Topstep, established by Michael Patak in 2012, is a reputable proprietary trading firm headquartered in Chicago, Illinois.
Renowned for its credibility, Topstep has garnered the trust of thousands of traders worldwide, as evidenced by over 2,700 positive reviews on Trustpilot. The firm is distinguished by its fairness, requiring traders to complete only two trading days in the Trading Combine challenge, adhering to one key rule: the Maximum Loss Limit.
Topstep stands out for its fairness, trustworthiness, extensive educational resources, supportive community, and significant profit-sharing policy. However, it exclusively caters to futures traders, necessitating them to hit specific profit targets and follow set rules during the Trading Combine challenge.
The Trading Combine® program offers three account sizes: $50K, $100K, and $150K, each with distinct profit targets and loss limits. Prices for these accounts range from $165 to $375, with current discounts and coupons available below. Upon starting the Trading Combine challenge, traders receive credentials via email to access their chosen trading platform, whether Rithmic, NinjaTrader, or TopstepX.
The core rule of Topstep’s Trading Combine® is the Maximum Loss Limit, a breach of which results in disqualification from funding. Traders must meet several objectives: exceeding the Profit Target, not surpassing 50% of this target in a single day (Consistency Target), and adhering to a Daily Loss Limit, which varies per account.
What Is Topstep?
Topstep is a proprietary trading firm that was founded in 2012 by Michael Patak. Michael Patak is a former floor trader. Based in Chicago, Illinois, USA, Topstep offers futures traders the opportunity to access funded accounts after successfully completing a rigorous evaluation known as the Trading Combine®.
A proprietary trading firm, known as a prop firm, trades with its own money in things like stocks and currencies. It does not use clients’ money. This means the firm can take more risks and doesn’t have as many rules as firms that trade with clients’ money. Prop firms hire experienced traders and use detailed strategies to make money. Traders in a prop firm first need to succeed in a funded trading program to use the firm’s money. This program tests their trading skills. If they do well, the prop firm gives them money to trade. This allows traders more freedom and the chance to make more money. The main goal of prop firms is to earn profits through their expert traders and their trading strategies.
Who Is Topstep’s Founder?
What Makes Topstep Legit?
Topstep boasts a strong track record and is widely recognized as a legitimate proprietary trading firm. This reputation is underscored by its inclusion among America’s fastest-growing companies and its impressive payout of over $14 million to traders since 2020. Topstep offers favorable terms through its innovative 1 Step 1 Rule Trading Combine, providing easier access to funded accounts. The firm’s realistic trading simulation features clear rules, such as a maximum loss limit and specific profit targets. Renowned for its transparency and fairness, Topstep ensures equal opportunities for all traders. Its clear pricing and profit-sharing model further reinforce its credibility, solidifying its standing as a trustworthy firm.
Does Topstep Send Payouts To Its Traders?
Yes, Topstep provides payouts to its traders. Traders can request a payout through the Topstep dashboard. After five days of successful trading, they can withdraw up to 50% of their account balance. Typically, payouts are processed within 1 to 10 days. After 30 days of profitable trading, traders can request the full amount of their funds at any time. Payouts can be received via ACH, which takes up to 10 days, or International Wire/SWIFT, which takes 3 to 5 days.
Does Topstep Have Good User Reviews And Testimonials?
Yes, Topstep has Excellent user reviews and testimonials. On Trustpilot, Topstep has a rating of 4.6 out of 5 stars, based on over 2,700 reviews. 78% of these reviews are 5-star ratings, 12% are 4-star ratings and only 5% of reviews claim that Topstep is a scam.
Does Topstep Have Good Customer Support?
Topstep is generally praised for its excellent customer support. While user experiences can vary, many traders find the support team to be responsive and helpful, particularly through live chat. However, some have reported delays or unresponsiveness when using email. For quick assistance, live chat during business hours is recommended. Support is available via AI Chatbot (Windy), live chat, or email. Email responses typically take 24 to 48 hours, though some users have experienced faster or slower response times. Live chat is the quickest option, often providing responses within 5 to 15 minutes.
What Are Topstep’s Advantages?
Topstep has 13 advantages. Here is a list of Topstep’s advantages:
- Proven Track Record: Established in 2012, a reputable and experienced firm
- Favorable Profit Sharing: 100% profit retention on the first $10k, then a 90% split.
- Educational Support: Comprehensive educational materials for all skill levels and free group coaching.
