TopStep Review: All Pros and Cons of the Prop Firm
- Access to professional capital
- Comprehensive educational resources
- High leverage amount
- High-profit split (up to 100% initially)
- Multiple trading platforms supported
- Transparent and reputable firm
- Responsive customer support
- Personal trading coach available
- Promo codes and discounts available
- User-friendly proprietary trading platform - TopStepX
- Monthly evaluation fees
- Strict risk management rules
- Not regulated
- Limited instant funding options
- Additional fees for evaluation resets
- Payout processing time can be up to 10 business days
- Traders responsible for their own taxes
- High-pressure environment during evaluation
- Limited customer support on weekends
- Limited educational resources for advanced traders
We evaluated TopStep, a futures proprietary trading firm founded in 2012 that allows traders to access its capital through a structured evaluation process. Our review covers the pros and cons of using TopStep, providing you with a clear understanding of its offerings and whether it suits your trading needs.
Summary of Our Expert:
5 TopStep Customer Reviews And Ratings
What Is TopStep?
TopStep is a proprietary trading firm founded in 2012. The firm’s business model allows traders to qualify for funded trading accounts by passing an evaluation process. This evaluation consists of simulated trading stages where traders must demonstrate their trading and risk management skills.
Once traders pass the evaluation, they receive access to TopStep’s capital to trade in real markets, keeping a percentage of the profits they generate. This model offers a unique opportunity for traders to trade professionally without risking their own money. TopStep aims to support traders in their journey to becoming consistently profitable.
Is TopStep Legal?
TopStep is a legitimate proprietary trading firm, although it is not regulated by financial authorities since it is not a broker. Despite the lack of formal regulation, TopStep operates transparently and maintains high standards of fairness and integrity. There are no laws or regulations that prevent prop trading firms from operating.
The firm has gained numerous positive reviews on Trustpilot 4.6 stars from over 3,100 reviews, reflecting its strong reputation within the trading community. Traders can feel confident in the safety and credibility of TopStep, supported by its proven track record and community endorsements.
Prop Trading Account Types With TopStep
TopStep offers three different Trading Combine challenge types with different goals, loss limits, and maximum contracts. Here’s an overview of the available accounts:
| $50k Trading Combine | |
|---|---|
| Starting Capital | $50,000 |
| Profit Target | $3,000 |
| Maximum Contracts | 5 |
| Maximum Loss Limit | $2,000 |
| Monthly Price | $165 |
| $100k Trading Combine | |
|---|---|
| Starting Capital | $100,000 |
| Profit Target | $6,000 |
| Maximum Contracts | 10 |
| Maximum Loss Limit | $3,000 |
| Monthly Price | $325 |
| $150k Trading Combine | |
|---|---|
| Starting Capital | $150,000 |
| Profit Target | $9,000 |
| Maximum Contracts | 15 |
| Maximum Loss Limit | $4,500 |
| Monthly Price | $375 |
The Challenge and Costs on TopStep Explained
TopStep’s evaluation process, known as the Trading Combine, is a two-step challenge designed to assess traders’ skills and discipline before granting them access to funded accounts.
The Challenge Process
Step 1: Trading Combine
Traders begin by trading in a simulated environment where they must achieve specific profit targets and stick to trading rules. These rules include not exceeding the daily loss limit and maintaining the trailing drawdown. The goal is to demonstrate consistent profitability and disciplined risk management over a set period.
Step 2: Funded Account
Once traders pass the Trading Combine, they move to a funded account where they trade with real capital provided by TopStep. Traders keep 90% of the profits they generate, with the remaining 10% going to TopStep. The same risk management rules apply to the funded account to ensure responsible trading.
Costs
The Trading Combine has monthly fees that vary depending on the initial capital amount chosen:
- $165 per month for the $50,000 account
- $325 per month for the $100,000 account
- $375 per month for the $150,000 account
These fees are recurring until the trader successfully completes the evaluation process.
Win Your TopStep Challenge With WR Trading
The TopStep challenge involves passing a rigorous two-step evaluation focused on profitability and risk management. WR Trading’s course is designed to help you navigate these challenges successfully. Emphasizing high-risk reward strategies, scalping, and 1-minute chart trading, the course prepares you for TopStep’s demanding evaluation process.
Personal coaching from Andre Witzel, with over a decade of trading experience, provides you with customized guidance and support. Additionally, you’ll be part of an exclusive group where your trades are analyzed, and you receive continuous development and support through webinars and direct interaction with Andre and other professional traders.
Promo Codes for Rebates
During our review, we discovered that TopStep occasionally offers promo codes and rebates to make their evaluation process more affordable. These promotions can significantly reduce the cost of the Trading Combine fees, providing additional value for traders.
Finding Promo Codes:
- Promo codes are available during special events, holidays, or promotional periods. They can be found on TopStep’s official website, social media channels, and through their email newsletters.
- Affiliate websites also promote codes that you can apply to your challenge.
Using Promo Codes:
To apply a promo code, simply enter it during the checkout process on TopStep’s website. The discount will be applied to your total evaluation fee.
