TopStep Review

4/5
Topstep Review

If you spent any time at all looking for funding when it comes to trading futures, you will undoubtedly come across TopStep. TopStep is by far the biggest futures firm out there for retail traders to try to become funded from. The company is based out of Chicago and has been in the industry for well over a decade.

TopStep has a plethora of extras when it comes to the idea of the funded trader, including a podcast, a community, and professional coaching. There are plenty of videos, and other educational possibilities to take advantage of. It should be noted that TopStep has entered the Forex markets recently but is primarily focused on futures when it comes to advertising.

Is TopStep legit?

TopStep has a long history of paying out traders when they get profits, as a simple Google search will show you. The company has paid out over $2.5 million halfway through 2021 and funded over 6000 accounts during the year of 2020. There are traders from over 140 countries, and the company has a trust pilot score of 4.6 as of the time of writing.

TopStep funding withdrawal

TopStep uses three main methods to pay their traders, including checks, ACH wire, and a standard bank wire. The company suggests that funds are dispersed between seven and 14 days from the requests.

TopStep trading rules

The first thing you need to keep in mind is that as soon as you become a funded trader, you have to start paying for professional data. This can be a bit expensive because each exchange will charge you $105 per month. However, Forex of course has no exchange fees as you would expect.

Micro positions are counted as 1/10 of a contract, and the available contract limit comes down to whatever program you are trading. In an account where you are allowed to trade five full contracts, you are then allowed to trade 50 micro contracts.

The program does have a trailing max drawdown rule, which is calculated in real-time. The loss is 4% for each program. The target is going to be 6% in order to get funded during the evaluation, but once you are fully funded, you no longer have to worry about such things.

It should be noted that you need to have at least five days of trading activity in order to pass each step, as there are two steps to get funded. There are also various rules that come into the picture and cause big headaches. To begin with, there is a daily loss limit that is based upon your account. After that, there is also a weekly loss limit. Further convoluted in the rules is that there are a multitude of economic announcements that you need to be flat for. That being said, if you are in Step 1, you do not have to be flat for anything. However, what you are funded, being in an open position during banned announcements will get you fired. Quite frankly, the long list of rules makes TopStep a bit less attractive. Furthermore, you have to be closed down by the end of the week, being flat with all of your positions. This includes Forex, which is a big negative for swing traders. Speaking of swing traders, TopStep does offer swing trading futures accounts, but with just $10,000 buying power, it’s hard to justify the $110 a month cost.

TopStep coupons

TopStep does offer the occasional promotion, so you will have to check with the company occasionally in order to find the best deal. That being said, it is very spotty and seems to be in reaction to competitive pressures.

TopStep trading platform

TopStep offers the Rithmic Trader Pro platform which allows multiple trading platforms on top of it. The most common platform for traders use is Ninjatrader, but others such as MotiveWave, Sierra Charts, and many others. TopStep also offers access to Tradingview, TS Trader, and TradeStation. For Forex trading, they use Metatrader4.

TopStep trading commissions

During the evaluation or the live funded account, commissions are charged. In Forex, it involves the spread, but in the futures markets, it varies depending on the contract. Micro contracts are cheaper, with a complete breakdown on their site that differentiates between the CME added costs, and the brokerage costs that TopStep adds. The commissions are about $2 a side for a full sized contract.

TopStep trading support

TopStep has online support via the community, chat, and email. They also offer phone support, making them very easy to reach in times of need.

What markets can I trade at TopStep?

When trading futures at TopStep, the biggest contracts from the CME are available for traders. The most common contracts are listed, such as hard and soft commodities, interest rate products, currencies, and indices.

If you are trading Forex, then the usual combination of EUR, GBP, CHF, USD, NZD, AUD, and JPY related pairs are available. They also allow the trading of spot gold and silver.

Advantages

Disadvantages

How does This prop Firm Work?

How much Capital do they provide and what are their prices?

Are They legit?

What platform do they use?

What markets can be traded?

Do They Trade Crypto?

How much does the company charge as commission and spread?​

What are Their Withdrawal Options?

Do they provide education and training?

Do they have Support and Contact options?

What makes them unique?