TOPSTEP
Pros
- HIGH 1:100 LEVERAGE
- UP TO $500,000 IN BUYING POWER
- SIMPLE CHALLENGE RULES
- SMALL MONTHLY FEE
- FUTURES AND FOREX SPOT
Cons
- NO WEEKEND HOLDING
- LACK OF SCALING
Being a trader is hard and making a few percent per month isn’t going to pay the bills on most traders accounts – sadly. Sometimes taking on investors capital is the only way to go from a hobby trader, to a fully fledged professional trader. However, finding investors is time consuming, has a lot of legal paperwork and requires traders to have many years of solid trading results. This is where prop firms come in…
In this article we are going to be looking at Topstep Fx, a forex and futures focused prop firm offering a huge amount of funding to profitable traders, in exchange for a profit split. The company is one of the largest in the industry and for good reason. Let’s take a look at the pros, cons and my experience with Topstep Fx…
Lux Trading Firm
Lux Trading Firm are a highly rated prop firm offering initial funding of up to $150,000 with a 75% profit split.
As well as the initial funding, there is no time limit on hitting profit targets, weekend holding is allowed and they offer an amazing scaling program up to $10M, making it a perfect funding option for swing traders and day traders.
- Real Money Funding
- Brick & Mortar Business
- Great Reputation
- Funding Up To $10,000,000
Who Are Topstep Fx?
Topstep
, founded in 2012 and based in the US, is a prop firm offering funded accounts to traders for both Futures and Forex. It’s founder, Michael Patak, was a trader himself before deciding to take it to the next level and traders who have funded accounts with Topstep have withdrawn over $2 million in 2021 alone. The company have a self proclaimed mission to provide traders with a safe platform where everyone profits.
Before gaining a funded account, as with other prop firms, traders will need to pass the initial evaluation process to demonstrate their skills and prove that they have what it takes to trade live with Topstep. Once passing the valuation, there are several different account sixes to choose from whether you’re trading Futures or Forex so you’re able to choose a buying power tat is catered to you and suits your style of trading. Futures accounts, for example, range from $30k to $150k. Profit target, maximum drawdown and maximum loss are all dependent on the account size you have chosen- increasing the bigger the account is. There are 3 Forex accounts, from $200k buying power to $500k. Again, details such as profit targets vary according to the account type, and they have a really great leverage of 100:1, meaning you’re able to scale up quickly should you wish to.
There’s a really wide range of currency pairs and futures to choose from which means traders from many different backgrounds are catered to when working with Topstep Fx. Furthermore, Topstep use MT4 which is a widely known and used platform by many traders. Having previous experience with it, we know it offers a really great platform to trade on with great software and analytics. Most of the top prop firms like FTMO, CTI and 5%ers all offer MT4 as a trading platform, so it’s definitely worth getting used to!
Getting Funding With Topstep Fx
Step 1 is to prove you can profit. Traders need to hit a profit target, which is dependent on the account size chosen. Buying power variates depending on which account you’re trading with. For example, the $300,000 account size has a profit target of $1,500 with an account loss limit of $2,000. Maximum Position Size is 3 Lots with this account, for example- so whilst most traders will want to have a much smaller position size, the potential to upscale this is there.
Step 2 is all about managing risk. So, with the $300,000 account, the profit target doubles in size to $3,000. The account loss limit is still the same, however the weekly loss limit halves to $1,000 (being $2,000 in Step 1). Of course, these figures will vary across accounts but the general idea is there, as restrictions are tightened within Step 2 with an increased profit target.
Traders are required to pay a monthly fee whilst completing the evaluation, which varies depending on the account size. After passing both steps, traders are able to get a funded account to trade live!
What Makes Topstep Fx Different From Other Prop Firms?
One thing to consider when looking at Topstep Fx that makes it different from other prop firms is the fact that traders are required to pay a monthly fee whilst completing Step 1 and 2 before moving onto the funded account. Most firms require an initial upfront cost which in some ways seems less expensive. However, having a monthly fee can potentially be cheaper for traders who have the experience needed and the confidence in their skills to complete the initial evaluation quickly. You essentially end up paying in relation to how experienced you are. The main differences between Topstep Fx and other companies is going to be:
- Expert trading mentors and coaches, with serious institutional experience.
