Trading with limited capital can be a significant challenge for many aspiring traders. However, TopstepTrader offers a unique opportunity for traders to trade other people’s money for a share in the profits. This trading platform has been gaining popularity since its inception in 2012 and has funded over 10,000 accounts.
In this review, we will closely examine TopstepTrader’s trading platform, costs and discounts, performance coaching and support, user feedback and ratings, and overall suitability for traders looking to test their skills with little risk.
TopstepTrader’s proprietary trading evaluation process is designed to help traders gain access to significant capital while minimizing their risk. The company offers two programs: Trading Combine and Funded Trader Preparation. The Trading Combine is a simulation platform that tests a trader’s trading skills and abilities. The Funded Trader Preparation program is designed to help traders prepare for a live trading account by providing a structured training program, coaching, and support.
TopstepTrader’s unique approach to trading has attracted traders of all levels, ranging from beginners to experienced traders, who seek to trade with limited capital.
Key Takeaways
- TopstepTrader offers funded trading accounts, trader education, and performance coaching for traders who want to trade other people’s money.
- Traders can trade various futures on TopstepTrader’s platform and must pass a two-step evaluation process to become funded traders.
- Funded traders keep the first $5,000 of profits and 90% of further profits, but are responsible for exchange fees and data feed costs.
- TopstepTrader has a transparent platform, offers a free 14-day practice account, and has received positive feedback from its funded traders.
Company Overview
In terms of the company overview, TopstepTrader is a Chicago-based organization founded in 2012 by Michael Patak, which offers funded trading accounts, trader education, performance coaching, and allows traders who qualify to trade with TopstepTrader’s capital on a funded futures trading account.
The company has grown significantly over the years, and has been named one of America’s 5,000 fastest-growing companies. It has funded over 10,000 accounts, and in 2021, processed over $3,200,000 in withdrawals.
TopstepTrader offers funding options to traders who can pass their Trading Combine, which has two steps. The first step involves trading for at least 5 days without rule breach and meeting the profit target of the chosen Trading Combine. The second step requires traders to reach the profit target again with harder rules and fewer contracts.
Starting balance in the Trading Combine determines the starting balance from the funded account. Funded traders keep the first $5,000 of profits and 90% of further profits, and can trade additional products listed at EUREX, CBOT, NYMEX, and COMEX.
Trading with TopstepTrader
Traders who qualify for TopstepTrader’s Trading Combine can trade a variety of futures products listed at CME, EUREX, CBOT, NYMEX, and COMEX. TopstepTrader provides traders with the opportunity to test their trading strategies and risk management techniques in a simulated environment before trading with real money.
The Trading Combine has two steps, where traders must trade for at least 5 days without breaching any rules and meet the profit target of their chosen Trading Combine. In step 2, traders must reach the profit target again with harder rules and fewer contracts. The starting balance in the Trading Combine determines the starting balance from the funded account.
TopstepTrader’s evaluation process is designed to assess a trader’s ability to trade with discipline and consistency. Funded traders can trade additional products listed at EUREX, CBOT, NYMEX, and COMEX. However, they are responsible for data feed costs charged by the exchange, and commissions and exchange fees differ depending on the products traded and brokers used.
Funded traders are also subject to real-time monitoring of the trailing maximum drawdown rule. Withdrawals can be requested at any time with a 7-business day payout time. TopstepTrader provides traders with a unique opportunity to trade other people’s money, but only those who are consistent and adhere to the rules and risk management techniques will succeed.
Funded Trader Preparation
The Funded Trader Preparation™ is the final step in TopstepTrader’s evaluation process to assess a trader’s ability to trade with discipline and consistency. This step is designed to prepare traders for the live trading environment and ensure that they can manage risk effectively. The Funded Trader Preparation™ includes a simulated trading account with real-time market data and a set of rules that must be followed. Traders must demonstrate their ability to trade profitably and manage risk before they can be funded.
Scalability options are available for funded traders who want to increase their trading size. Traders can request to increase their account size by completing a new evaluation process. The new evaluation process includes a higher profit target and stricter risk management rules. Funded traders can also trade additional products listed at EUREX, CBOT, NYMEX, and COMEX. However, they are responsible for data feed costs charged by the exchange. Overall, the Funded Trader Preparation™ and scalability options provide traders with the opportunity to trade with TopstepTrader’s capital and grow their trading business.
