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Topstep Review

For retail traders, Topstep is the one of the best funded account options. Their objective is to provide a secure environment where traders may turn their passion into a profession and securely participate in and earn from the financial markets. Topstep look to produce better traders, with healthier habits, through learning by doing. Trade up to $150,000 in capital and share 90% of profits.

Topstep Review

Summary

Topstep funded traders can develop stronger skills, good trading habits, and keep a generous 90% of their profits. They provide all the help you need to succeed, including proven funding, quicker payouts, free coaching, and all-around assistance. After all, it is interest that you are able to trade successfully as you will be sharing the profits with them from the funded account that they give you once you have past the challenge phase.

Topstep Website
Topstep Website

History

Some of the largest pit traders in the past received the title “Top Step” on their floor badges. They had better access to orders than the traders down in the pit’s bottom tier because to this renowned privilege, which permitted them to stand on the very top tier of the trading pit and see the entire action.

At Topstep, they think that empowered individuals produce excellent results. They respect traders as their most valuable resource. No matter of your position or level of expertise, they count on you to contribute to the creation of the great ideas that propel them forward.

The inventor of Topstep, Michael Patak, had a disastrous beginning to his trading career. Before discovering the secrets to consistently performing, he blew up three brokerage accounts. Michael was motivated by this to establish a venue where traders could hone their abilities and trade real money without risking their entire life savings.

Since being founded way back in 2012 as Patak Trading Partners, the goal of this prop firm is to give traders a secure environment in which to pursue their passion as a career. The Trading Combine, the first funding possibility for retail traders, was introduced by them as they developed into TopstepTrader. As Topstep, they are able to help traders anywhere change their perspectives and achieve dependable success without having to use their own money.

Topstep has paid out millions in withdrawals while funding thousands of traders all around the world. They have received national recognition on the Deloitte Technology Fast 500 list, been named one of Crain’s 100 Best Places to Work in Chicago, and appeared on the Inc. 5000 list of Americas fastest-growing private companies. Although they are happy with their accomplishments, they are constantly thinking ahead.

Pros
  • Not much capital needed to start
  • Account reset option available
  • Free 14-day trial to enter program
  • Excellent choice of professional trading platforms
  • Keep up to 90% profits with a 50% account balance withdrawal available
  • A real focus on improving trading skills via the Trading Combine program
  • Great range of educational resources, community access, coaching and live webinars
  • Quick evaluation process. Step 1 can be completed in just five trading days, and Step 2 no longer has a minimum days requirement
  • Respected prop firm with many years in the business and millions of dollars of trader withdrawals
Cons
  • No forex trading
  • No MetaTrader platforms
  • Very complicated account options and trading conditions
  • No weekend positions
  • Futures instruments only
  • Withdrawals are limited to ACH or international bank wire transfers
  • Higher monthly fixed costs because of exchange data fees
  • Quite strict rules to follow

Topstep Review

Programs

By passing Steps 1 & 2 of the Trading Combine, traders can gain funding. This entails fulfilling both the Trading Objectives for each Step and the Profit Target.

The trading goals of Topstep are tried-and-true risk management tools created by professional traders, not random targets. You will develop into a more disciplined trader if you adhere to them.

Step 1Step 2
Trade permitted products during permitted times
Maximum Position Size
Daily Loss Limit
Trailing Max Drawdown
Minimum Trading Days
Scaling Plan
Consistency Target
Trading Combine Parameters

The Trading Combine

The Trading Combine programme teaches traders how to develop better habits, discipline, and skills while they are being considered for funding. To unlock the Funded Account, you must complete the Trading Combine’s objectives.

The Trading Combine
The Trading Combine

To help you find the choice that best suits your objectives, Topstep offers three different Trading Combine account sizes. While obtaining a Funded Account is one conceivable objective, traders of all experience levels can benefit from the dedication and habits encouraged by the Trading Combine.

The Trading Combine’s goal is to achieve the profit target while abiding by all rules. The net profit that must be generated following the conclusion of the Trading Combine in order to qualify for a Funded Account is the profit target. When your other criteria are met, you must be at or over your Profit Target in order to proceed to the next phase.

