If you are a good trader but don’t have enough funds to make the most out of your trading talent, then TopstepTrader may be what you need. And lately, this company has hugely popular. But what actually is TopstepTrader? Moreover, how can you be benefited by using it? More importantly, is it a scam or a legit company?
To clear all of your doubts and queries about TopstepTrader, we have honestly reviewed this company. So, keep on reading to find out the truth about this company.
What Is TopstepTrader?
Founder: Michael Patak
TopstepTrader is a trading company that provides funds to the excellent performing traders after evaluating their performance in real-time simulated accounts. Currently, the company is based in Chicago, IL. Also, the financial technology company was founded back in 2010. For the past nine years, a company called Patak Trading Partners, LLC, is the parent organization of TopstepTrader.
Further, the company was founded by Michael Patak, who is the current CEO and former Dow Futures contracts floor trader. Also, the company name is not random. When the best traders within each trading pit stand on the top step, they deserve to be represented by the best company – Topstep Trader. Theoretically, this is the place where traders will receive the very best of everything.
Moreover, as far as how the firm generates its revenue is concerned, there are mainly two ways. On one side, it charges 20% on the profits its funded traders make. Meanwhile, on the other hand, there is a monthly fee or charge on traders’ access to the practice platform TopstepTrader provides.
Some Important Facts About TopstepTrader
There are some essential facts about TopstepTrader that we thought we should share with you. These facts are as follows:
- In 2018, the number of funded accounts was 1020. In other words, the number of funded traders per month was 90 on average.
- Performance coaching is also available with this financial technology company
- The number of platforms supported is 13 in total
- $8100 on a day was the highest profit of a funded trader
Products Offered By TopstepTrader
Currently, the financial technology company’s funding process consists of three steps, and they are:
- Evaluation of the trader’s profitability
- Observing the trader’s risk management
- Funded trading account
For example, if you are a trader on simulation, you will be allowed to trade on any product of the CME group. And, on the other hand, you will be allowed to trade EUREX products as well, if you are a funded trader.
Further, this company, of course, provides charts, such as candlesticks, display data, line, bars, bid/ask volume, etc. Moreover, you can also choose to display bars in ticks, period, range, volume, momentum range, etc.
Furthermore, with TopstepTrader, there is also a feature of market replay. Moreover, the company has integrated it with the Tradovate platform. On TopstepTrader, you can choose your speed, start time as well as the date. Besides, you are also allowed to select your initial balance.
Educational Plan Offered By TopstepTrader
Indeed, TopstepTrader offers educational and coaching tools. Moreover, it is of utmost importance to share that this financial technology company provides trading education to its traders for free. Further, with these tools, traders can prove they are consistent, profitable, and disciplined traders.
Furthermore, it is possible to join the interactive chatroom to connect with other traders to have discussions with them. Also, you can approach in the following different ways of getting coaching or education:
- You can view live professional trading
- Moreover, some lessons deal with the psychology of trading
- Live trading classes are also there provided daily
Moreover, if you are successful in the Combine, the proprietary trading company for TopstepTrader – Patak Trading Partners will financially back you with a funded account.
How To Get Started With TopstepTrader?
The best part of this company is that every trader is allowed to become a funded trader. And if you manage to meet the performance criteria set by the company, you can start trading using the funds offered by TopstepTrader. But, first, you will have to subscribe to the monthly platform. Moreover, as far as the monthly subscription fee is concerned, it is a minimum of $150 and can go as high as $375.
Is TopstepTrader for you?
As mentioned earlier, TopstepTrader makes most of its revenue by selling subscriptions to the traders who wish to be funded. That’s because if you look at the stats, you will come to know that only 1537 members are funded. Moreover, their weekly profit is $549 on an average.
But still, if you are willing to test this trading performance, TopstepTrader will be an excellent platform to expand your knowledge and skills. Moreover, you need to have an outstanding performance to get funded by this company.
Process To Get A Funded Account On TopstepTrader
When it comes to the actual process to get funded by Topstep, there are mainly two steps involved in the process.
In the first step, you will have to prove that you can generate profits. For this, you will have to achieve a profit-target. Also, you will have to be capable of managing your losses.
In the second step, you will have to prove that you can perform trading without having significant risks while still generating profits. For this, you will need to scale in and scale out of the planetary positions.
Moreover, you will also need to keep yourself below the weekly limit of loss and hold positions into major economic releases. So, do you think you can do it?
Advantages and Disadvantages Of TopstepTrader
Just like any other program, product, or service, Topstep Trader also has its advantages and disadvantages. That’s why, below, we have mentioned the strongest and weakest sides of this financial technology company.
- Using TopstepTrader, you can start trading full-time even with a small capital
- It will help you become a high-performing trader
- Numerous educational and development tools
- Daily Squawk Radio trading broadcast through an online chat platform
- Performance coaching from TopstepTraders’ expert coaches
- Live chat
- Video library and a blog section that will help you expand your knowledge
- Low commissions and competitive payouts up to 80%
- Trader’s forum where traders share resources
- Withdrawals at any time
- It is challenging to get funded because the performance criteria are very tough to meet
- No refunds
Well, TopstepTrader offers many things that both experienced and inexperienced traders could benefit from. Moreover, as mentioned earlier, with TopstepTrader, there are a total of 13 trading platforms. This allows you to choose the most suitable one for you.
Further, the full-scale trader recruitment company has an in-house platform – named TSTrader. Also, it offers performance coaching from TopstepTraders’ expert coaches as well as many other things. So, it is really up to you whether you will become a part of TopstepTrader or look for another company.