TOPSTEP VS ELITE TRADER FUNDING

Overview

In this review we’ll be comparing and contrasting Topstep and Elite Trader Funding. Both are well-established, popular prop firms enabling traders to showcase their trading proficiency in order to gain access to funding with which to trade. Nonetheless, each firm has its own particular approach and is better suited to certain requirements – so here we’ll take you through what to think about when making your choice.

Topstep is a pre-eminent US-based prop firm with more than 12 years of experience in the prop trading arena. The firm not only partners with leading platforms such as Tradovate, TradingView and NinjaTrader, but has also created its own exclusive and highly impressive platform, TopstepX™, providing access to all of Topstep’s sophisticated features in one accessible hub and offering traders what they call the “Ultimate Trading Xperience™”. On top of this ground-breaking platform, Topstep also provides an innovative TV channel, TopstepTV™, that streams live every weekday showing experienced traders and special guests trading live and providing invaluable trading tips and market commentary.

Topstep accounts start at $50,000 and go up to $150,000: in other words, their target audience is traders who can manage moderate to large sums of capital. The evaluation process has just one phase, with maximum total drawdowns and profit targets scaling with account size.

Traders partnering with the firm will benefit from the availability of an excellent array of instruments, including Micro E-mini versions of important indexes including the S&P, NASDAQ 100, and Russell 2000, as well as CME Equity Futures such as the well-liked E-mini S&P 500 (ES). Topstep also offers a range of instruments for the forex futures market, for instance the Japanese Yen (6J) and Euro FX (6E).

Elite Trader Funding is a newer but no less impressive prop firm, also based in the US, set up by three highly experienced traders: Kanwal Singh, Eric Ho, and Clint Chaney. The futures prop firm offers account sizes starting at $10,000 and going up to $300,000, meaning they’re well suited to a range of different experience levels. Access to all the main trading platforms – NinjaTrader, TradingView and Tradovate, to name a few – is provided, and the evaluation process is simplified into a single phase.

Similarly to Topstep, profit targets and maximum total drawdowns vary by account size (meaning you can choose what suits you best), and there is large range of instruments offered – equity, interest rate, currency and cryptocurrency futures are all available through multiple markets, including CBOT, COMEX, CME Group, and NYMEX.

Topstep is better for:	Elite Trader Funding is better for:
A systempatic evaluation processes.	An adaptable funding program.
A wealth of educational materials.	Substantial profit shares.
Traders who need the discipline of profit targets.	Low drawdown levels.
Customised coaching to help you perform better.	Fast access to funding.
Traders valuing the security of slightly stricter trading rules.	Traders who value the flexibility to choose a set up that works for them.
Attractive pricing for evaluations.	A range of different account sizes.

Comparative Table of Topstep and Elite Trader Funding:

Prop trading firms like Topstep and Elite Trader Funding play a crucial role in providing aspiring traders with access to often substantial amounts of capital so they don’t have to risk their own. Choosing which firm to partner with, however, can be a tough decision. The table below compares the rules and features of the two firms to give you a starting point of similarities and differences.

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	$10,000 up to $300,000
Challenge Cost	$125 – $650/month	$275 – $745/month
Minimum Trading Days	2 days	5 days
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:

Exceeding the maximum loss limit counts as a rule violation under Topstep’s One Rule policy. As opposed to basing this limit on unrealised profits intraday (a practice of lots of other prop firms), Topstep bases its calculations on your end-of-day balance.
The Topstep Performance Coaching plan includes lots of valuable benefits like a half-hour introductory session, personalised coaching, and exclusive access to the firm’s trading chat room where you can exchange ideas and learn from fellow traders. This costs $395 per month, or is free when you qualify for a funded account.

Elite Trader:

End-of-Day Drawdown Evaluations: These challenges only have one phase, and as soon as you complete the goals without breaking any regulations, you will be eligible for funding with an Elite account. You’ll be able to apply for account sizes ranging from $25,000 to $250,000. As well as the trailing drawdown, which is determined at the end of each day, a daily loss limit is also set.
Fast Track Evaluations: These challenges were created primarily for traders who believe they can quickly meet their profit objectives, given there is a limited amount of days to do so. They provide funding at a very competitive price, suitable for aggressive traders who normally pass or fail the review within 10 trading days. You’ll be able to apply for account sizes ranging from $25,000 to $250,000.

