TOPSTEP VS MYFOREXFUNDS
Rating breakdown
Topstep Overview
Founded in 2012, Topstep has become one of the biggest proprietary trading sites online. Topstep FX is based in the USA, but it is available for everyone to use worldwide. Traders are invited to join their "forex funded trader program," which gives them the chance to use Topstep FX's money (and gain a healthy cut of the profits), without risking their capital.Compare TOPSTEP VS MYFOREXFUNDS Trading Features
| Trading Feature | TOPSTEP | MYFOREXFUNDS |
|---|---|---|
| 🖥️ Trading Platforms: | ||
| 💰 Fees: | The TopStep Challenge with an initial balance $50K costs $165; $100K balance for $325; $150K balance for $375 (per month) | My Forex Funds Challenge with an initial capital $10,000 balance for $84, $20,000 balance for $139, $50,000 balance for $299, $100,000 balance for $499, $200,000 balance for $979 |
| 🚀 Profit split: | TopStep will pay out 100% of the first $5,000 you generate and 90% from that amount. | My Forex Funds funded account challenge pays out 75% (first month), 80% (second month) and 85% (third and next months) |
| ✔️ Evaluation: | “TopStep Challenge,” a two-step evaluation process that you must pass to get your trading account funded. | My Forex Funds has two-part evaluation process that you must pass to become a funded trader. The Evaluation phase and the Establishment Phase |
| 🎯 Profit Target: | 6% | 8% in phase 15% in phase 2 |
| ⚓ Maximum drawdown (MDD): | 2% Daily loss limit. 4% to 3% Max trailing drawdown (the percentage varies depending on the account you choose). | 5% Daily Starting Drawdown. 12% Overall Drawdown. |
| ⌛ Trading Period: | The TopStep Challenge has No time limits. | There is no time limit. You can trade at your own pace and earn at your own pace. |
| ⚖️ Leverage: | The leverage offered is up to 1:100 (Forex) and can be lowered upon request. | With Myforexfunds your leverage will be set to 1:100 leverage on Emphatic and 1:50 leverage on Conventional for Forex, Metals and CFDs. The Leverage for their Rapid program on all account sizes is 1:500. |
| 🔧 Instruments: | Futures Markets: CME Exchange (17 instruments) NYMEX Exchange (4) COMEX Exchange (3) CBOT Exchange (13) | Forex, Indices and Commodities. |
| 📰 Allow Trade News: | Not recommended | Yes with My Forex Funds you can trade during news events. |
| 🔄 Weekend Position: | No | Holding trades over the weekend is allowed only on Evaluation and Rapid accounts. However, if you are trading with an Accelerated account, you won’t be able to hold trades over the weekend. |
| 💰 Payout Policy: | Topstep's Profit Split: Traders receive 100% of the profits from payouts, up to $10,000. After the first $10,000, the profit split becomes 90/10. Express Funded Account: Traders can request a payout of up to $5,000 or 50% of their account balance after five winning trading days. Live Funded Account: Traders can request a payout of up to 50% of their account balance after five winning trading days. |
After spending several days researching different Proprietary Trading Firm for funded trading accounts, our team at start-business-online.com team collected various data points. For this review, we will compare Topstep vs Myforexfunds.
Top alternative: FunderPro (Get a 20% OFF Exclusive Discount Coupon)
Are TOPSTEP or MYFOREXFUNDS currently the best possible options in the market? No Proprietary Trading Firm is perfect, and those two are no exception. While they do have a lot of pros, there are plenty of reasons why you might be looking for an alternative. So which Firms are better than Topstep and Myforexfunds? Want to jump straight to the answer?
Compare TOPSTEP VS MYFOREXFUNDS Funded Trading Accounts Programs - Find the best firm for you
TOPSTEP VS MYFOREXFUNDS Prop Trading Firms at a glance
A handy comparison table with all the key facts for the Funded Trading Accounts Programs.
| Evaluation Metric | How they performed |
|---|---|
| Challenge Assessment | The Topstep Challenge is a simple yet effective way of separating the wheat from the chaff. It is not a perfect system, and there are grievances about some aspects of it, but, overall, it is a transparent and fair means of ensuring you know what you are doing. It's a great platform to take on the challenge, and it has easy-to-understand metrics that reflect your trading progress. On the other hand My Forex Funds has more rules and restrictions with their accounts, making the challenges slightly harder than average. |
| Customer support | The customer support with Topstep is good, clearly reflected across several review platforms. There are some complaints about the quality of customer support, but most of these have been responded to. On the other hand Similar to most prop firms, My Forex Funds has live chat but no contact phone number. There are three ways to contact the prop firm: through the Discord server, live chat, or email support. Support is only available 5 days a week (although it is 24 hours on these days). |
| Fee | The cost on Topstep can be a positive or a negative depending on how quickly you pass the challenge. As it is a monthly payment, you will save money (compared to prop firms asking for more expensive one-off payments) if you complete the challenge quickly, but you will lose value for money if you are too slow. On the other hand The fees for the My Forex Funds challenges vary on the account size in question. Let’s have a quick overview of these. The Rapid Account begins at $99 for a $10,000 account and goes up to $749 for a $100,000 account. The Evaluation program begins at $84 and ends at $979 for the same account sizes. With the Accelerated program, entry fees are higher ($99 for a $2,000 account and a whopping $2,450 for a $50,000 account) but this is understandable. Traders are essentially paying a premium to skip the evaluation process and go straight to a live, funded account. |
| Payout scheme | Compared to other proprietary firms, Topstep has a high percentage payout scheme or, to put it another way, it takes a lower percentage cut on your profits. On the other hand We have mixed feelings about the My Forex Funds payout scheme. On the plus side, traders can choose to withdraw profits on a bi-weekly basis after a month of trading a funded account. Methods are through bank transfer, cryptocurrency, Wise, or PayPal. There is a limit on the withdrawal amount, however, and traders cannot take out more than 12% of the initial balance. |