TopStepTrader Review 2024

TopStep Trader Overview

Full TopStepTrader Review

Are you interested in learning how to day trade and potentially make significant profits? TopStep focuses on futures trading and presents itself as a platform for those who want to enter day trading without a large amount of capital. However, while it may appear to be an ideal starting point for new traders, there are important factors to consider.

TopStep is best for

• New day traders who are just starting and need a structured environment.
• Futures traders looking for a specific focus within the trading market.
• Day traders with limited capital who are willing to navigate stringent evaluation processes.

The primary goal of TopStep is to provide aspiring day traders with a simulated account to test their skills. Those who perform well within the strict parameters of the Trading Combine are eventually rewarded with fully funded accounts. However, reaching this stage can be challenging, as the criteria for success are rigorous and not easily met by all traders.

While TopStep is accessible to traders worldwide, with representation from 143 countries, the firm’s offerings may not fully align with the needs of more experienced traders or those seeking greater flexibility. Funded traders can trade futures using TopStep’s capital, but the profit retention is capped at 80%, which is pretty average or even lower than some prop firms offer. In 2020, more than $2 million was withdrawn by funded traders—a figure that, while notable, may not reflect the broader trader experience.

Read on to discover more details in my critical TopStepTrader review, or consider exploring other prop firms that might offer more favorable conditions for your trading journey.

TopStepTrader Alternatives

If after reading this far in my TopStepTrader review you are convinced it isn’t the right trader program to help you reach your trading goals, you are in luck, because they aren’t the only legitimate company in the prop trading business.

One competitor that deserves mention is Apex Trader Funding. Just like TopStep, Apex Trader Funding specializes in futures trading. With no cap on payouts, Apex Trader Funding users have generated millions in profits. Known for its straightforward, one-step evaluation process and minimal rules, Apex Trader Funding has become a very popular firm for trading futures. With an initial balance of up to a whopping 1.5 million dollars, profitable traders have a lot to gain with Apex Trader Funding. My TopStep vs Apex Trader Funding article will get into all the details you need to know to determine if their trading programs are right for you.

If you are looking for a trader program that allows you to trade more than just futures, FTMO is worth considering as a partner that can help you reach your profit objective the the competitive financial markets of today. Offering up to a 90% profit split and allowing its partners to trade forex, commodities, indices, crypto, stocks and bonds, FTMO is a solid choice for those who prefer to trade a wide variety of instruments. My TopStep vs FTMO review will break down the important details like profit goals, maximum drawdown, and minimum trading days so you can make an informed decision.

The last competitor I will cover in my TopStep funded trader review is Elite Trader Funding. Known for quick funding due to its flexible evaluation process, Elite Trader Funding has 5 different evaluations that cater to the diverse needs of futures traders. Elite Trader Funding offers a wealth of educational materials, making it an attractive option for traders of all experience levels looking to improve their trading skills with Elite Trader Funding’s training materials. To learn more details and see how they stack up, my TopStep vs Elite Trader Funding comparison is an excellent resource.

External TopStepTrader Reviews & Ratings

What is TopStep Trader?

TopStep is a visionary proprietary trading firm founded in 2012 by Michael Patak. The firm, initially making its mark on the floor of the Chicago Board of Trade, has since evolved into a leading online platform, the Trading Combine®, designed to simulate futures markets trading.

This unique offering caters to both novice and seasoned traders, providing an authentic trading experience without the financial risks associated with real market trading.

Located near the bustling West Loop Gate neighborhood in downtown Chicago, TopStep has rapidly ascended as a major player in the prop trading world. Recognized by INC.5000 for its remarkable growth, the firm now commands a global presence.

It boasts a diverse trading community with representation from 143 countries and offers trading accounts in 10 different currencies. This global reach underscores TopStep’s commitment to inclusivity and accessibility in the trading world.

The platform’s support for 14 different trading platforms, including popular choices like NinjaTrader, TradingView, and TSTrader, adds to its appeal. These platforms offer a range of tools and features that cater to various trading styles and preferences, making TopStepTrader a versatile choice for traders at different levels of expertise.

Drawbacks of TopStepTrader

While TopStepTrader offers a comprehensive trading platform, there are a few aspects that users might find challenging, yet these don’t diminish the overall value of the service. One potential drawback is the multitude of account options available, which can sometimes be confusing. Understanding the specific rules applicable to the Pro Account, Funded Account, or Premium Funded Account might require some time. However, TopStep provides excellent customer support to assist users in navigating these complexities.

Another consideration for active accounts is the requirement to achieve five winning days, where the profit exceeds $100, before initiating a withdrawal of earnings. This stipulation is part of ensuring disciplined and profitable trading but requires traders to demonstrate consistency in their success.

