Topstep VS Apex Trader Funding

Topstep VS Apex Trader Funding

Overview

In this piece we’re going to take a look at the main differences between two leading futures proprietary trading firms, Apex Trader Funding and Topstep, and the factors to take into account when deciding which firm is for you. While both firms provide aspiring traders with the opportunities to demonstrate their trading skills and qualify for funding, each caters to a distinct set of requirements and levels of experiences.

Topstep, based in the US, is very well established, with over a decade of experience in the prop trading industry. The firm works with a number of different trading platforms, including TradingView, NinjaTrader and Tradovate. Topstep has also recently unveiled its own cutting-edge trading platform, TopstepX™. Putting the firm’s 12 years of experience in the industry to good use, Topstep has worked with a team of leading traders and software developers to develop a highly sophisticated platform exclusively for its traders. TopstepX™ outdoes the usual platforms with its feature the “Ultimate Trading Xperience™”, providing traders with access to all Topstep features in one comprehensive platform.

TopstepTV™ is another relatively new and unique addition to Topstep’s offerings, broadcasting live every Monday to Friday (8.00am – 3.00pm CT) from the Topstep headquarters. This distinctive feature enables traders to glean valuable insights directly from professional traders, who can be watched trading live and talking through the latest market dynamics. There is also a wealth of news updates, trading tips and statistics to learn from, as well as tributes to the best performing traders and exclusive guest appearances.

Topstep provides account sizes ranging from $50,000 to $150,000, catering to traders with a reasonable degree of experience who are at ease with medium to high levels of capital. Their evaluation process is streamlined into one stage, with profit targets set at $3,000, $6,000, and $9,000, according to account size, and maximum total drawdowns of $2,000, $3,000, and $4,500. There is a good range of instruments available for trading, including CME Equity Futures such as the E-mini S&P 500 (ES) and Micro E-mini versions of major indices like the S&P, NASDAQ 100, and Russell 2000. Traders interested in the forex futures market will be able to trade instruments like the Australian Dollar (6A), Euro FX (6E), and Japanese Yen (6J).

Apex Trader Funding (ATF), originating in Austin, Texas, in the US, is a newer prop trading firm set up just over two years ago as a result of its founder’s frustration with existing prop firms. Its CEO Darrel Martin has been striving to embrace an approach that focuses on the firm’s traders. ATF is compatible with both Rithmic and Tradovate, platforms renowned for their trade execution capabilities and data feeds. The firm boasts a broad array of account sizes (starting at $25,000 and going up to $300,000) ensuring there is an account to meet the budget and risk appetite of every trader.

ATF also has a one-phase evaluation process, thereby making it easier for skilled or experienced traders to qualify for funding quickly. Profit targets and maximum total drawdowns depend on account size, with profit targets ranging from $1,500 to $20,000 and maximum total drawdowns $625 to $1,500. Traders can day trade as many as 20 funded accounts, without any limitations on trading during news events or holidays.

ATF has a wide range of trading instruments available, from stock index futures like E-mini S&P 500, NASDAQ 100, and Mini-DOW, to interest rate futures including 2-Year Note and 30-Year Bond. Currency futures such as the Australian Dollar and Euro FX are also available, as are agricultural futures like Corn, Wheat, and Soybeans.

Topstep is best for:	Apex Trader Funding (ATF) is best for:
Traders who prioritise risk management to maintain control over their trading.	Traders who prefer a trading platform with few constraints, giving them more flexibility.
Traders looking for educational resources to help refine their skills.	Traders seeking the opportunity to trade multiple funded accounts simultaneously.
Traders who appreciate having a profit target to strive for.	Traders who can profit from ATF’s larger starting balance.

Comparative of Topstep and Apex Trader Funding: Prop Firms for Futures Traders

Finding the right prop firm for you can be tricky, especially when comparing two industry-leading firms. The following table outlines the key features and rules of Topstep and Apex Trader Funding.

Feature	Topstep	Apex Trader Funding
Instruments	Futures contracts (Equity, Forex, Agricultural, Energy, Interest Rate, Metals)	Equity Futures, Foreign Exchange Futures, Agricultural Futures, Energy Futures, Interest Rate Futures, Metals Futures, Cryptocurrency Futures
Challenge Types	1-Step/1-Rule	One-Step Evaluation Process
Challenge Account Sizes	$50,000, $100,000, $150,000	Full: $25,000, up to $300,000 Static: $100,000
Challenge Cost	$125 to $650/month	Rithmic: Full $147 to $657 month, Static $137 month. Tradovate: Full $167 to $677 month, Static $157 month.
Minimum Trading Days	2 days	7 days
Profit Target	$,3000 to $9,000	$1,500 to $20,000
Maximum Position Size	5 to 15 contracts	4 to 35 contracts
Payout Split	90/10 (trader/firm) Keep 100% on first $10,000 profits	Receive 100% of the first $25,000 per Account and 90/10 (trader/firm) Beyond That

There are a few other factors to consider as well:

Topstep:

• Topstep’s one rule policy means that breaching the Maximum Loss Limit (MLL) counts as a rule violation. Topstep calculates its MLL using your end of day balance (whereas many other firms base it on unrealised profits intraday).
• You can open, up to 5 Express Funded Accounts (XFA)
• Automated XFA Creation within minutes 
• Topstep offers a Performance Coaching Plan, which costs $395 monthly – although complimentary access is included with a funded account. Features of the plan include:

• A 30-minute initiation session to help you get off to a good start.
  • Personalised guidance considering your trading style and objectives.
  • Daily meetings to stay updated.
  • Weekly individual coaching.
  • Access to an exclusive group chat for insights and discussions.

