Topstep Review

Topstep is a well-known prop trading firm from the United States.

But is Topstep a scam?

No, it isn’t!

Update:

We can’t recommend Topstep anymore, as our account was blocked without sufficient reason or explanation. We contacted the support, but they are unwilling to find a solution. You can see this behavior in several negative reviews on Trustpilot as well.

Please have a look into FTMO or The Trading Pit instead.

You can share your experiences with Topstep within our comment section.

Key Takeaways

• Topstep is one of the big players in the prop trading business, and it has a very beginner-friendly evaluation program. Their one-step combine program allows you to earn a funded account in just 4 days
• Topstep has a generous 90/10 profit split (you get to keep the first $10,000 of your profits entirely) and provides extensive resources like Topstep.tv, resourceful blogs, and online communities to help you learn to trade futures
• Find out all the features, pros, and cons in our updated review of Topstep so you can decide whether it’s right for you

About Topstep

Topstep LLC is a legit and well-established Chicago based proprietary trading firm founded in 2012 by CEO Michael Patak. The founder is a former floor trader at the Chicago Board of Trade. He initially named the company Patak Trading Partners and then TopstepTrader.

In 2020, they streamlined their branding to Topstep. They’ve been recognized nationally on the Deloitte Technology Fast 500 and Inc. 5000 lists and even named one of Chicago’s best workplaces.

And their track record in the world of prop trading is impressive. Topstep has facilitated over 20,000 funded accounts and surpassed $23 million in trader withdrawals since 2020. In March 2024 alone, they funded over 20,000 new accounts.

Safety and Regulation

Topstep LLC, the Chicago-based firm behind the Topstep prop trading platform, operates within the legal framework of Chicago, Illinois. But it’s not regulated. However, prop firms generally don’t need to be regulated as they don’t handle client funds directly.

Our findings show that Topstep is very transparent about its practices. For funded accounts, Topstep partners with Equiti Capital, an ECN broker, to handle trader funding. ECN stands for Electronic Communication Network.

According to Traders Union, Topstep ranks #1 out of 40 companies in their TU rating. Furthermore, Topstep has a 4.6 star rating on Trustpilot as well. This suggests Topstep is highly regarded by traders.

Accepted Countries

Topstep offers its funded trader program to a wide range of countries. This means even non-US citizens can become funded traders.

However, there are a few exceptions. They can’t legally do business with individuals from countries on the US government’s “sanctioned countries” list.

Additionally, some countries may have restrictions or limitations that prevent Topstep from offering their services there. Here’s a list of countries that are accepted.

• Australia: Yes, registration is possible
• Canada: Yes, registration is possible
• Ghana: No, registration isn’t possible
• Hong Kong: Yes, registration is possible
• India: Yes, registration is possible
• Ireland: Yes, registration is possible
• Kenya: Yes, registration is possible
• New Zealand: Yes, registration is possible
• Nigeria: Yes, registration is possible
• Pakistan: No, registration isn’t possible
• Philippines: Yes, registration is possible
• Singapore: Yes, registration is possible
• South Africa: Yes, registration is possible
• United Kingdom: Yes, registration is possible
• United States: Yes, registration is possible

Evaluation Process

Topstep has a simple one-step evaluation process to see if you’re ready for a funded trading account. They offer three different account sizes: $50k, $100k, and $150k. You can also choose from multiple currencies.

First, you’ll take the “Trading Combine.” This is step 1 of you evaluation phase. This is a simulated trading program that tests your trading skills and risk management. Pass the Trading Combine, and you’ll qualify for an “Express Funded Account.”

This is another simulated account, but with real market conditions, you can take payouts. If you can consistently demonstrate your trading skills and follow the risk management guidelines on the Express Account, you can upgrade to a full “Live Funded Account.”

Here is how you can get to your live-funded trading account:

1. The Trading Combine
2. Express Funded Account
3. Live Funded Account

The Trading Combine

The Trading Combine is your first step towards a funded futures trading account. It’s a simulated challenge where you can showcase your trading skills and risk management. Think of it as a tryout. You perform well, and you’ll qualify for the “Express Funded Account”.

