Every retail trader who starts their journey towards mastering the markets dreams about finding a job which gives them access to a funded account. In the past, getting into the professional side of the markets was tough and it would require a lot of capital to even begin trading any markets.
Now, thanks to the advancement in every field related to trading, the retail side has a massive advantage when it comes to proving and showcasing their capabilities. TopStepFx is a platform which enables people to make the transition from the retail side to the professional side. They provide funded accounts to qualified people and have constructed a win-win business.
In theory, the way they operate is almost flawless, but due to concerning user feedback, traders should be aware about their policies before proceeding with them. After all, one wrong move can end up costing you thousands of dollars and the damage of reputation would be severe.
We are not trying to scare the people who are interested in trading. Our intention is to make people understand both the risk and rewards so that they exactly know whether or not to start indulging with the markets?
Firm, Location and Support Information
TopStepFx claims to be operating from the United States. Their platform is well designed and contains very minimal information about their whereabouts. At first glance, unless you are an experienced market participant, chances are you will never realise the dangers present while dealing with them. For example, they do not show any regulatory information about their platform.
To be extra sure, we also did our best to dig up any data about them. Unfortunately, we couldn’t find relevant information which means they are not overseen by any credible third party and as such, it is not something which we can recommend to everyone. On their website, there are a lot of images of their employees, but there are no social media profiles linked.
In other words, we can’t verify the identity of the people involved and there isn’t much credible data about the founders and employees. If you have any particular query, then the easiest way to get the answer is by taking a look at their FAQ section. You can get in touch with their support team via phone or email too(checkout the table below for contact information). The average time required by them to get back to each and every query is unknown.
Address – Topstep, LLC, 130 South Jefferson Suite 200, Chicago, Illinois 606611.
Phone – (888) 407-1611
TopStepFx Futures and Forex Funded Accounts
The exact steps people need to follow in order to get a funded account is not as clear as it could have been. There’s no one answer to the way things work with this firm. First and foremost, they just like any other reputable firms talk about the psychological side of the equation. The narrative featured by them is correct and to succeed an individual needs to have some sort of statistical edge over the markets.
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At the same time, he or she should also focus on risk management as there is no such thing as sure shot in trading. Remember, regardless of how good the win rate of a strategy might be, it will always yield some losses along the way. Some strategies and approaches might even stop working after a few short periods of time from their inception. So, always remember to backtest your strategy and keep improving them as time goes on.
Once they become absolute, find a new approach. As far as the rules of this firm is considered, the instructions provided by them are very basic and generic and it doesn’t provide much value at all. To get funded accounts, traders have to pay a certain monthly fee and decide the kind of package they want to go with. Basically, the two categories offered are Futures and Forex.
The buying power is capped at $150,000 for futures and for forex it goes upto $500,000. Both the markets mentioned above are highly leveraged and to make consistent profits, a trader needs to know all the ins and outs of the market perfectly. Subscriptions charges for accounts range between $125 to $375 and the conditions associated with each account is different. Have a thorough look if you want to try them out, but given the number of alternative reliable services available, it won’t be a wise move.
TopStepFx Coaching and Resources
Coaching and mentoring are absolutely necessary for every newbie trader. This platform offers different types of coaching and some of the classes are free and others are made available only for selected members. As we don’t have much information available about the contents of the modules they teach, we cannot say anything about them.
On the bright side, they do publish the details of the key speakers and they all are said to be veteran traders with tons of real world experience. You can find their details by visiting their website. Moving on to resources, they have a lot of things to provide to the clients. For starters, they have the basic materials on candlestick patterns and they focus a lot on the fundamental side too.
Their video library features very little content and as far as ebooks and blogs go, the content put up by them for the most part is irrelevant and outdated. All in all, there is nothing out of the ordinary about their educational outlet and traders can find much better resources just by Googling the name of the trading books.
Is TopStepFx Legit?
TopStepFx is an unregulated entity and as such you should be alert while dealing with them. Their platform might seem attractive, but as they carry no credibility we cannot trust them with our funds yet. They have vague rules and policies, the people running the show are unknown and more importantly the user feedback isn’t great or reassuring.
We are not saying that they will loot all of their clients for sure. However, given their traits, it is indeed more than difficult to recommend them to any of our extended friends and family members. So, the answer to the big question mentioned above is no, but remember not to give them the benefit of the doubt until more data or customer reviews pops up.
User Feedback
On Trustpilot there are many conflicting opinions about this firm. Some users are adoring the operational model while others are regretting their choice. The positive comments seem more like a modified advertisement script in some cases.
Click here to check out the comments for yourself and then form your own opinion. There are few comments featured on their homepage, but as the information presented there is hard to verify, we don’t have any other choice other than taking their word for it. Obviously, we don’t suggest anyone to believe any claims online blindly and you shouldn’t do it especially when money is involved.
Verdict
Funded accounts are an exciting venture which captures the attention of a majority of retail traders. While handling big amounts might seem enticing at first, do not forget that it carries an enormous amount of risk. Always read the fine print in order to save yourself from any kind of traps and have a solid plan beforehand.
As far as TopStepFx is considered, do not engage with them yet as their plans are too pricey and they are not the most transparent firm out there. On the flip side, if you have lost money to them or for any reason if you feel like you have been scammed, then reach out to us for a free consultation. All you have to do is fill out the contact form on our website and we will start assessing your case immediately.
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