Once traders become funded, the monthly fee from TopStep stops. However, I must note, unless you choose the completely free “Pro Account,” there are exchange data fees that need to be covered via a monthly subscription. This is an essential aspect to consider when planning the cost of trading.

Despite these considerations, TopStepTrader remains a valuable platform for those looking to professionalize their trading with a supportive and structured environment. The platform’s focus on discipline and profitability, combined with its robust customer support, ensures that traders are well-equipped to navigate any challenges and capitalize on the opportunities that active trading offers.

TopStepTrader Refund Policy

Unlike most of its competitors in the prop industry, TopStep offers refunds for unsatisfied traders. During the first 14 days of joining TopStep, if you aren’t satisfied with its service, they will refund the one month cost of the trading combine. This refund policy proves that TopStep is willing to stand by its service and is committed to offering the best service possible.

How to Withdraw Your Money From TopStepTrader

TopStep’s approach to payouts for its Funded TradersTM has been refined to enhance the withdrawal experience. As per the latest payout policy, once traders achieve the status of a TopStep Funded TraderTM, they can request payouts up to four times a month, subject to certain conditions.

The withdrawal methods provided by TopStep for Funded Accounts include bank transfer and ACH. The processing times for these withdrawals typically range from 7-10 business days. Although there is no commission charged for withdrawals, a fee set by the payment system may apply. If this fee exceeds $500, TopStep covers it; otherwise, a $50 charge is levied on the trader.

Under the updated policy, traders can request a payout after accumulating five winning days with profits of at least $200 each, with these winning days not necessarily needing to be consecutive. Additionally, traders can withdraw up to 50% of their account balance with each payout request. It is recommended that traders maintain a cushion in their account after each payout.

Breaking the Maximum Loss Limit rule will result in the closure of the trader’s account. In such cases, traders are entitled to receive 100% of their account balance based on TopStep’s 90/10 Profit Split arrangement. This underscores the importance of disciplined trading and adherence to the established rules within the Trading Combine®.

For the Monthly Trading Combine subscriptions, payments can be made using various methods, including Visa, MasterCard, PayPal, American Express, and Discover. Standard credit or debit cards are generally preferred, as certain types of credit cards or gift vouchers might encounter processing issues.

The timeframe for crediting funds to an account may vary depending on the payment method. While transactions through bank cards typically take 1-2 business days, electronic payments might be processed more quickly. It’s important to note that subscription payments do not require verification, but withdrawals do.

This revised withdrawal process and payout policy are part of TopStep’s ongoing commitment to providing a fair and transparent trading environment, along with offering an array of opportunities for traders to benefit from their trading skills and discipline.

Benefits of Trading With TopStep

TopStep has continually set itself apart in the proprietary trading domain, marked by its consistent achievements and contributions to trader success. In February 2024 alone, TopStep elevated  19,268 traders to Live Funded Accounts, showcasing the platform’s broad reach and the tangible impact it has on traders’ careers. Since 2020, TopStep has paid out over 23,000,000 to its traders. This achievement underscores TopStep’s commitment to fostering trading talent across the globe.

Central to TopStep’s offering is the Trading Combine®, a meticulously designed evaluation program where traders are immersed in simulated trading environments. This initiative aims to sharpen their trading skills under market-like conditions without risking personal capital. Those who excel in the Combine, adhering to its trading parameters, are awarded the privilege of managing a funded account, thereby bridging the gap between theoretical trading and practical market engagement.

The Trading Combine® is ingeniously structured to cultivate a risk-aware trading mindset among participants, incorporating specific trading limits and a weekly loss cap to simulate real-world trading constraints. These guidelines are instrumental in instilling discipline and ensuring traders are well-versed in the nuances of market operations before transitioning to live trading scenarios.

Upon attaining the funded trader status, individuals are empowered to trade with TopStep’s capital, with the unique advantage of retaining 100% of the first $10,000 in profits, followed by an 80% share of subsequent earnings. This profit-sharing arrangement is designed to reward successful trading endeavors, aligning trader motivations with the firm’s objectives.

In essence, TopStep remains a beacon for aspiring traders, offering a robust platform that melds simulation with real-market trading opportunities. It’s distinguished by its global footprint, support for an array of trading platforms, and a commendable history of facilitating trader payouts and success stories, firmly establishing itself as a revered name in futures trading.

Additional Benefits of TopStep

TopStep is always innovating and offering additional benefits to its trading partners. One recently added benefit is that Traders receive a 50% discount on their first subscription reset.

Also, they have a youtube channel that is very informative, with over 1,800 videos. Their YouTube channel can be found at: https://www.youtube.com/@TopstepOfficial

TopStepTrader Features

TopStep, formerly known as TopStepTrader, has evolved significantly since its inception in 2012, becoming a leader in providing simulated futures markets through its Trading Combine® program.

