Topstep is one of the leading prop trading firms that provides funded trading accounts to traders. In this comprehensive Topstep review, we will cover everything you need to know about trading with Topstep in 2024 - including its account rules, fees, allowed countries, and more.
What is Topstep?
Founded in 2011, Topstep enables traders to trade with the firm's capital by passing an evaluation program. Once a trader passes the evaluation and is funded by Topstep, they receive a funded account to trade futures contracts with up to $1 million in buying power.
Topstep acts as the counterparty and provides the capital, technology, risk management while traders keep 70-90% of the profits based on the account size. This allows traders to get experience trading large sums of capital without putting their own money at risk.
Topstep Account Types
Topstep offers a few different account types and options:
Combine
The Combine is Topstep's simulation account to assess and prepare traders. Traders pay a monthly subscription fee for access to the Combine where they can trade a set amount of virtual money. If a trader passes the Combine, they move on to a funded account.
Funded Account
The Funded Account provides a trader real capital to trade based on passing the Combine evaluation. Funded Accounts provide up to $1 million in buying power and profits are split 70/30 or 80/20 between the trader and Topstep.
Self-Directed Account
This account provides access to Topstep's platform, tools, and support without any evaluations. Traders use their own capital but get lower commissions and can participate in Topstep's trading competitions.
Topstep Account Requirements
To qualify for a Topstep futures account, you must meet these requirements:
Traders will need to verify their identity by providing documents before getting a funded account.
Topstep Combine Evaluation
The Combine evaluation has just 1 phase:
Profit Target: Reach at least $5,000 in net profits with a maxDrawdown of $1,000
Days Traded: Minimum of 10 trading days required
Other key Combine rules:
If a trader passes the Combine rules, they get a funded trading account. If not, they can restart or purchase another attempt.
Topstep Funded Account Rules
Once a trader passes the Combine and gets a funded account, here are the key trading rules:
Topstep Fees
Here are the main fees charged by Topstep:
There are no fees for funded accounts. Profits are split with the firm based on the account size.
Topstep Profit Splits
Here is how profits are split for Topstep's funded accounts:
For example, if a trader profits $50,000 with a $100k account, they would keep $45,000 of the profits.
Higher profit splits are available once traders reach certain volume thresholds.
Topstep Trading Platform
Topstep provides a web-based proprietary trading platform for traders to use, featuring:
If traders want to use their own platform like MT4/MT5, commissions are a bit higher at $5.50 per side.
Topstep Trading Instruments
At Topstep, traders can trade the following futures contracts:
Topstep plans to add cryptocurrency futures and forex trading in the future.
Topstep Education & Support
Topstep provides funded traders with a few helpful resources:
There is also a support team available to assist with questions and issues.
Is Topstep a Scam?
Topstep is definitely not a scam. They are a real proprietary trading firm founded in 2011 with a reputable history.
There are over 2,000 reviews on Trustpilot with an overall 'Excellent' rating. This confirms Topstep is providing a legitimate service.
Topstep Pros and Cons
Here is a quick rundown of the main advantages and disadvantages of trading with Topstep:
Pros
Cons
Is Topstep Better Than FTMO?
FTMO and Topstep are two of the most well-known prop firms. They have some similarities, but also differences:
For larger futures accounts, Topstep may be preferable. But FTMO is better for smaller forex accounts.
Topstep vs OneUp
OneUp Trader has been gaining popularity as an alternative to Topstep. Here is how they compare:
OneUp may appeal to forex traders who want a lower maximum loss and account minimums.
Countries Restricted by Topstep
As a regulated firm in the US, Topstep is restricted from onboarding traders in certain countries. Traders must be located outside these banned countries:
Depositing and Withdrawing From Topstep
Once a trader passes the combine and gets funded, profits can be withdrawn regularly. Here are the key payout terms and options:
Topstep pays out over $8 million per month to funded traders. There are no issues with getting paid your profits consistently.
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Is Topstep Better Than Trade Day?
Trade Day is another popular prop firm traders may come across. Here is how Trade Day compares:
For futures specifically, Topstep still comes out ahead against Trade Day due to its higher profit splits and strong reputation.
Topstep Customer Reviews
With over 2,200 reviews, Topstep has an 'Excellent' 4.5 out of 5 star rating on Trustpilot.
Here are some examples of positive reviews from real Topstep traders:
"I finished the combine, received my funded account, and withdrew profits flawlessly. Excellent company providing an awesome opportunity for new/struggling traders."
"The free combine evaluation is a great way to practice and refine your trading. Customer service is very responsive. I'm looking forward to getting funded."
"Topstep has integrity in how they run their business. The rules seem difficult but are there to make you a better trader. I highly recommend giving them a try."
There are some negative reviews from traders who failed the combine or disagreed with certain rules:
"I don't like how Topstep seems to randomly move the profit target farther away right when you get close to hitting it. Seems like they make it impossible to pass."
"Customer support was rude and not helpful when I had an issue withdrawing my profits from my funded account. Unacceptable."
"They really nickel and dime you with all the various monthly fees. And then when you're about to pass, they mysteriously adjust the rules."
Most of the negative reviews seem to come from traders who failed to pass the evaluation or follow the account rules properly. Overall, Topstep maintains a very strong reputation in the industry.
Topstep Review Summary
Here are the key takeaways from our full Topstep review:
For futures traders looking to get experience trading with leverage without risking their capital, Topstep provides an excellent opportunity. The funded account is well worth the effort of passing the Combine evaluation.
Just be sure to have patience, follow all the rules, and manage risk properly when trading with real capital. Topstep is a great way to take your futures trading to the next level.
Frequently Asked Questions
How much does Topstep cost?
The Combine simulation accounts cost between $150-$600 per month depending on the account size you trade. Funded accounts have no monthly fees, just profit splits and commissions.
How long does it take to pass Topstep?
It takes most traders 2-3 attempts over 1-3 months to pass the Combine evaluation and get funded. But some experienced traders can pass within their first 1-2 attempts.
Is Topstep profitable?
Many successful traders are able to earn steady profits and income passing the Combine and trading Topstep's funded accounts. But profits depend entirely on your trading strategy and execution.
Can you make a living trading Topstep?
If you become consistently profitable trading the funded accounts, Topstep's 70-90% profit splits provide enough income potential to make a living. Top earning traders make over $1 million per year.
How often does Topstep pay out?
You can request a payout from Topstep once per week. Payouts are processed within 5 days via wire transfer or other withdrawal methods.
What happens if you lose money on Topstep?
If you lose more than the maximum daily or monthly loss rules, your account will be reset. You can purchase another combine attempt or restart for free after a cool-down period.