- Long standing company, with industry ties since 2012.
- 80% profit split, which is much higher than average. FTMO, the largest prop firm
in the industry offer 70%, for context. - Simple trading objectives. Unlike some of the prop firms near the bottom of our ranking list, Topstep Fx will just fund you if you pass the objectives – no funny business.
Topstep actually offer coaching to traders. So, for those who are looking into trading or wishing to expand their skills a bit before attempting the funded account, Topstep offers three kinds of coaching including Personal, Digital and Group coaching which means now matter how you prefer to learn, they can offer you the tools to build on your experience as a trader. Even better, the group coaching is FREE. We would highly recommend looking into coaching if you’re on the fence about trying for a funded account and it comes with some really positive reviews.
Most of the other companies listed on our Top Prop Firms List do not offer any kind of Futures trading. Even the highest rated companies like FTMO don’t offer Futures, which is really what sets TopStep away from the crowd and is a huge plus for those traders that prefer the edge found in the Futures Market.
Is Getting Funding From Topstep Fx Realistic?
In short, yes it is super realistic to expect to get a funded account with Topstep Fx. In all aspects they offer a great range of tools to ensure that your trading conditions are optimized to your own style. Not only do they offer both Forex and Futures to trade with, the range of instruments within both is massive and each has a really good range of accounts. This means that whether you’re more confident starting off with less buying power, or you’re looking to really take it to the next level with a lot of capital, there is something there for you.
Their simple 2 step process with a solid set of rules ensures that you trade in the best possible way with the best outcome. What’s more, their coaching programmes are there to help you out should you need that extra boost or you’re starting off a complete novice! Beyond the programs offering instant funding like DT4X Trader, the majority of prop firms operate in this 2 step challenge way.
Topstep Fx Education & Support For Traders
With so many educational resources online, like Babypips, the majority of forex prop firms on our Top Prop List don’t actually offer any educational support at all. However, Topstep are breaking that trend and offering coaching for traders.
There are 3 different types of coaching that traders can make the most of:
- Digital Coaching
- Group Coaching
- Personal Coaching
It’s worth noting that the coaches are not your run of the mill forex retail traders, with a few years of track record. These coaches are seasoned professionals with real institutional backgrounds, like John Hoagland for instance, who has nearly 40 years of futures experience, with half of that being on the CME floor – very impressive.
The group coaching sessions are completely free and a great way to dip your toes, meet the coaches and meet fellow traders in the same situation as yourself! You can join the group here!
Topstep Fx Reviews- What Are Other Traders Saying?
As always, we like to consider other reviews to provide you with all the information we possibly can about the prop firm and Topstep Fx does not disappoint. With an Excellent rating on Trustpilot, it comes highly recommended by other traders who have had a really good experience with the company. Have a look at some reviews below to see what traders are saying.
Traders are commonly praising the initial evaluation and it’s slightly stricter set of rules. Whilst this seems like a pain initially, it actually means traders are using their skills to the best of their ability and are being pushed to be the best they can possibly be. Traders say that whilst it’s tough, the support is great and it provides a platform for traders to become truly professional and take their trading to the next level. As much as these instant funding prop firms like MyForexFunds are brilliant, sometimes having to pass these tests and strict rules can positively impact your trading.
Summary- Are Topstep Fx Worth It?
In summary, Topstep Fx comes highly recommended by other traders AND us. The prop firm has an excellent reputation and not without cause. Offering instruments that caters to most trading styles and a wide range of account types, people looking to start an account with a prop firm should really be considering Topstep Fx.
With fairly stringent, yet fair, rules, starting a funded account with Topstep pushes you to the best ability and ensures you can advance your skills and make some really good capital all at the same time. Not only are they are a great prop firm, they offer services to all with their diverse range of coaching services. Overall we would highyl recommend signing up with Topstep and taking your trading to the next level.
I would recommend having a look at some of the other prop firms we have used and reviewed in our Best Prop Firms list, however, if you’re a futures orientated trader, you aren’t going to find better than Topstep!