To pass this step, Topstep requires traders to focus on three things. Reaching and maintaining a specific profit target, keeping your best trading day’s profit below 50% of your total gains, and most importantly, avoiding exceeding the daily loss limit.

Topstep offers three account sizes to choose from:

Express Funded Account

The Express Funded Account is a simulated “Funded Level” account you receive after successfully completing the Topstep Trading Combine program. Even though this is a simulated trading account, you still get to keep your earnings.

This lets you experience the dynamics of live trading, including real market conditions and risk management, in a simulated environment. Pass this phase to get a full-fledged “Live Funded Account.”

Live Funded Account

After performing well on the Express Funded Account, Topstep’s risk managers will keep a close eye on your trading to see if you are ready to trade with real money.

If they see consistent success and responsible trading habits, they’ll contact you directly to offer a full-sized Live Funded Account. The wait time to get this futures-funded trader account can vary depending on each trader’s individual performance.

Challenge Trading Rules

There are a few general rules that you should know:

• Profit Target
• Profit Split
• Trading Period
• Minimum Trading Days
• Maximum Daily Loss
• Maximum Loss
• Maximum Position Size
• Maximum Capital Allocation and Multiple Accounts
• Trading Types
• Leverage
• Trading Style
• Trading Hours
• News Trading
• Weekend and Overnight Trading
• Expert Advisor
• Copy Trading

Profit Target

The evaluation program focuses on both your ability to make money and manage risk effectively. There’s a profit target you need to reach, depending on your chosen account size:

But it’s not just about one big win. They also emphasize consistency, so your best single day shouldn’t make up more than 50% of your total profit target. This rule also applies to Express Funded Accounts.

Profit Split

Once you earn a funded account, you’ll keep a significant portion of the profits you generate. Their profit split is 90/10, meaning you get to keep 90% of your earnings, while Topstep keeps 10%. For beginners, there’s a bonus perk. You keep your first $10,000 profit.

Trading Period

Topstep doesn’t have any strict trading duration requirements. Feel free to take your time following all the rules to reach your goals.

Minimum Trading Days

The challenge to get a Topstep funded trader account can be passed in just 2 days if you trade well within their trading guidelines.

Maximum Daily Loss

The maximum daily loss limit depends on your account size.

• $50K Account: $1,000
• $100K Account: $2,000
• $150K Account: $3,000

If you exceed the limit during the day, your trading will be stopped automatically. But don’t worry, you can still try again the next day and qualify for funding.

Maximum Loss

Topstep protects your profits with a Maximum Loss Limit. This limit trails your account balance high, ensuring you keep your earnings. If your trading dips below this limit during the day, your trades will be stopped to prevent excessive losses.

Let’s say you start with a $50,000 Topstep Combine account. You make a smart trade and end your first day with a balance of $50,500. This sets your Maximum Loss Limit to $48,500 at the end of a trading day.

Even if your trading doesn’t go as planned the next day, you’ll never lose more than $2,000 thanks to this limit. The limit automatically adjusts each day based on your highest balance.

Maximum Position Size

The maximum position size restricts the number of contracts you can trade at once. These are the maximum number of contracts depending on the account size:

• $50K Account: 5 Contracts
• $100K Account: 10 Contracts
• $150K Account: 15 Contracts

Maximum Capital Allocation and Multiple Accounts

Topstep doesn’t have any maximum capital allocation rule. Instead, they manage risk by limiting the number of contracts and buying power.

For multiple accounts, you can actually have multiple Trading Combines running at the same time to try for different account sizes.

However, there’s a limit of three Express Funded Accounts at once. Once you have three and pass another Combine, your new account will be on hold until you free up a slot.

Trading Types

There are a lot of futures products you can trade with Topstep. However, swing trading and forex trading aren’t allowed. Here is a list of supported products that you can trade with Topstep:

• CME Equity Futures
• CME Foreign Exchange Futures
• CME Agricultural Futures
• CME NYMEX Futures
• CME CBOT Commodity Futures
• CME CBOT Equity Futures
• CME CBOT Financial/Interest Rate Futures
• CME COMEX Futures

Leverage

Topstep doesn’t allow forex trading, so you don’t get leverage in a traditional sense. Instead, they give you access to futures markets.

