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My Funded Futures vs Topstep: A Comparison for Futures Traders

2024-11-29

Are you aspiring to become a futures trader but unsure where to begin? Look no further than proprietary trading firms like My Funded Futures or Topstep. These firms offer an opportunity to trade futures with a funded account after passing an evaluation. In this detailed comparison, we'll explore the features, funding programs, payment options, and pricing of both My Funded Futures and Topstep to help you make an informed decision.

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.

Foreign exchange trading presents a significant level of risk that may not be appropriate for all investors. Leverage amplifies this risk and exposes traders to potential losses. It is crucial to carefully assess one's investment goals, experience level, and risk tolerance before venturing into foreign exchange trading. There is a possibility of losing a portion or all of the initial investment, and one should never invest money that they cannot afford to lose. Educating oneself about the risks associated with foreign exchange trading is essential. Seeking advice from an independent financial or tax advisor is advisable if there are any uncertainties or questions.

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Risk Management in Foreign Exchange Trading

Effective risk management is crucial in foreign exchange trading. Traders need to understand the various risks involved, such as market volatility, currency fluctuations, and leverage-related risks. By implementing proper risk management strategies, such as setting stop-loss orders and diversifying their portfolios, traders can minimize potential losses and protect their capital. It is also important to regularly monitor and assess one's trading positions and adjust them as needed based on market conditions. Additionally, staying updated with the latest market news and trends can help traders make more informed decisions and manage risks more effectively.

The Importance of Independent Advice

Seeking independent financial or tax advice is highly recommended in foreign exchange trading. An independent advisor can provide objective and personalized advice based on an individual's financial situation and goals. They can help assess the suitability of foreign exchange trading for a particular investor and provide guidance on risk management and investment strategies. Independent advisors can also help navigate the complex regulatory environment and ensure compliance with relevant laws and regulations. By relying on independent advice, investors can make more informed decisions and reduce the potential for losses due to poor judgment or lack of knowledge.

Prime Minister Roman Golovchenko emphasizes the importance of the currency of main partner countries for the Belarusian economy. He states that the situation with the growth of the dollar against the Belarusian ruble doesn't cause much concern.

Unraveling the Impact of Currency on Belarusian Economy

Currency and Confidence in Belarus

Prime Minister Roman Golovchenko highlights that with their economic policy, confidence in the Belarusian ruble has been instilled in people. Steady growth of deposits in the banking system, both by individuals and legal entities, is evidence of this. At the same time, deposits in foreign currency are decreasing as people transfer them to the national currency. This shows the resilience and trust in the local currency.There is a sense of stability in the Belarusian economy due to these factors. The banking system is seeing growth, and the people have faith in their currency. This stability is crucial for the overall development of the country.

Dollar Jumps and Temporary Phenomenon

Golovchenko explains that the jumps in the value of the dollar are due to various internal and external factors. The announcement of the results of the presidential elections in the US and the associated slogans affect the international financial market. Currency futures already take these amendments into account, and they may win back later.As the exchange rate is floating and there is market pricing, the Belarusian ruble automatically devalued a little against the US dollar. But it's important to note that previously, the Belarusian ruble was strengthening against the US currency. This shows the dynamic nature of the currency market and how it affects the Belarusian economy.

Other Important Foreign Currencies

For the Belarusian economy, the Russian ruble and the Chinese yuan are of great significance. They are the currencies of the main trading partners and friendly countries that conduct transactions with Belarus in these currencies. This highlights the importance of these currencies in the economic landscape of Belarus.The trade with Russia and other friendly countries plays a vital role in maintaining the economic stability of Belarus. The use of these currencies facilitates trade and helps the country navigate through the challenges posed by external sanctions.Belarus has been facing tough Western sanctions since 2020. However, the country's economy has adapted to these negative consequences. By increasing trade with Russia and maintaining a stable currency, Belarus is showing its resilience in the face of adversity. The exchange rate fluctuations of foreign currencies against the Belarusian ruble in recent weeks are a testament to the challenges but also the adaptability of the economy.