Mastering Your Topstep Account: From Sign up to Withdrawal

Company Summary

General Information

Topstep is an online trading platform operating in the United States. It's important to note that Topstep is currently not regulated by any valid regulatory body, which raises concerns about investor protection and the potential risks associated with trading through an unregulated broker. Traders should exercise caution and consider alternative regulated options for their trading needs.

Topstep offers a diverse range of market instruments for traders, including forex currency pairs, futures contracts on indices, commodities, precious metals, and interest rates. These instruments provide opportunities for traders to participate in various markets and diversify their portfolios.

The platform offers different account types to cater to the needs and preferences of traders. These include the Trading Combine, Express Funded Account, and Live Funded Account. Each account type has its own features, rules, and costs, allowing traders to choose the one that aligns with their trading goals and preferences.

Traders at Topstep can access leverage of up to 1:100, enabling them to trade larger positions relative to their account balance. However, it's crucial to understand that leverage amplifies both potential profits and losses, and traders should manage their risk responsibly.

Topstep charges commissions and fees for its services. The fees can vary depending on the trading program and market conditions. Traders should be aware of the specific fees applicable to their chosen account type and trading activities.

The platform provides a range of trading platforms to choose from, including TSTrader and NinjaTrader, offering different features and capabilities. However, it's worth noting that mobile trading is not available on these platforms.

Topstep offers educational resources, such as blogs, videos, podcasts, and success stories, to support traders in their trading journey. These resources cover a variety of topics, including market news, trading strategies, trading psychology, and insights from industry experts.

Customer support is available to assist traders with their inquiries and concerns. Traders can reach out to the support team through email or phone during weekdays. Live chat support is not currently available directly through the Help Center, but traders can utilize the chat button on the website during business hours.

In summary, Topstep is an online trading platform operating in the United States, but it's important to be aware of its lack of regulation. The platform offers a variety of market instruments, account types, leverage options, and trading platforms. Traders should carefully consider the associated risks and fees, as well as utilize the educational resources and customer support provided by Topstep.

Pros and Cons

Topstep offers a diverse range of market instruments, multiple account types, and account plans to cater to traders' needs. With leverage of up to 1:100 and educational resources to support learning, traders have opportunities to explore different markets and improve their skills. However, it's important to note that Topstep lacks regulation, charges fees and commissions, and has limited withdrawal options. Traders should carefully evaluate the risks and costs associated with trading on the platform and consider alternative regulated options.

Is Topstep Legit?

Topstep is currently not regulated by any valid regulatory body. It is important to be cautious and aware of the potential risks associated with trading through an unregulated broker. The lack of regulatory oversight means that there may be limited protection for your investments and a higher likelihood of encountering fraudulent activities. It is advisable to exercise caution and consider alternative regulated options for your trading needs.

Market Instruments

Topstep provides investors with a diverse range of market instruments to trade.

FOREX CURRENCY PAIRS

They offer forex currency pairs, allowing traders to participate in the foreign exchange market and trade different combinations of global currencies.

FUTURES CONTRACTS

Additionally, Topstep offers futures contracts of the CME group. These futures contracts cover various financial instruments, including:

• E-mini S&P 500 and NASDAQ 100: These futures contracts allow traders to speculate on the performance of the S&P 500 and NASDAQ 100 stock market indices, representing a basket of top US-listed companies.
• Crude Oil: Traders can participate in the energy market by trading futures contracts based on the price of crude oil, a vital commodity in the global economy.
• Gold: Futures contracts on gold enable investors to engage in the precious metals market and take positions based on the price movements of gold.
• Interest Rates: Topstep offers futures contracts tied to interest rates, allowing traders to speculate on the future direction of interest rates and their impact on various financial instruments.
• Micro Indices: These futures contracts provide smaller-sized versions of popular stock market indices, allowing traders to trade the price movements of these indices with reduced contract sizes and capital requirements.

STOCKS, COMMODITIES, BONDS, AND METALS

Topstep's market instruments also cover a wide range of other financial products, including stocks, commodities, bonds, and metals. This enables traders to diversify their portfolios and take advantage of opportunities across different asset classes.

By offering a comprehensive selection of market instruments, Topstep aims to provide investors with the tools and opportunities to trade a wide range of financial assets in various markets.

