TopStep and OneUp Trader are two of the most popular proprietary trading firms available for traders seeking access to more sophisticated strategies and technology. Both platforms offer funded accounts, allowing traders to gain experience in the markets without putting their own capital at risk. With both platforms offering unique features, this comparison will provide a comprehensive overview of each platform and help you make an informed decision when it comes time to choose.
We'll explore each platform in greater detail and provide some insight into what each has to offer. So let's get started!
What is TopStep?
TopStep is a proprietary trading firm that allows aspiring traders to gain experience in the markets without risking any of their own capital. Founded in 2012 by Michael Patak and based in Chicago, Illinois, Topstep has been providing traders with access to the latest technology and strategies for over 8 years.
The company offers a funded trading program for those who are looking to take their trading skills to the next level. To qualify for the program, traders must first pass the Topstep Trading Combine Challenge – an evaluation phase designed to test a trader's ability and readiness for success in the funded program.
Since its launch, Topstep has funded thousands of traders worldwide and paid millions in withdrawals.
What is OneUp?
OneUp Trader is a funded account provider that offers traders risk-free access to capital. It provides funded trading accounts with a value between $25,000 and $250,000 in return for a monthly fee.
OneUp Trader is based in Wilmington, Delaware, USA, and has a team with over a decade of experience in the industry. However, rather than promoting an "in-house" trading style, the company focuses on helping traders to develop their own independent thought and decision-making skills.
OneUp Trader's goal is to help traders grow and succeed independently rather than relying on a specific trading method or strategy the company promotes.
TopStep Vs OneUp Trader: TopStep Funding Process
TopStep is a proprietary trading firm that offers a funded trading program for aspiring traders. The company's unique Trading Combine evaluates traders by testing their ability to generate profits and limit losses in simulated trading environments.
To begin this process, traders must first register on the website. The first step requires traders to hit a 6% profit target of the buying power they selected when signing up. This step is designed to assess the trader's ability to make money in an unfamiliar environment.
If successful, traders then progress to the next phase, which looks at their capacity to minimize losses. Here, traders are required to hit a weekly loss limit of $1000 while maintaining an appropriate level of leverage and a scaling plan to not over-leverage their account. Again, this step ensures good risk management practices before going live with real money.
Once traders complete this program successfully, they may be eligible for a funded trading account where they can trade with real money and keep their profits or use them as practice or experience if new or seasoned respectively. The combine is an invaluable opportunity for both novice and seasoned traders alike – providing an avenue for gaining experience without risking capital, or testing out strategies for professionals.
OneUp Trader Vs. TopStep: OneUp Trader Funding Process
OneUp Trader is a prop firm that offers $25,000 to $250,000 accounts for individuals interested in actively managing their investments. In addition, the platform allows users to trade futures contracts, with a maximum of three contracts allowed at a time.
OneUp Trader has implemented several risk management measures to protect users' capital. The platform has a profit target of $1,500, or 6% of the account balance, and a trailing drawdown of $1,500, or 6% of the account balance. This means that once the account reaches a profit of $1,500, the platform will begin to sell off contracts to lock in profits. If the account experiences a drawdown of $1,500, the platform will also start selling off contracts to limit losses.
In addition to these profit and drawdown targets, OneUp Trader has implemented a daily loss limit of $500, or 2% of the account balance. This means that if the account experiences losses of more than $500 in a single day, the platform will halt trading for the remainder of the day to protect the account from further losses.
OneUp Trader also offers a balance reset for evaluation, with a fee of $100. This allows users to reset their account balance to the base amount and start fresh without losing their profits or incurring any additional losses.
Once a trader passes the one-step evaluation process without breaking any rules, you will get the real funds to trade.
TopStep Vs. OneUp: TopStep Cost
TopStep offers a range of account options for traders looking to participate in the company's funded trading program.
There are three different sizes of evaluation accounts to choose from, each with its own set of fees. The $50,000 account is the smallest and costs $165, making it ideal for those who are new to trading or want to start with a smaller investment. The $100,000 account costs $325 and is a good choice for those looking to make larger trades. Finally, the $150,000 account, which costs $375, is ideal for experienced traders looking to make more substantial trades.
Once you have completed the Trading Combine, you can move on to a live-funded trading account where you can trade with real money and keep your profits. First, however, 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 upgrade to a Pro Account at any time, which comes with no monthly fees but instead charges a performance-based rebate on net monthly profits.
Overall, TopStep Trading has various account options to suit different levels of experience and investment goals. So whether you are starting out or an experienced trader, the company has something for you.
OneUp Trader Vs. TopStep: OneUp Costs
OneUp is a prop firm that offers a range of account sizes, ranging from $25,000 to $250,000, with different costs associated with each account size.
OneUp offers two pricing options: a flat monthly fee or a profit split. The monthly fees range from $125 for the $25,000 account to $650 for the $250,000 account. If you opt for the profit split option, you'll pay a slightly lower monthly fee, ranging from $105 for the $25,000 account to $500 for the $250,000 account.
