Choosing between Apex Trader Funding and Topstep depends on your trading style and goals. Here’s the quick breakdown:
- Apex: Ideal for experienced traders seeking flexibility. Features include a one-step evaluation, no daily loss limits, up to 20 simultaneous accounts, and 100% profit retention on the first $25,000. However, its intraday trailing drawdown can be challenging during market pullbacks.
- Topstep: Best for beginners or those preferring structure. Offers a two-step evaluation, daily loss limits, end-of-day drawdowns, and educational resources. Traders keep 100% of the first $5,000–$10,000. Restrictions include no overnight trades and limited accounts.
Quick Comparison
| Feature | Apex Trader Funding | Topstep |
|---|---|---|
| Founded | 2021 | 2010 |
| Evaluation Process | Single-step, 6% profit target | Two-step, 6% profit target |
| Profit Retention | 100% of first $25,000, then 90/10 split | 100% of first $5,000–$10,000, then 90/10 after 80/20 phase |
| Drawdown | Intraday trailing | End-of-day trailing |
| Daily Loss Limits | None | Strict limits |
| Account Sizes | $25K–$300K | $50K, $100K, $150K |
| Simultaneous Accounts | Up to 20 | Up to 5 |
| Trading Rules | No restrictions on news/holidays | No overnight trades, no news trading |
| Payout Frequency | Twice a month | Daily after 5 winning days |
| Evaluation Cost (100K) | ~$17–$167 (with discounts) | ~$325 |
Bottom Line: Apex suits traders seeking speed and scale, while Topstep offers structure and support for long-term growth.
Apex vs Topstep Trading Platforms Comparison Chart
Evaluation Process and Account Funding
Evaluation Structure and Requirements
Apex keeps things straightforward with its single-step evaluation process. Traders need at least 7 trading days (or just 1 day during special promotions) to hit a 6% profit target. For example, that’s $3,000 on a $50,000 account. The process is free from daily loss limits and consistency rules, but traders must avoid breaching the trailing drawdown by using a futures risk management planner.
Topstep, on the other hand, uses a two-step evaluation system called the Trading Combine. This takes a minimum of 10 days and also requires a 6% profit target. However, it comes with stricter rules, including a daily loss limit ranging from $1,000 to $3,000 based on account size. Additionally, a consistency rule caps any single day’s profits at 50% of the total. One notable feature is Topstep’s end-of-day drawdown policy, which updates only after the market closes. This allows traders more breathing room during volatile periods. As Team Topstep puts it:
"Topstep’s end-of-day drawdown allows trades to play out without constant pressure".
Account Sizes and Scaling Options
Apex provides a broader selection of initial account sizes, starting at $25,000 and going up to $300,000, giving traders access to larger capital from the outset. In comparison, Topstep offers three account size options: $50,000, $100,000, and $150,000. Apex also stands out by granting immediate access to full contract sizes once the account is funded. Meanwhile, Topstep uses a gradual scaling approach through its "Dynamic Live Risk Expansion" system, which increases contract limits over time. Typically, traders are limited to managing up to 5 accounts at once with Topstep.
Apex takes scaling a step further, allowing traders to stack up to 20 funded accounts simultaneously, which can amount to $1.5 million in total funding. As Sarah Edwards from Benzinga highlights:
"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 they can earn".
These differences in evaluation methods and funding opportunities significantly impact payout structures and trading expenses for participants.
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Payout Policies and Profit Splits
Profit Retention and Split Percentages
Apex allows traders to keep 100% of their first $25,000 in profits, while Topstep offers full retention on the first $10,000. Once traders surpass these thresholds, both firms shift to a 90/10 profit split, where traders retain 90% of their earnings moving forward.
Apex adds an extra layer to its policy with a 30% Consistency Rule for funded accounts. This means no single day’s profit can exceed 30% of the total profits when requesting a payout. This rule reflects Apex’s focus on managing risk effectively. On the other hand, Topstep does not enforce such a cap after traders meet the initial requirement of achieving a winning day. These differences highlight the contrasting approaches each firm takes toward profit retention and risk management.
Payout Frequency and Requirements
The two firms also differ in how and when traders can access their earnings. Topstep offers daily payouts once traders achieve 5 winning days with at least $150 each. Apex, however, processes payouts twice a month and has stricter requirements: traders need 8–10 winning days, a Safety Net buffer equal to the account’s max drawdown plus $100 for the first three payouts, and must retain 30% of their total profits.
