In today’s financial markets, traders have access to a wide range of proprietary trading firms. These firms offer traders the opportunity to trade with their own capital and without having to worry about traditional market pressures such as margin calls or leverage limitations.
Three popular proprietary trading firms that are often compared are Topstep, Apex, and Bulenox. While all three firms offer similar services and benefits, there are also key differences between them that traders should be aware of before choosing which firm to trade with.
In this in-depth comparison guide, we will take a closer look at Topstep vs Apex vs Bulenox in terms of their funding programs, platform features, fees, support resources, and trader experiences. By the end of this guide, traders should have a better understanding of which firm best suits their trading needs.
Why Choose a Proprietary Trading Firm?
Before diving into the specific comparison between Topstep, Apex, and Bulenox, let’s first explore the benefits of trading with a proprietary firm.
One of the main reasons traders choose to trade with a proprietary firm is access to capital. By trading with a proprietary firm, traders can utilize their own funds instead of relying on traditional margin requirements or borrowing from a broker. This allows for more flexibility and control in trading decisions.
Another advantage of proprietary firms is the ability to trade without worrying about leverage limitations. With traditional brokers, traders are often limited in how much they can leverage their positions. However, with proprietary firms, traders have more freedom to take larger positions and potentially make higher profits.
In addition, proprietary firms often offer a supportive community of traders and resources such as educational materials, mentorship programs, and trading tools. This can be especially beneficial for new traders who are looking to learn from experienced professionals.
Benefits of Topstep, Apex, and Bulenox
All three proprietary firms offer several benefits that make them stand out in the market. Here are some key features to consider when comparing Topstep vs Apex vs Bulenox:
- Funding programs: Each firm has its own unique funding program with specific rules and requirements for traders to receive capital.
- Platform features: The platform used by a proprietary firm can greatly impact a trader’s experience. Factors such as speed, reliability, and customizable tools should be considered.
- Fees: While all firms charge fees for their services, the amount and structure of these fees may differ. Traders should carefully review each firm’s fee structure before committing.
- Support resources: As mentioned earlier, proprietary firms often offer support resources for their traders. These can include educational materials, webinars, and one-on-one mentorship programs.
- Trader experiences: Ultimately, the most important aspect of a proprietary firm is how well it caters to its traders’ needs. This can include factors such as customer service, community atmosphere, and overall satisfaction with the firm’s services.
Topstep vs Apex vs Bulenox: A Detailed Comparison
:max_bytes(150000):strip_icc()/GettyImages-2163495191-55a801f0a42a4865b86df159470a6daa.jpg)
Now that we have explored the benefits of trading with a proprietary firm and highlighted some key features to consider, let’s dive into the specifics of Topstep vs Apex vs Bulenox.
Company Origins
The three firms have varying levels of experience:
- Topstep (founded in 2010) has been funding traders since 2012, making it the most established.
- Apex Trader Funding (founded in 2021 in Austin, Texas) is led by CEO Darrell Martin.
- Bulenox (launched in 2022 in Wilmington, Delaware) is the newest entrant.
Current Market Position
Apex Trader Funding is one of the fastest-growing firms, processing 10M+ trades monthly and paying out over $300M to traders worldwide.
Customer Ratings
| Firm | Trustpilot Rating | Number of Reviews |
|---|---|---|
| Topstep | 4.9/5.0 | 1,558 |
| Bulenox | 4.7/5.0 | 91 |
| Apex | Expanding reach | Over 100 countries served |
Account Options
Each firm offers a range of accounts, with Apex providing the largest options:
| Feature | Bulenox | Apex Trader Funding | Topstep |
|---|---|---|---|
| Starting Account Size | $10,000 | $25,000 | $50,000 |
| Maximum Account Size | $250,000 | $300,000 | $150,000 |
| Monthly Challenge Cost | $115–$535 | $147–$677 | From $165 |
| Simultaneous Accounts | Up to 11 | Up to 20 | Single account |
Evaluation Process
- Bulenox: 5-day minimum trading requirement
- Apex Trader Funding: 7-day evaluation
- Topstep: Two-step “Combine” process
Once qualified, traders focus on account scaling and profit retention.
Growth Potential & Withdrawals
| Feature | Bulenox | Apex Trader Funding |
|---|---|---|
| Initial Profit Share | First $10K at 100% | First $25K at 100% |
| Withdrawal Frequency | Weekly | Bi-Monthly |
| Max Simultaneous Accounts | 11 | 20 |
- Apex offers 100% profit retention on the first $25K, then a 90/10 split.
- Bulenox provides 100% of the first $10K, with a 90/10 split afterward.
Apex allows news and holiday trading, while Topstep restricts trading to regular market hours.
Markets Available
| Market Type | Bulenox | Apex | Topstep |
|---|---|---|---|
| Equity Futures | ✓ | ✓ | ✓ |
| Forex Futures | ✓ | ✓ | ✓ |
| Agricultural | ✓ | ✓ | ✓ |
| Energy Futures | ✓ | ✓ | ✓ |
| Interest Rate | ✓ | ✓ | ✓ |
| Metals Futures | ✓ | ✓ | ✓ |
| Crypto Futures | Micro BTC | Full Range | Limited |
Trading Platforms & Execution
Bulenox and Apex use Rithmic data feeds, which work seamlessly with platforms like ATAS, Bookmap, Jigsaw, MotiveWave, NinjaTrader, Quantower, Sierra Chart, and Volfix. On top of that, Apex also supports Tradovate, while Topstep runs on its own custom platform, TopstepX.