Ensure that the promo code is valid and not expired, as these codes often have a limited time frame for use.
Benefits of Promo Codes:
Promo codes can lower the barrier to entry for new traders, making the evaluation process more accessible. They provide an opportunity to save on recurring monthly fees, especially for those who may need multiple attempts to pass the Trading Combine.
Payouts on TopStep
TopStep has a highly favorable payout policy designed to reward disciplined traders. Here’s a detailed breakdown of how payouts work:
Payout Policy:
TopStep allows traders to take weekly payouts, which is one of the best policies in the industry. Traders have access to 100% of their profits after accumulating 30 winning trading days. Traders can request a payout of up to 50% of their account balance after accumulating five winning trading days per payout request. A winning trading day is counted when a day’s Net PNL is $200 or more.
How to Request a Payout:
- Traders can submit a payout request through the form in TopStep’s app.
- Payouts are processed daily, but it may take up to 10 business days to receive the funds.
- Upon approval and submission of all necessary forms (ACH/Wire/SWIFT info & KYC documents), TopStep will remove the funds from the trader’s account and start the process of sending the funds.
| Details | |
|---|---|
| Profit Split | 100% up to $10,000; 90/10 split thereafter |
| Payout Frequency | Weekly, after 5 winning days |
| Minimum Payout | $125.00 |
| Withdrawal Methods | ACH (up to 10 business days), Wire/SWIFT (3-5 days) |
| Processing Time | Up to 10 business days |
Profit Split:
Traders receive 100% of the profits up to the first $10,000. After accumulating $10,000 in payouts, the profit split becomes 90/10, with traders receiving 90% of subsequent profits and TopStep retaining 10%.
Trading Platforms
TopStep supports a variety of trading software. Here’s our review of the main platforms recommended by TopStep:
TopStepX
TopStepX is a proprietary platform developed exclusively for TopStep users. During our evaluation, we found it to be user-friendly, with an intuitive interface that is easy to navigate. The platform offers advanced charting capabilities, real-time data, and risk management tools.
These features make it suitable for both novice and experienced traders. The seamless integration with TopStep’s evaluation process enhances the overall trading experience, providing a cohesive and efficient trading environment.
NinjaTrader
NinjaTrader is another highly recommended platform by TopStep. Known for its advanced charting and technical analysis tools, NinjaTrader excels in providing comprehensive backtesting capabilities and customizable indicators.
Our testing showed that it supports automated trading strategies, which is a significant advantage for traders who rely on algorithmic trading. The platform’s features and highly customizable interface make it a preferred choice for traders looking for an in-depth analysis and flexible trading environment.
Quantower
Quantower stands out as a versatile and powerful trading platform. It supports multiple markets and offers advanced analytics, charting, and trading tools. During our review, we noted that Quantower’s interface is highly customizable, allowing traders to tailor their workspace to their specific needs. The platform’s integration with various data feeds and brokers provides a flexible and comprehensive trading solution, making it ideal for traders who need a wide range of tools and features.
Other Supported Platforms:
- Tradovate
- CQG
- Dorman
- TradingView
- CQC
- T4
- CTS
- Plus500
- R|Trader Pro
- Rithmic
- NinjaTrader Brokerage
- ATAS OrderFlow Trading
- MotiveWave
- VolFix
- Bookmap
- Investor/RT
- Jigsaw Daytradr
- MultiCharts
- Sierra Chart
- Trade Navigator
Which Broker Is Used by TopStep?
TopStep is partnered with multiple brokers to allow its traders to use the most advanced platforms. Currently, the prop firm works with Plus500, Dorman, CQC, and NinjaTrader Brokerage to provide liquidity.
Taxes on TopStep
Traders using TopStep are responsible for managing their own taxes, as TopStep does not withhold any taxes on their behalf. Profits earned through trading with TopStep are treated as business income, not capital gains. This distinction is important because business income is typically subject to different tax rates and reporting requirements compared to capital gains. Traders must ensure they keep detailed records of their trading activities, including profits, losses, and any associated expenses, to accurately report their income to tax authorities.
Support and Education
TopStep places a strong emphasis on providing comprehensive support and educational resources for its traders. Here’s what we found during our review:
Support
TopStep offers multiple channels for customer support, ensuring that traders can get assistance when needed. The support team is accessible via:
- Discord: TopStep also maintains a Discord community where traders can interact, share experiences, and seek peer support. The Discord server fosters a sense of community and provides additional support resources from fellow traders.
- Email: For non-urgent queries or detailed support requests, traders can email support@topstep.com.
- Phone number: Traders can reach TopStep’s support team directly at +1 (888) 407-1611 for immediate assistance.
- Help center: The Help Center on TopStep’s website offers a comprehensive database of articles, FAQs, and tutorials. It’s a valuable resource for traders to find answers to common questions and learn more about the platform and trading strategies.
- Live chat: Available on their website, live chat provides real-time assistance for quick questions and immediate help.
