TopStep

TopStep Review

Topstep is a prop trading company that helps traders advance their careers in the financial markets and reach their objectives. With an emphasis on assisting traders in acquiring the consistency and discipline required for success, Topstep provides distinctive solutions for traders of all skill levels. Topstep offers traders the materials and tools they need to trade with confidence and take charge of their financial destiny, from its Trading Combine® to its Funded Account®. In this article, we will be looking at Topstep Review which includes an overview of the company, features, payments, and withdrawal methods as well as the pros and cons of trading with the prop firm. 

An Overview of Topstep

TopStep is a cutting-edge proprietary trading firm founded in 2012, located in Chicago’s lively West Loop Gate. The firm first made its mark on the floor of the Chicago Board of Trade and has since become a leading online trading platform, the Trading Combine®, which simulates trading on the futures markets. The platform is designed for both novice and experienced traders, offering a realistic trading experience without the financial risks of real-world trading. The organization has been offering financial services, and it grants clients from many nations exclusive trading terms. The company helps those who want to become successful traders by providing trading education and assessment programs. By giving traders access to educational materials, trading simulators, and performance reviews, the company hopes to assist traders in developing their abilities and output. In addition, they provide members with access to a private trading community for networking and support. Trading on actual accounts is done by Equiti Capital, an ECN broker. The platform offers traders 14 various trading platforms, including well-liked options like NinjaTrader, NinjaTrader, TradingView, and TSTrader.  these platforms provide different tools and features that accommodate varied trading styles and preferences.

Topstep payments and withdrawal

Topstep may charge different exchange or transaction fees depending on the kind of trade made and the trading platform. Subject to specific requirements, traders who become Topstep Funded TradersTM are eligible to request rewards up to four times each month.  There are several ways to make payments, including American Express, Discover, PayPal, MasterCard, Visa, and PayPal.ACH and bank transfers are the withdrawal options offered by Topstep for Funded Accounts. These withdrawals normally take seven to ten business days to process.

Withdrawals are free of commission; however, the method of payment system could charge fees. Once a trader has five consecutive profitable days totaling at least $200, they can request a payment. Each payout request allows the trader to make a withdrawal of up to 50% of the account’s total amount. If a trader violates the Maximum Loss Limit, their account will be closed. According to Topstep’s 90/10 Profit Split policy, traders are entitled to 100% of their overall account balance in such circumstances.

Top step trading Requirements 

During the Trading Combine®, traders are assessed on their performance over the two-day assessment period. While some rules, like the Maximum Loss Limit, are non-negotiable, others may be broken without disqualification from the Combine. The Profit Target is reached at the close of the trading day when the account balance surpasses the predetermined profit target.

To encourage consistent trading performance, a rule that guarantees no day’s profit surpasses 50% of the profit objective is in place.

Daily Loss limit is an important factor that varies depending on the type of account. If it is broken inside the day, the account is deactivated for the remainder of the day and is not considered a rule violation.

TopStep Review Frequently asked questions 

What happens if you lose Money on TopStep?

• If you lose mode during the assessment period, you will not be able to move on to a funded account. If you fail to meet the minimum requirements for the assessment, you will not be able to continue trading with Topstep.

Does TopStep Allow the use of EAs?

• Topstep does allow the use of Expert Advisors (EAs) and other automated trading systems. Traders must download and install the MT4 platform to use an EA on Topstep. During the assessment process, traders can trade on their demo account as soon as the EA is installed.

Does TopStep charge a monthly subscription?

• Topstep does charge a monthly subscription during its assessment programs. The cost of the subscription varies depending on the account size you choose, the subscription fee covers the costs of the assessment program.

Can you make money with TopStep?

• Yes, you can make money with Topstep’s assessment programs and funded accounts. Making money also depends on having a solid strategy and the discipline to stick to it.

Is TopStep a regulated broker?

• Topstep is a prop firm, that works with regulated brokers to ensure a successful trading experience. 

Does Topstep allow algorithmic trading?

• Topstep proprietary trading platform does not allow algorithmic trading for now.