Want to know how TopstepFX stands up to other top prop trading firms? Read our TopstepFX review to find out!
TopstepFX offers forex-funded accounts for approved traders in the forex industry.
Funded traders can hone their craft by using a simulated account for an extended period, meeting their profit targets, and minimizing their losses throughout.
It’s an educational tool that teaches forex traders how to manage risks professionally, assess their loss limit and utilize various financial tools to their benefit.
How much does TopstepFX help develop trading abilities, and is it worth your time?
Read our TopstepFX review to find out.
TopstepFX Review: Overview
TopstepFX is a subdivision of TopstepTrader.
Founded in 2012, TopstepTrader was established in Chicago by local entrepreneur Michael Patak.
Patak is the CEO of TopstepTrader and a former Dow futures contracts floor trader.
TopstepTrader became a Limited Liability Company (LLC) in July 2012.
TopstepFX Funded Trading Account
TopstepFX allows forex day traders to trade with a funded account instead of their own money.
It’s particularly useful for forex traders who are already profitable but want to reduce their market exposure by using a funded account to trade.
Unlike TopstepTrader, which offers futures-funded accounts, TopstepFX provides a forex-funded trading account for approved traders.
The TopstepFX service includes a two-step evaluation process dubbed the “Trading Combine”.
With the Trading Combine, approved traders can finally gain access to a funded live account.
The funded account comes with up to half a million dollars in purchasing power.
TopstepFX funded accounts are designed to train day traders on how to trade forex successfully, offering a demo account and simulation to educate users on the pros and cons of trading.
The forex trading platform is one of the standout features of TopstepTrader, which has won multiple awards and has been featured on major mainstream outlets like CNBC, Bloomberg, and Fox Business.
How Does TopstepFX Work: Funded Forex Trading
TopstepFX stands out for its funded forex trading, offering users trading resources plus a simulated forex trading account.
You can earn a funded account by proving you can meet your profit target.
To qualify for funded accounts on TopstepFX, you need to hit a profit target of $2,000 without losses for a single week, exceeding $1,300 during the first simulation stage and $650 during the second simulation stage.
You also need to prove how well you can manage risk, with users being subjected to multiple tests.
According to TopstepFX, traders can pass all the necessary steps for eligibility within one month.
You can leverage profit potential using the forex trading account, with the account offering leverage of 100:1.
Who Can Get a Forex Funded Account?
Once you meet the necessary eligibility requirements, you can begin trading on the foreign exchange market using a forex-funded account.
As mentioned, TopstepFX is intended for professional traders.
Your best chance of qualifying for a forex-funded account is if you have previous trading experience that allows you to stay within the loss limitation rules.
If you’re already proving you can be profitable on your own and want to ease your exposure on the forex market, you could stand a good chance of attaining a forex-funded account.
Is TopstepFX Legit?
TopstepFX is a legit prop trading firm that draws in many profitable traders.
As an unregulated broker, traders may be dissuaded from joining the firm.
However, the parent company’s work is notable in the mainstream, and there is no evidence that the LLC engages in any unscrupulous activity.
What Do You Get with TopstepFX?
TopstepFX offers a range of features, including:
- Trading Combine Account
- Trading Interface
Keep reading our TopstepFX review to find out more about each one.
TopstepFX Trading Combine Account
Users must pass the Trading Combine, a two-step trading simulation process, to access a funded trading account.
Throughout the process, you can trade major currency pairs, plus minor pairs such as the Euro, Pound, or Yen.
During the Trading Combine, you must reach the aforementioned profit target equal to the amount of money in your account when you start.
If you’re hoping to earn a funded account, you cannot exceed the weekly loss limit based on your realized and unrealized trades.
The total losses also can’t top the account loss limit throughout the simulation.
You are required to close all positions at the end of each U.S. trading day.
Once you hit the profit target, you must reach the same target a second time.
However, for the second time, your weekly loss limit is significantly reduced.
While you show how to manage risk using funded trading accounts, it can potentially leave you susceptible to market events that occur late in the Trading Combine period.