This program offers traders a unique and practical experience in futures trading with the opportunity to secure funding. TopStep is recognized for its fairness in the trading industry, requiring only two trading days to pass the Combine and adherence to a crucial rule — the maximum loss limit.

Here are some of TopStep’s most powerful features that I think potential users should be aware of:

Trading Platforms and Education

TopStep supports a variety of trading platforms to cater to the diverse needs of its users. While TSTrader remains a popular choice for beginners due to its user-friendly interface and no-fee structure for Combine trades, TopStep has expanded its platform support. It now includes TradingView, among others, offering a range of platforms suitable for different trading styles and expertise levels.

Each platform provides its unique features and fee structures. For instance, NinjaTrader is ideal for Windows users and offers discounted fees for funded traders. TradingView, known for its cross-device compatibility and third-party add-ons, is another excellent option for active traders.

In addition to being compatible with a variety of trading platforms, traders can use the proprietary TopStepX. TopStepX is the innovative trading platform launched by TopStep, built with extensive input from experienced traders and developers. As the first of its kind, it aims to provide an all-inclusive trading experience, dubbed the Ultimate Trading Xperience, for Futures traders aspiring to earn funding with TopStep.

This web-based platform streamlines the process for traders to get started without any complex setup – a user can begin trading in just 30 seconds from sign-up. TopStepX is compatible with both PC and Mac, and plans for dedicated iOS & Android mobile apps are in the works.

What sets TopStepX apart are its premium features, such as licensed TradingView charts and The Tilt, a proprietary indicator showing the real-time trading bias of all TopStep traders. It’s more than just a platform for executing trades; it includes built-in educational resources, direct access to coaching through TopStepTV, and a supportive community.

As for the products you can trade, TopStepX currently provides access to eight CME Group Futures Products, including E-Mini S&P 500, NASDAQ, Crude Oil, and Gold, with additional products planned for future inclusion.

TopStep is committed to flexibility, allowing traders to stay on their current platforms if they prefer. Although TopStepX is currently for computer use only, mobile apps are soon to be released. For those looking to join the TopStepX platform, starting a new Trading Combine is necessary due to the unique data provider it uses.

Lastly, TopStepX includes The Tilt, a valuable feature that visually represents order distribution and provides traders with an understanding of market sentiment, aiding in more strategic and informed trading decisions.

In terms of education and coaching, TopStep excels in offering a range of resources to enhance trading skills. The firm provides daily live trading classes, lessons on trading psychology, and the ability to observe professional traders in real-time. This comprehensive educational approach is aimed at different skill levels, ensuring a clear progression path for traders.

Group and Performance Coaching

TopStep’s bi-weekly group coaching webinars offer an interactive environment for traders to improve their skills and stay updated with market trends.

Additionally, the Performance Coaching Plan, available at a monthly cost, provides personalized one-on-one sessions with experienced coaches. I think this service is particularly beneficial for traders seeking tailored advice and strategies.

Digital Coaching and Community Engagement

“Coach T,” Topstep’s digital coaching tool, offers features like checklists, personalized trading plans, performance tracking, and alert systems to help traders progress toward a funded account.

One of my favorite aspects of TopStep is the community building. TopStep boasts a vibrant community where traders can interact, share insights, and receive feedback, both in their interactive chat rooms and on social media platforms like Facebook.

TopStep Premium Funded vs. Funded Account Breakdown

TopStep provides two pathways for traders to progress to funded status. The Pro account serves as a bridge between the Trading Combine and a fully funded account, offering simulated trading with a potential real-world payoff. Once traders reach a specific balance in the Combine, they can transition to a Pro account without monthly fees, albeit with certain trading restrictions.

On the other hand, a Premium Funded Account offers a starting balance based on the trader’s performance in the Combine, differing from the regular Funded Account, which starts with a zero balance. This distinction provides an additional incentive for traders to excel in the Combine and choose the most suitable path for their trading journey.

TopStep continues to provide an inclusive, educational, and supportive environment for futures traders, ranging from beginners to seasoned professionals.

With its diverse platform support, comprehensive educational resources, and community engagement, TopSstep remains a leader in the proprietary trading firm space.

TopStepTrader’s Trading Rules

TopStep, founded in 2012 by Michael Patak as TopStepTrader, has distinguished itself in the proprietary trading firm space with its unique Trading Combine® program. This simulated trading environment allows traders to experience futures markets and secure funding at a low cost.

Notably, TopStep requires traders to pass the program in just two trading days without violating its cardinal rule: the Maximum Loss Limit.

In the Trading Combine®, traders are assessed based on paper money profits for a minimum of two days, demonstrating profitability and effective risk management. The key to advancing to a funded account lies in meeting specific objectives without breaching the one non-negotiable rule.

