- Industry-leading low evaluation fees with a 4.7/5 Trustpilot rating.
- Allocation capital up to $2,000,000 with 1:100 leverage.
- Flexible trading: unlimited period, no minimum days, and scaling plans.
- Profit sharing of 80% to 90% with weekly payouts.
- Permissive trading: during news, overnight, and weekends.
Maximum Daily Loss, Maximum Loss, No Hedging Allowed, No Martingale Allowed, Profit Target, Stop Loss Required, Third Party Copy Trading Risk, Third Party EA Risk
Funding Pips: Competitive Fees and Flexible Trading
Funding Pips is quickly making a name for itself among proprietary trading firms. With what many consider industry-leading low evaluation fees, the company has garnered a high 4.7/5 rating on Trustpilot – underscoring a strongly positive reception from its user base. One of the firm's standout features is the potential to access allocation capital up to a whopping $2,000,000 alongside a generous leverage of 1:100. This represents a significant advantage for traders aiming to operate with substantial capital. Moreover, Funding Pips takes flexibility to the next level, offering traders no restrictions on trading duration, no mandate on minimum trading days, and advantageous scaling plans that incentivize success.
Profit sharing arrangements at Funding Pips are exceptionally favorable to traders, ranging from 80% to 90% with the convenience of weekly payouts, which is above industry norms. The company's liberal trading policy allows for operations during news events, overnight, and even on weekends, setting it apart from many other prop firms that impose stricter rules.
Negatively, the lack of immediate interactive support through live chat may be a point of contention for users who prefer real-time problem-solving. Email and Discord are the current channels for support, which might not satiate the needs for immediate assistance. Additionally, the mandatory stop-loss rule on funded accounts could be viewed as restrictive by some traders who prefer complete control over their risk management strategies.
TopStepFX: Disciplined Approach and Risk Management
TopStepFX has been a significant player in the prop trading industry since 2012. The firm presents itself with an emphasis on fostering a disciplined trading approach and strong risk management – elements that are essential to the sustainability of a trading career. TopStepFX provides scaling plans and varying account sizes, reflective of its intent to cater to a diversity of trading styles and experiences.
TopStepFX's structured trading conditions and effective leverage management are designed to instill a professional trading mindset. New traders benefit from this system as it enforces the importance of discipline and consistency, albeit at the expense of some degree of trading freedom.
Prospective traders should be prepared for a rigorous evaluation process when joining TopStepFX. While this may seem daunting, it ensures that only those with the requisite skills and mindset manage the company's funds. The presence of a daily loss limit and the implementation of a monthly cost for account maintenance call for a balanced, risk-aware trading style. This could be a double-edged sword; while it promotes prudence, it may also curb the trader's ability to take full advantage of certain market conditions.
Comparing Deposit and Withdrawal Methods
On the operational side, both firms offer credit/debit card deposits. However, Funding Pips additionally accepts cryptocurrency, which could appeal to modern traders who favor alternate finance options. In terms of retrieving funds, Funding Pips utilizes Deel for withdrawals, while TopStepFX sticks to the more traditional bank wire transfers. The difference may influence traders depending on their location and preference for speed or convenience of transactions.
Account Options and Tradable Instruments
When it comes to the variety of account sizes, Funding Pips appears to have a more extensive range, offering accounts from $5,000 to $200,000. In contrast, TopStepFX operates with fewer details on account denominations but services accounts in both USD and GBP. The choice between the two will largely depend on the size of the account a trader is comfortable managing and the preferred currency.
Funding Pips also takes the upper hand in the diversity of tradeable instruments, including commodities, crypto, forex, indices, and metals. This variety can be quite attractive for traders looking to diversify their portfolios or those seeking to trade in less traditional markets such as cryptocurrency. Conversely, TopStepFX offers commodities, which indicates a more focused but possibly less versatile trading experience.
Final Takeaways
Funding Pips shines with its affordable entry barriers and trader-friendly conditions, potentially making it an enticing option for those looking to maximize freedom and profit-sharing. However, its customer support channels and safety measures could be sticking points for some.
On the other hand, TopStepFX, with its established history and disciplined structural rigidity, could be the go-to for traders who prioritize stability and risk management over flexibility.
Ultimately, the decision between Funding Pips and TopStepFX would hinge on a trader's individual preferences, trading style, and priorities. Both firms have carved distinct niches in the proprietary trading sphere and offer unique advantages to the retail trader. Retail traders and users must weigh these factors carefully to align their choice with their long-term trading objectives and risk tolerance.