$50k$100k$150k
Monthly Price$165/month$325/month$375/month
Profit Target (Per Step)$3,000$6,000$9,000
Maximum Position Size5 Contracts10 Contracts15 Contracts
Daily Loss Limit$1,000$2,000$3,000
Trailing Max Drawdown$2,000$3,000$4,500
Topstep Funded Accounts

Trading Combine Step 1 Rules & Targets

The Trading Combine Step 1 Rules & Targets are listed below. Your account will be ineligible for a Funded Account if any of the rules are broken. However, you can always reset your account.

Trading Combine Step 1 Rules & Targets
Trading Combine Step 1 Rules & Targets

Targets:

  • Reach the profit target
  • Trade a minimum of 5 days

Rules:

  • Only trade permitted products during permitted times
  • Do not hit or exceed the Daily Loss Limit
  • Do not allow your Account Balance to hit or exceed the Trailing Maximum Drawdown
  • Do not exceed your Maximum Position Size

Trading Combine Step 2 Rules & Targets

The Trading Combine Step 2 Rules are listed below. Your account will be ineligible for a Funded Account if any of the rules are broken. However, you can always reset your account.

Trading Combine Step 2 Rules & Targets
Trading Combine Step 2 Rules & Targets

Targets:

  • Reach the profit target
  • Consistency Target: Best Day below 40% of total profits made

Rules:

  • Only trade permitted products during permitted times
  • Do not hit or exceed the Daily Loss Limit
  • Do not allow your Account Balance to hit or exceed the Trailing Maximum Drawdown
  • Follow the scaling plan

Funded Account

Only traders who have cleared Steps 1 and 2 of the Topstep Trading Combine are able to access Topstep Funded Accounts, which are special trading accounts. Traders must sign up for one of the basic accounts and select a beginning account size of $50k, $100k, or $150k in order to take part in the Trading Combine.

You will receive a formal invitation to sign the Funded Account Agreement and start working as a professional trader with Topstep as soon as you pass Steps 1 and 2 of the Topstep Trading Combine.

You will have access to live markets supported by Topstep’s funds if you have a Topstep Funded Account. You will have the choice to sign up for data feeds like TSTrader and TradingView, among others, after your automatic cancellation of your monthly Trading Combine subscription.

You get to keep the first $5,000 you earn once you pass the Trading Combine and receive your authorised Topstep Funded Account. Then, 90% of your earnings are yours to retain.

50% of your total account balance is covered by Topstep’s payout policy. Remember that you must have at least five “winning days”—days where you made at least $100—before you can claim your winnings.

You can claim your reward whenever you reach the necessary number of winning days, but keep in mind that you must do this each time you wish to get paid.

You must submit a form on the Topstep app in order to seek a payout. The approval of payouts takes 1-2 working days. Local bank transfers, SWIFT, deposits to your cryptocurrency wallet, and more payment options are available.

Topstep Review

Conditions

Entering the Trading Combine is the first step to funding. The Trading Combine is a two-step, real-time simulation of an examination of your trading performance. Step 1 allows you to put your plan to the test and show that you can make money trading futures. Step 2 is where you show that you have the ability to control risk and that their capital is secure in your care. Both procedures are intended to promote consistency and help you achieve your ultimate objective of a Funded Account. Your Funded Account will be ready if you achieve the Profit Targets in Step 2 without breaching any rules.

You can reset your account balance and rules at any time for $99 since the Trading Combine is made to let you learn from your mistakes in a secure atmosphere (The Reset button is found on your dashboard). You can reset if you violate a rule in Step 2 in order to keep making progress toward a Funded Account.

You can begin with the Free 14-day Trial if you are not yet prepared to be reviewed for funding.

Account Reset

Your account will temporarily lose eligibility for financing whenever you violate a programme regulation because the success conditions were not met. By purchasing a reset, you can alter the status of your account from ineligible to eligible at any moment throughout your membership.

Additionally, you will have the choice to practise on the account and reset it later. To work out their approach before reapplying for assistance, Topstep permit traders to do this on accounts that are not eligible for funding. Your billing date won’t change as a result.

