In this review, we’ll be taking a detailed look at two leading prop trading firms, TradeDay and Topstep, to help you decide which one suits your trading needs better. Both firms provide opportunities for traders to demonstrate their abilities and potentially receive funding, but in doing so cater to different preferences and levels of experience.
Topstep, located in the US, is an incredibly popular futures prop firm boasting more than a decade’s experience in the field. Working with NinjaTrader, Tradovate, and TradingView as platforms and for brokerage services, Topstep also has its own recently introduced platform, TopstepX™. Created by leading traders and software designers, the pioneering platform is designed to provide Topstep’s users with an unparalleled trading experience, helpfully bringing together all of the firm’s offerings in one thoughtfully designed space.
Another unique feature of Topstep is TopstepTV™, a live broadcast from the firm’s HQ in which skilled professionals trade live, discuss market trends and economic news, and present incentives for the community’s top performing traders.
Topstep account sizes start at an intermediate point ($50,000) and rise to $150,000. Profit targets go up in line with account size (from $3,000 to $9,000), as do maximum drawdowns ($2,000, $3,000, or $4,500). Traders can trade CME Equity Futures (for example the E-mini S&P 500 and Micro E-mini versions of major indices such as the S&P, NASDAQ 100, and Russell 2000.), and forex futures traders have access to currencies like the Australian Dollar (6A), Euro FX (6E), and Japanese Yen (6J).
TradeDay, also US-based, is a futures prop firm that was established four years ago by James Thorpe and Steve Miley. Compatible with several prominent trading platforms like TradingView, Jigsaw, NinjaTrader and Tradovate, the firm works with the CME Group for their brokerage services. TradeDay accounts begin from a low $10,000 and reach as high as $250,000, so whether you’re just starting out in your trading career of you’ve got lots of experience and are looking for substantial levels of capital, you’ll find an account for you.
TradeDay’s evaluation is straightforward, with a single phase to it, and they also offer a two-week free trial – an unusual and very useful draw. Profit targets change according to which challenge you choose, starting at $1,000 and rising to $12,000. Maximum total drawdowns follow a similar pattern, going from $500 to $4,000. Traders partnering with the firm will have access to futures on exchanges like CME, CBOT, NYMEX, and COMEX. What’s more, you’ll be able trade in simulated markets with no limitations, at the same time as taking advantage of the impressive range of educational resources on offer.
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TradeDay is Best for:
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Topstep is Best for:
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Traders who like clear, straightforward rules. |
Newcomers looking to establish a strong knowledgebase. |
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Those who will benefit from lots of different educational resources. |
Futures traders after a realistic trading simulation. |
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Traders wanted to trade a variety of instruments. |
Those who value educational resources and live sessions. |
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Users who value access to multiple funding platforms. |
Traders preferring stricter risk management rules to help them maintain discipline. |
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Traders looking for a substantial profit share. |
Those requiring support for a number of different leading trading platforms. |
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Feature
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TradeDay
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Topstep
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Instruments |
Instruments Futures contracts (Equity, Forex, Agricultural, Energy, Interest Rate, Metals) |
Futures contracts (Equity, Forex, Agricultural, Energy, Interest Rate, Metals) |
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Challenge Types |
One-Step |
1-Step/1-Rule |
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Challenge Account Sizes |
$10,000, $25,000,$50,000, $100,000, $150,000, $250,000 |
$50,000, $100,000, $150,000 |
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Challenge Cost |
$99 – $750/month |
$125 – $650/month |
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Minimum Trading Days |
10 days |
2 days |
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Max Daily Loss |
Varies by program |
$2,000 up to $4,500 |
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Max Drawdown |
$1,000 to $5,000 |
Varies by program |
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Payout Split |
80/20 (trader/firm) |
90/10 (trader/firm) Keep 100% on first $10,000 profits |
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Profit Target |
$1,000 to $5,000 |
$3,000 to $9,000 |
Additional Points:
Next up is a table placing the rules of each firm side-by-side so you can compare the two.
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Rule Category
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TradeDay
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Topstep
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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. |
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Scalping |
Allowed |
Allowed |
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Day Trading |
Allowed |
Allowed |
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Swing Trading |
Not Allowed |
Allowed |
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Holding Positions Overnight |
Not Allowed |
Not Allowed |
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Holding Positions Over Weekends |
Not Allowed |
Not Allowed |
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News Trading |
Allowed |
Allowed |
Maximum Daily Loss:
Do bear in mind that beaching this limit will end your Trading Combine.
Maximum Drawdown:
Withdrawals:
Leverage:
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Leverage Futures
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Topstep
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TradeDay
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|---|---|---|
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Futures |
1:1 |
1:1 |
TradeDay and Topstep both offer traders a range of attractive features, as well of course the crucial access to capital. TradeDay’s straightforward Evaluation Challenge provides a direct pathway to funding, as well as a good range of educational materials, while Topstep offers the outstanding Trading Combine, compatibility with a number of different platforms, and steadfast commitment to the development of its traders through its dynamic and supportive community.
In other words, Topstep is probably the best option for traders who find inspiration and confidence from learning and engaging with peers. Those favouring a simple, standardised approach may want to go with TradeDay. At the end of the day the choice comes down to your individual needs and ambitions – so use this review as your starting point but make sure to look into both prop firms further to find the right one for you.
