Overview of TopstepFX
Pros and Cons
TopstepFX offers various trading education resources, a practice account feature, and multiple account options. The platform also provides strong community support via Discord and free coaching programs.
However, TopstepFX is not regulated. Additionally, the platform charges high trading fees and does not offer 24/7 support, which could be limiting for some users. There are also leverage limitations, and fees associated with the Express Funded Account.
Is TopstepFX legit or a scam？
TopstepFX is not regulated by any reputable financial regulatory body. This leaves the broker without oversight to ensure compliance with financial stability, fair practices, and client fund protection.
Market Instruments
TopstepFX offers futures trading exclusively through CME Group's various asset selection, providing traders with access to equity futures, foreign exchange futures, agricultural futures, NYMEX futures (energy), CBOT agricultural futures, CBOT equity futures, CBOT financial/interest rate futures, and COMEX futures (metal).
Although TopstepFX does not offer traditional forex trading, it encourages “Forex to Futures” feature, providing similar trading mechanics with the advantages of a centralized exchange. With FX Futures, traders can exchange currencies like the Australian dollar, British pound, Euro FX, and Japanese yen through standardized contracts.
Account Types
TopstepFX offers three main types of accounts: Trading Combine®, Express Funded Account™, Live Funded Account, along with a Practice Account.
Trading Combine®: This account claims to help traders build better skills, discipline, and habits as they are evaluated for funding. There are three sizes available: $50K, $100K, and $150K accounts, with monthly fees of $49, $99, and $149 respectively. Profit targets range from $3,000 to $9,000, with maximum position sizes from 5 to 15 contracts. The maximum loss limits are set at $2,000, $3,000, and $4,500.
Express Funded Account™: After passing the Trading Combine®, traders can earn an Express Funded Account™. This account allows traders to take payouts based on TopstepFX's Payout Policy. Traders can have up to three Express Funded Accounts simultaneously. The account balance starts at zero, but the buying power is equivalent to the corresponding Trading Combine® account size.
Live Funded Account: Traders who show consistent success in the Express Funded Account™ can be transitioned to a Live Funded Account. The balance from the Express Funded Account™ is transferred to this account, which does not have a maximum loss limit.
Practice Account: Each Practice Account is set at $150K regardless of the active Trading Combine® or Express Funded Account™ size. These accounts allow traders to practice with a maximum position size of 15 lots and are available for all data feeds except the T4 platform.
How to Open an Account with TopstepFX
Check Eligibility: Visit the TopstepFX website and review the Eligibility FAQ to ensure your country is eligible to participate.
Select Account Size and Platform: Navigate to Topstep.com, click “Earn Funding,” and select your preferred Trading Combine® account size ($50K, $100K, or $150K) and trading platform.
Register and Fill Out the Form: Fill out the registration form with your personal details, including your full name, email address, phone number, and country of residence. Create a unique username and password.
Verify Your Email: After registration, verify your email address by clicking the verification link sent to your inbox.
Complete Verification and Fund Your Account: Provide additional verification documents, such as your ID and proof of address. Once your account is verified, fund it with the required monthly subscription fee based on your chosen account size.
Contract
TopstepFX offers a unique approach to leverage, structuring its Trading Combine® based on account size rather than traditional leverage ratios. In a $50K Trading Combine® account, traders can trade up to 5 contracts simultaneously. A $100K account allows for up to 10 contracts, and a $150K account permits trading up to 15 contracts.
Spreads & Commissions
TopstepFX offers a commission fee structure across its three main account types: Trading Combine, Express Funded Account, and Live Funded Account.
Trading Combine:
In the Trading Combine, commissions and fees are deducted automatically from the account balance with each trade. These fees vary depending on the trading platform used and claims to emulate live trading conditions. For example, round-turn fees for popular contracts such as the E-mini S&P 500 can range around $2.80.
Express Funded Account:
The Express Funded Account continues this structure. Commissions and other fees here also depend on the trading platform and specific instruments traded. For instance, round-turn fees for Micro E-mini contracts on the TopstepX platform are approximately $0.74, while on other platforms, they can be higher as a result of additional data and clearing fees.
Live Funded Account:
In the Live Funded Account, fees reflect real market charges more closely. The total cost per round-turn trade includes commissions, regulatory fees, and exchange fees. For instance, trading the E-mini S&P 500 incurs a total fee of around $4.18 to $4.26 on platforms like NinjaTrader and Rithmic, inclusive of all associated charges.
Other Fees
TopstepFX imposes several non-trading fees. These fees include monthly subscription fees for the Trading Combine, activation fees for the Express Funded Account, and various costs associated with the Live Funded Account.
Trading Combine:
Participants in the Trading Combine are required to pay a monthly subscription fee, which varies based on the account size. For instance, the fees are $49 per month for a $50K account, $99 per month for a $100K account, and $149 per month for a $150K account. These fees cover the cost of the simulated trading environment and ongoing support.
Express Funded Account:
Upon passing the Trading Combine and moving to an Express Funded Account, traders must pay a one-time activation fee of $149. This fee is charged per account and helps cover the costs of onboarding and providing support for funded traders.
