Topstep Review, Challenges, Rules and More

Is Topstep a reliable prop firm? Find out here.

With so many scams in the trading world, I recommend you only work with the best prop trading companies.

After reviewing 200+ trading companies globally, here are my top recommendations:

• The5%ers (For Non-US Traders)
• E8 Markets (For US-based traders)

Pros

• Accessibility demands a fair amount of startup funding.
• Full support for the top trading platforms, a wealth of instructional resources, including in-person training
• Try the service out with the 14-day trial.

Cons

• The requirements to qualify for funding could be stringent.
• Even after the reduction, membership expenses could be important.

What is Topstep?

In 2012, Michael Patak established TopStep, a creative commerce business. It started small as the Chicago Board of Trade and has expanded into a well-known online marketplace that provides the Trading Combine. Modern technology allows traders of all experience levels to trade in a risk-free environment that is similar to trading on the futures market.

TopStep is a major player in proprietary trading near Chicago’s busy West Loop Gate area. INC.5000 has acknowledged its extraordinary progress, and it currently holds a key position on the international scene.

TopStep is happy with the size of its trading network, which includes connections in over 143 nations. The website offers trading accounts in ten different currencies and places a priority on equality and accessibility in the trade industry.

TopStepTrader offers compatibility with fourteen different trading platforms, such as NinjaTrader, TradingView, and TSTrader. Due to its extensive feature set and an array of tools tailored to suit different trading tastes and styles, TopStepTrader is an attractive option for traders of all experience levels.

Topstep Funding Programs and Challenges: Rules and Requirements

For traders, the Combine is a two-step assessment procedure. Traders must meet profit targets and follow all guidelines at every stage of the process. Three program options are offered by TopStep: 50k, 100k, and 150k. TopStep does not impose a maximum number of trading days; nevertheless, traders must trade for a minimum of five days to qualify for funding. Traders need to make sure that their greatest trading day does not account for more than 40% of their overall winnings.

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• Buying Power:
• $50K
• $100K
• $150K
• Profit Target (per step):
• $50K: $3,000
• $100K: $6,000
• $150K: $9,000
• Max Position:
• $50K: 5 Contracts
• $100K: 10 Contracts
• $150K: 15 Contracts
• Daily Loss Limit:
• $50K: $1,000
• $100K: $2,000
• $150K: $3,000
• Weekly Loss Limit (step 2):
• $50K: $1,000
• $100K: $2,000
• $150K: $3,000
• Trailing Max Drawdown:
• $50K: $2,000
• $100K: $3,000
• $150K: $4,500
• Price:
• $50K: $165/month
• $100K: $325/month
• $150K: $375/month

What are Forex Prop Challenges?

Prop firms, or proprietary trading enterprises, use forex prop challenges as a kind of evaluation process to identify great traders and give them the chance to trade with the firm’s capital. These challenges, which consist of a set of trading guidelines and goals to follow over a predetermined amount of time, are meant to evaluate a trader’s ability to make money while appropriately managing risk.

A forex prop challenge normally has two primary stages:

• The challenge phase: Traders are given a demo account with a fixed balance in this initial step and given the task of meeting a profit target within a set time frame, generally a month or two, while adhering to other trading rules and maximum drawdown limitations. The trader’s capacity to turn a profit within preset risk parameters is evaluated at this step.
• The Verification Phase: Traders proceed to the verification phase upon fulfilling the requirements of the challenge phase and following the guidelines. While it typically lasts longer and may have slightly different profit targets or standards, this phase is similar to the challenge phase. The objective of this step is to confirm the trader’s dependability and longevity.

After traders complete both stages, they are often given access to a funded account. This implies that the trader is given responsibility for managing a portion of the prop business’s funds. The profits from trading this cash were divided by the prop firm and the trader according to a predetermined formula.

The costs of dealing with currency prop concerns vary depending on the prop firm. By paying this fee, traders guarantee their commitment to the offer and cover the cost of the review process. The particular specifications, goals, and structure of prop challenges might differ significantly throughout businesses. Traders ought to fulfill the following prerequisites:

• Profit objectives are the percentage of the account balance that traders need to hit before moving on.
• Drawdown limits: The maximum amount of money that can be taken out of the account’s maximum balance on a daily and cumulative basis.
• The total number of days that must be traded actively throughout the challenge is known as the minimum trading days.
• Trade style restrictions: Some companies have the right to put limits on trading strategies, to ban high-frequency scalping or overnight positions.

