Topstep FX Broker Review 2020

General Information

Website URL: https://www.topstepfx.com/

Founded: 2012

Regulation: N/A

Languages: English

Deposit Methods: N/A

Minimum Deposit: N/A

Free Demo Account: yes

Types of Assets: Forex

Regulation

Topstep FX does not classify as a trading company in its core. Rather, it is an individual and private company that serves as an intermediate between the client and the market, but with one important twist. The company allows you to trade without ever investing your resources. Rather, you will be given a simulation through a demo account, after which you will need to reach a certain target to acquire a fully funded trading account.

The company is based in Chicago, and it does not fall under traditional regulation as other trading companies do. It was created by the former member of the Chicago Board of Trade, Michael Patak. Patak is considered a revolutionary in the area of financial services, and his company was considered one of the fastest-growing ones in the US for 2 years straight (2016 and 2017). The formula definitely works, considering that Topstep FX attracts more and more clients each year.

Trading Platform

The Topstep FX trading platform is MT4 which is classic, and it allows you a lot of options when trading. Additionally, it is customizable and adjustable to different devices, so you can use it on your mobile, tablet, laptop or PC.

This platform gives you the opportunity to trade within a different trading landscape. Since you are entering a simulation without strings attached, the platform takes a lot of the pressure away from your trading situation. In addition, you are learning since the very beginning, so on average, you can become a skillful trader much sooner than you would on the other platforms.

So, how does this work? Why would a company give you the opportunity to trade completely without depositing any of your own funds? Well, the story works quite well, considering that the company draws a 20% fee from your profits. This is still a good bargain considering that you are trading with a fully funded account.

Basically, you will stay in the simulation account until you reach a certain target. After that, you will be able to receive your fully funded account and trade on your own, while earning 80% of the profits. Also, the only condition that you will need to follow is the weekly limit for losses, which depends on the account type you choose to trade with.

Account Types

There are 3 types of accounts available for clients. Based on your personal experience, skills and trading goals, you can try earning an account which will be fully funded with $200.000, $300.000 or $500.000.

The $200.000 comes with a $125 fee per month and the leverage of 100:1. And of course, it should be noted that you won’t be receiving the full amount right away. Rather, the initial $2.000 will be available to you to begin, with a weekly loss limit of $1.000.

The $300.000 account comes with the $165 monthly fee, with a week-loss limit of $3.000. In the end, there is the highest of accounts: $500.000 with the monthly fee of $275 and a weekly loss limit of $3.300.

Education

The Topstep FX is one big educational experience. Since the very beginning of your journey, you will be required to learn over and over again, as well as to complement the knowledge and skills you already have. The need for constant improvement is what’s pushing the Topstep FX company to the highest ranks within the financial world.

On their webpage, you can find different educational tools including tutorials and articles that are regularly updated with new information about the market. You can also find the advice of the experts about the current state of the trading world, which is always helpful if you know how to use it. And by trying to repeatedly hit that target each week while in simulation, you also learn new things about yourself, including your patience and perseverance. This is just one of the many advantages of TopStep FX.