Phoenix Trader Funding vs Topstep: Head-to-Head Comparison (2026)
Phoenix Trader Funding
6.7 B+
Futures
Topstep
7.3 B
Futures
Verdict: Who Wins?
Phoenix Trader Funding
6 wins
Decisive Win
Topstep
1 wins
Best For:
Phoenix Trader Funding
Phoenix Trader Funding
Phoenix Trader Funding
Visual Comparison
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Head-to-Head Comparison
| Phoenix Trader Funding | Metric | Topstep |
|---|---|---|
| 6.7/10 | PFM Score | 7.3/10 ★ |
| 4.6/5 (832) ★ | TrustPilot | 3.5/5 (14,272) |
| B+ ★ | Safety Grade | B |
| 75.4 B+ ★ | Trust Score | 53.5 C |
| 90% | Profit Split | 90% |
| No standard daily loss limit. Classic and Spark use trailing EOD drawdown from highest balance. Merit accounts apply a 25% dynamic daily drawdown of starting balance. | Daily Drawdown | $2,000 max loss limit ($50K) / $3,000 ($100K) / $4,500 ($150K) |
| Bi-Weekly | Payout Frequency | On-demand |
| $39 ★ | Starting Price | $49 |
| White-Label | Technology | Proprietary |
| Trading View, NinjaTrader, Tradovate, Quantower, Atas, dxFeed, Volumetrica, Phoenix Instant Logger, Rithmic, DeepCharts | Platforms | Topstep X |
| Yes | Direct Path to Funded | Yes |
| France | Country | United States |
| Aug 2023 | Established | - |
| 6 options | Challenge Options | 3 options |
Price Comparison by Account Size
Cheapest challenge price at each account size (where both firms offer the same size)
| Account Size | Phoenix Trader Funding | Topstep | Savings |
|---|---|---|---|
| $50K | $69 | $49 ★ | Save $20 |
| $100K | $269 | $99 ★ | Save $170 |
Phoenix Trader Funding vs Topstep: Detailed Analysis
Phoenix Trader Funding and Topstep are both Futures firms.
Pricing
In terms of pricing, Phoenix Trader Funding is more affordable with challenges starting at $39, which is $10 less than Topstep's starting price of $49. Phoenix Trader Funding offers 6 challenge options, while Topstep offers 3.
Account Sizes
On account sizing, Phoenix Trader Funding offers account sizes from $2 to $100 across 4 funding tiers, while Topstep offers account sizes from $50 to $150 across 3 funding tiers. Picking the right tier matters because both the entry cost and the maximum capital you can scale to are tied to the account size you start with.
Trading Platforms
For trading platforms, Phoenix Trader Funding supports Trading View, NinjaTrader, Tradovate, Quantower, Atas, dxFeed, Volumetrica, Phoenix Instant Logger, Rithmic and DeepCharts, while Topstep runs on Topstep X. If you already trade on a specific platform, this can be the deciding factor between the two.
Profit Split & Payouts
Phoenix Trader Funding offers 90% profit split, while Topstep offers 90%. Phoenix Trader Funding pays out Bi-Weekly, and Topstep pays out On-demand.
Risk & Drawdown Rules
Risk rules are a key difference for funded traders: Phoenix Trader Funding lists its daily drawdown as "No standard daily loss limit. Classic and Spark use trailing EOD drawdown from highest balance. Merit accounts apply a 25% dynamic daily drawdown of starting balance.", while Topstep lists "$2,000 max loss limit ($50K) / $3,000 ($100K) / $4,500 ($150K)". Always confirm the drawdown type before buying, since a trailing rule behaves very differently from a static end-of-day one.
Payout Methods
When it comes to getting paid, Phoenix Trader Funding supports withdrawals via Payoneer and PayPal, while Topstep pays out through Wise, ACH and International Wire / SWIFT.
Trust & Safety
For trust and reputation, Phoenix Trader Funding has a 4.6/5 TrustPilot rating with 832 reviews, while Topstep has 3.5/5 with 14,272 reviews. Safety grades: Phoenix Trader Funding B+, Topstep B.
Who Should Choose Which
Across the use cases we scored, Phoenix Trader Funding is the stronger choice for budget-conscious traders, trust & reputation and fast payouts.
Overall, Phoenix Trader Funding edges ahead winning 6 out of 7 categories we compared. However, the best choice depends on your specific needs - both firms have their strengths.
Pros & Cons
Phoenix Trader Funding
Pros
Cons
Topstep
Pros
Cons
Active Deals & Promo Codes
Phoenix Trader Funding
Topstep
Frequently Asked Questions
Which is better, Phoenix Trader Funding or Topstep?
Phoenix Trader Funding scores higher overall, winning 6 out of 7 comparison categories including TrustPilot, Starting Price, Safety Grade. However, the best choice depends on your trading goals and priorities.
Which is cheaper, Phoenix Trader Funding or Topstep?
Phoenix Trader Funding has the lower starting price at $39. Phoenix Trader Funding offers 6 challenge options starting from $39, while Topstep offers 3 options starting from $49.
Which has better reviews, Phoenix Trader Funding or Topstep?
Phoenix Trader Funding has a higher TrustPilot rating of 4.6/5. Phoenix Trader Funding has 832 reviews while Topstep has 14,272.
Which offers a higher profit split, Phoenix Trader Funding or Topstep?
Phoenix Trader Funding offers a higher maximum profit split. Phoenix Trader Funding offers 90% while Topstep offers 90%.
How fast do Phoenix Trader Funding and Topstep pay out?
Phoenix Trader Funding has Bi-Weekly payouts while Topstep offers On-demand payouts. Payout speed can be an important factor when choosing a prop firm.
Are Phoenix Trader Funding and Topstep legit?
Both firms have been independently verified by PropFirmMap. Phoenix Trader Funding holds a B+ safety grade and a 4.6/5 TrustPilot rating. Topstep holds a B safety grade and a 3.5/5 TrustPilot rating. Safety grades are based on payout history, community trust signals, and regulatory transparency.
Which is better for beginners, Phoenix Trader Funding or Topstep?
Phoenix Trader Funding may be more accessible for beginners due to its lower entry price. When starting out, consider challenge cost, drawdown rules, and profit split. Use the comparison table above to find which firm fits your experience level and risk tolerance.
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