Topstep Review

In this Topstep review, we delve into the offerings of Topstep Trader, a prominent prop firm that provides traders with a unique opportunity to trade live capital without risking their savings. Led by founder Michael Patak, Topstep Trader offers a structured evaluation process, funding options, and a diverse range of tradable assets. Join us as we explore the key features and benefits of Topstep Trader, providing valuable insights for traders looking to enhance their skills and pursue a successful trading career.

About Topstep

Topstep is a prop firm founded to help traders develop their skills and trade live capital without risking their savings. The company’s founder, Michael Patak, had a difficult start to his trading career and wanted to create a place where other traders could learn and improve without making the same mistakes. Topstep’s vision is to be the path to a better lifestyle, and its mission is to turn traders into better traders with healthier habits through learning by doing. The company values the well-being of its team, strives to motivate and develop traders, seeks diverse perspectives, and embraces feedback for growth.

An innovator in the industry, Topstep was initially founded in 2012 as Patak Trading Partners. The company has since evolved and rebranded as TopstepTrader, launching the Trading Combine, the first funding opportunity for retail traders. Now, as Topstep, it continues to help traders find consistent success without risking their capital.

Topstep has a strong track record of success, having funded thousands of traders and paying millions in withdrawals. The company has been recognized as one of America’s fastest-growing private companies and one of Chicago’s best workplaces. Based in a loft in downtown Chicago, the team comprises a diverse group of 60+ individuals who work together with authenticity and honesty, always putting traders at the center of everything they do. The company is always focused on what comes next and is not stopping anytime soon.

Funding Program Options

To receive funding from Topstep, you must complete Topstep’s evaluation stage, known as the Trading Combine. You will be able to receive funding by completing Steps 1 & 2 of the Trading Combine. This involves reaching the set profit target and meeting the Trading Objectives for each step.

The objectives set by Topstep are not arbitrary challenges but proven risk management techniques created by experienced traders. By following them, you will become a more skilled and controlled trader.

There are 3 types of accounts in the Topstep funding program, which are $50,000, $100,000, and $150,000.

An account with $50,000 buying power has a profit target of $3,000 and a daily loss limit of $1,000. The trailing max drawdown for this account is $2,000.

An account with $100,000 buying power has a profit target of $6,000 and a daily loss limit of $2,000. The trailing max drawdown for this account is $3,000.

An account with $150,000 buying power has a profit target of $9,000 and a daily loss limit of $3,000. The trailing max drawdown for this account is $4,500.

Fees

To participate in the Topstep Futures evaluation program to receive funding, Topstep requires you to pay a monthly subscription fee. For accounts with $50,000 buying power, you will be charged a fee of 165 USD per month. For accounts with $100,000 buying power, you will be charged a fee of 325 USD per month; for accounts with $150,000 buying power, you will be charged 375 USD per month.

While participating in the Trading Combine, you will pay simulated fees of $3.70 per contract for standard and E-Mini futures products ($1.85 per side) and $1.20 per round turn for Micros-sized futures products ($0.60 per side).

Tradable Assets

CME Equity Futures:

• E-mini S&P 500 (ES)
• Micro E-mini S&P (MES) *
• E-mini NASDAQ 100 (NQ)
• Micro E-mini NASDAQ 100 (MNQ) *
• E-mini Russell 2000 (RTY)
• Micro E-mini Russell 2000 (M2K) *
• Nikkei NKD (NKD)

CME Foreign Exchange Futures:

• Australian $ (6A)
• British Pound (6B)
• Canadian $ (6C)
• Euro FX (6E)
• Japanese Yen (6J)
• Swiss Franc (6S)
• E-mini Euro FX (E7)

CME Agricultural Futures:

• Lean Hogs (HE)
• Live Cattle (LE)
• CME NYMEX Futures:
• Crude Oil (CL)
• E-mini Crude Oil (QM)
• Natural Gas (NG)
• E-mini Natural Gas (QG)

CME CBOT Agricultural Futures:

• Corn (ZC)
• Wheat (ZW)
• Soybeans (ZS)
• Soybean Meal (ZM)
• Soybean Oil (ZL)

CME CBOT Equity Futures:

• Mini-DOW (YM)
• Micro Mini-DOW (MYM) *

CME CBOT Financial/Interest Rate Futures:

• 2-Year Note (ZT)
• 5-Year Note (ZF)
• 10-Year Note (ZN)
• Ultra-Note (TN)
• 30-Year Bond (ZB)
• Ultra-Bond (UB)
• Eurodollar (GE)

CME COMEX Futures:

• Gold (GC)
• Silver (SI)
• Copper (HG)

Restrictions

Topstep rules are strict against certain types of conduct to ensure fair and safe trading for all users. This includes using any strategies that exploit errors in the platform and using disruptive practices such as spoofing and excessive trading. 

The platform also prohibits using external data feeds and any trades or combinations of trades that are intended to manipulate, abuse, or give a user an unfair advantage. Additionally, using software or AI to manipulate the market, pooling or hedging risk of aggregate accounts, and other conduct that Topstep deems as an uncommercial or not viable trading strategy is also prohibited. 

It also prohibits holding positions within 2% of a product’s lock limit and making copies of any information in the user’s portal.

Challenge

Topstep has a 2 step challenge you must pass before getting funding from this prop firm. The Trading Combine Step 1 program has specific rules and targets that must be met to advance to the next step and be eligible for a Funded Account. 

The targets include reaching a profit target and trading for a minimum of 5 days. The rules include only trading permitted products during permitted times, not exceeding the Daily Loss Limit, not allowing the account balance to exceed the Trailing Maximum Drawdown, and not exceeding the Maximum Position Size. 

If these rules are violated, your account will be ineligible for a Funded Account. However, the account can be reset at any time. If the targets and rules are met and maintained, you will advance to the Trading Combine Step 2. 

In the Trading Combine Step 2, the main goals of the step are to reach a profit target and maintain consistency, as measured by the “Best Day” being below 40% of total profits made. The rules of the step include only trading certain products during specific times, not exceeding a daily loss limit, not allowing the account balance to reach an inevitable maximum drawdown, and following a scaling plan.

In Conclusion

Topstep emerges as a trusted and renowned prop firm that presents traders with an exceptional opportunity to trade live capital without risking their hard-earned savings. Under the leadership of visionary Michael Patak, the company offers the groundbreaking Trading Combine program, designed to challenge traders to meet specific objectives and profit targets. Successfully navigating this program can lead to substantial funding, fueling traders’ aspirations and unlocking their potential.

Topstep’s impressive track record, as a fast-growing private company, and its team’s unwavering commitment to authenticity and integrity, make it a standout choice for traders seeking support and guidance.

Traders affiliated with Topstep gain access to a diverse range of tradable assets, including equity futures, foreign exchange futures, and agricultural futures, among others. This comprehensive portfolio ensures that traders can explore and capitalize on various market opportunities, expanding their potential for success. With strict guidelines in place to maintain fairness and security, Topstep fosters an environment where every trader can compete on equal footing, discouraging practices that exploit platform errors or provide unfair advantages.

By embracing the structure and resources offered by Topstep, traders can unleash their full potential, elevating their performance and achieving remarkable financial growth in their trading careers.