Topstep Review: Experience, Cons & Pros

Topstep Trader is one of the largest proprietary trading firms in the world. The TopstepFX brand is part of TopstepTrader and is designed to enable traders to join the Forex-funded trader program.

Topstep

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TopstepFX Rating: 9,8

TopstepFX Features:

  • High leverage 1:100
  • Buying power of up to $500,000
  • Excellent reputation
  • Small monthly fee
  • Simple Rules

Topstep Trading Firm Review (ex TopstepFX)

Topstep Review

TopstepTrader belongs to the fastest-growing companies in the United States. TopstepFX is a funding company and traders receive excellent education, trading tools and support during the evaluation process.

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TopstepTrader is one of the largest proprietary trading firms in the world. The TopstepFX brand is part of TopstepTrader and is designed to enable traders to join the Forex-funded trader program. In August 2018, Topstep Trader officially announced TopstepFX, which is designed to help earn equity for forex traders.

Here are some more interesting statistics (based on the TopstepTraders website):

  • Over 2,000 traders have traded TopstepTraders equity.
  • 90 average traders funded per month.
  • 97% funded trader satisfaction.
  • The highest trading profit was $8,100 in one day.
  • Performance training available.
  • Thirteen trading platforms supported (TSTrader, NinjaTrader, and TradeStation recommended by TST).
  • Therefore, so far, more than 2,000 traders have already managed to be funded.
  • It doesn’t matter if you are a US citizen or if you live in another country around the world. People from 161 different countries are part of the trading community.

Topstep Features and Highlights

💼 HQ United States
🗓️ Founded 2012
🖥️ Technology  Browser-based application and mobile app
💸 Subscription Monthly
✔️ Coupons, discounts Off up to 20%
➕ Features Funded trading accounts, trader education, performance coaching
🌱 Trial 14 days

TopStep Trustpilot reviews

TopStepTrader reviews

Top benefits in user’s opinion:

  • Great customer service.
  • Guaranteed protection of your asset.
  • Develop a great trading habit.

Bad benefits in user’s opinion:

  • Expensive.
  • Too limiting.

Topstep overview

TopStepTrader rating

In my opinion, Topstep Trading pays special attention to trading by the rules. The rules are very strict, and just like trading a regular account, breaking the rules can hurt you.
The monthly fees can be high for a beginner, but the trial period allows you to see if you can work further.
Overall, TopStepTrader is a great way to get started professionally in day trading.

Products, Services, Costs

In the first step, you can start trading with a free 14-day practice account with $150,000 (no credit card required) or you can participate in TopstepTrader’s trading mix challenge to find out if you will be evaluated for a funded account.

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TopstepTrader evaluations and funded trader readiness are simulated accounts where you are trading in real-time while your performance is evaluated to decide if you will become a funded trader.

What can you trade here?

  • Only futures are tradable. With both options, you have full access to trade all types of CME Group products such as ES (E-mini S&P 500), NQ (E-mini NASDAQ 100) and CL (Oil).
  • A complete list of tradable products can be found here. When you become a funded trader, you will also be able to trade commodities on the EUREX exchange.

Now is the time to get more detailed information on how to become a funded trader.

Become a Funded Trader in 2 Steps

TopstepTrader Trading Combination

When you join the Trading Combination, you will have all the time you need to reach your goal by trading according to the rules. However, you will have to pay the subscription every month, from the day you join until the month you meet the goal or cancel the subscription.

At any time during a business combination, you will be able to reset your account balance and rules for the price of $99. This reset fee is in addition to the monthly payment and will not impact your monthly bill.

You will have the option to start with simulated funds of $30K, $50K, $100K, or $150K.

Another important aspect is that the balance of the chosen Trading Combine account determines the starting balance of your funded account once you successfully complete the Trading Combine.

So, if you start with a $50K Trading Combine account with a monthly fee of $165, in case of success, you will gain access to a funded account with a $50K balance.

TopStep two step evaluation

TopstepTrader Trading Combine Step 1:

You must trade at least 5 days (days do not have to be consecutive) without a rule violation, and you must meet the profit target for the chosen account.

This first step is easier to achieve because the rules are limited to:

  1. Reaching the profit target.
  2. Use the correct maximum position size.
  3. Not exceeding the daily loss limit (which is monitored and calculated in real-time during the trading day).
  4. Not allowing your account balance to reach or exceed the final maximum drawdown (which is calculated at the end of the day during the Trading Combination).