| Evaluation Process | Step 1 | Step 2 |
|---|---|---|
| Trading Combine | Trade at least 5 days without rule breach and meet the profit target of chosen Trading Combine. | Reach profit target again with harder rules and fewer contracts. |
| Starting Balance | Determines the starting balance from the funded account. | Determines the starting balance from the funded account. |
| Resetting Account | Traders can reset the balance and rules of their account for a fee of $99. | Traders can reset the balance and rules of their account for a fee of $99. |
| Profit Sharing | Funded traders keep the first $5,000 of profits and 90% of further profits. | Funded traders keep the first $5,000 of profits and 90% of further profits. |
| Additional Products | Funded traders can trade additional products listed at EUREX, CBOT, NYMEX, and COMEX. | Funded traders can trade additional products listed at EUREX, CBOT, NYMEX, and COMEX. |
Funded Trader Benefits
Funded traders can benefit greatly from trading with TopstepTrader’s capital. The company provides an opportunity for traders to access capital they might not have otherwise had access to and trade with it. Funded traders also keep a significant portion of their profits, which is a significant benefit for traders who are successful.
In addition to trading with TopstepTrader’s capital, funded traders can also trade additional products listed at EUREX, CBOT, NYMEX, and COMEX. This allows traders to diversify their portfolio and potentially increase their profits.
TopstepTrader also provides risk management tools to help traders manage their trades effectively. Overall, TopstepTrader’s profit-sharing model and risk management tools make it an attractive option for traders who want to access capital and increase their profits while minimizing their risks.
Trading Platforms and Costs
TopstepTrader offers a variety of trading platforms, with 14 platforms supported, including TSTrader, NinjaTrader, and TradeStation. However, using some of these platforms can incur additional fees for funded traders.
For example, using TradeStation with a funded account incurs a $150 monthly fee, while using NinjaTrader with a funded account incurs a $100 monthly fee. In addition, wire transfer fees under $500 for funded traders are subject to a $50 fee.
Therefore, traders need to carefully consider the costs associated with their preferred trading platform when trading with TopstepTrader. It is worth noting that TopstepTrader’s in-house platform, TSTrader, is the most cost-effective option for traders.
TSTrader is a robust platform for beginners and provides an intuitive and user-friendly experience. Moreover, TSTrader is free to use during the Trading Combine and does not incur any additional fees for funded traders.
However, traders who prefer other platforms should be aware of the additional costs associated with their preferred platform. Ultimately, traders need to evaluate the costs of trading with TopstepTrader, including trading platform fees and wire transfer fees, to determine the most cost-effective option for their needs.
Performance Coaching and Support
Performance coaching and support are available for traders who want to improve their skills and knowledge in trading. TopstepTrader offers coaching resources to help traders reach their full potential.
One example of this is Squawk Radio, which is hosted by Eddie Horn, a trader with over 25 years of experience. This provides traders with real-time market analysis and insights to help them make informed decisions.
In addition, traders can benefit from the Trading Combine benefits and become part of the TopstepTrader community. Performance coaching subscription is available for a monthly fee of $395 during the Trading Combine.
Traders can also access free support resources, including a Facebook group, podcast, and video library. These resources can help traders develop their trading skills and stay up-to-date with the latest industry trends and news.
User Feedback and Ratings
Moving on from TopstepTrader’s Performance Coaching and Support, let’s delve into the User Feedback and Ratings. These are important indicators of how well the platform is received in the market.
Based on the feedback and ratings, TopstepTrader has been able to maintain a high level of customer satisfaction. In fact, 97% of funded traders say that their experience with TopstepTrader has improved their trading.
Furthermore, profitability analysis shows that 63% of funded traders made between $1 and $10,000 profit, while 83% of funded traders prefer TST accounts instead of their own.
It is also interesting to note that 39% of funded traders said that they would never have had the opportunity to trade the markets without TopstepTrader. These statistics indicate that TopstepTrader is a valuable platform for traders who want to trade other people’s money with little risk and without having to invest their own capital.
Overall, the high level of Funded Trader Satisfaction and favorable profitability analysis make TopstepTrader an excellent choice for aspiring traders.
Costs and Discounts
Regarding the costs and discounts, it is important to note that the total expenses for using TopstepTrader vary based on an individual’s trading success and fees, making it difficult to estimate the exact cost.
The monthly fee for the challenge starts at $132 per month with a discount code, and TopstepTrader provides coupons and promo codes for a 20% discount. However, additional costs apply when using other trading platforms, and funded traders are treated as professionals, which leads to higher exchange fees. TopstepTrader also charges a $50 fee for wire transfers under $500 for funded traders.
When exploring TopstepTrader’s pricing strategy, it is essential to compare its fees with other funded trading programs. In general, TopstepTrader has a competitive pricing structure, with lower fees than some of its competitors. However, it is essential to remember that the actual cost of using TopstepTrader depends on individual trading success and fees, making it challenging to estimate the exact cost.