As Team Topstep puts it:
"Topstep rewards progress, not perfection… You only need 5 winning days of $150 or more to request your first payout."
Topstep’s Express Funded Accounts bypass the Safety Net buffer entirely. Since its launch in 2022, Apex has paid out over $538 million to traders, while Topstep processed more than 81,177 payouts in 2024 alone.
Trading Rules and Risk Management
Drawdown Limits and Consistency Requirements
Both Apex Trader Funding and Topstep use specific risk management rules to safeguard capital and influence trading behavior. The biggest difference lies in how they handle drawdowns. Apex employs an intraday trailing drawdown that adjusts in real time. As soon as a trade becomes profitable, the drawdown level locks at its peak. This approach can lead to account liquidation during normal market pullbacks, even if the trader is still within their overall risk limits.
Topstep, on the other hand, calculates drawdown only after the market closes. This method allows traders to ride out intraday fluctuations without the drawdown tightening prematurely. Additionally, Topstep enforces a strict daily loss limit, helping to prevent significant losses in a single trading session. Apex does not impose a daily loss limit, giving traders more flexibility but also potentially exposing them to higher risk.
As Team Topstep puts it:
"At Apex, the intraday trailing drawdown means every uptick permanently tightens the space between your position and your liquidation point."
Apex also applies a 30% consistency rule. For example, if a trader has a $1,000 winning day, they can only withdraw that profit once their total earnings reach $3,333. In contrast, Topstep does not impose payout consistency requirements on its funded accounts, offering more straightforward access to profits.
Trading Restrictions and Limitations
The two firms also differ in their trading restrictions. Topstep requires traders to stick to day trading, prohibits trading during high-impact news events, and gradually increases contract size as traders demonstrate consistent performance. Apex takes a more relaxed approach, allowing full contract access from the start and permitting trading during news events.
Apex also stands out by allowing trading during holidays without requiring traders to close positions daily. It supports algorithmic trading and enables traders to manage up to 20 accounts simultaneously using trade copying platforms. Topstep, on the other hand, typically limits traders to a single account. When it comes to available markets, Apex offers a wider selection, including cryptocurrency and additional futures instruments. Topstep focuses on standard indices, metals, and energy markets.
Costs and Fee Structures
Evaluation Fees and Available Discounts
Apex Trader Funding offers a 100K evaluation for $167 per month, but with promotional codes, this can drop as low as $17 – up to 90% off. On the other hand, Topstep’s 100K evaluation costs around $325 per month. For a 50K evaluation, Apex’s price can go down to $35 during sales, while Topstep’s ranges between $49 and $89. Additionally, Apex includes Level 1 CME data in their pricing, whereas Topstep charges an extra $39 per month for advanced data access. As Fred Harrington, Founder of Vetted Prop Firms, puts it:
"Apex is significantly cheaper for most traders".
Long-Term Costs and Total Expenses
The differences between the two firms become even more apparent when looking at long-term costs. After passing the evaluation, Topstep imposes a flat $149 activation fee. In contrast, Apex offers more flexibility, with either a monthly fee ranging from $85 to $105 or a one-time lifetime fee between $130 and $360, which eliminates recurring charges altogether.
Topstep’s ongoing fees include monthly Trading Combine costs plus $39 for market data. Over six months, maintaining a 50K account with Topstep can cost between $677 and $1,241, while Apex’s lifetime option keeps the total between $140 and $160.
Reset fees also differ: Apex charges about $80, compared to Topstep’s $99. Apex further allows traders to manage up to 20 funded accounts simultaneously, whereas Topstep limits users to a single account.
Which Firm Fits Different Trading Styles
Best for Active and Flexible Traders
Apex is a solid choice for experienced traders who value independence and have a proven track record. Its one-step evaluation can be completed in as little as a single day, a stark contrast to Topstep’s minimum 10 trading days spread across two phases.
One of Apex’s standout features is its scaling potential. Traders can manage up to 20 active paid accounts simultaneously using futures copy trading tools. This setup allows for expanding earning opportunities horizontally, rather than waiting to unlock additional contracts. As Ngan Pham from H2T Funding explains:
"Apex Trader Funding operates as a robust funding partner for confident, experienced traders… stripping away the hand‐holding to offer raw leverage and flexibility".
