TopStepFX is a prop trading firm that offers traders the opportunity to trade commodities with a particular focus on Forex markets. Established in February 2012, it has paved its way to being a reputable platform that offers a Funded Trader Program where traders can prove their skill and be given access to a $10,000 USD account. The firm accepts deposits through credit and debit cards and only allows withdrawals via bank wire transfer, which might limit some traders' preferences. Furthermore, the only tradeable instruments available on TopStepFX are commodities, and accounts can be held in USD or GBP.
True Forex Funds Analysis
True Forex Funds, incorporated in October 2021, has gained significant recognition quickly, mainly due to its user-friendly model and a broader range of tradable instruments, including commodities, cryptocurrencies, forex, indices, and metals. Unlike TopStepFX, this firm offers accounts in various currencies (EUR, GBP, USD) to cater to an international clientele. The highlights of True Forex Funds lie in its promising Trustpilot rating of 4.6/5 and its three two-step evaluation programs that come with benefits such as unlimited evaluation retries and an enticing 80% profit share. Moreover, it allows a leverage of 1:100 and supports a flexible trading style, not restricting overnight, weekend, and news trading. As for transactions, True Forex Funds offers more withdrawal methods, including crypto and Deel, on top of the traditional bank wire transfer, and accepts deposits via credit/debit cards and crypto.
Comparative Insight
Retail traders considering TopStepFX and True Forex Funds must weigh the pros and cons of each. TopStepFX offers the advantage of a more extended period of establishment, which may appeal to those who favor experience and longevity in the market. In contrast, True Forex Funds excels in providing a greater variety of trading instruments and more flexibility in account currencies, thus attracting a diverse trader demographic.
One critical aspect, however, is the restrictive nature of deposits and withdrawals at TopStepFX, while True Forex Funds expands the options, catering to modern-day traders who prefer versatility in transactions. Additionally, the higher leverage and the freedom in trading styles make True Forex Funds a compelling choice for advanced traders looking for fewer limitations.
Considerations for Traders
For potential users evaluating both prop firms, it is crucial to consider your trading style, instrument preferences, and the flexibility you require in managing funds. True Forex Funds seems to outpace TopStepFX in terms of supported financial instruments and operational flexibility but comes with caveats such as high evaluation account prices and a maximum daily equity-based drawdown limit, which could be a dealbreaker for some. Additionally, the high commission costs must be accounted for when calculating potential profits.
Final Thoughts
Both TopStepFX and True Forex Funds have their distinct merits. TopStepFX’s longstanding presence and focused approach to commodities trading will cater to traders looking for a specialized and time-tested firm. On the other hand, True Forex Funds makes a strong case for its comprehensive offering that resonates with the diverse needs of modern traders, despite being newer in the market. The final decision for retail traders and potential users would revolve around personal trading requirements, risk appetite, and the financial model that best aligns with their trading strategies.