- One disqualifying rule: Traders are eliminated only if they hit the Maximum Loss Limit.
- Flexible Profit Targets: No deadlines for achieving profit goals.
- Clear, Competitive Fees: Known, low fee structure based on profit sharing, with favorable rates.
- Reliable Customer Service: Effective support and a community forum for trader interaction.
- Efficient Trading Platform: Features advanced tools for charting, analysis, and risk management.
- Diverse Account Selection: 3 account options provide flexibility, from $50,000 to $150,000..
- Free Trial: The firm offers a 15-day free trial to potential traders.
- Low Fees for Funded Traders: A one-time $149 Activation Fee for the Express Funded Account.
- Worldwide Access: Topstep is Available globally.
- Many Withdrawal Options: Multiple ways to withdraw money including ACH/Wire Transfer and Check.
What Are Topstep’s Disadvantages?
Topstep has 6 disadvantages. Here is a list of Topstep’s cons:
- Monthly Fees: Traders pay at least $150 every month to use Topstep.
- Short-Term Focus: Topstep focuses on daily goals, not good for long-term traders.
- Mixed Customer Support Reviews: Some traders find Topstep’s support inconsistent and slow.
- Extra Costs: Traders might pay fees on some trades and for withdrawing money.
- Winning Day Rule: Traders need five profitable days before taking out money.
- Only Futures Trading: Topstep only offers futures trading, no other types.
What Are Topstep’s Pricings?
Topstep pricing varies from $165 to $375 depending on the chosen account size. The table below lists the fees for each account size:
| Option | Account size | Price |
|---|---|---|
| Trading Combine® | $50K | $165 |
| Trading Combine® | $100K | $325 |
| Trading Combine® | $150K | $375 |
Does Topstep Offer Price Discounts?
Yes, Topstep offers discounts on their prices, ranging from 20% to 70%, including a 60% sale option. To access these discounts, traders should use the provided Topstep discount link. No coupon code is necessary, as the link dynamically applies the latest discount available. The discount is automatically applied at the time of purchasing the evaluation.
Does Topstep Allow Multiple Accounts?
Yes, Topstep allows traders to have multiple accounts. Traders can manage several Trading Combine® accounts simultaneously without any limit, provided all accounts are under one Topstep profile. Additionally, traders can have up to three Express Funded Accounts and one Live Funded Account at the same time. However, Topstep reserves the right to restrict multiple Funded Accounts at their discretion.
How Does Topstep Work?
Topstep’s process begins when traders register and pay the monthly fees for a Trading Combine® challenge, aiming to reach profit goals without violating trading rules. Successful traders are awarded a Funded Account™, where they must earn $200+ on five separate days and adhere to specific rules. Consistently good performance can lead to a Live Funded Account™, as determined by Topstep’s Risk Managers. In both account types, traders must avoid reaching the Maximum Loss Limit, which can be monitored via the Topstep Dashboard. While the Express account has a one-time fee, other funded accounts require monthly fees. Traders can withdraw money after five winning trading days. They trade daily, closing positions before 3:10 PM CT, using a variety of Futures Contracts.
How To Access The Topstep Dashboard?
To access your Topstep Dashboard, log in by clicking the link on their website or selecting the ‘Log In’ option. If you don’t have a profile yet, you can choose the ‘Sign Up’ option at the bottom of the login page. Once logged in, you’ll have access to a variety of tools and information on your Dashboard.
The Topstep Dashboard provides comprehensive tools for managing trading accounts. Users can switch between different account types, adjust settings, view daily trade reports, check account balances, review trading goals and rules, and access educational resources such as podcasts, videos, and a calendar.
What Are Topstep Trading Rules?
Topstep’s trading rules in the Trading Combine® primarily focus on risk management and discipline. Key 6 rules include:
- Maximum Loss Limit: also called a Trailing Maximum Drawdown. Traders cannot allow their account balance to hit or exceed this limit, as it would disqualify them from funding.
- Daily Loss Limit: Exceeding the daily loss limit deactivates the account for that trading day.
- Consistency Target: A trader’s best day should be below 50% of total profits made.
- Permitted Trading Times: Positions must be closed daily before 3:10 PM Central Time (CT) and cannot be held overnight or through the weekend
- Permitted Instruments: Includes a range of futures such as equity, interest rate, currency, agricultural, energy, metal, and micro futures.
Topstep’s trading rules aim to teach traders disciplined risk management. These rules help traders develop lasting, effective trading habits, control their trades, and safeguard their capital.
