Full TopStepTrader Review
Do you want to learn how to day trade and make big money? Focusing on futures trading, TopStep is ideal for those who want to day trade but don’t have a lot of capital.
TopStep is best for:
- New day traders
- Futures traders
- Day traders who don’t have much capital
The goal of TopStep is to provide prospective day traders with a simulated account. Day traders who perform well and stick to specific parameters of the Trading Combine are rewarded with fully funded accounts.
The platform is open not only to U.S. citizens but the whole world, with 143 countries represented within the trading community. Funded traders can trade futures with TopStep using the firm’s money and keep most of the profits. In 2020, more than $2 million was withdrawn by funded traders.
Read on to find out more in this TopStepTrader review.
What is TopStep Trader?
TopStepTrader was founded by Michael Patak in Chicago in 2012. It’s been named one of America’s 5,000 Fastest Growing Companies according to a list from Inc.5000.
The concept of the platform is traders can create an account and compete within simulations to be the best. Traders who qualify have the chance to be promoted to the status of funded trader.
As a result, they can actively day trade with the firm’s money. The first $5,000 in profits are kept for funded traders, with traders retaining 80% of profits thereafter.
Our review on TopStepTrader shows futures traders have all the tools they need to not only improve their day trading skills but to turn them into a profession.
No-Fee Trading Platform
Although TopStep’s Trading Combine supports more than 14 different platforms, the best beginner platform is TSTrader.
TSTrader comes with no fees and includes all the basic charts for managing your day trading career. While it lacks many of the advanced features of trading platforms like NinjaTrader and TradeStation, beginners can get acquainted with all the basic concepts with TSTrader.
TopStep continues to bring new platforms under its wing. It now supports TradingView, which is one of the best platforms for active traders.
TopStepTrader has a surprising lack of advanced charting options. When compared to other platforms and the high-risk nature of trading, serious traders will likely need to use a third-party charting platform to extract the most value from their trades.
TopStep contains all the basic charts you would expect, such as:
- Candlestick charts
- Bar charts
- Line graphs
- Point & figure
- Heike nashi
You can also display data for ticks, volume, range, and momentum. However, for day traders these charts can be clunky and can get in the way of trades.
As any short-term trader knows, every second is crucial. The clumsiness of these charts, as a result of no auto-scaling, means these charting options may not provide the right amount of support for the serious trader.
Education and Coaching
Top Step Trader’s commitment to education and coaching enables not only beginners but veterans to learn new tricks to increase their profitability. Some of these coaching options are free, whereas users with more capital can invest in personalized performance coaching sessions.
Its primary education offerings include:
- Daily live trading classes
- Lessons on trading psychology
- Ability to watch the professionals trade in real-time
All classes are aimed at different levels, with high marks given for the clear progression paths on offer to account holders.
Performance Coaching Plan
Get rid of your bad trading habits quickly with the Performance Coaching Plan. Every month, you’ll receive a one-on-one session with your coach. You will have the opportunity to go over your trades and receive advice on where you made mistakes.
A monthly subscription to the Performance Coaching Plan costs $395 per month, whereas for funded traders this service is free.
As part of the service you’ll receive:
- 30-minute kickoff session.
- Personalized advice on your trading strategies.
- Daily meeting and a weekly personal coaching session.
- Access to the private trader group chat.
These coaches have years’ worth of experience in trading on the open market. Many of the coaches employed by TopStepTrader have also worked on real trading floors and have experience in coaching and mentoring new traders to achieve their goals.
Start Your 14-Day Free Trial
One of the best features TopStepTrader has to offer is a thriving community. Users may ask questions in the interactive chat room, where both simulation users and funded traders are happy to answer questions.
There are also active TopStep communities on social media. Its Facebook community is by far its most active.
TopStepTrader offers four different membership options for traders who are trading on simulation accounts. There is also a 14-day free trial, with no requirement to add a credit card. Our TopStep Trader review considers this a major perk.
Membership fees are monthly and come with different targets to meet to be considered for promotion to funded trader status. There are also different maximum positions, buying power, max drawdowns, and weekly loss limits to adhere to.
$50k Buying Power – $165/month.
$100k Buying Power – $325/month.
$150k Buying Power – $375/month.
There are a lot of rules put in place for trading with TopStepTrader. So, what happens if you blow up your account by making a bad trade?
There are fees associated with blowing up your account during the simulation trading phase. TopStepTrader will charge you $100 for every reset.
Considering the fact these fees are charged based on virtual funds, this is essentially a barrier to newer traders who may want to experiment with new trading strategies.
Finally, there are commissions to take into account. While the platform does claim to offer no-commission trading, this is untrue. Instead, the commissions are charged as a “transaction fee”. Even though it’s only $0.18 per contract, the commission does need to be factored into any trade you make.
Have questions about TopStep Trader? We answer the most common ones below.
Is TopStepTrader Legit?
TopStepTrader has been in business since 2012 and has been featured on CNBC, Bloomberg, Fox Business, Forbes, and MarketWatch. It has also won several awards, including being named one of the 101 Best and Brightest Companies to Work For in 2016.
Can I Become a Funded Trader?
Yes, it’s possible. To do so, you’ll have to pass some tests on the platform. In 2020 alone, there were more than 5,000 newly funded traders.
On the other hand, becoming a funded trader isn’t the end of your journey. Traders who fail to succeed when they get funded are liable to get knocked back into the simulation phase.
This can happen for any reason and reviews on TopStepTrader claim that the platform isn’t always transparent about the reasoning behind demotions.
Can I Make Money on Top Step Trader?
Yes. Funded traders get to keep the first $5,000 they make in profit, and 80% of any profits made thereafter.
Is TopStepTrader Right for You?
So what are our final thoughts on TopStepTrader?
TopStepTrader is completely legit and can be a great platform to test your skills. The array of educational content can enable you to take your day trading to the next level.
However, monthly fees are expensive, so we recommend only committing to a month or two. That should be long enough for you to work out whether you have what it takes to become a funded trader.
Overall, TopStepTrader is a great way to get into professional day trading.
Check out TopStepTrader’s day trading platform and start your 14-day free trial