Topstep VS Elite Trader Funding

Topstep VS Elite Trader Funding

Overview

This analysis explores the important distinctions between Topstep and Elite Trader Funding, two well-known proprietary trading firms, and what factors you should consider when deciding which to work with. Both sites enable traders to display their talents in trading futures and earn funded accounts, but in doing so each accommodates a different set of requirements and expertise levels.

Topstep is a well-known American firm with over 12 years of experience in the prop trading industry. As well as working with prominent trading platforms like NinjaTrader, TradingView, and Tradovate, TopstepTrader has teamed up with highly distinguished traders and software developers to deliver TopstepX™, its own trading platform customized exclusively for futures traders. As well as providing a cutting-edge platform that includes access to all of Topstep’s features, TopstepX™ also provides the “Ultimate Trading Xperience™”.

The futures prop firm has also just introduced TopstepTV™, a revolutionary new feature that enables traders to learn at the hands of skilled traders while they trade live and debate all the latest market trends. TopstepTV™ is live streamed from the Topstep HQ every Monday to Friday from 8am to 3pm Central Time and viewers can get news updates, useful trading ideas and data as well benefitting from the firm’s recognition of the most successful traders and events with noteworthy guests.

Topstep provides account sizes ranging from $50,000 up to $150,000, aimed at traders comfortable managing intermediate to large amounts of capital. The leading prop firm uses a one-step assessment procedure, with profit targets and maximum total drawdowns proportional to account sizes, ranging from $3,000 to $9,000 and $2,000 to $4,500 respectively.

An extensive range of instruments is available to traders, such as Micro E-mini versions of important indexes including the S&P, NASDAQ 100, and Russell 2000, as well as CME Equity Futures like the well-known E-mini-S&P 500 (ES). Topstep also offers a range of instruments for the forex futures market, including the Australian Dollar (6A), Euro FX (6E), and Japanese Yen (6J).

Led by three industry veterans, Kanwal Singh, Eric Ho, and Clint Chaney, Elite Trader Funding is a relatively young company based in the US that has only been in operation for two years. Popular platforms including NinjaTrader, Tradovate, TradingView, and Rithmic are accessible through the firm, and it offers account sizes ranging from $50,000 to $300,000 to accommodate both new traders and those wishing to trade with larger sums of money.

The financing process is made simpler by the one-stage assessment process, helpfully eliminating the need for multiple stages. Profit targets range from $3,000 to $20,000, while maximum total drawdown restrictions range from $625 to $7,500, depending on account size and giving traders lots of scope for choice. Traders can trade many different instruments, from equity and interest rate futures through to currencies and cryptocurrency futures, on a range of markets that includes CBOT, COMEX, CME Group, and NYMEX.

Topstep is better for:	Elite Trader Funding is better for:
A well-structured evaluation processes.	An adaptable funding program.
A plethora of educational resources.	Generous profit shares.
Traders who find a profit goal important.	Low drawdown levels.
Personalised performance coaches.	Swift access to funding.
Traders valuing the security of more stringent trading rules.	Traders with more experience valuing flexibility.
Competitive evaluation pricing.	A variety of account sizes.

Comparative Table of Topstep and Elite Trader Funding:

It’s difficult to overstate the significance of prop trading firms such as Topstep and Elite Trader Funding in today’s trading environment. They provide a unique way for traders to demonstrate their trading abilities and gain access to large amounts of trading capital without having to risk any of their personal funds.

The table below takes a look at the comparative rules and features of Topstep and Elite Trader Funding.

Feature	Topstep	Elite Trader Funding
Instruments	Futures contracts (Equity, Forex, Agricultural, Energy, Interest Rate, Metals)	Futures Contracts (Equity, Forex, etc.)
Challenge Types	1-Step/1-Rule	One-Step, Funded Account Split
Challenge Account Sizes	$50,000, $100,000, $150,000	$50,000 up to $300,000
Challenge Cost	$125 – $650/month	$75 – $745/month
Minimum Trading Days	2 days	5 days
Profit Target	$3,000 up to $9,000	$3,000 up to $20,000
Payout Split	90/10 (trader/firm) Keep 100% on first $10,000 profits	90/10 (trader/firm) Keep 100% on first $12,500 profits
Max Position size	5 to 15 contracts	1 to 30 contracts

Additional Points:

Topstep:

• A rule violation under Topstep’s One Rule policy will occur if the maximum loss limit (MLL) is exceeded. Unlike other prop firms who base their MLL calculations on unrealised profits intraday, Topstep bases its calculations on your end of day balance.
• You can open, up to 5 Express Funded Accounts (XFA)
• Automated XFA Creation within minutes 
• The monthly cost of the Performance Coaching Plan is $395 or is free if you have a funded account. Some of the advantages include:
  • A 30-minute initial session
  • Customised guidance based on your specific trading objectives and style
  • Meetings on a daily basis
  • Weekly sessions for individual coaching
  • Access to an exclusive trading chat room

Elite Trader:

• End-of-Day Drawdown Evaluations: These challenges have only one phase, and as soon you meet the objectives without breaching any rules you’ll qualify for funding with an Elite account. You can apply for account sizes of between $25,000 and $250,000. In addition to the trailing drawdown, which is calculated at the end of each day, there is also a daily loss limit.