Except for the first challenge fee, forex prop challenges allow traders to acquire significant trading capital without having to take a financial risk. However, participants should carefully consider the terms of these challenges because the prop firms’ high standards are intended to evaluate traders’ discipline, risk tolerance, and trading ability.

Topstep Brokers: Do They Use a Reliable Platform?

Traders can access TopstepTrader’s trading platform, TSTrader. Choosing TSTrader offers a simple path, but those researching other platforms should contact TopstepTrader to determine which one best suits their needs. They also use the remaining thirteen accessible platforms listed below:

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?

The minimum evaluation price that TopStep charges for the $50,000 Trading Combine is $198.

Traders who wish to participate in the Trading Combine can choose from three different account sizes, which enables them to satisfy their own trading objectives, aspirations, and skill levels. Among traders, the most popular account type is the $50,000 account. To be qualified for this account, traders must pay a $49 monthly charge.

But once they have money, this subscription charge is waived. Traders must achieve a net profit of $3,000 to qualify for an Express Funded Account; this is a profit target that is easily reached. It’s important to keep in mind that traders should never have more than five contracts open at any given time and that the account has a $2,000 maximum loss limit.

To trade in the $100k account, traders are given access to a $100,000 amount. It will cost $99 a month for this account. Up to ten contracts may be held by traders, with a $3,000 maximum loss cap. The goal profit for the account is $6,000.

Even higher trading limits can be achieved with the $150,000 account, which has a monthly fee of $149. The maximum loss limit is raised to $4,500 with this account type, and the profit target is set at $9,000. Traders may trade up to 15 contracts at a time.

It’s important to keep in mind that regardless of the account type they select, all traders who meet the requirements for an Express Funded Account must pay a one-time cost of $149 to activate their accounts.

Once the necessary payments are obtained to cover data or one-time setup costs, there can be extra fees. Trades using Topstep will incur additional fees of $122 (or $125 if they opt for TSTrader) per market in addition to the $149 setup cost. This sum pays for a CME (Continuing Medical Education) membership each month.

As a result, “Forex prop trading fees” describe the costs paid by traders who want to be a part of a private trading company’s program, particularly if the company permits them to trade its funds. These fees are a crucial component of the business plan for many forex prop firms, particularly those that run assessment or challenge programs to weed out possible traders. The several kinds of fees that traders could experience are broken down as follows:

1. The price of difficulties

To take part in a trading challenge or assessment program, traders need to pay this amount in advance. The challenge is essentially an evaluation of a trader’s ability to make money while adhering to specific risk management protocols. If the trader is successful, they are usually offered the opportunity to trade with the company’s funds. Challenge fees can vary significantly depending on the firm, the size of the sample account supplied for the challenge, and the difficulty of the task itself.

2. Account setup or administrative costs

Certain prop firms charge a one-time setup fee to open and keep a trader’s account. This fee might cover the administrative costs of setting up the trading platform, monitoring the trader’s account, and providing additional backend services that are necessary before the trader can begin trading.

3. Monthly desk fees

Desk fees are comparable to what you would spend on using the real or virtual premises and the prop firm’s resources (such as trading tools, data feeds, and software). A monthly payment for access to premium trading platforms or tools may be imposed by some online FX prop organizations; this practice is more common in traditional prop firms with physical trading desks.

4. Partially Shared Gains

Although not a fee per se, the profit split arrangement is a crucial financial component of prop trading. If a trader passes a challenge, they can utilize the firm’s capital for trading, and any profits they make are split into a predetermined ratio between the trader and the firm. Profit-sharing splits, such as 70/30 or 80/20, are quite popular. Since the profit split’s specifics directly affect the trader’s potential earnings, it is important to comprehend them.

5. Fees for Data or Software

Traders may occasionally incur additional fees to use specialized trading software, real-time data feeds, or analytical tools that aren’t included in the prop firm’s main package.

6. Fees for instruction or training

Some prop companies also provide training classes, trading workshops, and mentoring programs. The trading program may include these as required or elective components, and the price may vary significantly based on the volume and scope of the content.