In addition to the monthly fees, OneUp also offers a balance reset for evaluation, which allows you to reset your account balance to the base amount and start fresh without losing any of your profits or incurring any additional losses. This service comes with a fee of $100.
Overall, the costs of using OneUp's trading platform will depend on the account size you choose and whether you opt for the flat monthly fee or the profit split option. OneUp has more options than TopStep. Therefore, it's important to carefully consider your options and choose the best pricing plan for you and your trading goals. So, this is a brief overview of the costs associated with using OneUp's trading platform.
TopStep Vs OneUp Trader: Profit Splits
Understanding which profit split option is best for you as a trader can be overwhelming. Before making a choice, it's essential to understand how TopStep and OneUp each handle profit splits.
TopStep offers a two-phase approach to its profit-sharing program. In the first phase, traders receive 100% of their profits up to $5,000. After this amount is reached, the profit split changes to 90/10, where the trader receives 90% of their profits and TopStep retains 10%.
OneUp Trader also offers two terms for its profit split: 50% and 90%. With the 50% option, traders get to keep 100% of their first $5,000 in profits, while with the 90% option, they get to keep 100% of their first $10,000 in profits. The monthly fee will depend on which percentage option you choose but bear in mind that choosing lower fees may mean sharing a portion of your profits with OneUp.
In summary, these are some key points about TopStep and OneUp Trader's Profit Splits:
- TopStep has two phases – the first phase provides a full payout (100%) of up to $5,000, and the second phase provides a 90/10 split;
- OneUp Trader offers two options – 50% or 90%. For the 50% option, you get to keep 100% of your first $5K in profits by paying a lower monthly fee, while for the 90%, you get to keep 100% of your first $10K in profits.
Ultimately it will be up to you whether you prefer paying higher fees for keeping more of your profits or if you're willing to share more in exchange for lower costs. Weighing both options carefully can help ensure that you make an informed decision that works best for your trading goals and financial situation.
TopStep Vs. OneUp Trader: Customer Support
Regarding customer support, both OneUp Trader and Topstep have developed comprehensive systems to ensure that their customers can get help as quickly and easily as possible. For example, OneUp Trader offers 24/7 customer support with phone, email, and live chat options available, while Topstep's customer support is only available during business hours on the same channels. This allows customers of both companies to speak with either a real person or a bot depending on their preference to resolve any issues or answer questions they may have.
For those who prefer immediate assistance, the 24/7 availability of OneUp Trader's customer support may be a preferred option. On the other hand, Topstep's more limited availability may be beneficial for those who don't need an immediate resolution to their questions or concerns. Either way, both companies offer multiple ways for customers to reach out for help which means less frustration when dealing with customer service issues.
TopStep Vs. OneUp Trader: Summary
Who Should Choose TopStep?
TopStep is a funding trading program designed for traders of all levels, from beginner to advanced. It is an excellent option for those just starting out in trading, as it provides a comprehensive learning experience that covers the basics of trading and helps build confidence. The program also provides traders with access to real money accounts to practice their strategies and gain valuable experience.
TopStep is also a good choice for experienced traders looking to take their trading to the next level. The program offers advanced strategies and tools and access to a wide range of trading instruments. In addition, ongoing support and guidance are provided to help traders stay on track and improve their performance.
Overall, TopStep is a great program for traders who want to learn, practice, and succeed in the world of trading. Whether you are just starting out or are already experienced, TopStep can provide the education, resources, and support you need to reach your trading goals.
Who Should Choose OneUp Trader?
OneUp Trader is a platform that is best suited for experienced traders who have confidence in their ability to trade within the platform's strict boundaries. Therefore, it is recommended that traders considering using OneUp Trader test their skills on a trading simulator before committing to an account on the platform. This will allow them to determine if they can adhere to the regulations for funding set forth by OneUp Trader without risking any money.
However, even for consistently profitable traders, it may be more beneficial to trade on their own rather than using OneUp Trader. This is due to the various fees associated with the platform, including platform fees, data fees, evaluation reset fees, and profit sharing. For these successful traders, OneUp Trader may not be the most effective way to leverage their winning strategies.
OneUp Trader Vs. TopStep: Conclusion
TopStep is a proprietary trading firm based in Chicago, Illinois, that offers a funded trading program for aspiring traders. To qualify for the program, traders must pass the Topstep Trading Combine Challenge, an evaluation phase designed to test a trader's ability and readiness for success in the funded program.
OneUp Trader is a funded account provider based in Wilmington, Delaware, offering traders risk-free access to capital. It provides funded trading accounts with a value between $25,000 and $250,000 in return for a monthly fee. OneUp Trader's goal is to help traders grow and succeed independently rather than relying on a specific trading method or strategy the company promotes.
Ultimately, the choice between TopStep and OneUp Trader will depend on an individual trader's goals and needs. Both platforms offer funded accounts, but they have different approaches and features. Therefore, it may be helpful for traders to consider their own trading style and risk tolerance when deciding which platform is best for them.