For example, if you have chosen the Starting Balance of $50K:

  • You must actively trade for 5 days (they don’t have to be consecutive).
  • Then you must reach the profit target of $3,000 (no time limit).
  • You can trade a maximum of 5 contracts at a time.
  • The daily loss limit is $1,000, and if you exceed it you will lose the assessment.
  • The final maximum loss is $2,000, so you must not exceed it because you will lose the evaluation.

What is step 1 for?

  • To show TopstepTrader that you are good at what you do.
  • You can apply your strategies in multiple market conditions.

Choosing another account means having different rules. It is essential to carefully select the right plan. Finally, if you play according to the rules and reach the profit target, then you have achieved step 1 of the Trading Combination.

Trading Combine Step 2:

Step 2 of TopstepTrading Trading Combine was previously known as “TopstepTrader Funded Trader Readiness.”

Once you have completed step 1, your account will be reviewed once your trade reports are uploaded at 4 PM CT. Step 2 should be started once you receive an email from TopstepTrader confirming that Step 2 is active.

In Step 2 of Trading Combine, you start over. If you have chosen the $50K Starting Balance, then :

  • You have to actively trade in 10 days (need not be consecutive).
  • You have to reach the profit target again
  • You can trade a maximum of 2 contracts at the beginning to build up a “cushion”, with more funds in the account, the lots of increase. If you trade more, you will lose the assessment
  • The daily loss limit is $1,000 and if you exceed it you will be out of the evaluation.
  • The final maximum loss is $2,000, if you exceed it you will be out of the evaluation.
  • Now, you must also be careful with the weekly loss limit.
  • You are not allowed to trade during relevant news
  • It is necessary to follow the scalping plan (the maximum number of lots you can trade depends on your account balance).

It is important to know that you can reset step 2 in the same way as in step 1. If you reset your account in step 2, you will remain in step 2 of the challenge, and you can reset as many times as you wish.

However, each reset costs an additional $99 fee.

TopStepTrader Scaling Plan

TopStepTrader Scaling Plan

  • The second step is more challenging than step 1 because, with fewer contracts and stricter rules, you need to meet the same profit target again that you met in step 1.
  • There are many details you need to understand before you start. Because if you don’t know the exact details, you may fail.
  • For example, if you have gone through step 1 trading 5 lots each time, and you start step 2 also with 5 lots you will fail because you must meet the scalping plan, in this case trading with 2 contracts.
  • Remember, that you and TopstepTrader will be trading partners, and it is in your best interest to align with the best possible solution.

When you follow the rules until you reach the profit target, you will move on to the next step, Funded Trader Preparation. This is the last hurdle to overcome before the funded account.

Forex Trading Discount

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TopstepTrader Review: the funded account

If you have passed the 2-step evaluation of the TopstepTrader Trading Combine, you will be funded and will be able to trade with real money.

You will keep the first $5,000 of your profits and 80% of your additional profits, and best of all: there will be no risk for you, as you trade on a TopstepTrader account.

In addition to this, with a funded account, you will have some different general conditions compared to Trading Combine. The main differences are:

  • More products to trade

During the Combine, traders are limited to futures listed on the CME.

Within the funded account, it is possible to trade additional products, listed on EUREX, CBOT, NYMEX, and COMEX. However, traders now have to pay for the real-time data feed. Funded traders are responsible for the cost of the data fee charged by the exchange.

Also, since trading from a funded account means being defined as a professional trader, the fee structure is something to consider:

  • CME $105.00
  • CBOT $105.00
  • NYMEX $105.00
  • COMEX $105.00
  • EUREX $69.00

Therefore, if you decide to trade these instruments, you must pay a monthly exchange fee of almost $500.

  • Other trading platform fees

While the TSTrader trading platform can be used without a monthly platform fee, many other platforms are fee-based.

  • Commissions apply

Charged $3.70 per contract ($1.85 per side). Within the funded trader account, you will be charged commissions and exchange fees depending on the trading platform you use.

Here is an example provided by TopstepTrader:

TopStepTrader example using ES

As you can see, commissions differ depending on the platforms you use, etc. Make sure you do your research first because commissions and data have a high impact on your profitability.

  • Withdrawals at any time

Withdrawals can be requested at any time and will take about 7 business days until payment is made. If the payment is $500 or more, there are no transfer fees. If a payment of less than $500 is requested, a $50 transfer fee will apply.