Key Considerations

1. Value for Money: Considering the access to trading funds, technology, and support that are provided, traders should assess whether a prop firm’s fees are fair for the services they receive.
2. Transparency: Reputable prop businesses are upfront and honest about their charge schedule, with no hidden costs. Traders should thoroughly review all terms and conditions before committing.
3. Risk: Although paying a fee for the ability to trade with much more capital may seem like a good idea, traders should consider the chance that they won’t be successful in the challenge and that they will lose the money they invested.

Prop trading is a unique opportunity for traders on the forex market to leverage larger sums of capital than they normally could. Understanding the price structure is essential to choosing the right prop firm to deal with.

Best Topstep Alternatives:

E8 Markets (Best Overall)

E8 Markets is a standout proprietary trading firm praised for its comprehensive and flexible trading programs. Here are some highlights:

1. User-Friendly Technology: The E8X Dashboard is highly intuitive, offering in-depth analytics for evaluating trading strategies. It displays real-time and historical data clearly, helping traders make informed decisions.

2. Flexible Evaluation Process: E8 Markets provides a range of account types, including the E8 Account, E8 Track, and ELEV8 Account. These accounts cater to different trading styles and experience levels, with realistic profit targets and no minimum or maximum trading day requirements. This flexibility allows traders to progress at their own pace.

3. Generous Profit Sharing: Successful traders can enjoy up to an 80% profit split, with opportunities to scale account balances significantly. The firm’s scaling plan further enhances traders’ potential to grow their capital.

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The Trading Pit (Best Resources)

The Trading Pit stands out in the prop trading industry for its comprehensive offerings and robust support for traders. Here’s why traders praise this firm:

1. Diverse Account Options: The Trading Pit offers multiple account types tailored to different trading styles and risk appetites. Whether you’re into forex, futures, or a combination of both, there’s an account that fits your needs. Their VIP accounts, in particular, provide substantial initial balances and the potential to earn significant profits.

2. Profit Sharing: Traders can start with a 50% profit split, which can increase up to 80% for forex and 70% for futures. This incentivizes traders to perform well and maximize their earnings as they progress through their trading journey.

3. Top-Notch Trading Platforms: The Trading Pit supports industry-leading platforms like MetaTrader 4 and 5, ensuring traders have access to reliable, feature-rich environments for executing their strategies. These platforms support various trading styles, from scalping to automated trading.

4. Comprehensive Challenges and Scaling Plans: Their well-structured trading challenges help traders improve their skills while working towards real funding. The scaling plans are particularly impressive, allowing traders to scale up their accounts significantly as they meet performance targets.

5. Strong Partner Network: The Trading Pit collaborates with top brokerage firms and partners globally. This network ensures traders benefit from excellent trading conditions, including tight spreads, low commissions, and deep liquidity pools.

6. Educational and Certification Opportunities: For those looking to grow their trading careers, The Trading Pit offers opportunities to partner with the firm, provide financial advice, and even produce trading signals. They also support traders in obtaining official certifications, enhancing their professional credentials.

Certainly, they are the best available prop firm in the market right now.

Get Funded Today with The Trading Pit

My Flash Funding (Best for New Traders)

My Flash Funding is an innovative proprietary trading firm that offers a supportive and flexible trading environment, making it a great choice for traders. Here are some key highlights:

1. Flexible Trading Rules: My Flash Funding allows traders to hold trades overnight and over weekends, engage in news trading, and use various trading strategies without restrictions on lot sizes or trading styles. This flexibility is designed to empower traders to follow their unique strategies without unnecessary constraints.

2. Evaluation Programs: The firm offers both a one-step and a two-step evaluation challenge. The two-step evaluation has realistic profit targets of 6% for each phase, with a 4% maximum daily drawdown and 8% maximum loss. The one-step evaluation requires a 10% profit target with a 4% maximum daily drawdown and 6% maximum trailing drawdown. Both programs have no minimum trading day requirements and allow unlimited time to complete the evaluations.

3. Generous Profit Sharing: Traders can earn an attractive 80% profit split, with opportunities to scale their accounts significantly. Payouts are bi-weekly, ensuring regular access to profits for successful traders.

Get Funded Today with My Flash Funding

Topstep Proof of Payment:

Topstep has raised the frequency of its payouts to give traders more benefits. Since withdrawals are now handled daily, funds are available more quickly. Withdrawal requests submitted by 10 a.m. will be handled the same day. Although ACH transfers may take a few days to appear in the account of their financial institution, payments are currently processed daily.

