Apex and Topstep are two prop firms that offer funded trading programs for traders interested in the futures market. Both firms allow traders to win a funded account, allowing them to trade with the firm's capital instead of their own. While both firms offer similar programs, they have some differences in terms of their funding requirements, cost, and profit splits. In this comparison, we will look at the details of each firm's funded trading program, including the costs and profit splits, and discuss who might be a good fit for Topstep and who might be a good fit for Apex.
What is Apex?
Apex Trader Funding is a prop firm that offers a funded trading program for traders interested in the futures market. The company was founded in 2008 and has provided more than $100 million in funds to traders since then. To participate in the program, traders must first complete the evaluation phase, known as the Apex challenge, which determines their eligibility for a funded account. If a trader successfully completes the challenge, they win a funded account, which allows them to trade with the firm's capital instead of their own. As a result, Apex Trader Funding will enable traders to potentially earn a profit from their trades without having to risk their own capital.
What is TopStep?
Topstep is a proprietary trading firm that offers a funded trading program for aspiring professional traders. The company was founded in 2012 by Michael Patak and is headquartered in Chicago, Illinois.
Topstep offers a variety of trading products and services, including the Topstep Trading Combine Challenge, which is an evaluation phase for aspiring traders who want to participate in the funded trading program. The Combine Challenge is designed to test the skills and abilities of traders and assess their readiness for the funded program.
TopStep Vs. Apex: Apex Funding Process
The Apex Challenge is a funded trading program offered by Apex Trader Funding, a proprietary trading firm based in the United States. The challenge is designed to test the skills and abilities of aspiring traders and evaluate their readiness for the funded trading program.
To participate in the Apex Challenge, traders must first choose an account size ranging from $25,000 to $300,000. Each account size has a specific profit target that traders must aim to achieve. In addition, traders must trade for a minimum of seven days, although these days do not have to be consecutive.
During the challenge, traders must adhere to specific rules to be eligible for a funded account. One of these rules is that they must not exceed their maximum drawdown, or maximum loss, as determined by a trailing threshold. This is designed to ensure that traders are practicing good risk management.
It's important to note that traders must not allow anyone else to access their account, as this would be considered fraudulent activity and could result in the closure of their account.
Overall, the Apex Challenge is a valuable opportunity for aspiring traders to demonstrate their skills and potentially earn a funded trading account with Apex Trader Funding. By meeting the profit target and adhering to the other rules of the challenge, traders can take an essential step towards becoming professional traders.
TopStep Vs. Apex: TopStep Funding Process
TopStep is a proprietary trading firm that offers a funded trading program for aspiring professional traders. The company's trading program is designed to assess the skills and abilities of traders through a series of evaluation phases known as the Trading Combine.
To participate in the Trading Combine, traders must first register on the Topstep website. The first step of the combine is to hit a profit target of 6% of the buying power selected by the user. This step is designed to test a trader's ability to generate profits in a simulated trading environment.
Once a trader has passed this step, they move on to the next phase, which tests their ability to limit losses. In this phase, traders must hit a weekly loss limit of $1,000 and adhere to a scaling plan that does not over-leverage their account. This is designed to ensure that traders are practicing good risk management.
If a trader successfully completes the Trading Combine, they may be eligible to move on to a live-funded trading account where they can trade with real money and keep their profits. In addition, new traders can use the Trading Combine as an opportunity to gain experience in a risk-free environment. In contrast, professional traders can use it to test new strategies or systems.
Apex Vs. TopStep: Apex Cost
Apex offers a range of account options for its clients. With eight different types of accounts to choose from, there is sure to be a plan that fits your needs and budget.
One of the more affordable options is the $25K Full account, which costs $147. This account is ideal for those new to investing and want to start small.
The $50K Full account is an excellent choice for those looking to invest a little more. It costs $167 and provides all of the same services as the $25K Full account, but with a higher investment limit.
If you have a larger budget and are ready to make more substantial investments, the $75K Full account might be right for you. It costs $187 and offers all of the features of the other Full accounts, but with a higher investment limit.
For even more flexibility, the $100K Full account is available for $207. This account allows you to make even larger investments and includes all of the features of the other Full accounts.
If you are interested in a more static investment approach, Apex also offers the $100K Static account. This plan costs $137.
For those with even larger investment goals, Apex offers the $150K Full account for $297 and the $250K Full account for $517. These accounts offer the same features as the other Full accounts, but with higher investment limits.
For the highest level of investment, Apex has the $300K Full account, which costs $617. This account offers all of the features of the other Full accounts, but with the highest investment limit of all the plans.
In addition to these account options, Apex also offers an evaluation reset fee for any of its accounts. This fee is $80 and allows you to reset your account and start fresh with a new evaluation period.
Overall, Apex has a wide range of account options to choose from, making it easy to find a plan that fits your investment goals and budget.
Apex Vs. TopStep: TopStep Cost
TopStep offers a range of account options for traders. For example, the prop firm has three different-sized evaluation accounts to choose from, each with its own set of fees.
The $50,000 account is the smallest of the three options and costs $165. This account is ideal for those new to trading or who want to start with a smaller investment.
The $100,000 account is a good choice for those looking to make larger trades. It costs $325 and allows for a higher level of investment.
