Top Step Trader Prop Firm Review-Fees, Leverage & Trader Support
Topstep is a proprietary trading firm that hires traders and provides them with capital, risk management strategies, coaching, and support to help them succeed in trading.
The firm will pay you using a profit split model, where traders keep 100% of profits up to $5,000 and 80% thereafter. This model aligns the interests of both you and the company, because you are incentivized to perform well and grow the account.
Is Topstep Legit?
Topstep is one of the oldest and most well known prop firms. Unlike some of the newer entrants to the market who seem to be operating out of either in Eastern Europe of the Middle East, the company based in Chicago and has been in business for decades.
The company funded 8,389 accounts in 2021 and has gained popularity and trust among traders worldwide.
How To Make Money With Topstep
To participate in Topstep’s program, you must first prove your trading skills and risk management abilities to earn a funded account. Once accepted, you can choose from three available account sizes, based on their trading preferences and objectives.
The account size options are determined by several factors, including monthly pricing, buying power, profit target per step, number of contracts, loss limits, and trailing maximum drawdown.
This provides flexibility for you to select an account size that matches your trading style and financial goals. As you demonstrate success, you will have the opportunity to earn more funding incrementally, which encourages continuous improvement and growth.
What Platform Does Topstep Use?
They actually use and support several platforms. The firm offers traders the flexibility to use platforms they are familiar with or prefer, including NinjaTrader, TradingView, TSTrader, Bookmap, Investor/RT, Trade Navigator, Sierra Chart, Jigsaw Daytradr, MultiCharts, RITrader Pro, and VOIFix.
Training & Support For Traders
The company provides group performance coaching sessions and access to private trading coaches, including AI coaching. There is a genuine commitment to helping traders develop their skills and make informed trading decisions. The availability of professional trading tools and resources is an additional benefit, as it can enhance traders’ efficiency and performance.
Topstep Fees, Leverage, Support & Bonuses
- Topstep offers several attractive features to its traders. The free 14-days trial allows potential traders to experience the program without financial commitment initially.
- They offer leverage of up to 1:100. This is a significant advantage, as it allows you to control larger positions with a relatively smaller amount of capital, potentially leading to higher returns.
- They have a referral program that encourages its traders to spread the word and grow its user base and earn a commission.
- They have several tiers of fees depending on the type of account that you want and the buying power you will have. Fees/charges: $165/month, $325/month, and $375/month for $50,000, $100,000, and $150,000 buying power respectively.
- There are no bonuses from the broker Equiti Capital, which might disappoint some traders who expect such incentives.
- The support service is limited to weekends, which may be inconvenient for traders who need assistance or have inquiries during weekdays.
Remember to do your own due diligence and be through in your research before you join any prop firms. Hopefully this article can get you started on the right path.
