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Topstep Review: Proprietary Trading Firm for Beginners
Introducing yourself to the world of investment can be exciting and daunting. After all, you need to take risks in order to redeem rewards—but putting your life savings on the line might not sound all that appealing.
That’s where proprietary trading firms like Topstep come in. Instead of putting your money on the line, you prove that you’re a knowledgeable and responsible trader before starting to trade with money owned by the firm.
Is Topstep for real?
Topstep is a low-cost, low-risk opportunity to learn fund management. It’s especially appealing to beginners, with coaching opportunities that can teach anyone how to trade with a set of rules. Topstep is 100% legit and rated 4.6 on Trustpilot.
What You Can Do with Topstep
Topstep offers several services, including Futures (CME group futures only) and Forex (specified currency pairs) trading. To start trading through Topstep, you’ll need to purchase a monthly subscription.
Whatever package you choose, you’ll have to make your way past two steps before you become a funded trader who can withdraw funds whenever you please.
Completing Step One at Topstep: Futures Trading
For Futures trading, packages start at $150 a month and go up to $375 a month, earning you buying power through Topstep’s funds. Buying power ranges from $30k to $150k, and with each tier, you’ll need to meet specific requirements.
Depending on the size of your chosen account, you’ll have to meet a profit goal that will fall between $2k and $9k. There’s no time limit or cap on the number of total trades you can make to reach your profit goal. However, there is a minimum number of active trading days.
After that, there are three rules you must follow to move onto step two:
- only trade permitted products at permitted times
- do not exceed the daily loss limit (between $500-$3k)
- do not allow your account to exceed the trailing maximum drawdown ($1.5k-$4.5k)
Simple enough, right? If you don’t follow the rules, you’ll need to pay to reset your account. However, you can reset as many times as you want.
Completing Step Two at Topstep: Futures Trading
After completing step one, you must complete step two to become an eligible funded trader. In addition to following all the same rules in step one, you must:
- not exceed the weekly loss limit ($0-3k)
- not hold positions into major economic releases
- follow the scaling plan
And that’s it. Then, you can become a funded trader and keep doing what you’re doing.
Forex Trading with Topstep
You can also trade currency through Topstep. Their Forex packages cost between $125 and $275 a month, giving you buying power between $200k and $500k. There are still rules involved, such as:
- hitting your profit target
- not exceeding your weekly loss limits
- not exceeding your account loss limit
Pretty basic, right? If you’re still a bit wary about jumping into the world of trading. Topstep offers a free 14-day trial and one free group coaching session.
Topstep Coaching to Become a Top Trader
The highlight of Topstep’s services is the opportunity for growth. While some people prefer hands-on learning in the ring, you may want a little more direction if it’s your first time trading.
Topstep offers personal coaches and group coaching sessions. And AI coaching will be available soon. Plus, they offer tons of videos and other online resources for you to grow your knowledge and skills.
Start Trading Without Putting Anything on the Line
The bottom line is that trading with Topstep is a legit way to make money on the market—if you follow the rules.
If you’re curious about using TopStep but don’t want to commit, consider using the 14-day trial. Just don’t forget to cancel if you decide it’s not for you.