The table below shows the profit target, the Trailing Drawdown value, and the contract size of every account size:
| Account size | Profit Target | Trailing Drawdown | Contract Size |
|---|---|---|---|
| $50K | $3,000 | $2,000 | 5 Minis |
| $100K | $6,000 | $3,000 | 10 Minis |
| $150K | $9,000 | $4,500 | 15 Minis |
How Does Topstep’s Maximum Loss Limit Work?
Topstep’s Maximum Loss Limit is a dynamic rule that adjusts based on your account’s highest end-of-day balance. It sets a minimum account balance to prevent excessive losses. For instance, in a $50K account, if you earn $500, bringing your balance to $50,500, the Maximum Loss Limit is set to $48,500. This limit will not decrease below $48,500 during the evaluation period. If your balance increases to $52,500, the limit adjusts to $50,000 and remains there. The limit is recalculated at the end of each trading day. If your account balance falls below this limit, your account will be liquidated, resulting in a rule violation.
What Are Topstep’s Trading Times?
Topstep’s Permitted Trading Times for the Trading Combine® are tailored for day traders. Positions must be closed daily by 3:10 PM Central Time (CT) from Monday to Friday, with trading resuming at 5:00 PM CT. On Sundays, trading starts at 5:00 PM CT. All positions, including pending orders, stops, and targets, must be closed by 3:10 PM CT. Traders are responsible for closing their positions, as the Risk Managers’ courtesy flattening of trades at 3:08 PM CT is not guaranteed. Special holiday hours may also apply.
What Are Topstep’s Instruments?
Topstep’s Trading Combine® permits trading in various CME futures contracts. here is a list of futures instruments allowed by Topstep::
- Equity Futures (E-mini S&P 500, Micro E-mini NASDAQ)
- Forex Futures (Euro FX, British Pound)
- Agricultural Futures (Corn, Soybeans)
- Energy Futures (Crude Oil, Natural Gas)
- Financial/Interest Rate Futures (10-Year Note, Eurodollar)
- Metal Futures (Gold, Silver)
This variety is particularly beneficial for traders looking to develop and test strategies in different market environments.
Topstep Uses Which Trading Platforms?
Topstep offers several trading platforms for its programs. here are the recommended platforms and additional platforms that a trader can use:
- Recommended Platforms:
- TopstepX
- NinjaTrader
- Quantower
- Additional Platforms:
- Tradovate
- TradingView
- T4
- R|Trader Pro
- ATAS OrderFlow Trading
- MotiveWave
- VolFix
- Bookmap
- Investor/RT
- Jigsaw Daytradr
- MultiCharts
- Sierra Chart
- Trade Navigator
Each platform may have specific compatibility with devices like Mac/iOS or mobile, and the platform chosen for the Trading Combine is also used in funded accounts.
What Is The TopstepX Platform?
TopstepX™ is a special trading platform made by Topstep for people trading futures to get funding. It has:
- Advanced charts from TradingView®.
- A tool called Topstep Tilt Indicator to see market trends.
- It lets you trade 8 types of futures, like E-Mini S&P 500 and Gold.
- Works on computers using web browsers; a phone app is coming.
- Tools to help manage risks and simplify trading.
- No commission fees, but it has some other small fees.
TopstepX™ aims to improve trading for those in Topstep’s funding programs.
How To Set Up NinjaTrader 8 For Topstep?
To set up NinjaTrader 7 for Topstep, do these steps:
- Install R|Trader Pro: Download and log in to R|Trader Pro with your Topstep details. Choose TopstepTrader as the system and Chicago as the gateway.
- Check R|Trader Pro: Make sure ‘Market Data’ and ‘Plugins’ are on.
- Set Up NinjaTrader Account: Create a NinjaTrader account and add Topstep’s license key.
- Install NinjaTrader: Download and install the NinjaTrader software.
- Adjust NinjaTrader Settings: In NinjaTrader, under ‘Tools’ > ‘Options’, enable ‘Multi-provider’. Restart the software.
- Link Topstep to NinjaTrader: Add Topstep as a connection in NinjaTrader and turn on ‘Connect on Start-Up’.
- Start Trading: Connect automatically if ‘Connect on Start Up’ is enabled, shown by a green circle.
For detailed guidance, refer to the NinjaTrader Connection guide. If any errors occur, contact [email protected]. NinjaTrader is also accessible on mobile devices via NinjaTrader Mobile.
