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Topstepfx Review

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

Topstepfx offers trading account solutions to those who have mastered trading strategies but do not have enough money to trade. I have reviewed different features provided by this company in this article.

The features are written in a simple style for you to understand the services of this company in case you would like to check them out. Thousands of people have benefitted from Topstepfx by earning a funded account and managing such accounts well. Check out this article to see what it takes to be a  Topstepfx client.

Overview 

TopstepFX is a financial trading company based in Chicago. It evaluates traders’ performance in real-time simulated accounts. Those who successfully pass the company’s evaluation win a funded trading account and can trade forex, futures, and commodities in the financial markets using the company’s capital.

The firm was started on the Chicago Board of Trade floor by its current CEO Michael Patak; it became a Limited Liability Company in 2012. Topstepfx was founded in 2012 to provide safe experiences for traders to personalize their passion. 

It seeks to become a place where the world safely engages in and makes a profit from the markets. It holds some core values as it believes in teamwork, empowering people, creating a healthy environment for traders, serving selflessly, among others, since 2012. It has lived up to these visions and values to an extent.  

Topstepfx funding consists of three steps. The first step evaluates the trader’s profitability, the second step is to prove traders’ risk management, and the last step is where the trading account is funded. 

ProsCons
Trade with a funded account Strong research and education Varieties of trading platform and toolsNot regulated High subscription charges Mobile version not good for execution 

Who Topstepfx is for

The broker offers funded accounts for profitable traders. It isn’t easy to achieve a funded account and to also maintain such status. The monthly subscription is relatively high, and the reserve fee can also add up if you need many attempts at Trading Combine.

There is still no limit to how much you can make, though it is safe to conclude that the broker is for those who have mastered how to trade. That is, they know their way around the financial market and have proven trading strategies.

The broker will score low in this because it is too specified and is not helpful for traders of all levels. 

Even though it provides a demo account that beginners can practice with, it still requires that they reach a certain level of confidence before trying to trade in the market so that they won’t keep losing their money to monthly subscriptions.

Rating: 3/5

Is Topstepfx Safe?

From my research so far, I discovered that the broker is unregulated, and it would be risky to trade with this broker. 

The company does not provide much information about its registration or history but claims that it is operated by TopstepFX LLC in Chicago, United States. It is not safe to trade with unregulated brokers, and unfortunately, this is the case with TopstepFX.

Rating: 2/5

Year founded:2012
Publicly traded: No
Licenses: None
Blacklist: Yes  ( https://brokercomplaintregistry.com/forex-broker-scam-blacklist/ )

Offering of Investments

Futures: The broker provides various futures and popular CME products. The broker has CME equity futures, CME foreign exchange futures, CME Agricultural futures, CME NYMEX Futures, CME CBOT Agricultural futures, and 3 other CME futures categories. The futures available are more than 35 different ones. 

Forex: Major, minor and exotic pairs are available on the platform. Traders can choose from a range of pairs and concentrate on. 

The offering of investments is not wide enough, though I do not see this as an issue; it feeds the target clients.

Rating: 3.75/5

Forex: Spot TradingYes
Currency Pairs (Total Forex pairs)32
Social Trading / Copy-TradingNo
CFDs instrumentsforex, stocks, crypto

Commissions & Fees 

Topstepfx offers three different account tiers that correspond to the amount you get to start your trading. The amount of finding you will receive if you get a funded account is equal to the starting balance of your simulated account.

The $200,000 account costs $125 monthly and trading leverage of 100:1. To achieve a funded account, you need to attain a profit target of $2000 without losses in any single week. You also have to exceed $ 1300 during the first stage of your simulation or $650 during the second stage.

The $300,000 account costs $165 monthly. This increases your starting account value to $3000 and the loss limit for a week to $2000 or $1,000 during the second trial phase. 

The $500,000 account costs $275 monthly with a weekly loss limit of $3,000 during the first simulation phase and $1650 during the second phase.

Apart from the monthly subscription fee, the company charges for resetting your simulated account when you break one of the rules for achieving funds. Resetting your account costs between $89 and $139; the amount depends on your account size. You can’t be eligible for a funded account if you do not pay the reset fee after breaking a simulation rule. 

The amount charged is quite costly, but the gains could quickly wipe such thoughts off one’s mind. If you get to make money from the funded accounts consistently, you would be in good shape.

Rating: 4/5

Minimum Initial Deposit$125 (subscription fee)
Average Spread EUR/USD – Standard0.2
All-in Cost EUR/USD – Active0.2

Platforms & Tools

Metatrader 4: This features powerful analytics and charting software; it also has dozens of available add-on tools that can keep you in control. The MT4 is compatible with all devices. 