Other perks include no daily loss limits, the ability to trade during news events, and support for VPN usage. However, the live trailing drawdown, which updates in real time, can lead to liquidations during typical market pullbacks. This system rewards traders who are disciplined but can penalize those who hesitate.
For traders who prefer more structured guidance, Topstep might be a better fit.
Best for Beginners and Structured Traders
If you’re new to live trading or prefer a structured environment, Topstep provides a well-rounded approach to development. The firm uses an End-of-Day drawdown, which only updates based on your closed balance at the end of the day. This gives traders more room to manage positions during intraday fluctuations.
Topstep emphasizes building strong risk management habits by enforcing daily loss limits and specific position sizes. These rules align with its broader focus on disciplined trading, as covered in earlier sections. Additionally, traders benefit from coaching, webinars, TopstepTV, and a supportive community – hallmarks of the Topstep experience.
"Topstep positions itself as a genuine talent incubator, prioritizing long-term trader development".
Payouts are accessible even for newer traders. After just 5 winning days with a net profit of $150 or more, you can request a withdrawal, with no restrictions on daily consistency. Topstep’s reputation for fairness is underscored by its recognition as "Best Rules" among futures firms in the 2025 Prop Firm Match Awards. However, the firm does have limitations: traders are capped at 5 active accounts, overnight holding is prohibited, and copy trading isn’t allowed.
💎 Topstep vs Apex Trader Funding 2026: ⚠️ The BRUTAL FACE-OFF Traders Must See!
Conclusion
Select the firm that aligns with your trading style and objectives. As Select Prop Firms explains:
"The firm that remains is the correct choice for your trading psychology, not for marketing reasons".
Apex caters to seasoned traders with its one-step evaluation process, absence of daily loss limits, and the option to manage up to 20 accounts simultaneously for faster profit opportunities. Traders benefit from keeping 100% of their initial profits and can take advantage of frequent discounts to reduce entry costs. That said, its live trailing drawdown system requires careful risk management – it adjusts based on unrealized equity highs and can lead to account liquidation during routine pullbacks.
On the other hand, Topstep focuses on fostering long-term trader development. Its structured environment, including an end-of-day drawdown and daily loss limits, is ideal for beginners or those who prefer a more disciplined approach. Resources like TopstepTV and performance analytics provide continuous learning support. Payouts are accessible after just five winning days with $150 in profit. However, traders are limited to managing five active accounts and cannot hold positions overnight.
Both firms are highly rated, but their philosophies differ significantly. As Select Prop Firms puts it:
"Apex exposes weaknesses quickly and rewards discipline with speed and scale. Topstep suppresses weaknesses gradually and rewards consistency with longevity".
This comparison underscores that each firm’s policies and strategies are designed to suit distinct trading preferences. Your decision ultimately depends on whether you value flexibility and speed or structure and consistency.
FAQs
Which drawdown type is easier to manage: intraday or end-of-day?
Intraday drawdowns can be particularly challenging to handle because they reflect unrealized profits and losses as they happen, demanding continuous attention and swift decision-making – especially in fast-moving markets. In contrast, end-of-day drawdowns are based on realized gains and losses calculated after the market closes. This approach lets traders ride out the ups and downs during the day without needing to act immediately, making them far less stressful and generally more manageable for most traders.
How do payout rules affect when I can withdraw profits?
Payout rules dictate when you can access the money you’ve earned. Apex applies a 30% consistency rule along with withdrawal restrictions, which can slow down the payout process. In contrast, Topstep typically permits withdrawals at the end of each evaluation period and imposes fewer limitations. Elements like delay mechanisms, required buffers, and payout frequency play a major role in determining how quickly you can get your hands on your earnings.
What should I consider before running multiple accounts?
Managing several trading accounts demands a lot of time and careful attention. Each account often comes with its own set of rules, risk management policies, and evaluation standards, which can make it challenging to maintain a consistent strategy. On top of that, the emotional toll shouldn’t be overlooked – handling multiple accounts can lead to increased stress and a higher likelihood of errors. To navigate this effectively, you’ll need strong discipline, a solid organizational system, and the right tools to ensure your approach aligns with your goals and risk tolerance.