With this, you can trade a lot (up to 15) without putting down a big deposit. By increasing your contract size, you get more leverage in Futures.

Trading Style

There are no specific trading styles that Topstep specifies. As long as your trading strategies comply with the company’s general rules, you are free to select different type of trading strategies.

Trading Hours

Market hours are Monday through Friday. Positions can be opened and closed during trading hours. All positions must be closed by 3:10 PM Central Time each day in order to avoid overnight risk. You can resume trading again at 5:00 PM CT on Sundays.

News Trading

Trading during the news is allowed at Topstep. In any case, it’s highly recommended that you use caution or avoid trading when a release is coming up.

It might affect a product you’re trading. And it’s hard to trade economic releases consistently and profitably because of extreme volatility and large price swings.

Weekend and Overnight Trading

Topstep focuses only on day trading and doesn’t allow overnight and weekend trading. So, you will need to close all positions by 3:10 PM CT on weekdays to avoid overnight risk.

You can re-open positions on Sundays at 5 PM CT.

Expert Advisor

While Topstep allows automated trading strategies (EAs), they won’t help you set them up, troubleshoot issues, or take responsibility for any problems. So, technically yes, EAs are allowed, but proceed at your own risk.

Copy Trading

Our team discovered through using this product that copy trading is allowed for both funded accounts and the Trading Combine (simulation account). However, trades can’t be copied between simulated and live accounts.

Trading Platforms

Topstep provides flexibility with platform choice with over 14 supported trading platforms. However, Topstep recommends using their own platform, TopstepX.

They also support other platforms for trading futures like NinjaTrader and Quantower. Here is a list of trading platforms supported by Topstep:

• TopstepX (Invite Only)
• NinjaTrader
• Quantower
• Tradovate
• TradingView
• T4
• R|Trader Pro
• ATAS OrderFlow Trading
• MotiveWave
• VolFix
• Bookmap
• Investor/RT
• Jigsaw Daytradr
• MultiCharts
• Sierra Chart
• Trade Navigator

Trading Instruments

With Topstep focusing on futures trading only, traders can access most of the futures contracts available from the CME Group. Here is the list of supported trading instruments:

CME Equity Futures:

• ES
• NQ
• RTY
• NKD
• MES
• MET
• MNQ
• M2K
• MBT

CME FX Futures:

• 6B
• 6C
• 6A
• 6E
• 6J
• E7
• 6S
• M6E
• M6A
• 6M
• 6N

CME Agricultural Futures:

• LE
• HE

CME CBOT Agricultural Futures:

• ZC
• ZW
• ZS
• ZM
• ZL

CME CBOT Equity Futures:

• YM
• MYM

CME CBOT Financial/Interest Rate Futures:

• ZT
• ZF
• ZN
• TN
• ZB
• UB

CME COMEX Futures:

• GC
• SI
• HG
• MGC
• SIL

Brokers

While some prop firms keep their partnered brokers confidential, our findings showed that Topstep uses Equiti Capital as a broker. It’s a well-known ECN broker and has great credibility.

Other Products

The path to becoming a funded trader is challenging. That is why Topstep offers more than just their evaluation process and funded accounts. If you want to get through the Topstep program, we suggest you take a look at the resources first.

There’s a lot of free content to get you started, including video courses on YouTube, blog articles, and a library of educational videos on Topstep.TV.

Even though Topstep offers plenty of resources, webinars, courses, and even coaching to help you become the best trader you can be, it’s important to remember that trading contains substantial risk.

Do your research and be prepared for the challenges before you start. With that said, here’s a quick rundown of their additional resources:

• Trading 101
• Free Coaching
• Blog
• YouTube Channel
• Discord Community
• Topstep.TV
• Coach T

Trading 101

Trading 101 is a great starting point for new traders. With over 13 beginner-friendly articles, you can learn the basics of chart reading and technical analysis. You can think of this is a self-help guide to becoming a profitable trader.