Apex comes with automated risk controls to keep things simple, while Topstep takes a hands-on approach with manual trade limits during busy times.
Subscription Costs
| Account Size | Bulenox | Apex Trader Funding | Topstep |
|---|---|---|---|
| $10K | $115/month | N/A | N/A |
| $25K | $145/month | $147/month | N/A |
| $50K | $175/month | $167/month | $49/month* |
| $100K | $215/month | $207/month | N/A |
| $150K | $365/month | $297/month | N/A |
| $250K | $535/month | $517/month | N/A |
| $300K | N/A | $657/month | N/A |
Topstep has extra fees (e.g., $149 activation, $39/month data fees).
Extra Fees & Refund Policies
- Bulenox includes NinjaTrader license & data feeds for free.
- Apex PA accounts cost $85–$105/month, with lifetime fee options ($130–$360).
- Topstep adds platform fees, resets, and activation costs.
How To Choose the Right Proprietary Firm
Now you have all the necessary information to compare Topstep vs Apex vs Bulenox and make an informed decision. Ultimately, the best proprietary firm for you will depend on your specific trading goals, preferences, and needs.
Here are some tips to keep in mind when making your choice:
- Do thorough research: Take the time to explore each firm’s website and read reviews from other traders. Plus, reach out to the firm’s customer support with any questions or concerns you may have.
- Consider your budget: Look at the different account options and fees to determine which firm aligns best with your financial goals.
- Think about your trading style: Consider which markets you prefer to trade and whether you need a specific platform or data feed. This can significantly impact your experience with a proprietary firm.
- Take advantage of free trials or demos: Many firms offer free trials or demos of their services. Take advantage of these to get a feel for each platform before committing.
In the end, it’s important to choose a proprietary firm that not only offers competitive funding programs but also provides the support and resources you need to succeed as a trader.
When To Consider Trading with a Proprietary Firm
Trading with a proprietary firm can be an excellent choice for traders seeking additional capital and resources to enhance their trading potential. Consider this option if you have a solid trading strategy but lack sufficient funds to maximize your returns.
Proprietary firms typically offer access to advanced trading platforms, real-time data feeds, and mentorship opportunities, which can be invaluable for skill development. Additionally, these firms often provide performance-based payouts that allow traders to keep a significant portion of their profits.
However, joining a proprietary firm is ideal for disciplined traders who understand risk management, as firms usually have strict requirements to mitigate losses. If you’re willing to adhere to their guidelines and strive under structured environments, trading with a proprietary firm could open doors to greater opportunities and professional growth in the trading world.
Does A Proprietary Firm Fit Your Trading Goals?
Ultimately, the decision to join a proprietary firm should align with your overarching trading goals. If you’re looking for additional capital and resources to enhance your trading performance, joining a proprietary firm could be an excellent option for you.
However, if you prefer complete autonomy over your trades and don’t want to adhere to strict guidelines, then a proprietary firm may not be the right fit. Similarly, if you’re just starting as a trader and are still developing your strategy and skills, it may be beneficial to gain more experience before considering joining a proprietary firm.
In any case, carefully weigh the benefits and limitations of each firm before making your decision. Consider reaching out to current or former traders with the firms to gain further insights and make an informed choice. Remember, each firm has its unique features and requirements, so choose the one that aligns best with your trading goals and style.
FAQs
What is a prop firm, and how does it support traders?
A prop firm, or proprietary trading firm, provides traders with capital to trade. This helps traders participate in futures trading without risking their own funds, sharing trading profits as part of their agreement.
How do prop trading firms differ in their profit target and trading rules?
Prop trading firms have varied requirements. Some focus on high profit targets, while others emphasize flexible trading rules. Comparing top prop trading firms like Topstep, Apex, and Bulenox helps identify the best match for your trading style.
Can traders access a funded account through elite trader funding?
Yes, elite trader funding allows traders to earn a funded account by meeting specific goals, such as hitting the profit target and adhering to minimum trading days. This is a common pathway in leading prop trading firms.
Do prop trading firms allow you to trade futures contracts during your trading journey?
Yes, top prop trading firms enable you to trade futures contracts as part of your trading journey. They provide the tools, support, and capital necessary to trade futures contracts while refining your skills.
Conclusion
Proprietary trading firms can be an excellent option for traders looking to enhance their performance, gain access to advanced resources, and grow professionally in the trading world. When choosing a proprietary firm, consider your budget, trading style, and goals to find the one that best fits your needs.
Remember, disciplined traders who understand risk management and thrive under structured environments tend to excel at proprietary firms. If you’re ready for this challenge and strive for success as a trader, joining a proprietary firm could be the next step in your journey towards financial growth.
Therefore, make sure to do thorough research on potential firms and carefully weigh the pros and cons before making your decision. Good luck!