Topstep FX has brought quite a revolution in the trading world after it was initially introduced back in 2012. This is a private company with high regards in the financial world - it was on the list of the fastest-growing companies in America in 2016 and 2017, as well as one of the most liked places to work in Chicago.
Topstep FX was created by Michael Patak. Patak was a successful floor trader at the Chicago Board of Trade. Every day he faced unsatisfied clients who couldn’t figure out what they were doing wrong while losing money with each new step. So, he figured out a way to trade safely with funded accounts which each client can earn after proving themselves through a simulation on the trading platform. And that’s how Topstep FX was created.
So, the question imposes, how is this profitable for the company? Namely, trading with simulated accounts until you’ve gained enough confidence and knowledge to get your very own funded account. That sounds a bit too good to be true, right? But fear not, because the handy team behind the Topstep FX has it all figured out.
The thing about Topstep FX is that it takes about 20% of monthly profits from the successful accounts. So, when you look at it like that, it is a pretty sweet deal for both sides. On the other hand, the vast variety of trading brokers out there are doing it wrong, by charging huge fees on demo accounts. As a result, the clients are often discouraged and can’t learn a lot in the process of demo trading. With Topstep FX, however, investing in your clients is the winning strategy that works both ways.
Platform and Execution SCORE: 83%
There are a lot of advantages to trading with Topstep FX platform. One of the first things that come to mind is that you can engage in a safe and trusting trading environment. There are no strings attached. You trade and learn as you go, and wait to see where it takes you. So, how does it work?
You can choose one of the three buying power accounts, which are simulating the actual trading experience. The options for the account types are $200.000, $300.000 and $500.000. After you’ve proven that you can successfully trade in demo mode with one of these accounts, you will be able to acquire the same amount of profits, provided exclusively by the brand itself. After that, you can enter the trading platform in real-time, and keep the profits to yourself (minus the 20% profits for the company).
After you’ve acquired one of the three accounts, you will also need to pay a monthly fee for holding it. For example, the fee for the $200.000 comes at $125 a month and a 100:1 leverage. Of course, you will not be able to use the full amount of $200.000. Rather, you will receive the initial $2.000 to start you off.
Similarly, the $300.000 account comes with a $165 monthly fee. This, of course, brings your starting value to $3.000, with a weekly loss limit of $2.000. And finally, the strongest account of $500.000 comes with a $275 fee per month, and a weekly loss limit of $3.300.
Trading Combine is the working title of this entire process. It consists of you showing off your trading skills, both on the demo and the real funded account. Trading Combine is a simulation that contains two phases. During the first phase, you can trade with most of the available currencies including USD, EUR and JPY to achieve the required target. After you’ve done so, the second phase will begin. During the second phase, you will need to reach that target again, but under one condition, to significantly decrease your weekly loss amount.
This can take some time, and it depends mainly on your own trading skills. From handling the obstacles to acquiring new knowledge on the go, these are some of the many features that will determine your trading journey at Topstep FX.
Withdrawal Speed SCORE: 76%
Another big advantage of this type of trading is that the withdrawals are instant. The only required condition that you will need to accomplish is to exceed the weekly loss limit. Other than that, the process for withdrawals is pretty smooth sailing. In addition, you will need to close all your positions by the end of each trading day in the US.
The depositing methods aren’t listed or explained anywhere, which is logical since you won’t need to deposit any money of your own. Rather, you will only trade with the funds that are already given to you after you’ve successfully completed the simulation. Also, the requirement is to, exceed the weekly loss limit, so you can receive the number of funds needed for the next opened position, and so on.
Support and Assistance SCORE: 56%
When it comes to supporting at Topstep FX, we could say that the entire experience is fully supported and guided. From the beginning till the end, you can rely on the Topstep FX support team through funding, education and other useful tools that will make your trading adventure complete.
The support section is divided into two tabs, Contact and Help Center. When you choose Contact, you will be presented with a brief form which you can fill out describing your problem. There is also a phone number you can use, and the response is guaranteed to be within 24 hours.
The Help Center, on the other hand, is much more detailed. It is regularly updated with relevant information and articles about trading with simulation to acquire funded accounts and other explanations about this unique type of trading.
Education and Tools SCORE: 81%
Considering that there is a new thing to learn with each step at Topstep FX, we could say that the entire webpage is one big educational experience. The homepage explains in great detail what this type of trading is all about, and how you can benefit from it. There are many advantages to it. It takes away a lot of the pressure while allowing you to take your own time and learn at your pace. This way, each trader can find their best selves when it comes to individual trading, as well as develop their own trading strategy. This way, they can contribute to the evolving trading landscape.
At Topstep FX, you can find a wide variety of educational tools, including tutorials, market news and other types of analysis. You can engage with the experts and hear their opinion on the current state of the market, as well as use the tools at your disposal as you see fit to compliment your unique trading adventure.