TopstepTrader is a global Proprietary Trading firm that offers a unique approach to trading for individuals with some experience in currency pairs and futures. Unlike traditional brokerage firms, TopstepTrader employs a two-stage evaluation process before traders can access a real funded account. This review will delve into the definition, features, funding programs, payout structure, benefits, and considerations of TopstepTrader to provide insights for professional finance traders.
TopstepTrader stands out as an unconventional trading firm that provides traders with a simulated trading environment called a “Trading Combine.” During this initial phase, traders are evaluated based on their trading performance, risk management, and adherence to specific trading limits. Successful traders can then progress to trading real funded accounts. TopstepTrader distinguishes itself by not requiring a minimum deposit, as it provides the trading capital for its traders.
- Two-Stage Evaluation: Traders must first prove themselves in a simulated environment before gaining access to real funded accounts.
- No Minimum Deposit: TopstepTrader provides the necessary capital for trading; traders do not need to risk their own funds.
- Regulated Broker: Trading on real accounts is carried out through a regulated broker, ensuring a secure trading environment.
- Limited Trading Instruments: TopstepTrader restricts the number of available trading instruments, focusing on currency pairs and futures.
- Monthly Simulation Account Fee: Traders are charged a monthly fee for using the simulation account, which varies based on the assets and trading volume.
Traders receive 100% of their earnings if their income on a real account is up to $5,000. For earnings exceeding $5,000, traders receive 80% of the amount earned.
TopstepTrader offers two types of accounts:
- Trading Combine: This is a simulated trading account where traders are evaluated for their trading skills and risk management. It serves as the entry point to access a real funded account.
- Funded Account: Once traders successfully complete the evaluation phase, they can trade in real funded accounts without needing to deposit their own capital. The broker provides the necessary funds for trading.
- No Risk to Personal Funds: Traders do not need to invest their own capital to trade on real accounts.
- Training Materials: TopstepTrader’s website offers constantly updated training materials.
- Convenient Support: The broker offers multiple ways to contact their support team.
- Referral Program: Traders can earn extra income by participating in the affiliate program.
- Flexible Lot Sizes: Traders can trade standard, mini, and micro lots.
- Multiple Account Openings: Traders can open an unlimited number of accounts with the company.
- Monthly Simulation Account Fee: Traders should be aware of the monthly fee associated with the simulation account.
- Limited Trading Instruments: The broker has restrictions on the number of available trading instruments, which may not suit all trading strategies.
- Evaluation Process: The two-stage evaluation process may take time and involves specific trading limits.
- Regulation: While trading on real accounts is conducted through a regulated broker, TopstepTrader itself is not regulated.
- Withdrawal Fees: A withdrawal fee is applicable, with TopstepTrader covering fees exceeding $500.
TopstepTrader offers a unique opportunity for traders to access funded trading accounts without risking their own capital. However, traders should be aware of the evaluation process, trading limits, and fees associated with the simulation account. Additionally, the absence of regulatory oversight for TopstepTrader itself should be taken into consideration. It’s essential for professional finance traders to assess their specific trading needs and objectives before engaging with TopstepTrader’s programs.