Topstep Trader Review

TopstepTrader Futures Broker Review 2024

Are you ready for our TopstepTrader review? This funded trader program is an original concept that was started in 2012. It has since been copied by others trying to match Topstep’s model. Topstep is a great way to learn to trade better. If you’re a successful trader, you can make money after their simulated account-funded “trading combines” weeding process. You don’t have to be a U.S. citizen to trade with them. You can trade from any country. They aren’t for the casual trader of forex or futures.

Topstep Trader Website

According to Topstep, No matter your trading skills or status—we support your development without putting your capital at risk. Our program is designed to help you manage risk, hone strategies, and become consistently profitable.” Our TopstepTrader review delves into this company, how it works, and what you’ll learn from it.

The funded trader program is simple. Qualified traders trade with TopstepTraders capital with a funded futures trading account. These traders keep 100% of the first $5,000 in profits and 80% of the profits beyond that.

Becoming part of the funded trader program is done in a step-wise fashion. You can apply what you learned in coaching to your simulated account. That’s the best way to learn how to trade.

Step ½ (Optional)

The first step to the funded trader program starts with a 100% free 14-day $150,000 simulated trial account, which can be used to hone skills initially.

There is no credit card required to set up this account. However, there are 13 trading platforms supported, including their own TSTrader, TradeStation, and NinjaTrader.

This first is optional. As a result, you can go on to the next step if you feel confident to do so. Our TopstepTrader Review wants you to understand the steps to take.

Step 1

What’s next in our TopstepTrader review? The next step starts with the minimum $150 monthly fee. You’ll have the time it takes to reach Tradestep’s goal.

That is if you’re trading by their rules. However, you must pay the monthly subscription from signup day until you meet the target or cancel.

You can start with simulated funds from $30K($150/mo subscription) to $150K($375). This choice will determine your profit target, maximum position size, trailing maximum drawdown, and daily and weekly loss limits.

Once you complete the combine, this choice will also determine your funded account balance. You can use the simulated account to learn how an options strike price works.

The general outline for step one is as follows

  1. Trade for at least five days (don’t have to be in a row) without breaking the following rules (they also have some fine print)
  2. Meet the profit target of your chosen subscription (we’re showing the $50K subscription example. Another starting balance has different rules)
  3. Reach your profit target ($3,000)
  4. Use the correct maximum position size (max five simultaneous contracts  or six if you fail)
  5. Do not surpass the daily loss limit calculated in real-time ($1000)
  6. Don’t allow your account balance to hit or exceed the trailing maximum drawdown ($2000, which is calculated at the end of the day if >$2000 fails)
  7. If you reach your profit target and fulfill the other rules, you can move on to step two.
Day Trading Course Options Trading Course Futures Trading Course
DESCRIPTION Learn how to read penny stock charts, premarket preparation, target buy and sell zones, scan for stocks to trade, and get ready for live day trading action
Learn how to buy and sell options, assignment options, implement vertical spreads, and the most popular strategies, and prepare for live options trading How to read futures charts, margin requirements, learn the COT report, indicators, and the most popular trading strategies, and prepare for live futures trading

Step 2

If you’ve been cleared by Topstep for Step Two (via email), everything begins again. You must trade for a total of 10 days.

Those requirements are more extensive. Assuming the same $50K subscription (other levels have different goals):

  1. You have to reach the profit target ($3,000)
  2. Initial maximum of only two contracts growing on a scaling plan, with more funds in the account, the lots increase (any more than the current place on the scale fails)
  3. Daily loss limit $1,000; if you fall below at any time, you failed
  4. The trailing maximum drawdown was $2,000 at the end of a trading day when the challenge failed.
  5. Now have a weekly loss limit (equivalent to the Daily Loss Limit, factored based on the sum of the week’s total net P&L)
  6. No trading during major economic releases
  7. You can reset the challenge at any time for a fee of $99
Topstep Trader Rules

Final Thoughts: TopstepTrader Review

We’re doing this TopstepTrader review because they are a legitimate company. They do require more from their members than, say, TradingSim. So if you’re looking for something cheaper, you should keep looking. A company like ThinkorSwim will be of help.

TOS is a very popular trading platform for trading futures. They are known for being large futures brokers. Their charting platform and customer service are solid. One of the biggest negatives of TD Ameritrade is its large margin requirements. They don’t have any funded programs available, either. Also, their commission fees are higher. Like any broker, it’s worth contacting them to see if they are negotiable.

Topstep offers more strict risk management rules to keep trading more balanced. Also, they offer a wealth of educational resources. Apex Trader is better for traders who want a platform with minimal rules and flexibility in their trading style. A negative of Apex Trader is that they require a higher initial balance than Topstep.

If you pass the Trading Combine, you’ll be funded and able to trade with real money. With no risk, you can keep the first $5,000 in profits and 80% of further profits.

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