Forex trading typically attracts traders with less capital. This is due to high leverages, abundant opportunities and low minimum deposits from brokers. With the forex markets also being one of the toughest, it’s hard for traders to scale their capital at any kind of decent pace. This is where prop firms can help…
In this article we are looking at Top Tier Trader, a new prop trading firm offering funded forex accounts ranging from $25,000 to $200,000! With great reviews, a scaling plan and bi-weekly payouts, it could be the prop firm for you! Let’s find out more…
Who Are Top Tier Trader?
Top Tier Trader are a new forex prop firm offering funding for profitable traders. The company offers accounts all the way up to $200,000, then allows scaling up to $2M. With 1:100 leverage and a very simple challenge based system, it’s clear to see how the company has such a good reputation within just a few months of business!
The skill based challenge is exactly like what you’d find with FTMO, however, Top Tier Trader also offer crypto trading, bi weekly payouts and a partnership with Vital Markets. It sounds like an obvious choice, right? Well, let’s dive into some more information…
Funding From Top Tier Trader
Top Tier Trader is offering a range of funded accounts, starting at $25,000. The $25,000 account actually has the worst value for money, so I’d recommend going for the $100,000 account challenge if you’re in the market. If we compare the cost of accounts to some of the other prop firms, they are very competitive and actually come out cheaper in some cases, which is great!
Getting funded from Top Tier Trader won’t be a 5 minute job, so be prepared that it may take a good few weeks to actually get a funded account. This is due to the fact that you will be undergoing 2 challenges to test your ability as a trader. The fee for the account is completely refundable, if you manage to pass the challenge! Once you pass the challenges and get funded, there won’t be a profit target anymore so you can withdraw your profits bi-weekly and take advantage of their capital scaling plan every 3 months.
Is Getting A Funded Account From Top Tier Trader Realistic?
As we can see from the new YouTube channel, traders are getting funded- which is great news! As far as prop firms go, it’s relatively simple to get funding from Top Tier. They rely on the standard challenge model that most of the top firms rely on. In essence, you must pass a 2 stage test and if successful you will be awarded funding. If you fail, you’ll lose the refundable registration fee and have to repurchase if you are looking to try again.
So, what does the challenge entail?
Stage 1 – 10% Profit Target
The first stage is very simple, you must reach 10% profit on the account. You’ll have 30 days to do this, with a maximum total loss of 10% and a maximum daily loss of 5%. If you violate the daily or maximum loss, your account will be terminated. You also have 1:100 leverage for this, which is a huge amount and certainly gives you all of the tools you may need!
Stage 2 – 5% Profit Target
The second stage is again, very simple and actually much easier than the first stage. You’ll have 60 days to make a 5% profit on the account, with 5% maximum daily drawdown and a maximum loss of 10%. This is very easy to hit and if you managed to get through stage 1, this should be no problem for you. If you fail, you’ll lose the account and the refundable fee. If you pass, you’re now funded!
You would then get sent the login details for your new funded account! Once trading on this account, you won’t have a profit target anymore but the daily loss and maximum loss rules will still apply. Violating these rules will result in losing your account.
In short, getting funding from Top Tier Trader is realistic. They use the same challenge model as pretty much all of the top forex prop firms, so if you can’t get funding here, you will struggle anywhere! The only companies that make funding easier are DT4X Trader and MyForexFunds. These companies offer instantly funded accounts. They will cost slightly more, however, there’s no chance of failing the challenge and you can get started trading right away!
Top Tier Trader Reviews – What Does The Industry Think?
Top Tier Trader has an Excellent reputation on Trustpilot, with over 200 reviews and 90% of them are Excellent! The company has only been in the industry for the last few months, so it’s great to see that the funding is so well received by the industry. In fact, seeing only 2% bad reviews this early on in the companies history is brilliant and makes me really hopeful about this firm.
The reviews seem to all highlight how good the customer support experience was with the company. Any issues traders were having were all sorted within minutes and it seems that the attention to detail is impeccable. When there is a lot of money on the line this is really important, to have a company that replies quickly and can help you in any way possible.
There is nothing about the company on any of the forums yet, like ForexPeaceArmy for instance. This should happen over time, as more and more traders start using the funded accounts I think we will see much more exposure in the forums.
What Makes Top Tier Trader Different From Other Prop Trading Firms?
There is nothing that really sets Top Tier Trader apart from the other competitors in the industry but this isn’t actually a bad thing! As I’ve said before, the tried and tested challenge model does work and it allows profitable traders to reap the rewards of being funded. It also provides an incentive for traders to get more consistent and follow the rules. Typically, more complicated funding companies like Funding Talent eventually go bust, so simple is good!
The company is partnered with Vital Markets, which provides the trading conditions for the funded accounts. In all honesty, it doesn’t matter to use traders where the prices and liquidity is coming from, as long as the quotes are accurate, spreads low and execution is fast. Vital Markets tick all of those boxes!
Top Tier Trader Scaling Plan
Top Tier Trader, like many forex prop firms, now offer a scaling plan in order to reward consistently profitable traders and allow their accounts to grow. Many of the top 30 funded accounts are offering this now, so it’s great to see that Top Tier is also!
The company will look at your trading results at the end of every 3 month period. This means you could have an increase in capital 4 times per year, if you’re consistent across the whole year. To be eligible, you must be in profit with an average of 6% gain monthly, over the last 3 months. It’s ok if one of those months you were negative, as long as the 6% monthly average is there.
If you’re eligible, you’ll receive a 25% increase to your account balance. This means that the company will double your account balance every year, if you’re consistently profitable year round. This can continue all the way until $2,000,000 under management.
This is huge, but compared to some of the others in the market, this scaling plan is fairly slow. It is very comparable to FTMO, however, DT4X doubles account balances for every 10% made, which would of course be much faster.
In Conclusion – Is Top Tier Trader A Scam Prop Firm?
In summary, Top Tier Trader is a great prop firm offering funded forex accounts to traders around the world. The company has a great scaling plan, account sizes to suit all traders, 1:100 leverage and weekend holding is allowed! It’s clear to see how the company has such a flawless reputation in the industry and I have a feeling they will be a contender for some of the top spots in our ranking list in the next year.
If you have any experience trading with Top Tier Trader, please do let me know in the comments below, I’d love to know your experience.