Any violation of the platform’s weekly loss rules will lead to your trades being closed.
You can use over 20 currency pairs, practice on a demo account for free, and access quality trading alerts from experienced brokers.
Once you pass the Trading Combine and show your trading capabilities, you can make real money.
You keep your first $5,000 in profits, then an 80% share of profits for future transactions.
TopstepFX Trading Interface
For users who have a simulated or funded trading account, you must trade through the proprietary MetaTrader 4 interface that TopstepFX uses.
The charting software is powerful and entirely built around forex traders.
There are large buy/sell buttons on the charts, making it simple to place intraday trades.
Users can also add technical studies to their charts, run custom scripts, and create various notifications.
TopstepFX offers trader performance coaching to provide useful trading lessons to help day traders further their careers.
After you get a funded account, you can seek personal coaching, digital coaching, or engage in group coaching alongside fellow traders.
The coaching is designed to help TopstepFX users reframe their approaches, optimizing their trading strategies and habits to trade profitably with other traders.
How Much Does TopstepFX Cost?
The platform offers three different TopstepFX accounts, corresponding to the money you get when you start with simulated trading.
If you succeed in landing a funded account, the money you receive for funding equals the starting balance for your simulated account.
There is a monthly subscription fee that users must pay to get started with the different accounts.
The three different account tiers that traders can access are:
- 200K – The $200,000 account costs $125 monthly, starting you off with $2,000 with a 100:1 leverage; the profit target is $2,000 without losses for a single week, not exceeding $1,300 during the initial simulation stage and $650 for the second stage.
- 300K – The $300,000 account costs $165 a month, starting you off with a $3,000 account value, with the weekly loss limit being $2,000, or $1,000 during the second stage of the trial period.
- 500K – Costing $275 monthly, the $500,000 account comes with a $3,300 weekly loss limit during the first phase of simulation and $1,650 for the second phase.
If you break the rules to achieve funding, you have to pay a fee to reset your simulated account.
The account reset costs are between $89 and $139, depending on your account size.
If you opt to not pay for the reset, you can no longer use any funded accounts.
How Do I Cancel TopstepFX?
TopstepFX has a 14-day satisfaction policy.
If within the first 14 days of holding your account, you decide to discontinue your TopstepFX service, the firm will refund you a maximum of one Trading Combine monthly renewal payment.
Users must also provide feedback on why the service wasn’t a fit for them.
If you left your subscription on by accident and wish to close your account, you can request a refund.
However, refund requests will only be considered within three days after the account is charged.
That account must not have any trading activity within the three-day period.
TopstepFX Pros and Cons
We found a lot to like in our TopstepFX review, but there are some ways the service could improve.
Check out what we found.
Various Account Types – You get three account tiers to practice your trading without using your own money; as long as you follow the rules, you will remain funded and get add-on tools to help you maximize your account usage.
Demo Account – Beginners can practice trading using this account in a real trading environment.
Coaching – The personalized coaching services are beneficial for traders who need encouragement regarding their trading abilities.
Detailed Charts – Multiple ways to display data, including bars, candlesticks, bid/ask volume, and point & figure.
Profit Capabilities – You keep the first $5,000 of profits, then get an 80% profit split.
Subscriptions/Fees – Unfortunately, the fees are deducted from your profits.
Hard to Get Funding – Unless you’re a profitable trader with vast experience, it can be challenging to secure the necessary funding to succeed on the platform.
You Can Only Use One Account – Only one funded account is allocated to each trader.
TopstepFX Trader Reviews
If you want to know what traders have to say about the firm, check out these TopstepFX trader reviews.
TopstepFX Final Review: Is TopstepFX Right for Me?
If you have a strong track record of being a profitable trader and can manage the pricey subscription fees, then you may well find TopstepFX to be worth your investment.
The various types of accounts, coaching, training tools, and charts help you keep track of trades.
However, even as a professional trader, the strict rules make it challenging to secure account funding and remain funded on the platform.
As a trading platform, it’s viable, particularly for those with extensive trading experience.
So we recommend keeping this prop trading firm on your shortlist.