Deeper Dive into Elite Trader Funding vs. Topstep

Our next table examines more closely the rules of Elite Trader Funding and Topstep.

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

Maximum Daily Loss:

Topstep: Topstep’s calculation of the maximum loss limit is designed to favour their traders, using the previous day’s account balance and determined at the close of each day. Limits vary by account size (see below) and are set to make sure you have the discipline and ability to manage risk that you need to qualify for funding.
- $50,000 Trading Combine: $1,000
- $100,000 Trading Combine: $2,000
- $150,000 Trading Combine: $3,000

Elite Trader Funding:Focuses on maximum drawdown.

Maximum Drawdown:

Topstep: Prioritises maximum daily loss.
Elite Trader Funding:Once you’ve finished your evaluation and progressed to an Elite Account, your available capital and drawdown will nonetheless stay the same as in your evaluation. Drawdown is permanently removed as soon as your realised profits are equal to drawdown plus $100. The minimum allowable balance then becomes your beginning balance plus $100; allowing your balance to fall below this will result in failure of your account.

Withdrawal:

Topstep:To withdraw 50% of your account balance, you need to have at least five profitable days where you’ve earned $200 each. These profitable days don’t need to be consecutive. To withdraw your entire earnings, you must achieve 30 profitable days. After submitting a withdrawal request, processing generally takes around seven hours, and the funds will be deposited into your account within one to two business days.
Elite Trader Funding:To be eligible for payouts, you have to satisfy the firm’s safety net, minimum trading requirement, and 40% consistency rule. Upon approval of your payout request, you can withdraw an amount within the specified minimum and maximum limits for the first three payout cycles. After these initial cycles, you can withdraw any amount you choose, with a minimum withdrawal limit of $100.

Leverage:

Leverage Futures	Topstep	Elite Trader Funding
Futures	1:1	1:1

Topstep vs. Elite Trader Funding: Pros and Cons

Topstep:

Pros

Evaluation process consists of a single phase and just one important rule.
Lots of different account sizes to choose from at good prices.
Very well thought-of throughout the industry
Take home 100% of your first $10,000 in profits, and then 90%.
Free coaching sessions offered.
Unrivalled educational resources, including the newly launched TopstepTV.
Exclusive access to the ground-breaking trading platform TopstepX.
No deadline in which to achieve the profit target.

Cons

Elite Trader Funding:

Pros

Offers various types of evaluations to match different trading styles.
Flexible trading conditions with no restrictions on trading hours.
Provides a complimentary reset at the end of the month if you fail your evaluation.
Includes a 14-day free trial.
Allows trading up to 20 accounts using a single login.

Cons

Daily loss cap and maximum drawdown rules might be challenging for newer traders.
Profit share is 80% – lower than Topstep’s.
Traders have to meet profit targets and trading day requirements to qualify for funding.
Only futures trading is available.
Limited promotional offers.
Fewer program options than Topstep.

Conclusion

Topstep and Elite Trader Funding are both very well-regarded platforms giving aspiring traders the prospect of access to significant levels of capital for trading futures. Nonetheless, there are a few key differences between the two which it’s useful to bear in mind when making your choice.

Elite Trader Funding offers a variety of pricing options to accommodate different budgets and trading styles, whereas Topstep provides three straightforward options, each with clear profit targets and a generous profit share for those who qualify for funding. This simplicity can make Topstep particularly attractive to traders looking for an uncomplicated path to substantial profits as a funded trader. Topstep also has an attractive trading community, which can be really beneficial for those who learn and find motivation from collaborating with peers.

All that being said, we recommend that you treat this review as only your starting point. It’s sensible to do plenty of research on both firms – as well as being clear about your own preferences and needs – in order to work out which one is the best fit for your goals and risk tolerance.

Recent Reviews

UNDERSTANDING ORDER FLOW: AN OVERVIEW

A GUIDE ON POSITION SIZING: MANAGE YOUR TRADING RISK

THE TOP 8 FUTURES PROPRIETARY TRADING FIRMS

THE LEADING 5 FUTURES PROP FIRMS IN 2024