If you’re interested in trading futures but don’t have the funds to get started, proprietary trading firms might be worth considering. These firms, often called prop firms, provide traders with the capital needed to buy and sell financial instruments – futures, in this case – once they’ve demonstrated their trading skills and risk management in an evaluation.
Two prop firms that offer funding after a single-step test are My Funded Futures and TradeDay. This comparison of the two should help you figure out which might suit you best.
Based in Dover, Delaware, My Funded Futures provides funding for traders who pass a straightforward evaluation. After completing the test, you’ll trade in a simulated environment to show you can perform consistently. If you succeed, you’ll move on to live trading using the firm’s capital. The firm’s goal is to help traders improve their skills and, in turn, their results.
TradeDay, a prop trading firm based in Chicago, Illinois, has earned an excellent reputation for its focus on education, support, and funding to help traders improve their skills.
One of the firm’s best features is its payout policy, which lots of traders consider one of the most flexible around. The rules are simple: you need to maintain a minimum profit buffer. Once that’s sorted, you can request a payout anytime, provided it’s at least $250. Payments are typically processed within 24 hours, which is very convenient.
The firm’s customer service often gets glowing feedback, and its range of resources caters to both beginners starting out in the industry and more experienced traders refining their strategies.
When deciding between My Funded Futures and TradeDay, it’s worth considering their similarities and differences across several key areas.
The financial instruments available for trading might affect your choice. While both firms offer a variety of futures, My Funded Futures provides a slightly broader selection than TradeDay.
At My Funded Futures, you can trade futures in foreign exchange, equities, energy, agriculture, interest rates, and metals. TradeDay also covers foreign exchange, equities, agriculture, and metals but doesn’t include energy or interest rate futures.
The funding programs are where these firms really stand out from most other prop firms. Unlike the typical two-step evaluation process many firms require, both My Funded Futures and TradeDay only ask for a one-step test. Pass the test, meet the performance requirements for profit and risk management, and you’ll be eligible for funding.
My Funded Futures allows scalping and day trading, while TradeDay supports those as well as copy trading and algorithmic trading. If you prefer automated strategies or following other traders, TradeDay might be even better.
While the trading hours themselves are broadly similar, the rules around them differ between the two firms. At My Funded Futures, you can place trades from 6.00pm at the Globex Open and hold them until the 4.10pm New York close. All trades are automatically closed at that time. At TradeDay, all positions have to be closed by the specific market’s daily close. Overnight and weekend positions aren’t allowed. To avoid breaking the rules, TradeDay advises traders to close their positions at least 10 minutes before the market shuts. Failure to comply can result in failed evaluations or even losing a funded account after repeated breaches.
Traders generally stick with the trading platforms they know. Both firms offer familiar options, but there are some differences. My Funded Futures and TradeDay both support TradingView, Tradovate, and NinjaTrader. However, TradeDay also includes Jigsaw as an option. It’s worth noting that using TradingView or Jigsaw on TradeDay requires a valid licence, which could add to your costs.
Payment methods are straightforward for both firms, although their options aren’t identical. At My Funded Futures, you can pay via wire transfer, cryptocurrency, or credit card. TradeDay accepts wire transfers and PayPal.
My Funded Futures has an “excellent” rating of 4.7 out of 5.0 from 1,791 reviews. TradeDay is close behind, with a 4.7 out of 5.0 rating based on 995 reviews. While both are highly rated, the smaller number of reviews for TradeDay might leave a bit more uncertainty about how representative its rating is.
When comparing My Funded Futures and TradeDay, both are relatively new prop trading firms with good reputations for helping traders improve their skills. Unlike many other firms, they both offer a straightforward one-step evaluation process to secure funding. Once you’re funded, you get to keep the first $10,000 of your profits before moving to a 90% profit share. This low entry barrier, combined with the potential for decent earnings, makes both firms appealing to traders at various stages of their journey.
Use the information in this review to think about your personal requirements and objectives, and which firm will be the best fit for these.
