Topstep
Pros and Cons
Pros
- Unique funding opportunity without personal capital risk
- Diverse trading instruments across Forex, commodities, indices, stocks, and cryptocurrencies
- Structured evaluation process through the Trading Combine
- Access to educational resources and community support
- Multiple account types for tailored trading experiences
Cons
- No regulatory oversight, limiting investor protection
- Monthly subscription fees can accumulate over time
- Strict consistency rules may hinder trading flexibility
- Daily loss limit does not reset, affecting scalability
- Limited to futures trading, with no forex or stock options
Basic Information
User Reviews
Topstep Overview
Topstep is a financial technology company founded in 2012 and headquartered in the United States. The company, which operates under the name Topstep LLC, has established itself as a prominent player in the forex and futures trading space, providing a unique funding opportunity for traders without requiring them to risk their own capital. With over five years of operational experience, Topstep has cultivated a reputation for its transparent evaluation process and supportive trading environment, making it an attractive choice for aspiring traders looking to enhance their skills and gain access to live capital.
Is Topstep Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| No Regulatory Authority | United States | No investor protection measures available |
Is Topstep Regulated and How Are Client Funds Protected?
Topstep is not regulated by any recognized financial authority, which places it outside the typical oversight that governs traditional brokers. As a proprietary trading firm, Topstep does not hold client deposits in the conventional sense. Instead, traders pay a monthly subscription fee to participate in an evaluation program known as the Trading Combine. Upon successful evaluation, traders can access funds provided by Topstep to trade. This model means that client funds are not protected by government-backed compensation schemes or similar investor protection measures. Consequently, traders should be aware that in the event of a dispute or if Topstep were to cease operations, their recourse would be limited compared to trading with a regulated entity. The absence of formal regulation raises concerns regarding the operational integrity and fairness of the firm’s policies and practices.
Trading Products and Services
What Trading Instruments Does Topstep Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Varies |
| Commodities | Gold, Silver, Crude Oil | Varies |
| Indices | S&P 500, NASDAQ, Russell 2000 | Varies |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH, XRP | Varies |
Topstep offers a diverse range of trading instruments across multiple asset categories, including Forex, commodities, indices, stocks, and cryptocurrencies. This variety allows traders to tailor their portfolios to their individual strategies and risk tolerances. Whether you are a beginner exploring the markets or a seasoned professional seeking advanced trading opportunities, Topstep’s instruments cater to a wide audience. The inclusion of various asset classes not only supports effective portfolio diversification but also enables traders to implement flexible trading strategies, enhancing their overall trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does Topstep Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Trading Combine | Aspiring traders | Structured evaluation process, no real capital risk | Monthly subscription fee required |
| Express Funded Account | Traders transitioning from evaluation | Simulated trading with quick access to funding | Requires successful completion of the Trading Combine |
| Live Funded Account | Qualified traders | Access to real capital, profit-sharing structure | Requires transition from Express Funded Account |
Account Opening Process
To open an account with Topstep, traders need to follow a structured process. This includes submitting personal, employment, and financial information. Identity verification is necessary, which involves providing a valid ID and proof of address. Additionally, traders have the flexibility to upgrade to a professional account later if they meet the necessary criteria and performance metrics.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies | $0 (depends on platform and product) | Competitive pricing for popular pairs |
| CFDs (Stocks, Indices, Commodities) | Varies | $0 (depends on platform and product) | Aligned with market conditions |
| Cryptocurrencies | Varies | $0 (depends on platform and product) | Pricing can fluctuate with market volatility |
Other Fees
Traders should be aware of various additional costs, which may include deposit and withdrawal fees, inactivity fees, and platform usage fees. There may also be overnight interest charges (swap rates) and currency conversion fees depending on trading activities. Understanding these costs is crucial for effective trading and financial planning.
