Proprietary trading firms or “prop firms,” are platforms for experienced traders. They provide approved traders with capital to make any commodity purchases they like and allow them to keep a high percentage of their profits as long as they meet risk requirements.
Apex and Topstep are two of the most recognizable prop firms in the marketplace. Apex focuses primarily on futures markets while Topstep focuses slightly on forex trading. Compare Apex vs. Topstep to decide which one is better suited for your trading efforts.
- What Is Apex Trader Funding?
- What Is Topstep?
- Comparison Table
- See All 12 Items
What Is Apex Trader Funding?
Headquartered in Austin, TX, Apex Trading is a prop firm that deals extensively in futures trading. Futures are contracts to buy or sell a certain commodity at a preset price for delivery at some point. They are known for being especially liquid, allowing traders to hold big positions with little capital.
Prop firms vet traders, approving those with great track records of investment success. Apex’s evaluation process involves only one step. Approved traders are given $25,000 upfront with no profit-sharing – the trader keeps all gains. Beyond that limit, the trader and Apex have a 90% to 10% profit split. The maximum balance for Apex traders is $300,000 at any given time.
Apex traders can ask for two payouts on their profits every month. The automated account system is set up so that traders can’t go past their maximum position size out of error – with other firms, you risk losing your account if you exceed that limit.
What Is Topstep?
Topstep is a Chicago-based futures prop firm that focuses on futures trading, especially in forex markets. After passing a two-step evaluation process, traders are given a prescribed amount of cash to trade with.
Topstep has three account tiers, with buying limits of $50,000, $100,000 and $150,000. The Topstep payout policy gives traders 100% of the profits for the first $10,000 in gains and then moves to a 90-10 split for regular trading.
Topstep issues each new trader a challenge – the Topstep Combine – that all applicants must pass before they can trade. Participants must hit a minimum profit target according to their given account tier. They must also follow a few rules on daily losses, drawdowns and other factors before being approved.
Comparison Table
Here are some key points of comparison between Apex and Topstep.
| Feature | Apex Trader Funding | Topstep |
| Profit Splits | Trader keeps 100% of profits up to the initial amount of $25,000, then takes a 90% split on future transactions | Trader keeps 100% of profits up to the initial amount of $10,000, then takes a 90% split on future transactions |
| Tradable Assets | Equity futures Forex futures Agricultural futures Energy futures Interest rate futures Metals futures Crypto futures Micro futures EUREX instruments U.S. Immigration and Customs Enforcement instruments | Equity futures Forex futures Agricultural futures Oil and natural gas futures Interest rate futures Financial futures Metals futures |
| Trading Platforms | ATAS, Bookmap, Edgeclear, Finamark, Jigsaw Trading, MotiveWave, NinjaTrader, Quantower, Rithmic, Sierra Chart, Trader, TradingView, Tradovate, Volfix, Wealthcharts | TopstepX (proprietary), ATAS, Bookmap, Investor/RT, Jigsaw, Daytradr, MotiveWave, MultiCharts, NinjaTrader, Quantower, R|Trader Pro, Sierra Chart, T4, Trade Navigator, TradingView, TSTrader, Volfix |
| Pricing Structure | From $137 per month | From $165 per month |
Apex Trader Funding vs. Topstep
When exploring the similarities and differences between Apex and Topstep, it helps to consider the two in terms of profit-sharing, cost and other vital elements.
Profit-sharing
Apex and Topstep have a similar profit-sharing module: up to a certain first amount, there’s no profit split and the trader retains 100% of their capital earnings. After a point, both firms maintain a profit split of 90%.
The big difference between the two is the initial amount of funds from which the trader can keep all profits. Apex gives traders $25,000; with Topstep, this amount is $10,000.
Cost
Apex Trader Funding sets up Paid Performance Accounts (PA) priced in two ways: monthly or lifetime. The choice is left up to the traders and the costs vary across different platforms. Monthly fees can cost between $85 and $105, while the lifetime fees range from $130 to $360, depending on the account size.
Topstep’s pricing structure is a bit more complex than Apex’s. It’s broken down into Trading Combine fees ($49 per month for a $50,000 account), resets in the Combine, a one-time activation fee of $149, advanced market data fees of $39 per month and platform fees. Unlike Apex, Topstep does not have a “lifetime” fee option.
Flexibility
Both firms offer some common futures trading assets: equity, forex, agricultural, interest rates and metals like gold. Apex also offers futures in energy, cryptocurrency, micro-futures, EUREX and U.S. Immigration and Customs Enforcement instruments. Topstep offers oil and natural gas futures and some financial futures.
Apex gives traders a variety of scaling plans that reward consistency in profits. As long as traders stick to Apex evaluation rules, there’s no maximum to what you can earn. On the other hand, Topstep rewards growth opportunities on an incremental level centered around its evaluation process. As traders improve their trading performance, they may be allowed to take on progressively larger positions.
Topstep has a “day trading only” policy, focusing on short-term trades. Apex imposes no such restrictions and traders can trade at any time of day.
Risk Management
Apex is a little more flexible with policies that address risk management. Traders can set their risk priorities, using their personal risk tolerance to manage transactions. However, Topstep issues specific daily loss limits and maximum position amounts.
Both firms set limits on drawdowns on a daily and overall basis. This policy saves investors from large losses over a single day or cumulatively. Apex rewards traders when they reach given profit thresholds as long as they stick to risk limits. Topstep’s profit targets are set according to profit and risk management and traders must stay within their prescribed structures to remain in the trading game.
Educational Resources
Apex and Topstep offer various educational materials. Both offer trading courses, webinars, strategy guides and trader communities to keep traders informed about current developments and trends.
Apex also offers one-on-one personal coaching from experienced mentors, while Topstep has a bigger set of education materials and structured performance reviews.
Trading Platform
Apex and Topstep use a variety of trading platforms with the following in common:
- ATAS
- Bookmap
- Jigsaw
- MotiveWave
- NinjaTrader
- Quantower
- Sierra Chart
- Volfix
Topstep also has a proprietary platform, TopstepX.
Apex vs. Topstep Winner
Both Apex and Topstep are worthy sources for funded trading. Traders with more flexibility and personal support may prefer Apex, which allows traders to customize their risk limits and drawdowns. Topstep is geared toward day trading and is suitable for traders with more structure and educational opportunities.
To that extent, experienced traders may prefer Apex’s flexible trader profiles, while those who seek guidance on performance improvement may be more comfortable with Topstep.
Frequently Asked Questions
What is the difference between Apex and Topstep?
Apex is a more flexible firm, giving experienced traders more control over risk limits and approaches. Topstep has more structure and may be more suitable for developing traders.
How much does Apex Trader Funding pay?
Apex traders receive a 90% profit share after an initial $25,000 with 100% profits. Performance and funding program terms dictate how much the payout is.
Does Topstep deny payouts?
The firm does not hold payouts back Unless traders stray from Topstep’s rules and requirements.
About Sarah Edwards
Sarah Edwards is a finance writer passionate about helping people learn more about what’s needed to achieve their financial goals. She has nearly a decade of writing experience focused on budgeting, investment strategies, retirement and industry trends. Her work has been published on NerdWallet and FinImpact.