouts every five winning days, which can be advantageous for traders seeking more frequent access to their earnings. Topstep requires five non-consecutive profitable days to qualify for payouts, potentially leading to less frequent disbursements.
- Trading Platforms: Both firms support popular platforms like NinjaTrader and TradingView. However, Topstep offers its proprietary platform, TopstepX™, providing unique features tailored to its traders.
- Risk Management: My Funded Futures employs fixed drawdown limits, with the Starter plan imposing a 2.4% daily loss limit. Topstep enforces maximum loss and daily drawdown limits, with no time constraints to meet profit targets, offering flexibility in trading strategies.
Comparing My Funded Futures vs. Topstep
As two premier prop trading firms, either My Funded Futures or Topstep could be where you cut your teeth on futures prop firm trading. Here’s a look at both platforms’ features, funding programs, payment options and pricing to help you decide which might be best for you.
Features
My Funded Futures and Topstep have similar features that make them attractive to new and experienced futures traders. Both platforms allow you to keep the first $10,000 you earn and then split profits 90/10 in your favor. Both also have a one-step challenge to gain funding. However, the features diverge from there.
On Topstep, you can have up to five Express Funded Accounts after completing the Trading Combine. My Funded Futures allows just three Sim Funded Accounts. Each time you pass the Trading Combine for an Express Funded Account on Topstep, you must pay a $149 activation fee. My Funded Futures has no activation fee.
Topstep has one rule: Don’t hit or fall below your maximum loss limit, a predetermined amount you’re willing to lose on a trade. This number helps users manage risk and prevent significant losses.
Topstep gets high marks among traders for its educational content, including its performance coach offering and TopstepTVTM. My Funded Futures, meanwhile, earns credit for building a supportive community of traders and for its educational materials, though the latter might not rival Topstep.
Funding Programs
The funding programs for My Funded Futures and Topstep start in simulated trading environments – the Starter, Expert or Milestone programs for My Funded Futures and Trading Combine for Topstep. On both platforms, traders are evaluated for their ability to meet a target profit and consistency.
Once you pass (which can take as little as one day for My Funded Futures and two for Topstep), you get funded and can trade in a simulated environment, known as a Sim Funded Account on My Funded Futures and an Express Funded Account on Topstep. You can trade and earn money there and a risk team monitors your progress.
Once the risk team believes you’re ready, both platforms will move you to a Live Funded Account. Neither platform has a set time frame – it varies based on the trader’s abilities.
Trading Platforms
With Topstep, you have three recommended trading platforms, including its proprietary platform, TopstepX, NinjaTrader and Quantower.
Additional platforms you may use on Topstep include Tradovate, TradingView, T4, R|Trader Pro, ATAS OrderFlow Trading, MotiveWave, VolFix, Bookmap, Investor/RT, Jigsaw Daytradr, MultiCharts, Sierra Chart and Trade Navigator.
The list of platforms available on My Funded Futures isn’t as long but still provides many options for futures trading. You can choose from NinjaTrader, Tradovate, TradingView, Quantower, Volumetrica, Volsys/Volbook and ATAS.
Payments
My Funded Futures and Topstep differ in the payment methods they accept for their evaluation programs. My Funded Futures accepts wire transfers, crypto and credit cards, while Topstep accepts PayPal and major credit cards, including Visa, Mastercard, American Express and Discover.
Pricing
For the initial evaluation, My Funded Futures and Topstep have three account sizes: $50,000, $100,000 and $150,000. Topstep’s monthly charges are $49, $99 and $149, respectively.
The pricing for My Funded Futures is more nuanced because it offers three types of accounts: Starter, Expert and Milestone. The monthly prices for Starter are $80, $150 and $220, while Expert accounts are $165, $265 and $375. Milestone, a lifetime option, costs $445, $555 or $665.
The activation fee is another difference between the two services in terms of pricing.
My Funded Futures doesn’t charge an activation fee. Topstep charges a one-time activation fee of $149 for each Express Funded Account earned after passing a Trading Combine. However, there’s no monthly charge for an Express Funded Account or a Live Funded Account.
Traders are charged commissions and other fees for the live-funded accounts on Topstep.
Which Prop Trading Firm Is Better for You?
Over a decade of trader input and refinement separates Topstep from My Funded Futures. Regardless, both stand as major players in futures prop firm trading. Understanding each platform’s features, pricing plans and offerings can help you decide which will best accommodate your trading style and goals.
Frequently Asked Questions
A
With My Funded Futures, you can keep 100% of the first $10,000 you earn and 90% of profits after that. You can take a payout every five winning days with the Starter Plan if you meet the 40% consistency rule. With the Expert Plan, you can take payouts every two weeks above your buffer.
A
Topstep’s notable competitors include My Funded Futures, Take Profit Trader, Elite Trader Funding and Apex Trader Funding.
A
Topstep may automatically close or liquidate your account, depending on the rule you violate.
- If you fall below your maximum loss limit (MLL), your account will be liquidated for the trading day and closed. It must be reset before you can trade again.
- If you exceed the daily loss limit (DLL), your account will be automatically liquidated, but you can trade again the next day.
