Topstep Review
4.0

Topstep Review

Topstep is a forex prop firm with an attractive Two-step challenge. They offer up to $200,000 in funding to traders.

Topstep is a forex prop firm with an attractive Two-step challenge. They offer up to $200,000 in funding to traders.

Pros
  • Reasonable starting capital needs to achieve accessibility
  • <liComplete assistance for top trading platforms
  • A large selection of educational materials, including live instruction
  • Take advantage of a 14-day trial period to try the service out
Cons
  • Funding eligibility requirements could include stringent specifications
  • Even if they’ve been lowered, membership fees could still be important

What is Topstep?

TopStep is an innovative trade company established in 2012 by Michael Patak. Originating in the Chicago Board of Trade, it has evolved into a prominent online platform that provides the Trading Combine. This cutting-edge technology replicates futures market trading, offering a risk-free setting ideal for traders of all levels of competence.

TopStep has become a major player in proprietary trading near Chicago’s lively West Loop Gate area. It has been acknowledged by INC.5000 for its impressive expansion and currently holds a significant worldwide position.

TopStep is proud of its varied trading network, which extends over 143 nations. The website offers trading accounts in 10 various currencies while focusing on equality and access in the trading industry.

TopStepTrader offers compatibility for 14 different trading platforms, such as NinjaTrader, TradingView, or TSTrader. TopStepTrader provides a variety of tools and features designed to accommodate different trading styles & preferences, making it an appealing option for traders of all skill ranges.

logo of TopStep

Topstep Funding Programs and Challenges: Rules and Requirements 

The Combine is a dual-phase assessment procedure for traders. Traders must meet profit targets and follow all rules at each stage of the process. TopStep offers three program options: 50k, 100k, & 150k. TopStep does not restrict the number of trading days, however, traders must engage in trading for a minimum of 5 days to qualify for funding. Traders must make sure that their most profitable trading day is not responsible for more than 40% of their entire winnings.

Buying Power $50K $100K$150K
Profit Target (per step)$3,000$6,000$9,000
Max Position5 Contracts10 Contracts15 Contracts
Daily Loss Limit$1,000$2,000$3,000
Weekly Loss Limit (step 2)$1,000$2,000$3,000
Trailing Max Drawdown$2,000$3,000$4,500
Price$165/month$325/month$375/month

What are Forex Prop Challenges?

Forex prop challenges are a form of evaluation procedure put up by proprietary trading businesses (prop firms) to find exceptional traders and provide them with the opportunity to trade with the firm’s funds. These challenges are intended to put a trader’s capacity to earn profits while properly managing risk to the test, with a set of trading rules and objectives to adhere to over a specific period.

A forex prop challenge normally has two primary stages:

1. The challenge phase: During this initial phase, traders are given a demo account with a fixed balance and are asked to meet a certain profit objective within a set timeframe, often a month or two, while adhering to maximum drawdown restrictions and other trading guidelines. This phase evaluates the trader’s capacity to earn profits within specified risk constraints.

2. The Verification Phase: Traders who successfully met their profit objectives and followed the regulations during the challenge phase advance to the verification phase. This stage is similar to the challenge phase, although it often lasts longer and may include somewhat different profit objectives or criteria. The goal of this phase is to confirm the trader’s consistency and expertise across a longer time frame.

After completing both steps, traders are often awarded a funded account. This implies that the prop business sets aside a portion of its funds for the trader to handle. The profit gained by trading this capital is split between the trader and the prop business according to a predetermined split.

Forex prop challenges need a cost, which varies for each prop business. This charge covers the expense of the review procedure and guarantees that traders are committed to the offer.

The particular criteria aims, and structure of prop challenges might differ significantly between businesses. Traders are expected to match the following common parameters:

  • Profit targets: A predetermined proportion of the account balance that traders must meet.
  • Drawdown limits: The maximum permissible percentage loss from the account’s peak amount, both daily and cumulatively.
  • Minimum trading days: The number of active trading days required throughout the challenge period.
  • Trade style restrictions: Some companies may have regulations about trading strategies, such as forbidding high-frequency scalping or overnight positions.

Aside from the initial challenge fee, forex prop challenges provide traders with access to considerable trading capital without putting their cash at risk. However, participants must carefully evaluate the terms and circumstances of these challenges, since the criteria established by prop businesses are stringent and intended to test traders’ discipline, risk management, and trading acumen.

Topstep Brokers: Do They Use a Reliable Platform? 

When trading with TopstepTrader, traders can use their exclusive trading platform, TSTrader. Choosing TSTrader offers a direct path, while individuals exploring different platforms should contact TopstepTrader to evaluate the most suitable choice customized to their needs. They also use 13 other accessible platforms which are as follows: 

  1. NinjaTrader 
  2. Quantower 
  3. Tradovate 
  4. TradingView 
  5. ATAS OderFlow Trading
  6. MotiveWave 
  7. VolFix
  8. Bookmap 
  9. Investor/RT
  10. Jigsaw DayTradr
  11. MultiCharts 
  12. Sierra Chart 
  13. TradeNavigator  

Topstep Fees: How Much Do They Charge? 