Trading Platforms

It is possible to trade with TopstepTrader using its in-house trading platform TSTrader or with one of the 13 other platforms listed below.

Choosing TSTrader will be the easiest way, but if you are considering using a different platform, you should contact TopstepTrader to evaluate the best possible solution that meets your needs.

Platform Free in Trading Combine Free on funded account
TSTrader Yes Yes
NinjaTrader Yes No
T4 Yes Yes
Multicharts No No
R|Trader Pro Yes No
R|Trader Yes Yes
VolFix No No
ATAS (OrderFlow Trading) Yes No
MotiveWave No No

TopstepTrader’s education and training plan:

TopstepTrader offers free education, performance training, and management.

You can join other traders in the interactive chat room to discuss your ideas and experiences. In addition to this, you will have access to:

  • Daily live trading classes.
  • You will be able to watch professional traders trade live.
  • Real-time risk management coaching.
  • Lessons on trading psychology.

Performance Coaching Plan

Another essential part of the program is called Performance Coaching.

In this, you will have a monthly one-on-one session with your Performance Coach who analyzes your trades and your mistakes and gives you tips and advice so that you can improve your trading.

Your coach allows you to improve your skills even faster by identifying your strengths and neutralizing your bad habits even faster.

The Performance Coaching Plan includes the following:

  • A monthly 30-minute session with your coach
  • Personal coaching to further develop your strategy
  • One free Trading Combine reboot per month
  • Direct telephone access to the Coaching Team during the hours of Monday through Friday from 8.00 a.m. to 3.00 p.m.

A monthly subscription to this additional plan will cost you another $195 per month during the TopstepTrader Trading Combine, while it is completely free once you are a funded trader.

Live Chat

Live chat offers a great social network for traders to discuss moves and strategies in real-time. It is made up of a supportive community with like-minded traders from all over the world, making it a great way to keep up with the latest trends. beginner traders can learn a lot from those with more experience.

In addition, the live chat includes a Squawk Radio broadcast show that takes place daily and is hosted by a trader with over 25 years of experience.

The show is very interactive and offers listeners great perspectives on the markets and ongoing updates. In addition, it offers great perspectives from renowned and respected professionals as well as interviews with more experienced traders.

Video Library and Blog

If you already have some trading experience and want to expand your knowledge, the platform has over 100 videos to help you. The videos cover a wide range of topics, including a guide on how to start trading on TopStepTrader, how to place market orders and how to make trading a profession.

It also has a nifty blog that is constantly updated. Like the video library, the blog includes articles covering all sorts of aspects. Basically, the blog is designed to help you hone your skills so you can be like the good guys on Wall Street.

TopStepTrader pros

Traders Forum

Another feature that makes this platform unique and effective is the traders’ forum. The forum allows you to share resources with other traders. In the forum, you can also ask all kinds of trading questions, discuss valuable tips, share product reviews and initiate discussions with like-minded traders.

The forum is very active and the TSTrader team always reads all messages about product feedback and requests in an attempt to improve the platform.

TopstepTrader – Costs and Refunds

The most difficult challenge is calculating the overall costs with TopstepTrader. In my opinion, it is difficult for beginners to understand the total costs. One of the reasons is that the fees are not listed in clear cases on the TopstepTrader website.

However, I found whatever information I was looking for using the online help center. TopstepTrader does not hide information, while some of it is hard to find.

Trading Combine Rates

The price per month for TopstepTrader’s Trading Combine is clear and listed. You will pay per month:

  • $150 with a starting balance of $30K.
  • 165 with a starting balance of $50K
  • 325 with a starting balance of $100K
  • 375 with a starting balance of $150K

These subscription fees are repeated every month until you cancel your subscription or reach the funded account.

Reset fee during Combine trial

$99 per reset during the Trading Combine: within the control panel you have the option “reset account”. By using this function, your Trading Combine account will be reset to the starting point.

This is being used in case a trader does not trade according to the rules. Traders who restart while in step 2 of the Trading Combine will remain in step 2. The fee is $99 per restart, and is in addition to the monthly fee.

Additional Expenses for Funded Traders

Once you trade the funded account, additional fees will apply monthly.

  • CME $105.00
  • CBOT $105.00
  • NYMEX $105.00
  • COMEX $105.00
  • EUREX $69.00

The TSTrader trading platform is free and is a good alternative to trade once funded.