Overall, TopstepTrader is a cost-effective way for traders with low capital to trade other people’s money, and it offers a range of benefits, including a transparent platform, access to performance coaching, and a variety of trading instruments.
Frequently Asked Questions
What is the minimum amount of trading experience required to participate in TopstepTrader’s Trading Combine?
How much trading experience is required to participate in TopstepTrader’s Trading Combine?
This is a common question among novice traders interested in joining TopstepTrader’s funded trading program.
The good news is that TopstepTrader welcomes traders of all levels, including beginners.
The Trading Combine is designed to help traders improve their skills and become funded traders.
Benefits of the Trading Combine for beginners include a simulated environment with real market conditions, access to multiple trading platforms, and supportive feedback from TopstepTrader’s risk management team.
TopstepTrader also offers educational resources and performance coaching to help novice traders succeed.
With TopstepTrader’s support, even traders with limited experience can participate in the program and work towards becoming funded traders.
Are there any restrictions on the products that funded traders can trade?
Funded traders with TopstepTrader have access to a wide range of products, including CME Equity Futures, CME Foreign Exchange Futures, CME Agricultural Futures, CME NYMEX Futures, CME CBOT Agricultural Futures, CME CBOT Financial and Interest Rate Futures, and CME COMEX Futures.
However, there are some product limitations, as funded traders are responsible for data feed costs charged by the exchange and commissions and exchange fees that differ depending on the products traded and brokers used.
Funded trader benefits include the ability to keep the first $5,000 of profits and 90% of further profits, as well as the opportunity to trade additional products listed at EUREX, CBOT, NYMEX, and COMEX.
Traders should be aware of the potential additional costs associated with trading certain products and should carefully consider their trading strategy before selecting products to trade.
How often are the profit targets and rules in the Trading Combine updated?
The profit targets and rules in the Trading Combine of TopstepTrader are updated on a consistent basis to ensure that traders are up-to-date with the latest market trends and conditions.
The frequency of profit target updates varies depending on the chosen Trading Combine but usually range from 10 to 60 trading days.
Consistency in rules is also important in the Trading Combine as they must be followed at all times to ensure that traders are qualified for funding.
TopstepTrader’s unique two-step evaluation process provides traders with the opportunity to prove their trading skills and become funded, while the Funded Trader Preparation™ is the final step before becoming funded.
It is important for traders to adhere to the rules and guidelines set by TopstepTrader to ensure their success in the program.
Can traders use their own trading platform or are they required to use one provided by TopstepTrader?
Traders who join TopstepTrader are not required to use the trading platforms provided by the company, but they must adhere to certain requirements. TopstepTrader supports 14 different trading platforms, including NinjaTrader, TradeStation, and CQG. However, some platforms may require additional fees during the Trading Combine or for funded traders.
Funded traders are treated as professionals and are responsible for data feed costs charged by the exchange. Commissions and exchange fees vary depending on the products traded and brokers used. While traders can use their own personal trading platform, they must follow TopstepTrader’s rules and guidelines, including the maximum drawdown limit, which is monitored in real-time.
Ultimately, TopstepTrader provides traders with the flexibility to use their preferred trading platform, as long as they meet the company’s requirements and rules.
What is the process for withdrawing profits from a funded account?
Withdrawing profits from a funded account with TopstepTrader is a straightforward process, but traders must adhere to certain restrictions. Funded traders can request a withdrawal at any time, and the payout time is typically seven business days.
However, there are restrictions on how much traders can withdraw at once, and they must leave a minimum balance in their account. Additionally, funded traders are responsible for data feed costs charged by the exchange, and commissions and exchange fees vary depending on the products traded and brokers used.
It is important for traders to be aware of these restrictions and costs when considering withdrawing profits from their funded account with TopstepTrader.
Conclusion
After a thorough analysis of TopstepTrader’s trading platform, costs and discounts, performance coaching and support, user feedback and ratings, and overall suitability for traders, it is clear that the company offers a unique opportunity for traders to test their skills with little risk.
However, the irony lies in the fact that this opportunity comes at a cost. While TopstepTrader does offer performance coaching and support, this comes at a price and may not be accessible to all traders. Additionally, the costs and discounts associated with the trading platform may not be suitable for those with limited capital.
While the idea of trading other people’s money for a share in profits may seem appealing, it is important for traders to carefully consider the costs and benefits before committing to such a program. In conclusion, while TopstepTrader offers a unique and potentially lucrative opportunity for traders, it is important to approach it with caution and a thorough understanding of the costs and benefits involved.
Only by carefully weighing these factors can traders make an informed decision about whether TopstepTrader is the right choice for them.