The reset, while never pleasant, imitates the sensation of losing actual money in the market at a fraction of the price of actual losses you may incur in a conventional brokerage account.

You will be able to remain in your Step 2 account if you reset in Step 2. In the Trading Combine, there are no restrictions on how many resets you can utilise.

By selecting “Reset Account” on your Trader Dashboard, you can reset your account at any time for $59 for Swing Trading Combine accounts and $99 for all other Trading Combine accounts.

Trading Hours

For Intraday Futures traders that close their trading sessions in cash with a positive or negative Daily P/L, The Trading Combine is the best option. Every day from Monday through Friday, Topstep require that traders complete their positions by 3:10:00 PM Central Time (CT). The market closes on Friday at 3:10:00 CT and reopens on Sunday at 5:00 CT. Prior to 3:10:00 PM CT, all positions must be closed.

Trading Days

You need at least 5 days of trading activity that do not need to be consecutive. A trading day is defined as any day in which you execute an order in the market.

This demonstrates to you and the prop firm that your performance is reliable. It gives you and the company enough data to assess and comprehend your trading. You can also use it to test your strategy in various market environments.

Maximum Position Size

The Maximum Position Size is the maximum position allowed (absolute value) at any given time. For example, if you have a Maximum Position Size of 3, you may be long 2 E-mini S&P and short 1 Crude Oil.

Maximum Loss

Your Net P&L cannot, at any time during the trading day, reach or exceed the Daily Loss Limit (5:00 PM CT-3:10 PM CT). Any open trading positions will be flattened, any outstanding orders will be cancelled, and your account may be barred from making any new trades until the start of the following trading day if at any point your Net P&L does exceed this amount for your account (5:00 PM CT). As soon as the Daily Loss Limit is reached, the account is immediately no longer eligible for a Funded Account.

For instance, the Daily Loss Limit in a $150K Trading Combine is $3,000. The Daily Loss Limit will therefore be deemed reached if your Net P&L hits or surpasses $3,000 at any time throughout the trading day.

Each trading day’s Net P&L, which takes into account simulated commissions, fees, and both unrealized and realised transaction P&L values, is used to calculate the Daily Loss Limit.

At the conclusion of each active trading day, this limitation is amended. Using your dashboard, you can maintain tabs on the rule’s impact on your account.

In the event that you reach or exceed the Daily Loss Limit, your position will be flattened. You might be automatically flattened by the risk manager if this doesn’t happen. Your account will no longer qualify for a Funded Account if your Unrealized Net P&L hits or exceeds your Daily Loss Limit at any time during the Trading Combine. You can reset your account if you want to.

The auto liquidation feature issues a market order (or orders) to close off any open positions when a Loss Limit threshold is reached. When this happens, depending on how the market was fluctuating at the time, the trader’s P&L may actually land beyond the threshold where the Loss Limit is set, resulting in a loss that is less than the Loss Limit itself. Despite the ending P&L following the automatic liquidation, if the liquidation happens, it is a foregone conclusion that the trader’s Net P&L “reached and exceeded” the Loss Limit, which constitutes a breach of the rules.

Trailing Maximum Drawdown

The minimum account balance that trails your account profits is known as the “Trailing Maximum Drawdown.” It was put in place to aid traders in keeping their gains and to motivate them to avoid giving excessive amounts of money back to the markets.

This rule is computed at the conclusion of the day for Trading Combine Step 1 or Step 2, Pro Account, and Express Funded Accounts. You can therefore go beyond this threshold during the day, but by the end of the day, your account must be over this threshold in order to avoid breaking the rules. Using your dashboard, you can maintain tabs on the rule’s impact on your account.

This rule is computed intraday in the Funded Account and Premium Funded Account using the end-of-day balance from the previous day. You will be immediately removed from your transactions and the rule will be deemed broken if the amount drops below the minimum account balance.

Consistency Target

The Consistency Target assesses a trader’s capacity for consistent profit-making while controlling risk. Your best day, or largest winning day, must represent less than 40% of your overall gains in order for you to pass Trading Combine Step 2 or the Pro Account.

