TopStep is an online futures trading platform designed for investors with limited capital. The platform initially serves as an educational tool for new users, allowing them to make simulated investments using the TopStep platform. During this process, TopStep provides users with a number of metrics to meet during the simulation. If a user can meet these metrics, they can become a funded trader, allowing them to make genuine profits from their trades!
TopStep is best forโฆ
Day and futures traders of all levels. The simulated trading features are available to anyone with membership and provide a lot of hands-on trading experience (especially for new investors). Providing clear metric guidelines to meet, TopStepTrader will continually challenge users to improve their trading techniques. In addition to providing these goals, TopStep also offers education toolsโlike โPerformance Coachingโโwhich allows users to learn the best trading tips from real professionals. Traders who reach โFundedโ status will be given access to real funds from TopStep, allowing them to make a profit using the trading techniques theyโve acquired.
Pros & cons
The main appeal of TopStep is that it provides the opportunity to make trades using company funds. However, reaching the level of โFundedโ isnโt an easy task, and requires strictly adhering to the ever-changing restrictions that TopStep has in place for simulated trading. Although doable, not everyone can reach this level. However, every user can take advantage of the many educational opportunities that TopStep provides, which gives the platform a more well-rounded appeal to the average trader.
Pros | Cons | ||
14-day free trial
No credit card needed for trial Many educational tools Risk-free simulation investing Funded investing |
Challenging to become funded trader
Coaching is expensive Pricey membership fees Resets are $100 |
Minimum investment
As mentioned previously in this TopStepTrader review, TopStep doesnโt require a large monetary investment from new users. In fact, you can actually test the platform out for two weeks (for free!). Many online services offer free trials, but unlike much of the competition, TopStep allows you to do so without needing to provide your credit card. This means itโs truly risk-free to give the platform a try.
Once youโve passed the trial period then youโll need to get a paid membership plan. Youโll continue to pay for your plan until you become a โFundedโ trader. Currently, there are three membership options available: $50k, $100k, and $150k. These momentary values refer to the simulated funds youโll have during your membership. Each plan has different requirements that youโll need to meet before you can become a โFundedโ trader and begin to make real money!
- The $50k plan costs $165 per month.
- The $100k plan costs $325 per month.
- The $150k plan costs $375 per month.
Investment opportunities
After youโve made it through the simulation stages of TopStep and proven your investing prowess, youโll be given the opportunity to become a funded investor. Being โfundedโ on the trading platform means that TopStep will provide you with funds to invest. Depending on your plan, you will receive 100% of either the first $5,000 or the first $10,000 you make. After that point, youโll continue to receive 80% of the profits; TopStep will pocket the other 20%.
Itโs important to note that you can still lose your โFundedโ status if you donโt meet TopStepโs required metrics. Like many other terms and conditions on TopStep, these change constantly, so you should always double-check them to ensure that your funded account is compliant.
Convenience
TopStepTrader is compatible with many different trading platforms once you reach the โFundedโ level, including TSTrader, NinjaTrader, and TradingView. This makes the platform very convenient to use, as youโll have plenty of platforms to choose from. Different platforms may charge different fees, work on different devices, or offer specific third-party add-ons (that differ from the competition). We recommend either sticking with a platform youโre already familiar with or conducting some research to determine which trading platform will work best.
Limitations
This is the most important part of this TopStepTrader review: the limitations. While most people will likely join TopStep in hopes of earning โFundedโ status, this isnโt easy to achieve. TopStep claims that its stringent simulation trading requirements are designed to help users become better traders. To an extent, this is true. However, itโs these same requirements that make it unlikely that the vast majority of people hoping to become โFundedโ will be able to do so. Additionally, TopStep is constantly changing, updating, and refining these requirements, meaning what worked one year may not be doable in the next.
Summary
Hopefully, this TopStepTrader review has given you enough information to determine whether or not this platform is right for you. While becoming โFundedโ is an achievable goal, we recommend thinking of this as a secondary benefit: the first should be improving your investment skills via the available education opportunities. Itโs also worth noting that TopStep has an active online community where you may be able to benefit from the insights of other members. Click here for a two-week free trial on the TopStep trading platform: no credit card required!
The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision. London Loves Business bears no responsibility for any gains or losses.
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