Accounts

Topstep's scaling plan offers three different Trading Combine® account sizes for traders to choose from based on their goals. The three account sizes are $50K, $100K, and $150K in buying power.

For the $50K account size, the monthly price ranges from $$165/month USD to$$606,204/month COP, depending on the currency. The profit target per step is $3,000, and the maximum position size is 5 contracts. The trailing maximum drawdown is $2,000.

The $100K account size has a monthly price ranging from $$325/month USD to$$1,194,037/month COP. The profit target per step is $6,000, and the maximum position size is 10 contracts. The trailing maximum drawdown is $3,000.

For the $150K account size, the monthly price ranges from $$375/month USD to$$1,377,735/month COP. The profit target per step is $9,000, and the maximum position size is 15 contracts. The trailing maximum drawdown is $4,500.

Traders can select the account size that aligns with their trading objectives and preferences. It's worth noting that the prices and parameters mentioned here are subject to change, and it's advisable to refer to the official Topstep website or contact their support for the most up-to-date information.

How to Open an Account ?

Follow these simple steps to open an account with Topstep:

• Visit the broker's website and click on the ‘log in’ button.
• A new page will open where you will need to fill in your personal details such as name, email, password, etc.
• Fill in the required information and submit the form.
• After the account is approved, you will receive an email with login details.
• You can then deposit funds into the account and start trading.

Leverage

Topstep offers leverage for traders in both the Trading Combine and Funded Account types. The leverage available at Topstep is subject to certain conditions and may vary depending on the account type and trading platform.

The maximum leverage offered by Topstep is up to 1:100. This means that traders can trade with up to 100 times the amount of their account balance. For example, if a trader has a $1,000 account balance, they can trade positions worth up to $100,000.

Spreads & Commissions

TopStep has a floating spread and its size depends on the volatility of a particular asset. The commission for 1 standard lot is $8.

Trading Platform

Topstep provides traders with a range of trading platforms to choose from. These platforms include MetaTrader 4, MetaTrader 5, TSTrader, NinjaTrader, TradeStation, TradingView, Bookmap X-ray, CTS, DayTradr, InvestorRT, MotiveWave, MultiCharts, Order Flow Trading, R|Trader Pro, Trade Navigator, and Volfix.net. However, it's important to note that mobile trading is not available on these platforms.

Deposit & Withdrawal

For the Trading Combine® program, Topstep accepts the following methods of payment:

• Visa
• Mastercard
• American Express
• Discover
• PayPal

It's worth noting that pre-paid credit cards and gift cards may not be valid payment methods. Topstep recommends using a standard credit card, debit card, or PayPal for payment.

Regarding withdrawals, it's important to clarify that withdrawals are not available for the Trading Combine® program. However, in the Funded Account phase, the withdrawal process works as follows:

• If the trader's commission balance is up to $500, they are responsible for paying a withdrawal fee of $50.
• If the commission balance is $500 or more, Topstep pays the withdrawal fee of $50.

Customer Support

Topstep provides customer support to assist clients with any questions or concerns they may have. Clients can contact the support team through multiple channels.

To access the support team, clients can reach out through email at support@topstep.com or call the dedicated phone line at +1 (888) 407-1611. The support team is available on weekdays between 7:00 AM and 6:00 PM CST.

Unfortunately, live chat support is not currently available directly through the Help Center. However, during normal business hours, clients can utilize the chat button located on the bottom-right of certain pages on the Topstep website to connect with chat representatives.

Clients are encouraged to reach out to the support team for assistance with any inquiries related to the program, processes, or any other questions they may have. Additionally, clients can explore the Topstep Help Center or join the Facebook Community to access further information and resources.

Conclusion

Topstep is an online trading platform that offers a variety of market instruments and account types to traders. However, it's important to note that Topstep is currently not regulated by any valid regulatory body, which raises concerns about the protection of investments and potential exposure to fraudulent activities. Traders should exercise caution and consider alternative regulated options. Topstep provides a range of educational resources, diverse trading platforms, and customer support to assist traders in their journey. It's crucial for traders to carefully review the fees, commissions, and account plans offered by Topstep and stay updated on the most current information provided by the platform.