If your best day represents 40% or more of your overall gains, you must keep trading until that percentage falls below 40%.

Minimum Days have been replaced by the Consistency Target in Step 2 of the Trading Combine and have been introduced to the Pro Account. The first step still has the five required trade days.

Maintaining consistency is essential for long-term account growth. Long-term, steady profitability is measured by the Consistency Target. The Minimum Days aim in Step 2 previously measured a trader’s capacity to hold onto their gains rather than their capacity to earn repeatedly, and this wasn’t the ideal strategy to improve traders.

Your capacity to deliver a repeatable performance is your ticket to ongoing financial success. The Consistency Target gauges a trader’s capacity for juggling consistent profit-making with risk management, enabling you to turn your hobby into a career, steadily increase your account, and, most importantly, start paying yourself.

Scaling Plan

Every day, when the Trade Report is computed, the Scaling Plan rule will be assessed. To trade the next tier, you must send an email to the Funded Account Specialist.

The scaling plan was put in place to make it easier for traders to adapt to the real market environment and to steadily increase their equity without taking on too much risk. Prop traders are now substantially more likely to remain in their Funded Accounts after the adopted the Scaling Plan.

In order to withstand an initial drawdown and to give a real possibility of success in the Funded Account, traders will first be forced to scale their trading plans.

You can ask for updated risk parameters in the Funded Account after your total profit exceeds $10,000.

Topstep Scaling Plan
Topstep Scaling Plan

Payouts

A maximum of $5,000 in initial payout gains are given to traders. The profit split will then change to 90/10. 90% of continued income will go to individual investors, with Topstep keeping 10%. After five profitable trading days (where a day’s net P&L is $100 or higher), you can ask for a payment of up to 50% of your account balance.

Let’s examine an illustration:

Let’s imagine you have a $100 account balance when you first fund your account. You have had five profitable trading days, giving you a $5,000 account balance on day ten. You can ask for a payout of 50% of the profit and get $2,500 in this case. With the remaining $2,500, you can carry on trading. After five more profitable trading days, you can request another 50% profit payout by continuing to trade.

Through an online form on the app, traders can withdraw their profit portion. In contrast to payouts, which are normally deposited within two to five working days, funds are promptly withdrawn from your Topstep account.

Only bank wire transfers are permitted as withdrawal options; investors with US-based bank accounts may utilise ACH wire, while overseas traders may use conventional bank wire requests.

There are no payment costs; however, any unsuccessful transfers will incur a $50 fee. You are accountable for paying the necessary taxes according to your local jurisdiction.

Topstep Review

Features

Free Coaching

Topstep offer free coaching to help you because they genuinely want to see you succeed in becoming a Topstep Funded Trader. You can get the coaching that best suits your needs.

Prep-Trade-Reflect is the proprietary coaching process, which makes it simpler to develop daily trading habits that support consistent performance. This approach is ingrained in every aspect of the Topstep coaching.

Group Coaching

A fantastic approach to interact with and learn from peers and professionals is through group coaching. Every Monday and Wednesday at 1 PM CST, futures trading veteran John Hoagland will be available to answer your burning questions while also providing commentary on recent market trends and events.

One-On-One Coaching

Discuss your trading strategy, risk management, and the attitude required to secure funding and support yourself with an expert on a regular basis. Your success is the coaches’ top priority. This has proved to be so popular amongst traders that there is currently a waiting list.

Online Coaching

Coach T, the digital performance coach, is included on Topstep’s trading dashboard. Coach T offers tools and individualised trading stats to help you develop into a more knowledgeable, disciplined trader. Every time you approach the trading screens, Coach T will help you become a Funded Trader.

Coach T provides you with the following:

  • Checklist
  • Trading plan
  • Alerts
  • Trader IQ™
  • Journal
  • Weekly emails

Platforms

Topstep have an excellent choice including some of the best trading platforms in the industry for both new and professional traders. This includes the sophisticated NinjaTrader platform and very popular TradingView charting package. However, they do not have MetaTrader platforms which might be a disappointment for those who are already familiar with those platforms. If that is the case, you might want to consider The Funded Trader instead, as they have both MT4 and MT5.