TopStep’s minimum evaluation fee for the $50,000 Trading Combine is $198.

Traders who want to participate in the Trading Combine can choose from three different account sizes to match their specific trading objectives, ambitions, and expertise. The most popular account among traders is the $50k account. To be eligible for this account, traders must pay a monthly charge of $49. 

However, once they reach funded status, this subscription cost is waived. Traders need to achieve a net profit of $3,000 to qualify for an Express Funded Account, which is an easily reachable profit aim. It’s important to note that traders should not surpass five contracts in any of their open trades, and the account has a Maximum Loss Limit of $2,000.

The $100k account offers traders a balance of $100,000 for trading purposes. The monthly charge for this account is $99. Traders are allowed to maintain holdings of up to 10 contracts, with a Maximum Loss Limit of $3,000. The profit goal for this account is $6,000.

For individuals looking for even higher trading amounts, there is the $150,000 account, which has a monthly charge of $149. This account type increases the Maximum Loss Limit to $4,500 and establishes the profit target at $9,000. Traders can trade a maximum of 15 contracts.

It’s important to note that regardless of the selected account type, all traders who are eligible for an Express Funded Account must pay a one-time cost of $149 to activate their accounts.

Upon receiving the necessary cash, there can be further charges to account for data or one-time setup costs. If traders select Topstep, they will be required to pay a $149 setup fee, in addition to a $122 charge per market (or $125 if they opt for TSTrader). This fee is for a monthly Continuing Medical Education (CME) Data Subscription.

Hence, Forex prop trading fees refer to the costs associated with participating in a proprietary (prop) trading firm’s program, particularly those that offer traders the opportunity to trade the firm’s capital. These fees are a critical aspect of the business model for many forex prop firms, especially those that run challenge or evaluation programs to vet potential traders. Here’s a breakdown of the types of fees that traders might encounter:

1. Challenge Fees

These are upfront fees paid by traders to enter into a trading challenge or evaluation program. The challenge is essentially a test that evaluates a trader’s ability to generate profits while adhering to specific risk management rules. If successful, the trader is usually offered the opportunity to trade with the firm’s money. Challenge fees can vary significantly depending on the firm, the size of the demo account provided for the challenge, and the complexity of the challenge itself.

2. Account Setup or Administration Fees

Some prop firms may charge a one-time setup fee for creating and managing a trader’s account. This fee might cover the administrative costs associated with setting up the trading infrastructure, account monitoring, and other backend services necessary for the trader to begin trading.

3. Monthly Desk Fees

Desk fees are akin to rental fees for the physical or virtual space and resources (like software, data feeds, and trading tools) provided by the prop firm. While more common in traditional prop firms that offer physical trading desks, some online forex prop firms might also charge a monthly fee for access to premium trading platforms or tools.

4. Profit Split

While not a fee per se, the profit split arrangement is a significant financial consideration in prop trading. After successfully passing a challenge, traders are allowed to trade with the firm’s capital, and any profits generated are split between the trader and the firm according to a predetermined ratio. Common splits might be 70/30 or 80/20, favoring the trader. It’s essential to understand the profit split terms as they directly affect the trader’s potential earnings.

5. Software or Data Fees

In some cases, traders might need to pay additional fees for access to specialized trading software, real-time data feeds, or analytical tools that are not included in the basic package offered by the prop firm.

6. Education or Training Fees

Some prop firms also offer educational courses, mentoring programs, or trading workshops. These might be optional or required parts of the trading program, with fees varying widely based on the content’s depth and duration.

Key Considerations

  1. Value for Money: Traders must assess whether the fees charged by a prop firm offer good value for the services provided, especially in terms of the trading capital access, technology, and support offered.
  2. Transparency: Reputable prop firms are transparent about their fee structure, with no hidden charges. Traders should thoroughly review all terms and conditions before committing.
  3. Risk: While paying fees for a chance to trade with significantly more capital can be appealing, traders should consider the risk of not passing the challenge and the potential loss of the fee paid.

Forex prop trading offers a unique opportunity for traders to leverage more substantial capital than they might otherwise access. However, understanding the fee structure is crucial to making an informed decision about which prop firm to engage with.

Topstep Proof of Payment:

Topstep has upgraded its payout frequency to provide more benefits to traders. Withdrawals are now completed daily, providing faster access to funds. Withdrawal requests submitted before 10 am will be handled on the same day. ACH transfers may be delayed a few days before appearing in their financial institution’s account, however, payments are now made daily.

Withdrawals can be processed using paper check, ACH, or bank wire. No charges apply to cheques and ACH transactions. A $5 fee is charged for wire transfers when the withdrawal amount is less than $500.

Moreover, to request a withdrawal, traders must have experienced at least five profitable days since their most recent withdrawal. A day is considered profitable if it generates more than $200 in profit.

