Breaking Down My Funded Futures Prop Firm | Comparing with Topstep
Today, we will examine "My Funded Futures" based on the information available on their website and social media platforms.
Over the past few months, they have been building their reputation and dropping hints about the accounts they plan to offer. After a bit of back and forth with release dates, they have officially announced their launch date: September 21st.
It's possible that by the time you're reading this, they are already open to the public. You can scroll down and click on the provided link to visit their website, create an account, and make purchases if you're interested. I have 5% Discount Code for My Funded Futures "myforexbuddy", dont forget to use it.
One interesting thing to note is that My Funded Futures has engaged in some friendly banter with "Topstep" over the past few months, comparing who is the better company. On My Funded Futures' website, they even have a comparison chart with Topstep, covering various aspects from account types to payout policies. This kind of competition and comparison isn't new in the industry, so in this article, we will use Topstep as a reference to evaluate My Funded Futures. This will help you decide which company and account might be a better fit for you.
Exploring My Funded Futures Starter Plan and Comparing it with Topstep
Let's begin by looking at the starter plan from My Funded Futures. This plan is designed for traders who are relatively new to the market and need to enhance their risk management skills. It comes with a bit more structure and rules.
One appealing aspect of the starter plan is that it is more budget-friendly compared to the expert plan. Let's break it down:
- 50K Account: $100
- 100K Account: $200
- 150K Account: $300
The number of contracts you can trade starts at 5 for the 50K account, increases to 10 for the 100K account, and goes up to 15 for the 150K account.
Keep in mind that after successfully completing the challenge account for the starter plan, you'll be required to pay a one-time activation fee of $149. It's important to note that the scaling plan is applicable to both evaluation and funded accounts. The scaling plan allows you to trade more contracts as your profits increase, up to a maximum limit based on your account size.
Now, let's compare the financial aspects of My Funded Futures' starter plan with Topstep:
For My Funded Futures, if you choose the 50K account, you'll initially pay $100, plus the $149 activation fee, totaling $249 once you pass the challenge account. Even with their 50% launch date discount, you'd pay $50 upfront and then $149, which is $199 upon passing the starter plan challenge account.
When we look at Topstep's 50K account, it's already listed at $49, and the activation fee is also $149. The total comes to $198, which is still cheaper than My Funded Futures' starter plan, even with the 50% discount. An important note about Topstep is that if you progress through your combined account, get to your express funded account, and achieve your first payout, you qualify for a bonus. This bonus refunds your last month's combined subscription fee, which means you get back the $49 you paid. In total, you only end up paying $149 for a 50K Topstep account.
This comparison should give you a clearer perspective on the starter plan options.
Comparing the Expert Plan of My Funded Futures with Topstep
Now, let's take a closer look at the expert plan. This plan is tailored for traders who are comfortable with a higher upfront cost. They understand that while they pay more initially, they'll have the opportunity to take multiple payouts in the future. For these experienced traders, the upfront cost isn't a major concern.
Expert plan users are generally more consistent with their profitability. They also have a higher profit target during the challenge phase. Additionally, there are fewer rules in place to help traders build their risk management and trading skills since expert plan traders are typically more experienced in the market.
Both the starter and expert plans share some common features:
- No Intraday Drawdown: The drawdown won't affect your unrealized gains during the trading day. It is calculated at the end of the trading session.
- No Daily Loss Limit: Unlike Topstep, My Funded Futures does not have a daily loss limit. Traders are responsible for their own risk management. If the end-of-day drawdown is reached, the account is immediately closed.
- Maximum Allocation: My Funded Futures allows a maximum allocation of $1.5 million, equivalent to having 10 accounts of 150K each. In comparison, Topstep permits a maximum of four accounts (three XFAs and one live), which totals to a maximum capital of around $600,000.
- Time to Funding: With My Funded Futures, traders can potentially get funded in a single trading day. There's no consistency rule for challenge accounts, so if you hit the profit target, you can be funded on the very first day. On the other hand, Topstep requires a minimum of two trading days to meet a 50% consistency target before you can get funded.
These differences between the two programs can significantly influence your choice as a trader.
Understanding Payout Structures and Comparing My Funded Futures with Topstep
Let's delve into the payout structure, beginning with the starter plan. Please bear with me as this part has a few details to consider. For the first 60 days of your funded account, there is a maximum withdrawal amount. This maximum withdrawal depends on your account size and the associated drawdown limit. For instance, the drawdown for the 50k account is set at 4%, which is equivalent to $2,000.
So, for the first 60 days, here are the maximum withdrawal limits for each account:
- 50K Account: $2,000 per payout
- 100K Account: $3,000 per payout
- 150K Account: $4,500 per payout
Additionally, there's a 40% consistency rule for funded accounts. However, it's important to note that the exact strictness of this rule may vary and hasn't been clarified as of the launch date.