TS Trader: This is also compatible with any device, and it offers dozens of third-party addons.

Ninja Trader: This is only compatible with windows.

Tradestation: this is compatible with any device and also has a host of third-party addons 

Tradingview: has all the charting tools you need to share and view trading ideas, real-time data, and browser-based charts that help you with your market research. 

There are also other platforms available; traders can check them out to see their most preferred platform.

Rating: 4.5/5

Virtual Trading (Demo)Yes
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Charting – Indicators / Studies (Total)
Charting – Drawing Tools (Total)
Charting – Trade From ChartYes 
Order Type – Trailing StopYes

Research and education 

The broker offers different forms of research sources in a blog, ebooks, video, limited podcast, and community access. I will write a little about them for you to know how they work.

Blog: it contains articles on different topics by different authors (who are usually experts). The blogs give different trading ideas that you can utilize to get the best result out of the market. The blogs contain topics like ‘8 forex pairs to watch through next week’, ’10 ways to navigate uncertain markets, and many more. 

eBook: this contains different reliable books by experts ranging from books that help beginners to experts. 

Videos: The videos are by forex coaches; many of these videos serve as an education and research tools.

Limit up podcast: This is hosted by two former professional traders, Jack and Dan, who are still involved in futures, forex, options, political betting. The podcast is usually about trading, trading life, trading psychology, and many other things that the trading world has to offer. The podcast will teach you how to trade and develop the habit that makes traders good.

The program has coaching opportunities where traders with different trading experiences go through trading lessons with a coach. The coaches usually focus on the trading process and trading psychology. 

The coaching is in two forms; group coaching and digital coaching. 

Rating: 4.5/5

Mobile Trading 

Only the MetaTrader 4 is available on mobile devices. The company recommends using limit orders and stops when trading with the mobile phone because it doesn’t guarantee where market orders will be executed due to connection delays. 

Even though the mobile app works for executing trades, the company recommends not depending so much on it for trade execution. You can also use the mobile app to monitor prospective trades and manage ongoing trades. 

Rating: 3.5/5

Mobile devices apple, android, etc
Featuresallow making trade, watchlist, charting, alert, etc.

Final Thoughts

Topstepfx is designed for forex traders who want to trade with a funded account instead of trading with their own money. The platform seems suitable for traders who are already profitable and have a consistent record of market success. 

These traders who are already profitable on their own might also not have a large amount of money to trade with or wish to reduce their market exposure by trading with a funded account. It does not make sense for struggling traders to trade here as it can only lead to more losses.

The fact that the broker is not regulated means that traders should also be careful in dealing with Topstepfx, there is information about it having fraudulent activities from the research I have done. Because of this, I still recommend trading with care. To check the services and also get the chance to win a funded account, click here.

Please note: strong regulation is one of the keys to fully get your money secured with a broker. If you lose your money to Topstepfx, or the company  goes out of business, you might not be able to get your money back. 

There is also no notable regulator that makes sure that the company does not manipulate charts. I would mention again that you should deal carefully with the broker.

Overall rating : 3/5

Frequently Asked Questions

How does Topstepfx Trader work?

If you pass the trading combine, you will get an account funded by Topstepfx to trade with real money. You can keep the first $5000 in profit and 80% of further profit with no risk since you are not trading with your money. You should make sure you understand all the necessary details before starting to avoid failure.

How long does it take to get funded on Topstep?

The process of establishing your account begins as soon as your funded account agreement is received. The process could take one to two weeks as the company works with broker partners in completing the process. Once your account is ready, Topstepfx provides you with your login details. 

What broker does Topstep use?

Topstepfx funded accounts trade through Equiti Capital. Equiti Capital, formerly known as Divisa Capital, is a prime brokerage firm that sends orders to liquidity providers without channeling them through an internal dealing desk. 

What is a Trading combine?

A trading combine is a simulated trading account that tests your ability to profit from the market and keep Topstep capital safe over 2 steps. You have to demonstrate that you can do the two steps successfully, and you will have a futures trading account funded by Topstep. 

How do I delete my Topstep account?

To delete your Topstep account, visit your dashboard, select ‘profile,’ and click on ‘billing.’ On the billing page, click on the active account you would like to cancel and click the three vertical dots on the right-hand side. At this point, you can click on ‘cancel subscription’ coupled with the reason you are canceling it.

How many funded traders does Topstep have?

Many Topstep traders trade in multiple Trading Combine account at the same time. This means that there is no limit to the number of Trading Combine that you can have running simultaneously. Following brokerage rules, a trader can’t have more than one funded account open at a time.

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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