The Trading Combine® is straightforward in its approach. Traders must hit the Profit Target before encountering the Maximum Loss Limit. TopStep offers three account sizes in the Combine – $50k, $100k, and $150k, each with corresponding trading limits and profit targets.

For instance, the $50k account has a $3,000 profit target, but profits from single trades exceeding 50% of this target don’t count towards this goal. Similarly, the $100k account has a $6,000 target, and the $150k account a $9,000 target, with proportional adjustments in maximum position sizes and loss limits.

TopStep’s Trading Combine® enforces several key objectives:

• Profit Target: Achieved when account balance exceeds the set profit target at the end of a trading day.
• Consistency Target: A rule ensuring no single day’s profit exceeds 50% of the profit target, promoting consistent trading performance.
• Daily Loss Limit: Specific to each account type, this limit is a critical parameter. Breaching it intraday deactivates the account for the rest of the day, but doesn’t count as a rule violation.

However, exceeding the Maximum Loss Limit results in a breach of the one rule and disqualifies the account from funding. This Loss Limit is a trailing account loss limit that updates at the end of each trading day, though it triggers intraday.

TopStep’s commitment to fair and real-world trading values is evident in these objectives. These rules, while straightforward, are designed to foster discipline among traders. Unethical tactics like using slow data feeds, account connection, or scalping algorithms lead to disqualification.

This approach ensures a level playing field in the Combine and aligns with TopStep’s ethos of fairness in the trading space. Those familiar with the prop trading industry know that firms often change rules to keep up with the dynamic nature of the industry. Click Here to check TopStep’s current rules.

Check TopStep’s website to confirm current pricing and full terms.

Resets & Commissions

At TopStep®, a key component of the Trading Combine® program is the management of both success and setbacks. In the event that a trader violates the rules, particularly the Maximum Loss Limit, the account may need to be reset.

Unlike the previous structure, TopStep now imposes a reset fee, which is an essential consideration for traders utilizing the Trading Combine®. This fee structure is particularly relevant for those who might need to reattempt the Combine due to rule violations.

The reset fee in TopStep’s Trading Combine® is aligned with its commitment to promoting disciplined trading practices. This fee acts as a reminder for traders to adhere to the established trading parameters and manage their trades effectively within the defined rules, particularly the crucial Maximum Loss Limit.

In terms of commissions, TopStep has updated its approach. While the platform previously had different commission structures based on the trading platform used, the current commission rates and structures are now more streamlined.

TopStep charges specific transaction or exchange fees, which vary depending on the trading platform and the type of trade executed. It’s crucial for traders to be aware of these fees, as they directly impact the profitability of each trade.

Understanding the implications of resets and commissions is vital for traders in the Trading Combine®. These elements play a significant role in the overall trading strategy and success within the TopStep program.

I recommend Traders factor in these aspects when planning their trades to ensure they stay within the guidelines and work towards achieving their trading objectives effectively.

TopStep Review Final Thoughts

In our updated review of Topstep, we affirm that it remains a legitimate and compelling platform for aspiring traders. Since its inception in 2012, TopStep has established itself as a first-of-its-kind proprietary trading firm, offering a unique experience through its Trading Combine®.

Featured on CNBC, Bloomberg, Fox Business, Forbes, and MarketWatch, Topstep continues to stand out in the industry.

TopStep’s Trading Combine® is designed to be a fair and accessible path to funding, with a simple rule set focusing on maintaining a Maximum Loss Limit and achieving a Profit Target. This approach offers both new and experienced traders a practical way to develop their skills in simulated futures markets, with the added benefit of a wide range of free resources, including a vibrant Discord community, group coaching, and live trading sessions on TopStepTV.

The platform’s fee structure is now more competitive, with reduced monthly costs for various account sizes, making it an attractive option for traders looking to control their expenses while seeking funded trading opportunities. The payout policy, touted as the industry’s best, allows successful traders to request payouts up to four times a month, subject to achieving five winning days of +$200 each.

While the journey to becoming a funded trader is challenging and requires discipline and skill, the potential rewards are significant. In 2020 alone, more than 5,000 traders achieved funded status. However, traders should be mindful that maintaining success in a funded account is crucial, as failure to do so may result in a return to the Trading Combine®.

The platform does not currently support Forex trading, catering exclusively to futures markets. Additionally, TopStep, like many proprietary trading firms, is not regulated, operating with its capital and focusing on in-house trading activities.

In conclusion, TopStep continues to be a prominent and respected platform in the proprietary trading space. It offers a realistic and comprehensive training environment for traders aiming to refine their skills and achieve funded status.

For those considering a career in day trading or looking to advance their trading acumen, TopStep presents a valuable opportunity to pursue professional trading with a well-structured, supportive, and transparent approach – click here to get started.

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