For the highest level of investment, TopStep Trading offers the $150,000 account for $375. This account is ideal for experienced traders looking to make more substantial trades.
Once you have completed the Trading Combine and are ready to trade with natural capital, you will need to pay monthly subscription fees for your professional data platform. Depending on your account type, these fees range from $100 to $150 per month.
Alternatively, you can choose to upgrade to a Pro Account at any time. Pro Accounts come with no monthly fees; instead, traders pay a performance-based rebate on net monthly profits. For example, if your monthly net profits are $5,000, you would pay a 10% performance fee or $500. This fee is automatically deducted from your account each month.
Overall, TopStep Trading has a range of account options to choose from, depending on your level of experience and investment goals. So whether you are just starting out or are an experienced trader, the company has something for everyone.
TopStep Vs. Apex: Profit Splits
TopStep Profit Splits
TopStep offers a profit-sharing program like any other prop firm for its traders. Under this program, traders can earn a portion of their profits regularly.
The profit-sharing program at TopStep is structured in two phases. In the first phase, traders will receive 100% of the profits from their payouts, up to a total of $5,000. This means that traders who can generate profits will receive the full amount of their payouts without any deductions.
After the first $5,000 of payouts have been received by the trader, the profit split will change to a 90/10 split. Under this arrangement, the trader will receive 90% of their payouts, while TopStep retains 10% of the requested payout. This means that once a trader has received $5,000 in payouts, they will receive a slightly smaller share of their profits compared to the initial phase of their trading activity.
Apex Profit Splits
Apex offers profit sharing to its clients. The prop firm has a unique profit split model, which allows clients to earn a portion of their profits regularly.
Under this model, Apex gives its clients 100% of the first $25,000 in profits per account. This means that if clients earn more than $25,000 in profits, they will receive the entire amount.
After the first $25,000 in profits, Apex keeps a small percentage of the profits for itself and gives the rest to the client. Specifically, the company holds 10% of the profits and gives the remaining 90% to the client.
There is no total cap on the maximum payout, meaning clients can earn as much as they want through the profit-sharing model. In addition, Apex pays out profits regularly, with two payouts per month.
Overall, Apex has a better profit split model for its clients than TopStep. In the initial phase of their trading activity, Apex clients receive 100% of their profits, while TopStep clients only receive 100% of their profits up to a total of $5,000. After the first $25,000 in profits, Apex clients continue to receive 90% of their profits, while TopStep clients receive a smaller share of 90% of their profits. Apex also has no cap on maximum payouts, allowing clients to earn as much as they want, and offers regular payouts twice per month. Overall, Apex's profit split model appears to be more favorable for clients compared to TopStep's model.
Apex Trader Funding Vs. TopStep: Customer Support
Topstep and Apex are both prop firms that provide trading services to their clients. However, they differ in the way they offer customer support.
Topstep has a comprehensive customer support system that includes phone, email, and chat support. In addition, their customer support team is available during business hours and can be reached through multiple channels. This allows clients to get help quickly and easily, whether they have a question or encounter an issue.
On the other hand, Apex only offers customer support through a request submission form. There is no option for email or live chat support, meaning clients may have to wait longer to respond to their queries or issues. This may be inconvenient for clients who need immediate assistance or prefer to communicate through other channels.
Overall, it seems that Topstep has a more robust and accessible customer support system compared to Apex. However, if customer support is a priority for you, you may want to consider using a prop firm that offers multiple support channels, such as Topstep.
Who should choose Apex Trader Funding?
Apex Trader Funding is ideal for experienced traders who want to take their trading to the next level. It offers a range of funding options to help traders increase their capital base, enabling them to trade larger positions and potentially increase their profits. It also provides access to advanced trading tools, such as algorithmic trading systems and risk management software, making it an excellent choice for traders who want to maximize their trading potential.
Who Should Choose TopStep?
TopStep is a great option for those who are just starting trading and want to build their skills and confidence. The program is designed to teach traders the basics of trading and then provides them access to real money accounts to practice their strategies. The program also offers ongoing support and guidance to help traders stay on track and become successful.
TopStep is also an excellent choice for traders who are already successful but want to take their trading to the next level. The program provides advanced strategies and tools to help traders become more successful and access to a wide range of trading instruments.
Overall, TopStep is a great choice for traders of all levels, from those just getting started to those who are already experienced. The program provides a comprehensive learning experience that can help traders become more successful in their trading.
Conclusion
Apex and Topstep are both prop firms that offer funded trading programs for traders interested in the futures market. Apex provides a funded trading program called the Apex Challenge, which is an evaluation phase for traders to determine their eligibility for a funded account. To participate in the Apex Challenge, traders must choose an account size and aim to achieve a specific profit target while adhering to certain rules, such as not exceeding their maximum drawdown.
Topstep offers a funded trading program called the Trading Combine, which is a series of evaluation phases designed to test the skills and abilities of aspiring traders. To participate in the Trading Combine, traders must first hit a profit target in a simulated trading environment and then demonstrate their ability to limit losses. Once they have passed both stages, they can apply for a funded account with Topstep.
Both Apex and Topstep require traders to meet specific requirements in order to be eligible for a funded account. However, the specific requirements and details of the funded trading program may differ between the two firms. Therefore, it's crucial for traders to carefully review the terms and conditions of each firm's program to determine which one is the best fit for their needs.