Free Coaching

The Free Coaching at Topstep offers various resources to jump-start your trading journey. And if you want more in-depth guidance, they also have paid coaching programs available.

Both of these can be a good option if you’re looking for a more personalized touch from experienced mentors to gain trading experience and learn different trading strategies.

Blog

Drawing from our experience, the blog at Topstep is a real standout. They offer a ton of in-depth articles on everything from market analysis to trading strategies.

YouTube Channel

This channel features both live-streamed broadcasts and a library of pre-recorded videos, all delivered by Topstep’s team of trading experts.

Discord Community

Topstep also maintains an active Discord trading community where you can interact with other traders, ask questions, and potentially benefit from the collective experience within the group. You can also discuss markets directly with Topstep’s Performance Coaches.

Topstep.TV

TopstepTV is a free resource that provides live-streamed educational content for futures traders. This platform features live shows with experienced traders and educators on topics such as market analysis, trading strategies, and more.

Coach T

Coach T is a digital tool that you can access from your dashboard. It acts as your personal trading coach.

This tool provides a checklist to help you build your trading plan, a journal to track your progress, helpful guides, and various tools and statistics to analyze your performance.

Prices and Challenge Fees

To participate in the evaluation (also called Trading Combine), you’ll need to pay a monthly subscription fee that depends on the account size. Here’s a breakdown of the fees:

• $50K Account: $49/month
• $100K Account: $99/month
• $150K Account: $149/month

If you violate the rules during evaluation, you can reset your progress for an additional fee (the same cost as your monthly fee).

After you pass the evaluation phase and get an Express Funded Account, you will need to pay a one-time activation fee of $149. The fee is the same for all account sizes.

And when you get a Live Funded account, there will be a $135/month cost per exchange depending on the trading platform.

Payment Methods and Payout System

Topstep accepts these payment methods:

• American Express
• Mastercard
• Visa
• PayPal
• Discover

Their payout policy offers you flexibility and fast access to your earnings. You can request payouts weekly after meeting specific requirements. To withdraw funds, you must meet a minimum payout threshold of $125.

It may take up to 10 business days for payouts to be processed. Once you’re eligible for a payout at Topstep, you can choose how you want to receive your funds. They offer a variety of convenient options to fit your needs.

Wise and ACH are the fastest, taking just 1-3 business days. Wire transfer is a bit slower at 3-5 business days, while international wires can take up to 5-10 business days to arrive.

Registration and KYC

Follow this step-by-step guide to register with Topstep:

1. Head over to the Topstep website to begin the registration process.
2. Then click on the “Earn Funding” button at the top right of the homepage. Just one click will lead you to the registration page.
3. Three account models (50K, 100K, 150K) will be shown in the first window. In the small drop-down box to the right, you can select your desired currency. Click the “Select” button to choose your account.
4. After that, you’ll see a small puzzle designed to protect your account.
5. Once you pass the simple test, you can register. You’ll need to enter your name and email address. You’ll also need to enter your password and user name.
6. Check the box to confirm Topstep’s terms. Then click “Start Trading”.
7. In the next window, you will need to enter your phone number and click send verification code. They will send you a verification code to verify your phone number.
8. Then, review your order details, make the payment, and click complete purchase.
9. Topstep will send all the credentials to your email address so you can start trading.

You have to go through KYC verification before you get paid. Photo ID and address proof are required.

In addition, you won’t sign a merchant contract with Topstep until you receive a Live Funded Account in the third phase.

Discount and Promo Code

Topstep sometimes offers discounts on their website. Check their homepage or social media pages for deals on the monthly Trading Combine fee. These could be a flat rate or a percentage discount.

At the time of writing this review, we haven’t seen any ongoing promotions running. However, they seem to have reduced their monthly subscription fees for their Combine accounts.

Free Trial and Demo Account

Topstep doesn’t offer free trials. But they do give you a 150K practice account along with your Trading Combine account. You can switch between Trading Combine and Practice Account in your dashboard.