TopStepTrader benefits

Some real examples of a funded account

3-month membership for Trading Combine with a starting balance of $50K, using 2 resets, never reaching targets, and using the TSTrader trading platform:

  • Membership cost: 3 * $ 165 = $ 495.
  • Resets: 2 * $ 99 = $ 198
  • Trading platform: $ 0
  • Data: $ 0
  • Total costs: $ 495 + $ 198 = $ 693
  • Gross profit: $ 0.0
  • Net profit: – $ 693

6 month membership for Trading Combine with a starting balance of $50K, using 6 restarts, reaching the goal, being a funded trader for 2 months with a profit withdrawal of $3,000 using the TSTrader trading platform that trades CME futures only:

  • Membership Cost: 6 * $ 165 = $ 990
  • Resets: 6 * $ 99 = $ 594
  • Trading platform: $ 0
  • Data: 2 * $ 105 = $ 210
  • Total costs: $ 990 + $ 594 + $ 210 = $ 1,794
  • Gross profit: $ 3,000
  • Net profit: + $ 1,206

12 month membership for Trading Combine with a starting balance of $50K, using 20 resets, reaching the goal, being a funded trader for 8 months with a profit withdrawal of $10,000 using the NinjaTrader license that trades CME and CBOT:

  • Membership fee: 12 * $ 165 = $ 1,980
  • Resets: 20 * $99 = $1,980
  • Trading platform: $890 (lifetime license with a $100 rebate for TopstepTrader users)
  • Commissions: 8 * $210 = $1,680 (2 trades, 8 months)
  • Total costs: $1,980 + $1,980 + $890 + $1,680 = $6,530
  • Gross profit: $ 10,000
  • Net Profit: + $ 3,470

It is only as an example, each trader is different and each evaluation depends on the trader’s operation, it is not necessary to do things in a hurry, it has been demonstrated that to be a consistent trader you have to focus on the management and not so much on the time it may take to achieve the evaluation.

TopStepTrader Forex Trading

Some of you may know the prop company TopstepTrader, TST for short. The company has been on the market for the longest time and is very reputable and reliable when it comes to the future. However, few people know that TopStepTrader also has an offer for the Forex market. The traders who like to trade on the Forex have a very interesting opportunity to trade without equity.

How does TopstepTrader Forex work?

TopStepTrader Forex works similarly to TopStepTrader for the future. The trader has to prove in 2 steps that he has the risk under control and if these steps are passed, the trader gets the capitalized account.

The first step is the Combine1, where a profit target must be reached. The time in which ProfitTarget 1 must be reached is unlimited. However, after one month the fees for the account are due again. The example shows what the targets and maximum losses are for the $300,000 account.

  • The profit target that must be reached is $3,000.
  • The LossLimit for the week is $2,000 and must never be reached within a week!
  • The LossLimit for the entire account, regardless of the week, is $2,000.

The second step, after passing the first one, is similar but a bit more difficult. The goal is for the trader to prove that he can consistently make profits and is able to control his risk.

  • The profit target in step 2 is also $3,000.
  • The weekly loss limit is reduced to $1,000.
  • The loss limit for the account remains at $2,000.

Once the second step is passed, the capitalized account is activated and the actual trading begins. From here on the profit share of 80% for the trader and 20% for TopStepTrader starts.

TopstepTrader – Pros and Cons

Pros

  • One-on-one coaching and mentoring from TSTrader’s expert trainers
  • Competitive payouts up to 80% with low commissions
  • Easy to use, fully-featured and easy to navigate platform
  • Anyone with the determination to succeed in trading can use the service
  • You can get started for free
  • Includes a very resourceful blog to help you improve your strategies
  • Has a very supportive community and great customer support

Cons

  • No refund policies.
  • Monthly charges for services such as coaching are not clear on the website
  • It may take you time to pass the two-step evaluation tests especially if you are new to trading

Conclusion

If you know deep down that you have everything you need to make millions of trading, but your financial background limits you, TopStepTrader is an opportunity worth considering.

The fact that they give you their money to invest without cheating is proof that these guys are very serious about what they do. From a professional trader, we encourage any trader (beginner or experienced) to take advantage of this opportunity and start making big money.

Kevin Doran

I have been trading forex since 2015. Over the past few years, I have tried and tested all the most popular Forex Brokers. I publish my reviews to help you choose a reliable broker and reduce your risks.

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