My review of TOPSTEP aka Topsteptrader aka TopstepFX.
About the company.
Topstep was funded in 2012 in Chicago by Michael Patak, inspired by the fascinating story of The Turtle Traders, offering funding to Futures retail traders, moving onto Forex many years later, I call them “the original funders”; I don’t have a doubt in my mind about the trustworthiness of this company. They have started, recently, sharing some numbers about their activity: during the first quarter of 2021 they paid out over 1.2M$ to the funded traders, in March alone they funded 1178 traders!
Clarification: they rebranded in 2021, they used to be called Topsteptrader and TopstepFX.
Very strong online presence, with over 1k reviews on Trustpilot, about 200 employees listed on Linkedin, I don’t need to say more.
Education and tools offered.
In this they are second to none: free ebooks, webinars for market analysis, an extensive library of high quality videos and podcasts; but also single and group coaching available; their own platform Tradovate is offered for free: web based, is fast and intuitive to use.
Programs and rules.
Topstep’s evaluation programs are the standard upon which almost all other funders are basing their system, they create the ideal framework for the novice trader to learn to trade like a professional: avoid economic releases, albeit to a strict risk management, and with the monthly subscription model take as much time as you need to reach the profit target; the trailing drawdown during the evaluation is calculated at EOD (end of day) which means that unrealized losses and profits don’t push the max loss against you; for the funded account it considers the unrealized losses: the rule is considered broken if you hit the max loss with an open trade. The 10K Swing program allows to trade Micro Futures , hold trades open overnight, and it’s affordable: a great place where to start.
They offer a 14 days free trial which is helpful to new traders to get acquainted with the whole process without worrying about money; the first 5K$ in profit when you are funded go for 100% in your pockets.
Clear your cookies,use this link for FOREX, and this link for FUTURES, sign-up, no need to enroll right away, make the most of the free trial; you have obtained a 20% discount as a Funded-trader reader: for any challenge, anytime, many times, even the Micro Challenge.
Topstep is possibly the most solid and reliable funder out there, with a very high profit share to the trader at 80%, you are in safe hands with them; having to pass 2 phases before obtaining funding is quite a challenge, I dislike the “max weekly loss” rule and to be flat over economic releases, but I agree they teach good lessons; a strong community of traders may be something you enjoy. When you are funded to trade Futures with Topstep you pay futures data in full, which is expensive (and normal) but it’s also a proof that the account you are trading is in real, not in SIM. It’s a bit disappointing that a trader is allowed to have only 1 funded account at the time and there is no capital increase.
Your opinion matters! Come visit my Instagram or Facebook page, leave your comment: I post every video about the funders on my Instagram TV, let’s have the conversation over there so to include as many people as possible.
Watch this short video to get a good idea about TOPSTEP: the company, the online presence, the rules and evaluation programs.