Did you ever hear of TopstepTrader? If you have, you might have found the information unbelievable. The word that goes around is that they give traders with lower budgets a chance to trade with no risk. How? They let you use their capital instead of your own. As long as you are good enough. This definitely sounds too good to be true, so we visited their website to see what is going on.
As first impressions go, it was a positive one. The website is very tidy, easy to read through and it looks good. Finding the information you need was very simple. This, of course, is a very positive thing. After all, when the website is very cluttered it feels as if they are trying to hide something. But with TopstepTrader, all the information is at the ready.
But, what do they offer?
TopstepTrader gives an opportunity to its users to become funded traders, which essentially means that, once they prove their skills and that they fit well with TopstepTrader’s trading style, they will receive access to a funded account which they can use to trade instead of their own money.
Another incredible thing about TopstepTrader is the fact that you can start for free. Once you join, there are two prominent options. You can either start up with a simulation first to polish your skills or test yourself.
If you choose the simulation, you will have a trial account for 2 weeks. You will be able to trade with $150.000 and see whether or not you have what it takes. If you feel ready, you can go through their evaluation program. In the evaluation program, you will be expected to trade in real time while being closely monitored. You will then go through the other two steps and join the program (hopefully).
TopstepTrader Trading Combine
Once you start out with this option you will receive a target profit you have to reach. Bear in mind that the testing is not free. You will have to pay for every month you require to reach the goal. If you are not doing too well, you will be able to reset everything for 100$ and start over. When you enter the simulation you will be able to choose between the starting funds. You will have 4 options, 30, 50, 100 or 150 thousand dollars. It will last for at least 10 active days. You will have to stay within the limits of your potential losses and reach the goal profit. Depending on the starting balance, you will have to pay between $150 and $375 per month.
TopstepTrader’s Funded Trader Preparation
This is the second step of evaluation. However, it is a lot more precise than the last one. The account you are applying for comes with parameters that you have to trade in. And this simulation will help you practice trading in them. The rules are similar: Trade for 10 days, stay above your loss limits, follow the plan, and follow the rules. Once you achieve the target for the profit, you will finally receive your account.
TopstepTrader’s Funded Account
If you have successfully shown that you have what it takes you will receive your reward. An account with which you can trade in the real market. You will suffer no risks and be allowed to keep 80% of the profits you make. And not only that but the first 5,000 dollars too. You will even be able to trade without a commission if you use their platform. The one flaw we found was that there is a lack of support for mobile devices. You can use it, but there is a chance to experience a connection delay.
For $195 a month, you can subscribe to their coaching program. With this plan, you will have private sessions with your coach who will analyze your trades. With these analyses, he will point out your mistakes and help you advance.
This is a very unusual feature. TopstepTrader actually has a radio host Eddie Horn. He is a trader with over 25 years of trading behind him. He hosts a very interactive show which can prove itself to be quite useful. There are perspectives on various stocks, insights from famous traders, interviews and regular updates.
*14 days of a free simulation account
*It offers an incredible opportunity
*No risks if you manage to go through the program
*They offer no refunds
*The costs are not very transparent
*You do not know how much the evaluation will cost you, as it might take you a while to reach the goal.