  • Bookmap X-Ray
  • CTS
  • daytradr
  • InvestorRT
  • MotiveWave
  • MultiCharts
  • Order Flow Trading
  • R | Trader Pro
  • Sierra Chart
  • Trade Navigator
  • net
Topstep Trading Platforms
Topstep Trading Platforms

Instruments

With the Topstep Trading Combine you can trade top futures contracts such as:

  • E-mini S&P 500 and NASDAQ 100
  • Crude Oil
  • Gold
  • Interest Rates
  • Micro Indices

They are lacking in terms of forex trading instruments.

Resources

You can find a range of useful resources on the Topstep website including a blog, videos and podcasts. These are very informative and can help you to improve your trading skills and knowledge of the markets in your own time.

Topstep Funded Trader Benefits
Topstep Funded Trader Benefits
Maximum capital$150,000
Profit splitUp to 90%
ScalingYes
News tradingNo
Weekend tradingNo
Automated tradingNo
Free trialYes
Maximum leverageN/A
Topstep Features

Topstep Review

Conclusion

Through a “learn by doing” methodology in a simulated futures trading environment, Topstep was developed to support and educate traders. Both novice and seasoned investors will enjoy the exciting conditions offered by the funded profile, which includes access to a number of platforms, educational materials, a free trial period, and reset options. All of this makes it one of our top prop trading firms for investors eager to capitalise on their expertise.

8.7Expert Score
Topstep Rating

For retail traders, Topstep is the one of the best funded account options. Their objective is to provide a secure environment where traders may turn their passion into a profession and securely participate in and earn from the financial markets. Topstep look to produce better traders, with healthier habits, through learning by doing. Trade up to $150,000 in capital and share 90% of profits.

Programs
9
Conditions
8
Features
9

Topstep Review

FAQ

What Is Topstep Trader?

Futures prop trading company Topstep assists traders in obtaining funds. The company assesses potential retail traders’ capacities for success in a funded account setting using specialised technology and Trading Combine.

How Does Topstep Work?

Traders strive to fulfil standards in order to be approved for a funded account. A two-step evaluation method in real-time simulated accounts is used to recruit investors. For those that succeed with TopstepTraders, a funded futures account with a 90% profit payout is available.

How Much Does A Topstep Funded Trading Account Cost?

Monthly fees for a Topstep funded account vary by buying power; $165 per month for $50,000, $325 per month for $100,000, or $375 per month for $150,000.

What Instruments Can You Trade With Topstep?

TopstepTraders can invest in a subset of Chicago Mercantile Exchange CME Futures Contracts. This includes equity futures; S&P 500 and NASDAQ, CME NYMEX Futures such as Crude Oil and Natural Gas, or CME CBOT Equity Futures including Mini-DOW (YM) and Micro Mini-DOW (MYM).

Is Topstep A Legitamte Prop Trading Firm?

Topstep is a legit prop trading fund based in Chicago, just a few stops on the L away from the Chicago Board of Trade and a stroll across the river from the Chicago Mercantile Exchange. They’ve become a fixture in the Chicago futures trading community.

How Do I Pass The Topstep Combine Account Requirements?

Two main criteria must be completed in order to pass the Topstep Combine requirements, proving profit potential and controlling risk. You can use the free trial to hone your skills since there is no clear-cut way to pass the Topstep Combine programme. In the end, you’ll be better equipped to manage a live account.

Can I Make Money On Topstep Trader?

Yes. The first $5,000 in profits generated by financed traders are theirs to retain, along with 80% of any additional profits. However, the virtual capital from the Trading Combine is only a placeholder; you won’t be able to turn a profit until you get a filled account.

Is Topstep Regulated?

There is no need for regulation because it does not provide any financial services. Indicators of validity and dependability include security features, industry recognitions, and responsive customer service.
Topstep Review
Topstep Review
Prop Trading Firms

Prop Trading Firms

ProprietaryFirms.com is a website dedicated to reviewing prop trading firms. With an increasing demand of aspiring traders who are looking to get a funded account, there are more and more prop trading firms popping up nowadays. We can help traders to find the prop firms that meet their needs.

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