Processing withdrawals can be done via paper check, ACH, or bank wire. Check and ACH transactions don’t come with any fees. There is a $5 wire transfer fee if the withdrawal is for less than $500.

To request a withdrawal, traders must moreover have had at least five winning days since their previous one. Any day that ends up making $200 or more in profit is considered a success.

Topstep Customer Support:

At its prop firm, TopStep has discontinued offering phone support. At the moment, it provides live chat assistance to users who are not clients via a chatbot. By joining the Discord channel, traders may communicate with other traders as well as educators.

Although the FAQ section answers many common questions, it does not offer direct contact with the finance department a vital resource for handling a variety of situations. As part of its service improvement initiatives, TopStep should give high priority to enhancing customer support to address recent complaints about inadequate assistance and broken trading platforms.

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 model. The division of profits changes based on earned profits. Traders are allowed to keep all of their gains up to $10,000. For gains ranging from $10,000 to $100,000, Topstep maintains 10% of the profit while the trader receives 90%. This is known as the 90/10 split.

Profits exceeding $100,000 are split 80/20, with Topstep taking home 20% and the trader taking home 80%. For instance, if a trader with a $100,000 account made $50,000, they would keep $45,000 of the profit. Additionally, traders can increase their profit shares by meeting certain volume requirements.

Topstep Reviews: What Do Their Customers Say?

Topstep has received 4.6 stars out of 5 from Trustpilot. 3,039 verified client testimonials are available.

#1. I have never encountered a company that is so sincere and accountable. I bought a $50,000 challenge, but I had to back out because of personal issues. Not only did they understand my situation, but they also finished the return promptly. These are not the usually responsible enterprises, therefore I will be returning. Suggested.

#2. You guys have set good guidelines for me to be consistent. For example, the daily 1000 limit stop loss helps me a lot with managing my trade overall.

Additionally, you are not restricted to a 30% consistency rate like Apex is, which in my opinion prevents traders from taking advantage of opportunities to increase their profits. I assume there are still issues that need to be resolved, for example, incorporating a price alert that will notify users when a line or price is hit as I have also begun to use the Topstepx platform.

#3. Everything is solid and genuine, however the customer service is terrible. In the worst conceivable way, the ticket window will say, “We take about 3 days to reply.”

#4. Not enough assistance. My activation charge was paid six days ago. It stated that I may use my account in 1–2 business days, but that has long since passed. I sent multiple support tickets; just one was responded to, and none of the issues were resolved. At the very least, they ought to create a phone center for funded traders.

#5. The new trading account is not displayed when I launch the platform after buying a 150K trading combination with TopstepX trading platforms. After contacting assistance for an entire day, I get no response. The platform is fantastic, but the assistance is ridiculous.

Conclusion

Topstep has been a reliable and engaging platform for inexperienced traders since its establishment in 2012. Topstep, a private trading company, provides a unique experience with its Trading Combine.

Several well-known media websites have featured the platform, including CNBC, Bloomberg, Fox Business, Forbes, and MarketWatch. As one of the 101 Best and Brightest Companies to Work For in 2016, it further solidified its stellar reputation in the industry.

A fair and user-friendly money-lending program, Topstep’s Trading Combine has clear guidelines focused on hitting a profit target and a maximum loss cap. This technique allows both new and experienced traders to improve their performance in simulated futures markets with the aid of many other tools, such as a lively Discord community, group coaching, and live trading sessions on TopstepTV.

Topstep has modified its pricing structure to be more competitive, offering lower monthly costs for different account sizes. This makes it an appealing option for traders who are looking to limit their spending while pursuing financed trading opportunities. Under the parameters of the platform’s payment policy, successful traders may request awards up to four times every month, provided they have five profitable days with an average of $200 in earnings each.

The software only covers futures markets at this moment; it does not currently offer Forex trading. Like other proprietary trading groups, Topstep is a stand-alone business that concentrates on internal trading activities while leveraging its money.

Even though becoming a funded trader is a challenging career choice requiring skill and commitment, the benefits could be significant. Over 5,000 retailers received sponsorship in 2020. Traders need to continuously make money in a funded account to avoid having to go back to the Trading Combine.

Within the world of proprietary trading, Topstep is a well-known and significant platform. It gives traders a thorough and practical training environment to help them progress and get sponsored.

I recommend you start trading with E8 Markets. They have already paid out $39,000,000+ to traders and have received thousands of positive reviews online.

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