Overview
Apex Trader Funding and TopStep are proprietary futures trading firms that offer structured evaluation programs, firm capital allocation, and profit‑sharing opportunities to traders. Both firms aim to identify and finance skilled traders, yet they differ in evaluation design, account sizing, risk parameters, payout schedules, technology offerings, fee structures, and support resources. This article presents an in‑depth, objective comparison of Apex Trader Funding and TopStep to help traders determine which program best suits their trading style and capital objectives.
Evaluation Programs
Apex Trader Funding One‑Step Evaluation
Apex Trader Funding employs a single‑step evaluation model designed for clarity and flexibility:
- Evaluation Stage
Traders select an evaluation account size, pay a subscription fee, and receive simulated capital. There is one continuous assessment period rather than multiple phases. - Profit Objective
Each account size has a fixed profit threshold expressed in currency terms (for example, $6,000 profit on a $100,000 account). Traders must meet that objective over at least seven trading days. - Trailing Drawdown Threshold
A single trailing drawdown limit applies throughout the evaluation. This threshold is set as a fixed dollar amount below the peak account balance. Breaching this threshold at any time results in evaluation failure. - No Daily Loss Cap
There is no separate daily maximum loss rule, permitting traders to recover from early session losses provided the overall drawdown stays within the trailing threshold. - Resets and Timeframe
Traders face no hard time limit for passing the evaluation; the subscription continues until targets are met or the trader opts out. Unlimited evaluation resets can be purchased at a flat rate without affecting the subscription period. - Transition to Funding
Once profit and drawdown requirements are satisfied, traders pay a one‑time activation fee to convert the evaluation account into a live funded account.
TopStep Two‑Phase Trading Combine
TopStep’s Trading Combine features a sequential two‑phase evaluation process:
- Phase One: Profit Challenge
Traders must reach a profit target that scales with chosen account size (for example, $3,000 on a $50,000 account). Profit must be achieved under defined risk constraints. - Phase Two: Verification
After satisfying the profit challenge, traders enter a verification stage focused solely on adherence to risk rules, without an additional profit requirement.
Key rules that apply throughout both phases:
- Daily Loss Limit
A daily maximum loss cap exists (for example, $1,000 on a $50,000 account). Exceeding it triggers auto‑liquidation for the session but does not immediately disqualify the trader permanently. - Maximum Drawdown Limit
A hard overall drawdown threshold (for example, $2,000 on a $50,000 account) that, if breached, ends the evaluation until a reset is purchased. - Consistency Target
Traders must avoid concentrating profit in a single session. The largest winning day must remain below half of the profit target to ensure multiple profitable days rather than one outlier. - Minimum Trading Days
Due to the consistency requirement, traders typically need at least two separate trading days to satisfy the profit and consistency objectives. - Subscription and Resets
The Trading Combine operates on a monthly subscription basis that continues until the evaluation is passed or canceled. One free reset is available per subscription period; additional resets may be purchased. - Transition to Funding
Completion of both evaluation phases grants traders access to a funded account backed by TopStep’s capital.
Profit Targets and Drawdown Rules
Apex Trader Funding
- Profit Targets
Fixed-dollar profit goals tied to evaluation account size (for example, $1,500 on $25,000, $3,000 on $50,000, $6,000 on $100,000). - Drawdown Limit
A trailing drawdown limit equal to a fixed dollar amount below the highest balance attained. This threshold moves upward as the account equity rises, protecting prior profits. - Strategy Flexibility
Absence of daily loss caps and no requirement for consecutive trading days beyond the minimum allows traders to employ various strategies, including news-driven and swing approaches.
TopStep
- Profit Targets
Profit goals expressed in currency based on account tier (for example, $3,000 on $50,000, $6,000 on $100,000, $9,000 on $150,000). - Daily Loss Cap
A per‑session loss limit that ends trading for the day if exceeded, enforcing discipline within each trading session. - Overall Drawdown Cap
A hard stop on cumulative losses that triggers evaluation termination if breached. - Consistency Rule
Largest single‑day gain must remain below fifty percent of the profit target, encouraging steady performance over reliance on one large win.