Apex Trader Funding:

• Qualifying for funding is straightforward, with just one step involved: achieve your profit target in seven trading days, before you reach your maximum drawdown.
• Futures day traders can decide between Rithmic and Tradovate. Both are sophisticated trading platforms with excellent customer service. Tradovate in particular stands out for its accessibility, compatibility across a range of devices, and its group trade features, allowing for trade copying across multiple accounts.

Deeper Dive into Apex Trader Funding vs. Topstep Trader

The following table compares Apex Trader Funding and Topstep’s rules:

Rule Category	Apex Trader	Topstep Trader
Scalping	Allowed	Allowed
Day Trading	Allowed	Allowed
Swing Trading	Allowed	Not Allowed
Holding Positions Overnight	Allowed	Not Allowed
Holding Positions Over Weekends	Allowed	Allowed
News Trading	Allowed	Allowed

1. Max Daily Loss (MDL)

• Topstep: The Topstep maximum loss limit is a minimum account balance, calculated from your account balance peak at the end of the previous day. This approach of calculating the maximum loss limit at the end of each trading day offers an advantage for traders.

The daily limit underscores the importance of sound risk management and discipline, both of which are imperative if you are to qualify for a funded account. Breaching it will end your Trading Combine. Each account size comes with its own fixed daily loss limit:

• $50,000 Trading Combine: $1,000
• $100,000 Trading Combine: $2,000
• $150,000 Trading Combine: $3,000

• Apex Trader Funding: Concentrate on the Trailing Threshold.

2. Trailing Threshold

• Topstep: Concentrate on the Maximum Daily Loss Limit.

• Apex Trader Funding: To begin with, Apex will give you your plan’s starting balance and a certain number of contracts allowed. You can trade up to the maximum contracts, and micros can also be traded up to the maximum contract size for the plan.
  
  The maximum loss drawdown changes from plan to plan. The $50,000 plan, for example, starts $2,500 below the initial balance at $47,500. There is no daily maximum drawdown limit.
  
  For FULL accounts:
  In funded accounts, the maximum drawdown stops trailing when the liquidation threshold is at $100 plus the initial plan balance (so for a $50,000 account, this would be $50,100). To put it another way, when your peak unrealised account balance equals the initial plan balance, plus the trailing drawdown amount, plus $100, the trailing will stop.
  
  For STATIC accounts:
  The drawdown remains static and won’t change, as it is predetermined at a fixed amount. A $100,000 STATIC account, for example, will always have a drawdown of $99,375.

3. Withdrawal

• Topstep: To qualify for a payout, you need to achieve five winning days (not necessarily consecutive) in which you generate a minimum profit of $200. At this point you can withdraw 50% of the relevant account balance. To gain access to your full profits, you have to achieve 30 winning days. Payouts are typically processed within seven hours of request and should arrive in one to two business days.

• Apex Trader Funding: While we give a general outline of Apex’s withdrawal rules here, we recommend reviewing them directly on the firm’s website as well.
  • Withdrawals are processed twice each month, on the 15th and last business day of the month.
  • Traders receive the entirety of first $25,000 generated in profit, and a 90% profit share subsequently.
  • Payouts are processed through Plane, a payment processor offering various withdrawal methods including wire transfer, cryptocurrency, ACH and PayPal.
  • You need to trade for 10 days before requesting your first payout. Subsequent payouts can be requested at 10-day intervals.
  • The minimum withdrawal limit is $1,000.
  • Maximum withdrawals vary by account size for the first three withdrawals, with no maximum from the fourth withdrawal onwards.

4. Leverage

Leverage Futures	ATF	Topstep
Futures	1.1	1:1

5. Risk Management

• Topstep: Topstep has fairly stringent risk management protocols, including daily and weekly loss limits and a trailing drawdown. While these regulations may appear constraining, they function to safeguard traders from making impulsive decisions, instead helping them to develop consistent, disciplined trading practices.

• Apex Trader Funding (ATF): In contrast, Apex Trader Funding imposes minimal requirements, offering traders more autonomy over how they trade. There is a maximum drawdown rule, but no daily loss limit. This approach is likely to suit experienced traders, who are at ease managing risk and have a well-honed trading strategy.

Additional Points:
Apex Funding Trader: Apex allows trading on any day, 23 hours a day. On holidays and during news events, trading is allowed from 6.00pm to 4.59pm ET the following day. Trades must be closed and pending orders cancelled before 4:59pm ET.

Topstep vs. Apex Trader Funding: Pros and Cons

Topstep:

Apex Trader Funding:

Conclusion

Both Topstep and Apex Trader Funding are highly regarded prop trading firms providing aspiring traders with access to funding. Topstep appears to be ideal for traders whose skills will benefit from the firm’s excellent range of educational materials and from the gradual career progression enabled by the firm’s tiered program structure. Apex Trader Funding, on the other hand, seems to cater to a broad range of experience levels and trading styles, because of the firm’s wider array of account sizes, instruments, and platform options. Their flexible drawdown rules will also be particularly appealing to traders prioritising independence in their trading.

Ultimately, which firm is right for you will depend on your personal trading background, appetite for risk, and which platforms and instruments you like to use. As such, it’s important to make sure you’ve understood all the details of both firms so you can select the one that best suits your trading style and objectives.

Level up your experience! Discover which Future Prop Firm, Topstep VS Elite Trader Funding, offers the most features and functionality to elevate your needs.