Have you ever thought about a career change and becoming a futures and forex trader?
If your answer is yes, you next question would be, how can I get started?
TopStepTrader could be your answer. It provides you with all the tools you need to not only learn and improve your day trading skills but to turn them into a profession. You don’t even need a lot of capital to get started.
Founded by Michael Patak in Chicago in 2012, TopStepTrader has been named one of America’s 5,000 Fastest Growing Companies according to a list from Inc.5000.
With TopStepTrader, you begin with a simulated account, meaning you are not putting your own money at risk as you learn the skills of the day trader.
The platform is available to people from 143 countries trading futures and forex.
If you perform well with your simulated account, you are rewarded with a fully funded account, allowing you to trade with TopStepTrader’s money.
You keep the first $5,000 of profit and 80% of everything above that. More than $2 million was withdrawn by funded traders in 2020.
Here, you can read a comprehensive review of TopStepTrader.
No-fee Trading Platform
There are around 13 different platforms, with the most beginner-friendly being TSTrader. It has no fees (not even hidden ones) and includes all the basic charts needed to manage your day trading career efficiently.
Education and Coaching
Top Step Trader’s provides a wealth of education and coaching on futures and forex trading, ideal for beginners through to veteran investors and includes new tips and tricks to increase profitability. Some coaching options are free, while users with more capital can invest in personalized performance coaching sessions.
Primary education offerings include:
- Daily live trading classes
- Lessons on trading psychology
- Ability to watch the professionals trade in real-time
All classes are aimed at different knowledge levels, with high marks given where you show obvious progression.
Performance Coaching Plan
Each month, you’ll receive a one-on-one session with your coach. You can go over your trades and get advice on where you made mistakes. This service comes with a subscription of $395/month
The service includes:
- 30-minute kick-off session.
- Personalized advice on your trading strategies.
- Daily meeting and a weekly personal coaching session.
- Access to the private trader group chat.
The coaches are experienced traders with many of them having also worked on real trading floors and have experience in coaching and mentoring new traders to achieve their goals.
Community Help
TopStepTrader comes with a thriving community. Users can ask questions in the interactive chat room, where both simulation users and funded traders are happy to answer questions.
- There are also many active TopStepTrader communities all over social media, with the large TopStepTrader Facebook community being by far the most active of them.
What does TopStepTrader Cost?
There are four different membership options for traders with simulation accounts. There is also a 14-day free trial, with no requirement to add a credit card.
Membership fees are monthly and come with different targets to meet to be considered for promotion to funded trader status. There are also different maximum positions, buying power, maximum drawdowns, and weekly loss limits you have to keep to.
- $50k Buying Power – $165/month.
- $100k Buying Power – $325/month.
- $150k Buying Power – $375/month.
What Happens if you Suffer a Big Loss due to a Bad Trade?
Your account will be reset, and you will be charged $100. Considering you are trading virtual funds and not actually losing anyone any money, this is a barrier to new traders who want to try different strategies.
While no commissions are charged, there are transaction fees of $0.18 per contract, and similar platforms do not have these fees.
Is TopStepTrader Legitimate?
Yes.
It has been in business since 2012 and has been featured on CNBC, Bloomberg, Fox Business, Forbes, and MarketWatch. It has also won several awards, including being named one of the 101 Best and Brightest Companies to Work For in 2016.
Advantages of TopStepTrader
- Wide range of excellent educational tools as well as live classes
- Little capital needed to begin your journey
- There is significant and helpful support available for popular trading platforms
Disadvantages of TopStepTrader
- High membership fees
- It is highly unlikely to become a funded trader
Is TopStepTrader Right for you?
It is a very legitimate and trusted platform that can be great for testing out your skills before committing to too much. The amount of educational content is enough to help your skills skyrocket and you can see the results of your efforts without risking your own money.
Monthly fees can become expensive over time, so you might prefer to commit only to only 1-2 months to give yourself enough time to make the best decision for you.
You can check out TopStepTrader’s day trading platform today here and start your 14-day free trial.