This practice account allows you to test different strategies without affecting your main account. In addition, you can reset this practice account without paying any reset fees if you hit or exceed your Maximum Loss Limit.

Mobile App

Topstep doesn’t have a mobile app for managing accounts or trading. To get the best experience, use their web dashboard on a computer.

Customer Service and Support

Topstep offers strong customer support for new traders. They have a live chat on the website where Topstep employees are ready to answer all your queries.

Since Topstep employees do not work 24/7, Live chat is available only during Chicago business hours.

You can also send a detailed message via email and get a full response. And if you want to connect with others, join their Discord community. Their AI assistant can even answer common questions, saving you time.

There’s also a FAQ section where you can find almost all the information you need about prop trading at Topstep.

Taxes

Topstep is a prop trading firm and not a typical investment firm. They won’t handle the actual tax filing or payment for you. Even though you’re using the company’s capital, you are ultimately responsible for the taxes on your earnings. Learn more in our dedicated guide about “Prop Trading Taxes“.

Alternatives to Topstep

Here are some prop firm alternatives that you might be interested in:

Earn2Trade

Earn2Trade is a strong alternative for beginner and professional traders looking to jump into live futures trading quickly. The Gauntlet Mini Path bypasses lengthy evaluations and allows you to focus on real-time trading sooner.

The Trading Pit

The Trading Pit offers a wider range of instrument choices beyond just futures. They offer CFDs on stocks, forex, and other assets, making it suitable for traders who want to trade both futures and forex.

Apex Trader Funding

If you want to keep more of your initial profit, Apex Trader Funding is a good choice. You can keep 100% of your profits for the first $25,000. Plus, they have been around for a long time, with a solid track record since 2008.

Conclusion

Topstep is a popular choice similar to other prop trading firms, with tons of positive reviews from real traders on Trustpilot and Traders Union. We did some digging, too, and everything checked out.

Based on our firsthand experience, we can confidently say that Topstep is a legitimate prop trading platform for both beginners and experienced traders to get started.

Frequently Asked Questions

Here are the most common questions about Topstep:

Is Topstep legit or a scam?

Topstep is a legitimate company with an established track record. They also have a high Trustpilot score and are ranked #1 on Traders Union. Click on “Safety and Regulation” for more information.

Is Topstep regulated?

No, Topstep is not regulated since it is not a broker. However, they use a regulated broker. You can find more information about this under “Safety and Regulation“.

What is Topstep?

Topstep is a prop trading firm that trains and evaluates prop traders. See “About Topstep” for more information.

What broker does Topstep use?

For funded accounts, Topstep uses Equiti Capital as a regulated Electronic Communication Network (ECN) broker to execute your trades. Check out the “Brokers” section for more information.

How many Topstep accounts can I have?

After passing the evaluation, you can have up to three Express Funded accounts. You can learn more about this under “Maximum Capital Allocation and Multiple Accounts“.

Where is Topstep located?

Topstep is located in Chicago, Illinois. Read more about this in “About Topstep“.

Does Topstep allow an Expert Advisor or Copy Trading?

Topstep trader allows EAs, but you’ll need to use caution since they won’t set it up for you. Copy trading is allowed as well. Click on “Expert Advisors” and “Copy Trading” for more information.

Is Topstep legal in the US?

Topstep has been operating legally in the US as a trusted prop trading firm since its establishment. See the “Accepted Countries” section for more information.

How long has Topstep been around?

Topstep has been around since 2012. At first, it was TopstepTrader, but it became Topstep in 2020. Click on “About Topstep” to learn more.

How much does Topstep cost?

Topstep charges a monthly fee that ranges from $49 to $149 based on the size of the evaluation account. Check “Prices and Challenge Fees” for more information.

How often does Topstep pay out?

As long as you meet their requirements, you can request payouts weekly from Topstep. In “Payment Methods and Payout System“, you can find out more about this.

Liam Matthews

Having more than eight years of trading experience, I know how hard it is to find a good and reliable Prop Trading Firm and not to choose the wrong one. With PropTradingScam.com I want to help you to pick the right one, stay safe, and share your experience.