Turning to the expert plan, it doesn't have a maximum withdrawal limit like the starter plan. Furthermore, there's no 40% consistency rule. This plan is more suitable for traders who can consistently trade profitably and don't require assistance in building their account.
When comparing My Funded Futures with Topstep, it's worth noting that Topstep's main requirement is having five non-consecutive winning days with a minimum profit of $200. Comparing them directly, My Funded Futures has some advantages, but Topstep's system allows for more frequent payouts. With My Funded Futures, payouts are available every 14 days, similar to a bi-weekly pay schedule. In contrast, with Topstep, if you have those five days of $200 profit, you can technically request a payout every week.
Crucial Information About My Funded Futures to Consider Before Purchasing
Before you decide to purchase an account with My Funded Futures, there are a few more essential details to be aware of. One key point is related to the contracts. In this context, micros and minis are treated as the same thing.
To illustrate, let's go back to the number of contracts available for the 50K account, which is five contracts. This means that whether you choose minis or micros, it's still five contracts. For instance:
- 5 Minis
- 5 Micros
- 10 Minis
- 10 Micros
- 50 Minis
- 50 Micros
This aspect is consistent with Topstep. It's worth noting that Topstep is also working on adjusting the micros, but such changes take time and effort. Hopefully, we can expect to see these adjustments within the current or next quarter. Many traders are eagerly awaiting these changes, so let's keep our fingers crossed for an early release.
Profit Split, Resets, and Platforms with My Funded Futures
Let's discuss the profit split offered by My Funded Futures. It's quite similar to Topstep's structure. Initially, the first $10,000 in profits are entirely yours, and this applies per user, not per account. After that, it shifts to a 90-10 split, with 90% of the profits going to you and the remaining 10% directed to the company.
When it comes to resets, My Funded Futures has a straightforward approach. It's a flat fee of $100 for all account sizes. No matter if it's the 50k, 100k, or 150k account, the reset cost remains $100.
On the other hand, Topstep's reset fees are based on the same pricing structure as the combine. For instance, the reset fee for a 50k account is $49, while for a 100k account, it's $99. The 150k account reset fee is $149, mirroring the combine costs.
For those considering My Funded Futures, there's good news if you plan to start on their launch date, September 21st. They are offering a 50% discount during the launch period.
As for the trading platforms they offer, My Funded Futures provides level one data without any additional charges. However, if you wish to include level two data, it's optional and up to you whether you'd like to add it to your plan.
Trading Symbols Available with My Funded Futures
My Funded Futures offers a variety of trading symbols you can choose from. Here's a list of the symbols available for trading:
CME: ES, NQ, RTY, NKD, 6A, 6B, 6C, 6E, E7, 6J, 6S, GE, HE, LE, 6M, 6N, MES, MNQ, M2K, MBT, MET, M6E, M6A
CBOT: YM, UB, TN, ZT, ZF, ZN, ZB, ZC, ZW, ZS, ZM, ZL, MYM
COMEX: GC, SI, HG, MGC, SIL, PL
NYMEX: CL, NG, QM, QG, MCL, RB, HO
You can choose the symbol that matches your trading preferences. For example, if you prefer NASDAQ, you can explore symbols related to NASDAQ. Personally, I lean towards NASDAQ and occasionally look at ES, although it's not my primary choice for trading.
My Funded Futures Dashboard and User Interface
My Funded Futures has a distinct dashboard, making it different from Topstep. Therefore, I won't be making direct comparisons. However, I want to give a big shout-out to the My Funded Futures back-end team responsible for developing the user interface.
The user interface is exceptionally well-designed. It appears to have a clean and aesthetically pleasing look. In fact, it seems quite similar to My Funded Forex, and I wonder if it's the same team working on both interfaces. Regardless, they have done an excellent job.
The interface is straightforward and provides traders with a wealth of valuable information to help them track their trading and performance. When you click on the stats section (although I don't have a screenshot to show you here), once you create an account and have active challenges, you can see details like the number of trades you've taken, your percentage, your risk-reward ratio, and other important statistics.
Moreover, if you scroll down, you'll find an overview of the month, which is presented in a very clean and organized manner. This aspect of the interface reminds me of Trade Zella, even though I haven't personally used Trade Zella. The design and layout are very well executed, providing traders with a user-friendly experience.
Available Trading Platforms with My Funded Futures
Currently, My Funded Futures is offering several trading platforms to its users. These platforms include:
- Ninja Trader
- R Trader Pro
These platforms provide access to both CQG and Rhythmic data feeds, catering to a wide range of traders and their preferred platforms.
It's essential to acknowledge that their platform options are somewhat limited compared to other proprietary firms and companies. However, it's worth noting that My Funded Futures is still in the early stages of its launch, and they may need more time to gather feedback and data about what traders want. Nevertheless, this selection, including Tradingview and Tradovate, has already captured my attention.
I want to wish you all the best and success in your trading endeavors. Thank you for reading this article, and I'll see you in the next one!