Educational Resources
TopStep is committed to helping traders improve their skills and knowledge. The firm offers a variety of educational resources, including:
- Podcasts: Regular podcasts hosted by experienced traders cover a wide range of topics, from market analysis to trading strategies.
- Blog: The TopStep blog features articles on trading tips, market insights, and updates on the trading industry.
- Video Tutorials: A comprehensive library of video tutorials helps traders understand the platform, tools, and trading concepts.
TopStep Coach:
One unique feature of TopStep’s educational offering is the availability of a personal trading coach. Traders can work with a coach to get personalized feedback and guidance, helping them refine their strategies and improve their trading performance. Traders can participate in group coaching every Monday – Thursday from 12-1 PM CT.
Alternatives
If you’re considering other proprietary trading firms similar to TopStep, here are four alternatives that also offer opportunities to trade with professional capital. We tested these platforms to provide you with a comprehensive review:
The Trading Pit
The Trading Pit provides traders with access to significant capital after successfully passing an evaluation process. Their evaluation is structured around strict risk management rules and performance metrics. The Trading Pit has a two-step evaluation process similar to TopStep. Traders must demonstrate consistent profitability and adherence to risk parameters to qualify for funding.
They offer various account sizes starting from $10,000 up to $100,000, and traders can keep over 50% of their profits. Monthly evaluation fees range from $99 to $999, depending on the account size.
Additionally, The Trading Pit is known for its transparent operations and supportive community. Their customer service is responsive, and they offer numerous educational resources. This supportive environment helps traders enhance their skills and grow their trading careers. The firm’s commitment to transparency and trader support makes it a strong alternative to TopStep.
Apex Trader Funding
Apex Trader Funding offers a straightforward evaluation process where traders can qualify for funded accounts quickly. Apex Trader Funding allows traders to choose their preferred evaluation criteria, offering flexibility in terms of profit targets and drawdown limits. They provide accounts ranging from $50,000 to $300,000 with a 90% profit split, which is quite competitive.
They also offer frequent discounts and promotions, which make the evaluation process more accessible. This flexibility, combined with their competitive fees and profit split, makes Apex Trader Funding a compelling alternative for traders looking to prove their skills and access significant trading capital.
5%ers
The 5%ers focus on forex indices, commodities, and cryptocurrency markets, offering a unique growth program where traders can scale their accounts based on performance. The evaluation process requires traders to achieve specific profit targets without violating drawdown limits.
Initial funding ranges from $5,000 to $100,000, with the potential to scale up as traders demonstrate consistent profitability. The profit split starts at 80%, which can increase as traders scale their accounts.
Leeloo Trading
Leeloo Trading offers traders the opportunity to earn funded accounts by passing their evaluation process. The evaluation process is straightforward, with clear profit targets and drawdown limits. Leeloo Trading provides account sizes ranging from $25,000 to $300,000 and offers an 80% profit split to traders.
Leeloo Trading is known for its trader-friendly policies, including lenient rules compared to other firms. They offer lower profit targets and more forgiving drawdown limits, making it easier for traders to pass the evaluation. Additionally, Leeloo Trading provides a supportive community and access to educational resources, helping traders to succeed.
Conclusion
TopStep provides a reliable platform for traders to access professional capital without risking their own money. The firm’s structured evaluation process, competitive profit splits, and support resources make it an attractive choice.
While the evaluation fees and strict rules can be challenging, the opportunity to trade with significant capital and keep up to 100% of initial profits up to $10,000 stands out. TopStep’s transparency, favorable payout policy, and variety of trading platforms ensure a comprehensive and supportive trading environment.
Frequently Asked Questions on TopStep:
What Is TopStep?
TopStep is a proprietary trading firm that funds traders who pass their evaluation process, allowing them to trade with the firm’s capital. Founded in 2012, it offers a platform for traders to prove their skills in a simulated environment before trading with real capital. This reduces the financial risk for traders and provides them with significant trading opportunities.
What Are the Costs Associated With TopStep?
The evaluation fees for the Trading Combine range from $165 to $375 per month, depending on the chosen account size. These fees are recurring until the trader successfully completes the evaluation process. While these costs can add up, they are an investment toward accessing substantial trading capital.
Can Traders Take Weekly Payouts With TopStep?
Yes, TopStep allows traders to request weekly payouts after accumulating five winning trading days. A winning trading day is defined as a day with a Net PNL of $200 or more. Payout requests are processed daily, but funds may take up to 10 business days to arrive.
What Is the Profit Split for Traders?
Traders keep 100% of their profits up to the first $10,000. After surpassing $10,000 in cumulative payouts, the profit split becomes 90/10, with traders receiving 90% of the profits. This structure provides a significant earning potential for successful traders.
What Platforms Does Topstep Support?
TopStep supports various trading platforms US clients can use, including TopStepX, NinjaTrader, and Quantower. These platforms offer advanced charting, analysis tools, and user-friendly interfaces. Additionally, traders can choose from other supported platforms such as Tradovate, CQG, and TradingView.