Topstep Customer Support: 

TopStep has just ceased offering phone assistance at its prop company. It currently provides live chat services through a chatbot for individuals who are not clients. Traders can enter the Discord channel, enabling them to engage with other traders & coaches. 

The FAQ area covers fundamental questions but lacks direct contact with the financial department, which is essential for resolving different situations. TopStep should improve its services by focusing on enhancing customer support, especially in response to recent complaints about inadequate support & trading platform malfunctions.

Contact Information: 

  • Support Hours- Monday to Friday, 5:30 to 20:00 
  • Website Languages- English 

What Makes Topstep Unique? 

Topstep offers funded accounts to traders that operate on a profit-sharing mechanism, with the profit split varying based on the earned profit. Traders get to keep 100% of their profits up to $10,000. For-profits in the range of $10,000 to $100,000, the split is 90/10, meaning the trader receives 90% and Topstep retains 10%. 

Profits exceeding $100,000 are split on an 80/20 ratio, with 80% going to the trader and 20% to Topstep. For instance, if a trader makes $50,000 with a $100,000 account, they would retain $45,000 of the gains. Additionally, traders can earn increased profit shares by meeting certain volume requirements.

Topstep Reviews: What Do Their Customers Say?

Trustpilot has given Topstep 4.6 stars out of 5. There are 2,617 verified customer reviews   

Topstep reviews

#1. As said by Ray Burke TST is the best option for anyone, whether they are just starting or have some experience trading. With little to no risk to their own money, it’s an excellent method to learn and trade. They provide an unrivaled level of assistance and a diverse range of platforms to choose from.

There is none of the usual “guru” nonsense on TSTV (even when they aren’t hosting a Combine), and Eddie and John provide excellent information. Nothing fancy, just plain old trading data that they can utilize.

Topstep reviews Trustpilot

#2. JG mentioned that he is experiencing trouble with the account reset process. Colin, the support representative, was accommodating in proposing a different solution when they were unable to handle an issue in his preferred manner. That made him happy, and it made me feel like they appreciated me as a client.

Although assistance did not arrive for another 24 hours, the matter was satisfactorily resolved in the end.

Topstep Trading review on Trustpilot

#3. Although the requirements for the live account are rather bothersome, Naveed maintains that the challenge rules are just and decent. He gets that the business must turn a profit, but he doesn’t see the point in needing $200+ in earnings for five days just to withdraw half of it. He believes that he should be entitled to 90% of the profits after five days of maintaining profitability with $200+ profits, instead of waiting for thirty days of $200+ profits.

Topstep customer review

#4. Ak was not well; he had a few issues, as he mentioned in his response. For example, he bypassed the necessary security measures and went straight to his practice account when he initiated the initial combine. He spent $500 but finally figured it out, so it’s clear their method is complex and needs better explanations. 

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#5. OIL Trader said that Topstep bets on their loss by taking the opposite side of the deals. They risked $50,000 on the failure of every single trader.

By forcing them to trade using a paper account, they effectively turn the tables on them. The fact that they can only keep half of the traders’ profits is kept hidden from them while they entice them to trade. Make sure to read the small print of their contracts.

Almost all traders (98 out of 100) never receive any funds from Topstep; all they do is pay fees & resets.

Topstep Trader complaints

Conclusion

Topstep has been a respected and engaging platform for new traders since it was founded in 2012. Topstep, a leading proprietary trading firm, provides a unique experience with its Trading Combine. 

The platform has been featured in prominent media outlets such as CNBC, Bloomberg, Fox Business, Forbes, and MarketWatch. It was also recognized as one of the 101 Best and Brightest Companies to Work For in 2016, further establishing its exceptional reputation in the industry.

Topstep’s Trading Combine is a fair and accessible program for obtaining money, with clear guidelines focused on adhering to a Maximum Loss Limit & achieving a Profit Target. This approach allows both inexperienced and experienced traders to improve their abilities in simulated futures markets, supported by many additional tools like an active Discord community, group coaching, and real-time trading sessions on TopstepTV.

Topstep has updated its fee system to be more competitive, with lower monthly fees for different account sizes, making it an attractive option for traders looking to control costs while seeking financed trading prospects. The platform’s payout policy allows successful traders to seek rewards up to four times a month, provided they have five good days with at least $200 in earnings each.

The software only covers futures markets as well as does not offer Forex trading at the moment. Topstep, like other proprietary trading organizations, works without regulation, using its funds and concentrating on internal trading activities.

The journey toward becoming a funded trader requires commitment and skill, but the potential benefits are significant. Over 5,000 merchants achieved funded status in 2020. Traders must sustain success in a funded account to avoid being required to go back to the Trading Combine.

Topstep remains a leading and respected platform in the proprietary trading industry. It provides a practical and thorough training setting for traders looking to improve their abilities and attain sponsored status.

Account size up to:
$150,000
Profit Split Up t0 90%
*Choose your account type and start trading

4.0
Fees
4.0
Trading Platforms
4.0
Deposit and Withdrawal
4.0
Customer Support
4.0 Overall Rating

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Topstep Review
4.0/5
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