Uncover the Best Prop Trading Firm for Your Futures Journey
What Is My Funded Futures?
My Funded Futures has made a significant impact in the futures prop firm arena since its establishment over a year ago. Based in Dover, Delaware, this firm empowers traders by providing a straightforward one-stage evaluation. Traders can quickly start trading with a simulated account and, upon demonstrating consistency with 30 winning days, gain access to a live account. A strong community supports futures traders from the very beginning, providing them with the latest market insights, analysis, and risk management tools.
Its pros include the potential to complete the evaluation in one day, transparent pricing and fees, and the ability for traders to keep 100% of their first $10,000 profit and 90% of subsequent profits. Additionally, traders can have up to 10 funded accounts. However, it has some limitations such as offering access only to futures, not allowing expert advisors (EAs), and having limited educational materials.
What Is Topstep?
Founded in 2012 in Chicago, Illinois, Topstep initially focused on futures trading. In 2018, it expanded to foreign exchange (forex) trading but ended the program in 2022 and now encourages forex traders to trade in forex futures. Topstep uses a one-step evaluation program called the “Trading Combine” to emphasize the importance of consistency in strategy and risk management. All traders can learn discipline and good habits through this program.
Its pros include a single-rule evaluation, multiple account options, allowing traders to keep the first $10,000 they earn, and providing TopstepTVTM for insights, news, and analysis, as well as its proprietary trading platform, TopstepX. However, its rules and programs can be challenging, funded traders pay exchange data fees as professionals, and five winning days are required before qualifying for a payout.
Comparing My Funded Futures vs. Topstep
Both My Funded Futures and Topstep are attractive to new and experienced futures traders due to their similar features. They both allow traders to keep the first $10,000 earned and split profits 90/10 in their favor, and have a one-step challenge to obtain funding. However, there are differences.
On Topstep, traders can have up to five Express Funded Accounts after completing the Trading Combine, while My Funded Futures allows just three Sim Funded Accounts. Each time a trader passes the Trading Combine for an Express Funded Account on Topstep, a $149 activation fee is required, while My Funded Futures has no activation fee. Topstep has a simple rule of not hitting or falling below the maximum loss limit, which helps manage risk. It also gets high marks for educational content, while My Funded Futures is praised for its supportive community and educational materials.
Funding Programs
The funding programs for both firms start in simulated trading environments. My Funded Futures has Starter, Expert, and Milestone programs, while Topstep has the Trading Combine. Traders are evaluated based on their ability to meet a target profit and consistency. Once passed (which can take one day for My Funded Futures and two days for Topstep), they move to a simulated account and then, if ready, to a live funded account. The time frame varies based on the trader's abilities.
Trading Platforms
Topstep offers three recommended trading platforms including its proprietary TopstepX, NinjaTrader, and Quantower. Additionally, traders can use other platforms like Tradovate, TradingView, T4, R|Trader Pro, ATAS OrderFlow Trading, MotiveWave, VolFix, Bookmap, Investor/RT, Jigsaw Daytradr, MultiCharts, and Sierra Chart. My Funded Futures also provides several options such as NinjaTrader, Tradovate, TradingView, Quantower, Volumetrica, Volsys/Volbook, and ATAS.
Payments
My Funded Futures accepts wire transfers, crypto, and credit cards, while Topstep accepts PayPal and major credit cards like Visa, Mastercard, American Express, and Discover.
Pricing
For the initial evaluation, both firms offer three account sizes: $50,000, $100,000, and $150,000. Topstep's monthly charges are $49, $99, and $149 respectively. My Funded Futures has more nuanced pricing with Starter accounts costing $80, $150, and $220; Expert accounts costing $165, $265, and $375; and Milestone, a lifetime option, costing $445, $555, or $665. My Funded Futures doesn't charge an activation fee, while Topstep charges a one-time $149 activation fee for each Express Funded Account earned after passing the Trading Combine. Traders on Topstep are also charged commissions and other fees for live-funded accounts.
Ultimately, the choice between My Funded Futures and Topstep depends on your trading style and goals. Over a decade of trader input and refinement has set them apart, but both are major players in futures prop firm trading. Understanding their features and offerings can help you make the right decision.