If you’re considering entering futures trading but are short on cash, you might consider working through proprietary trading firms to get started.
Prop trading firms or prop firms, provide the capital investors need to buy and sell financial instruments (futures, in this case), typically after they’ve passed an evaluation of their trading skills and risk management.
Two notable prop firms that offer funding after a one-step test are My Funded Futures and TradeDay. Comparing My Funded Futures and TradeDay can help you decide the best place to start your futures trading journey.
- What Is My Funded Futures?
- Pros
- Cons
- See All 16 Items
What Is My Funded Futures?
Headquartered in Dover, Delaware, My Funded Futures works to empower traders by offering funding after a one-step evaluation. Simply pass the test and you’ll get funded in a simulated environment. Demonstrate consistency in your performance and begin futures trading live with someone else’s money.
The company aims to support traders growing and improving their trading ability.
Pros
- One-step evaluation
- Keep the first $10,000 profit
- 90/10 profit split later
- Flexibility with expert accounts
Cons
- Consistency rules
- Low payout frequency
- Limited customer support and training
What Is TradeDay?
TradeDay is a proprietary trading firm headquartered in Chicago, Illinois. It’s considered a premier prop firm because of its emphasis on education, support and funding to aid traders in building their skills.
TradeDay touts its payout policy as the best in the business. It only has one rule: maintain a minimum profit amount. Once you clear that buffer, you can request a payout at any time (with a minimum of $250) and process it in 24 hours.
Traders rave about TradeDay’s customer service response and comprehensive resources, which support beginners and experienced traders.
Pros
- Pocket the first $10,000 profit
- Generous 90/10 profit split
- Frequent payouts from Day One
- Single-step process for funding
Cons
- No trading after specified releases of data
- No holding positions overnight
- Higher fees for bigger account sizes
Comparing My Funded Futures vs. TradeDay
Here’s a closer look at the similarities and differences regarding My Funded Futures vs. TradeDay:
Instruments
The financial instruments you can trade in might force you to choose between My Funded Futures vs. TradeDay. Both have several futures available, but My Funded Futures carries a couple more than TradeDay.
My Funded Futures allows you to trade in foreign exchange, equity, energy, agricultural, interest rates and metals futures. On TradeDay, you’ll find equity, foreign exchange, agricultural and metals futures.
Types of Funding Program
The funding programs that make up My Funded Futures and TradeDay set them apart from other prop firms.
Most prop trading firms require you to pass a two-step evaluation to get funded, but that’s not true with My Funded Futures and TradeDay. Each firm has a one-step test to meet specific performance requirements for profit and risk management and you get funded if you pass.
Trading Styles
You may also favor one firm over the other based on your trading style. My Funded Futures allows scalping and day trading. You’re permitted the same on TradeDay but are also free to engage in copy and algorithmic trading.
Trading Hours
The trading hours on My Funded Futures and TradeDay are similar. The real difference is in the rules surrounding trading hours.
On My Funded Futures, you can place a trade at 6 p.m. on the Globex Open and hold it until the 4:10 p.m. close in New York. My Funded Futures automatically closes all trades at 4:10 p.m., so there’s no chance of breaching your account.
On TradeDay, all open positions must close by the time the market for the specific futures closes – traders can’t hold positions overnight or over the weekend. The prop firm recommends that traders close out their positions 10 minutes before the daily closing to avoid a breach of the rules.
TradeDay traders can fail their evaluation if they hold open trades beyond the close. Funded traders receive a warning within 10 minutes of closing and lose their funded account if they hold open positions into the close.
Trading Platforms
Regarding trading platforms, traders like to use what they’re most comfortable with. You may find one of your favorites on both My Funded Futures and TradeDay, along with others that might be worth a try.
Both prop trading firms support TradingView, Tradovate and NinjaTrader. TradeDay offers another option by supporting Jigsaw. If you choose TradingView on TradeDay, you’ll need your license. You’ll also need a Jigsaw Live license to use that platform on TradeDay.
Payments
Each prop firm has fairly straightforward payment methods, keeping with their approach to supporting traders.
Both firms have a short list of payment methods they accept. With My Funded Futures, traders can pay by wire transfer, crypto or credit card, while TradeDay users can pay by wire transfer or PayPal.
Trustpilot Reviews
Based on user reviews, both My Funded Futures and TradeDay have earned an “excellent” rating on Trustpilot. However, since the devil is always in the details, these scores deserve a little more scrutiny.
My Funded Futures traders posted a rating of 4.7 out of 5.0 based on 1,358 reviews. The reviews for TradeDay come in right behind at 4.6 out of 5.0. That said, TradeDay’s rating is based on only 723 reviews, slightly more than half the reviews posted for My Funded Futures.
Choosing the Best Prop Firm for Your Needs
When comparing My Funded Futures and TradeDay, both are fairly young prop trading firms with solid reputations for supporting traders in building their skills.
Unlike many other prop firms, My Funded Futures and TradeDay offer a one-step evaluation for traders to get funding and both allow you to keep the first $10,000 you earn before sharing profits with a 90/10 split in your favor. The low barrier of entry and relatively high-profit potential will appeal to traders of all skill levels.
Based on this information, you should be able to choose the firm that best fits your trading style and goals.
Frequently Asked Questions
What is the payout for TradeDay?
TradeDay claims to have the best payout policy in the industry. You get to keep the first $10,000 you make and you’ll then receive 90% of the profits you earn while the company gets 10%.
Does TradeDay have an activation fee?
TradeDay collects a one-time activation fee of $139 for both the Funded Sim and Funded Live accounts, so you can graduate from the former to the latter without having to pay the fee again. However, the fee is required each time you pass an evaluation.
Is My Funded Futures legit?
My Funded Futures is one of the newest prop firms, celebrating its first year of existence in September 2024. Even so, it’s already established a strong reputation among traders and has a 4.7 out of 5 rating on Trustpilot based on more than 1,350 reviews.
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.