Topstep vs FTMO 2023
|By: Jeremy Biberdorf|
It’s important to find the right trading platform that can fit your needs. Topstep and FTMO are two popular trading platforms you’ve probably heard of, and they each offer unique benefits and features. Each of these platforms provides you with the tools to take your trading to the next level, as well as opportunities to begin your funded trading career.
Of course, no two services are ever exactly the same. There’s always a reason why you may want to choose one platform over the other. In this article, we’ll be going over the differences, comparing Topstep vs FTMO to help you find the perfect path for future funding.
|Topstep is Better for:||FTMO is Better for:|
|Futures trading||Faster funding|
|Educational resources||Lower monthly pricing|
|Less experienced traders||Higher profit splits|
Both of these proprietary trading firms offer traders a way to show off their trading skills and secure funding, which allows them to enjoy larger profits. After all, 10% of $400k is much more than 10% of $40k, right?
Of course, they don’t offer funding to just anyone. Each company has its own stringent requirements that must be adhered to if one wants to become funded. These requirements may be easier or harder to meet (depending on your trading style and strategy), making it extremely important to compare the two before committing to one.
Factor 1: Features
Both platforms use a two-step evaluation process that traders must pass before they can be funded. The first evaluation phase is where traders trade with an initial balance of virtual funds and meet performance goals; the second phase follows similar but slightly different criteria.
Each platform provides traders with a few different resources that they can use to help them during their trading journey, but the specifics of each funding challenge—such as the relevant time frame restrictions or profit goals—vary between the two.
FTMO Has Better Features Overall
- FTMO supports a wide variety of currencies
- Topstep’s Trading Combine only supports futures trading
- FTMO offers up to 90% profit share
Topstep funded trading accounts—which can only be used for trading futures—are held to a variety of different trading conditions that must be followed while meeting trading objectives. These conditions include factors such as maximum drawdown, minimum trading days, daily loss limits, and maximum position size.
The challenge is split into two stages. The first stage imposes minimum trading days, while the second does not. However, traders are held to the “Consistency Rule,” which must be followed to secure a Topstep funded account.
The FTMO challenge offers similar benefits to Topstep, except that this prop firm trading program allows FTMO traders to trade multiple types of securities (including crypto, stocks, and forex). The challenge is split into two stages, the first of which—like Topstep—has a minimum amount of trading days required.
Aside from trading for at least four days, you’ll also need to stay within the daily loss limit and other metrics dictated by the challenge. Fortunately, FTMO has a few educational resources that FTMO traders can take advantage of during the challenge.
After the first stage is completed, traders move on to the verification stage. This stage features slightly more lax requirements; its primary purpose is to ensure consistency before you qualify for profit share benefits.
Factor 2: Costs
Both of these prop trading firms will require you to pay to take their funding challenges. It’s important to be aware of any incurred costs (whether they be ongoing or one-time fees), as―even for the most profitable traders―they are sure to cut into your profits.
It’s important to note that monthly charges only apply to the challenges; funded traders aren’t charged these fees (but you will incur other charges).
Topstep offers a better value for the money
- Topstep offers more affordable pricing overall
- FTMO has a $200k funding plan
- Topstep’s lowest plan is slightly more expensive
How much you pay for the Topstep Trader program will depend on the initial amount of buying power you desired. Monthly fees range from $165/month (50k buying power) to $375/month ($150k buying power).
Like Topstep, your monthly costs incurred with FTMO will depend on your initial buying power. FTMO offers buying power as low as €155/month (10k challenge) up to €1080/month (200k Challenge).
Factor 3: Funding Options
Lastly, we’ll take a look at the different ways you can pay for each respective challenge. Fortunately, both of these platforms offer plenty of payment methods.
FTMO Accepts More Payment Options
- FTMO supports five different payment methods
- Topstep accepts PayPal
- Both accept debit/credit card payments
You can pay for the Trading Combine using a debit/credit card (Visa, Mastercard, American Express, Discover) or with your PayPal account. Pre-paid and/or gift cards won’t work directly, although you could technically pay with a gift card through your PayPal account.
Learn More About Topstep
FTMO also accepts debit/credit card payments, although it doesn’t accept PayPal. However, you can also pay via bank wire transfer, using one of the accepted cryptocurrencies, with Google Pay, or via Skrill.
Learn More About FTMO
Topstep vs FTMO: Summary
Each proprietary trading company offers educational resources and funding opportunities to those who can pass the challenge(s). The key to passing both of them is finding a winning strategy and staying within the required metrics (like minimum trading days or trailing max drawdown).
We would recommend comparing your trading style to the requirements of each prop trading company to see which challenge gives you the best chance of success. However, the biggest thing that will likely sway your choice is the available assets.
If you’d like to receive funding for futures trading, we recommend Topstep. You can learn more about the funding opportunities, challenge specifics, and free trials by clicking here! Save 20% Today!
For funded trading with other types of securities such as forex, crypto, or stocks, you’ll want to go with FTMO. Click here to try FTMO for free!
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