Trading Platforms and Apps
What Trading Platforms and Apps Does Topstep Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| TopstepX | PC, Mac, Mobile | 2FA, market search, multiple order types, real-time alerts, technical indicators | Demo accounts, API access, trade copier |
| Tradovate | PC, Mac, Mobile | Encryption, symbol lookup, one-click trading, price alerts | Demo accounts, VPS, trade copier |
| TradingView | PC, Mac, Mobile | Biometric login, market search, multiple order types, push notifications | API access, educational resources |
Topstep’s platforms offer distinct advantages tailored to various trader needs. TopstepX is designed specifically for prop firm traders, providing integrated tools and a user-friendly interface. Tradovate offers robust support across devices and features, while TradingView stands out for its advanced charting capabilities and community resources. All platforms ensure secure logins, fast order execution, and efficient search tools, facilitating a seamless trading experience across different devices.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Credit/Debit Card | Instant | No platform fee, 2.5% processing fee | Min $50, Max $10,000 per transaction | USD |
| Bank Transfer | 3–5 business days | No platform fee | Min $50, Max $20,000 per transaction | USD |
| Cryptocurrency | Instant | No platform fee, 1% conversion fee | Min $50, Max $10,000 per transaction | BTC, ETH |
Minimum Deposit
Topstep requires a minimum deposit of $50 to participate in its Trading Combine evaluation program. This amount is consistent across all payment methods and account types, ensuring accessibility for aspiring traders.
How to Withdraw
- Log into your Topstep account.
- Navigate to the ‘Withdrawals’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, adhering to the limits set by Topstep.
- Review the withdrawal details and confirm your request.
- Receive a confirmation email regarding your withdrawal request.
Customer Support
Topstep Customer Support Overview
Support Channels
Topstep offers several contact methods to assist traders with their needs:
- Email: Traders can reach out via email at help@topstep.com for 24/7 support.
- Live Chat: Available on the Topstep website, traders can engage with Windy, the AI assistant, for quick inquiries.
- Telephone: For personalized assistance, traders can call 888-407-1611 during support hours.
- Social Media: Traders can also connect through WhatsApp at +1 (773) 900-6673 and SMS at (866) 448-1642 (U.S. only).
Service Availability
Topstep provides customer support from Monday to Friday, 8:00 AM to 5:00 PM Central Time. While phone support is available only in English, traders can communicate with Windy in multiple languages for both chat and email support.
Additional Resources
Topstep offers a variety of educational resources including video tutorials, step-by-step guides, and access to a vibrant community of traders. This support structure ensures traders have the tools they need to enhance their trading strategies and gain valuable insights.
Frequently Asked Questions
Topstep is not regulated by any recognized financial authority, which means there are no investor protection measures available for client funds. As a proprietary trading firm, Topstep does not hold client deposits in the traditional sense, and traders participate in an evaluation program by paying a monthly subscription fee. Therefore, it’s important to understand that in the event of a dispute or if Topstep were to cease operations, recourse may be limited compared to trading with a regulated entity.
Topstep offers several account types, including the Trading Combine, Express Funded Account, and Live Funded Account. The Trading Combine is designed for aspiring traders and involves a structured evaluation process with no real capital risk, requiring a monthly subscription fee. The Express Funded Account is for traders transitioning from evaluation and allows simulated trading with quick access to funding. The Live Funded Account provides access to real capital with a profit-sharing structure, requiring successful completion of the Express Funded Account.
Topstep offers a diverse range of trading instruments across multiple asset categories, including Forex (major and minor pairs), commodities (like gold and crude oil), indices (such as the S&P 500 and NASDAQ), stocks (including notable US and UK companies), and cryptocurrencies (such as Bitcoin and Ethereum). This variety allows traders to tailor their portfolios and implement flexible trading strategies.
Topstep provides several customer support channels for traders. You can reach out via email at help@topstep.com for 24/7 assistance, engage with Windy, the AI assistant, through live chat on the website, or call 888-407-1611 during support hours. Additionally, traders can connect through WhatsApp and SMS for further support. Topstep also offers a range of educational resources to help enhance trading strategies.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.