• Fast Track Evaluations: These challenges were designed specifically for traders who think they can swiftly reach their profit targets, as there are a maximum number of days allowed to do so. They provide an extremely affordable funding opportunity, ideal for traders who are aggressive and typically either pass or fail the evaluation well within 10 trading days. You can apply for account sizes of between $25,000 and $250,000.

Deeper Dive into Topstep Vs. Elite Trader Funding

The following table compares the rules of Elite Trader Funding and Topstep in more detail.

Rule Category	Topstep	Elite Trader Funding
Allowed Instruments	Equity Futures, Foreign Exchange Futures, Agricultural Futures, Energy Futures, Interest Rate Futures, Metals Futures.	Equity Futures, Foreign Exchange Futures, Agricultural Futures, Energy Futures, Interest Rate Futures, Metals Futures.
Scalping	Allowed	Allowed
Day Trading	Allowed	Allowed
Swing Trading	Allowed	Not Allowed
Holding Positions Overnight	Not Allowed	Not Allowed
Holding Positions Over Weekends	Not Allowed	Allowed
News Trading	Allowed	Allowed
HFT	Not Allowed	Allowed
Copy Trading	Allowed	Not Allowed

1. Max Daily Loss (MDL):
   • Topstep: The maximum loss limit is determined using the previous day’s account balance and calculated at the end of each day, which is a method that benefits the trader. Each account has its own limit, which are listed below. These limits are a way of ensuring traders have the necessary discipline and risk management abilities needed to acquire funding.
     • $50,000 Trading Combine: $1,000
     • $100,000 Trading Combine: $2,000
     • $150,000 Trading Combine: $3,000
   • Elite Trader Funding: Prioritises maximum drawdown.
2. Max Drawdown (MDD):
   • Topstep: Prioritises maximum daily loss.
   • Elite Trader Funding: After completing the evaluation process and advancing to an Elite Account, the amount of capital you have to trade and the drawdown requirements will be the same as in your evaluation. The drawdown is permanently removed once realised profits equal drawdown plus $100. The minimum allowable balance then becomes your starting balance plus $100; letting your balance go beneath this point will result in failure of your account.
3. Withdrawal:
   • Topstep: To request a payout of 50% of your account balance, at least five winning days on which you’ve earned $200 are required. These winning days don’t have to be consecutive. To access your full profits, 30 winning days must be accumulated. Once you’ve made a request, payouts are typically processed within seven hours, and you’ll receive payment in one to two business days.
   • Elite Trader Funding: To qualify for payouts, you need to meet the firm’s safety net, minimum trading requirement and 40% consistency stipulation. When your request for a payout is approved, you’ll be able to withdraw between a minimum and maximum amount for the first three payout cycles, after which you can withdraw as much as you like, with a minimum constraint of $100.
4. Leverage:

Leverage Futures	Topstep	Elite Trader Funding
Futures	1:1	1.1

Topstep vs. Elite Trader Funding: Pros and Cons

Topstep:

Elite Trader Funding:

Conclusion

Both Topstep and Elite Trader Funding offer reputable platforms providing driven traders the chance to showcase their trading proficiency and in doing so gain access to capital with which to trade. However, there are important distinctions between the two to be aware of. Elite Trader Funding provides a range of pricing options to cater to different budgetary constraints and trading styles, whereas Topstep offers three simple options, each with clear profit targets and the guarantee of a substantial profit share for those who qualify for funding. This straightforward approach means that Topstep may appeal especially to traders seeking an uncomplicated process with a clear route to earning significant profits as a funded trader. Topstep also distinguishes itself with its fantastic community setup that enables traders to learn and develop together. Additionally, Topstep has recently launched TopstepX, the next-generation trading platform, purpose-built for Futures traders. It’s packed with premium features, not found all together anywhere else,

Nonetheless, do bear in mind that this review should be just the beginning of your decision-making process. It’s important to conduct a thorough investigation of both prop firms, weighing all relevant factors to decide which firm most closely fits your particular goals and capacity for risk.

Find the perfect fit! We compare OneUp Trader VS Topstep so you can choose the one that best helps you achieve your goals.

For more information, visit our list of the Best Futures Prop Firms (Top 10) leading the industry. You can also read through our detailed pieces, Topstep Review 2024 and Elite Trader Funding Review 2024 for further insights.