Funding Levels and Scaling
| Program | Entry Account Sizes | Maximum Initial Capital | Scaling Opportunities |
|---|---|---|---|
| Apex Trader Funding | $25,000; $50,000; $100,000; $150,000; $250,000; $300,000 | $300,000 | Periodic performance reviews permit requests for larger capital allocations based on sustained profitability. |
| TopStep | $50,000; $100,000; $150,000 | $150,000 | Additional funded account tiers unlocked by cumulative profit milestones over payout periods. |
Apex covers a broader range of larger account sizes, reaching higher maximum capital, whereas TopStep’s tiered structure leads traders through ascending stages up to a mid‑six‑figure cap.
Profit Splits and Payout Mechanics
Apex Trader Funding
- Profit Share Structure
Traders retain 100% of the first $25,000 in payouts per account. Profits beyond that threshold are split 90% to the trader and 10% to the firm. - Payout Frequency
Traders may request withdrawals every eight trading days, measured from the firm’s trading-day definition. - Withdrawal Minimum
No specified minimum; payouts processed upon request following the eight‑day cycle.
TopStep
- Profit Share Structure
Traders receive 100% of the first $10,000 in cumulative payouts across accounts. Thereafter, payouts split 90% to trader and 10% to firm. - Payout Eligibility
Funded traders accumulate five winning days—each defined by a minimum net gain threshold—to qualify for a payout request. Winning days need not be consecutive. - Withdrawal Frequency
After meeting the qualifying winning‑day count, traders may request up to fifty percent of account balance per request. Daily payouts of up to one hundred percent become available once thirty winning days accumulate in the live funded account. - Withdrawal Minimum
A minimum payout of $125 applies to each request.
Technology and Platform Integration
Apex Trader Funding
- Platform Support
Integrates with major futures platforms, including charting and execution interfaces from Rithmic, Tradovate, and proprietary solutions. Traders may also connect via TradingView for chart analysis. - Data Feeds and Execution
Low‑latency market data and direct order routing ensure execution performance, suitable for discretionary and automated strategies.
TopStep
- Platform Support
Connects to leading trading platforms such as NinjaTrader, Quantower, and Tradovate. A specialized interface, TopStepX, allows customized risk‑limit adjustments. - Data Feeds and Execution
Professional-grade data feeds with stable order execution and access to automated strategy tools.
Fee Structures
Apex Trader Funding
- Evaluation Subscription Fee
Monthly fee varies by account size (for example, a mid‑level account may incur a fee around $297 per month). - Performance Account Fee
Once an account transitions to live funding, a flat monthly fee applies (for example, around $85). - Reset Fee
Flat cost for each evaluation reset, with unlimited resets permitted during the subscription period.
TopStep
- Trading Combine Subscription
Monthly subscription fee tied to platform and data‑feed selection; rebills until evaluation success or cancellation. - Reset Policy
One complimentary reset per subscription period; additional resets available for purchase. - Data and Platform Costs
Platform license and market data fees may be included or billed separately, depending on the chosen data‑feed package.
Educational and Support Resources
Apex Trader Funding
- Learning Materials
Live market commentary, recorded webinars, and platform tutorials covering risk management and evaluation strategies. - Coaching and Support
One‑on‑one coaching sessions for funded traders, priority support via email and chat, and a searchable knowledge base.
TopStep
- Learning Materials
Video tutorials on futures fundamentals, strategy development, and risk controls; structured consistency workshops. - Community and Coaching
Active user forums for peer interaction, periodic live webinars led by experienced traders, and dedicated coaching for funded participants.
Recent Enhancements
Apex Trader Funding
- Expanded platform compatibility with new charting and execution integrations.
- Upgraded trailing threshold analytics for real‑time drawdown monitoring.
- Enhanced user interface features for performance tracking and evaluation oversight.
TopStep
- Introduction of the TopStepX interface for custom risk‑limit settings.
- Removal of default daily loss caps on select new accounts.
- Streamlined payout processing enabling same‑day withdrawals before cutoff.
Conclusion
Apex Trader Funding and TopStep each provide rigorous, objective pathways to futures trader funding, yet cater to different preferences and objectives. Apex’s one‑step evaluation, higher maximum capital allocations, unlimited resets, and absence of daily loss caps appeal to traders seeking scalability and flexibility with fewer evaluation phases. TopStep’s dual‑phase Trading Combine, structured profit and risk separation, consistency requirements, and tiered scaling up to mid‑six‑figure capital allocations serve traders who value progressive skill validation and discipline. Differences in profit splits, payout cadence, platform options, and fee structures further distinguish the programs. Traders should evaluate their risk tolerance, capital needs, trading style, and desired evaluation framework when selecting between Apex Trader Funding and TopStep.