Live Funded Account:
In the Live Funded Account, traders are responsible for several costs, including:
Data Subscription Fees: Traders must subscribe to professional data from the exchanges, with fees ranging from $135 to $540 per month depending on the number of exchanges subscribed.
Round Turn Commissions and Fees: These include brokerage commissions, exchange fees, and other regulatory costs, varying by trading instrument. For example, the round-turn cost for trading the E-mini S&P 500 on different platforms can range from $2.80 to $4.26.
Platform License or Subscription Fees: While Topstep covers platform fees in the Trading Combine, traders are responsible for these costs in the Live Funded Account, which vary based on the chosen trading platform.
Trading Platform
TopstepFX offers a selection of trading platforms:
TopstepX: An intuitive platform that offers an optimized trading experience with low fees and excellent usability. It provides trading tools, advanced charting, and account management features.
NinjaTrader, ATAS, and Rithmic Platforms: These platforms are known for their robustness, advanced analytical tools, and algorithmic trading capabilities. They are ideal for experienced traders who need extensive data analysis and customizable features.
Tradovate and TradingView: Web-based platforms that allow traders to execute strategies from anywhere with a stable internet connection. They offer advanced charting, real-time data, and seamless trade execution.
T4: A powerful platform providing comprehensive order management and data feed capabilities. It includes features for advanced traders like conditional orders and automated trading.
Each platform provides compatibility with both the Trading Combine and the Express Funded Account. TopstepFX covers platform fees in the Trading Combine, while traders are responsible for these costs in the Live Funded Account.
Deposit & Withdrawal
At TopstepFX, deposits can be made using credit cards, debit cards, Visa, Mastercard, American Express, Discover and PayPal.
Customer Support
Email Support: support@topstep.com
Phone Support: (888) 407-1611
Address: Chicago Board of Trade Building141 W Jackson Blvd #4240Chicago, IL 60604
Live Chat: Available on the TopstepFX website, this feature allows traders to get support from a representative.
Help Center: A resource with FAQs and guides to help traders find answers independently.
Discord Community: Engage with other traders and coaches for real-time support and insights.
AI Chatbot - Windy: Provides quick answers and connects traders with human support if needed.
Support is available Monday through Friday from 5:30 AM to 8:00 PM CT.
Educational Resources
Trading Foundations:
TopstepFX offers a foundational course series led by Senior Performance Coach John Hoagland. This series covers essential topics such as the definition and history of futures contracts, technical analysis, the auction process, and trading psychology. The course is structured in levels, starting from the basics (Levels 101-104) and progressing to more advanced concepts (Levels 201-404).
Free Coaching:
TopstepFX provides extensive free coaching options, including group coaching sessions, digital coaching, and access to performance coaches. These coaching sessions claim to offer personalized guidance and mentorship from seasoned trading professionals.
Helpful Resources:
A variety of additional resources are available to traders, including:
Help Center: A comprehensive repository of information about TopstepFX's programs, trading objectives, and funding process.
Trading 101 Blogs: Beginner-level articles covering topics like chart reading and technical analysis.
YouTube Channel: Educational videos and live broadcasts from trading experts, offering insights and practical tips.
Weekly Newsletter: Market insights and trading levels sent out every Sunday to help traders prepare for the week ahead.
Discord Community and Facebook Group: Platforms for traders to interact, share ideas, and receive support from peers and performance coaches.
TopstepTV™:
TopstepTV™ offers live trading sessions hosted by expert traders. These sessions include market analysis, trading tips, community highlights, and guest appearances. TopstepTV™ broadcasts from Monday to Friday, providing real-time insights and fostering a collaborative trading environment.
Conclusion
TopstepFX stands out with its Trading Combine® program and futures-focused platform through CME Group products. It provides extensive trading education, community support, and coaching programs. Nevertheless, the lack of regulation, high fees, leverage limitations, and restricted support hours pose significant drawbacks.
FAQs
Q: Is TopstepFX regulated？
A: No, TopstepFX operates without regulation from financial authorities.
Q: What account options does TopstepFX provide？
A: TopstepFX offers the Trading Combine®, Express Funded Account™, and Live Funded Account, with a Practice Account available.
Q: What products can be traded on TopstepFX？
A: TopstepFX specializes in futures trading, offering CME Group products like forex, equity, agricultural, energy, metal, and interest rate futures.
Q: What learning resources are available on TopstepFX？
A: TopstepFX provides trading courses, free coaching, blogs, TV programme, a YouTube channel, newsletters, and community groups.
Q: What is TopstepFX's support system like？
A: TopstepFX has phone, email, live chat, an AI chatbot, and Discord support, available Monday through Friday from 5:30 AM to 8:00 PM CT.
Risk Warning
Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies.
Additionally, the review's generation date is a critical consideration, as information may have evolved since then. We strongly advise readers to verify updated details directly with the company before making any decisions, as the readers must be aware of and willing to accept the inherent risks involved in utilizing this information.
2024-07-04 18:19
2023-02-20 15:29
