As a trader, having access to large funded accounts and the correct tools is just as important as having great trading strategies. This is where prop firms such as Top Tier Trader and Traders With Edge come in.
Both Top Tier Trader and Traders With Edge offer traders the opportunity to manage capital that can continuously grow. However, there are some key differences between the two firms.
Who is Top Tier Trader?
TopTier Trader is a prop firm that provides funding for traders who complete their two-phase trading challenge. Much like other prop firms, TopTier Trader offers a range of account sizes, starting from 25K to 300K, to traders with the ability to scale these account sizes up to $2 Million using their scaling plan which is based on your trading performance.
Top Tier Trader Challenge Rules
TopTier Trader has similar rules for its two-phase challenge accounts when compared to other prop firms in the industry. For the first phase of the challenge, traders are required to hit a profit target of 10% with a max loss of 10% and a maximum daily loss of 5% within 30 days. For the second phase, traders are required to hit a profit target of 5% with a max loss of 10% and a maximum daily loss of 5%.
If traders are successful in passing both of these phases, they are rewarded with a funded account. TopTier Trader offers an 80% profit split on traders’ profits on their standard account and a 90% on their TTT Challenge Plus account if they show continuous success.
TopTier Trader Scaling Plan
The Top Tier Trader scaling plan, like many forex prop firms, now allows consistently successful traders to have their accounts expanded. Many of the top prop firms in the industry also currently provide this service.
The company will evaluate your trading performance at the end of every 3 months. If you’re consistent throughout the year, this means you could potentially have an increase in capital 4 times per year. To be eligible, you must be profitable with an average monthly gain of 6% over the last 3 months.
If you’re qualified, your account balance will be increased by 25% after every 3 months. This means that if you’re consistently profitable year-round, the firm will double your account balance every year. This can continue until your account size is $2 Million
The overall reachable account size is quite large but when compared to Traders With Edge’s rapid scaling plan, it is fairly slow.
Who is Traders With Edge and how does it work?
Traders With Edge is a new prop firm that is quickly making a name for itself in the trading world. The company was founded by an experienced team that understands the needs of other traders.
Unlike TopTier Trader which only offers a two-phase challenge, Traders With Edge offer a wide variety of programs to fit the need of every trader, making them a great option for any trader looking to make large profits.
Traders With Edge is unique when compared to other prop trading firms in the industry as they offer traders different types of trading programs, the 1-step Turtle Challenge, the 2-step Hare Challenge, and the Instant funding Standard and Aggressive. The starting account sizes rant from 5K to 200K at the moment but they are planning on releasing accounts as large as $1 Million.
Once traders hit the profit target of either the Turtle or Hare challenges, they become funded traders and receive funded accounts which can then be scaled to $3 Million with their rapid or organic scaling plan. Traders also receive 80% of the profits (which can be upgraded to 90%) that are generated on their funded account if they can continuously grow the account.
Trader With Edge Challenge Rules
As Traders With Edge have multiple different programs, we will do a quick rundown of their basic rules. All the rules promote good risk management and safe trading.
Turtle:
- 1-phase challenge
- 10% Profit target
- 5% Maximum loss
- 2.5% Maximum daily loss
- 1:10 Leverage
- 80% Profit Split
Hare:
- 2-phase challenge
- 10% Profit target phase 1, 5% Profit target phase 2
- 10% Maximum loss in both phases
- 5% Maximum daily loss in both phases
- 1:30 Leverage
- 80% Profit Split
Instant Standard:
- No challenge phase
- 10% Profit target to scale
- 5% Static maximum loss in both phases
- No maximum daily loss in both phases
- 1:20 Leverage
- 50% Profit Split
Instant Aggressive:
- No challenge phase
- 20% profit target to scale
- 10% static maximum loss in both phases
- No maximum daily loss in both phases
- 1:50 Leverage
- 50% Profit Split
Benefits Of Trading With Traders With Edge
Compared to TopTier Trader, Traders With Edge has many different benefits for both novice and experienced traders.
Customizations
Traders With Edge offers customization on all of their products, allowing traders to take control over how they make trades, revolutionizing the industry. Although some of these customizations may not be useful to experienced traders, they can be essential to other traders’ success.
Some notable customizations include:
- Double Leverage
- increase profit split by 10%
- Remove stop loss requirement
- Remove daily drawdown
- Change trailing maximum drawdown to a static maximum drawdown
- Increase maximum drawdown by 50%
Instant Funding
Unlike TopTier Trader, Traders With Edge offers Instant funding. This means that traders can get started trading on real accounts right away without having to wait to pass a challenge and wait for an account to be funded.
Scaling Program
Traders With Edge offers two different plans to scale traders with funded accounts, the organic and the rapid scaling plan. The organic scaling plan allows traders to steadily scale their funded accounts while withdrawing their profits.
The rapid scaling plan, however, incentives traders to leave their profits in their accounts to rapidly grow their live accounts allowing traders to receive more profits in the long run.
Both plans allow successful traders to scale their trading account size to $3 Million based on trading performance.
How does Traders With Edge Compare to Top Tier Trader?
Although Traders With Edge and TopTier Trader are both great options for prop trading firms, Traders With Edge takes the cake with their instant funding, customization, and higher total funding amount. This can be a great way for successful traders to gain access to the funds they need to grow their trading profits.
When it comes to comparing Traders With Edge to TopTier Trader, there are a few key differences that set Traders With Edge apart from TopTier Trader.
- Traders With Edge allows you to customize how you trade, giving you control over how you execute your trades and even altering the drawdown limitations. TopTier Trader does not allow traders to customize any aspects of their challenges.
- Traders With Edge is a rare prop firm that offers an instant funding program for traders who don’t want to undertake a challenge and want to trade on a live account instantly.
- Traders With Edge is a prop firm with one of the fastest scaling plans in the industry. The Rapid scaling plan allows traders to obtain large funds quicker than they would have been able to at TopTier Trader.
- Traders With Edge offers a higher total funding amount than TopTier Trader Funding, up to $3 Million USD.
- Both Traders With Edge and TopTier Trader offer bi-weekly payouts to traders trading on funded accounts. However, Traders With Edge offers weekly payouts on their instant funding accounts allowing traders to be paid consistently. payment processing is usually done on a Monday.
So, if you’re looking for more customization, control, and potential profits, Traders With Edge is the better option when compared to TopTeir Trader.
Not a trader?
Both TopTier Trader and Traders With Edge offer affiliate programs to offering to pay up to 20% commissions for successful referrals. For more information about their affiliate programs head to their website and chat with their respective support team.
Conclusion:
All in all, Traders With edge is a great alternative to TopTier Trader for serious traders who are looking for an edge over the competition. With more flexibility, more customization, and better customer service from their amazing support team, it’s easy to see why Traders With edge is quickly becoming the go-to choice for prop trading firms.
