Skip to content
Pros
- Suitable for intermediate and professional Futures traders
- Good customer service
- It offers a Forex trading coach
Cons
- Confusing fee structure
- It doesn't support margin or spot trading
- Home
- /
- South Africa & Crypto
- /
- Prop Firms in South...
- /
- Topstep Review South Africa...
Topstep Review South Africa 2024
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
- URL: https://www.topstep.com
- Headquarter: 130 S Jefferson St Ste 200, Chicago, Illinois, 60661, United States
- Year Founded: 2012
- Max. Funded Capital: 150,000
- Profit Split: 100% till you get $10,000 then 90/10%
- Evaluation Fees: $49 per month to $149 monthly
- Trading Platforms: NinjaTrader, Quantower, TradingView, Traovate, T4, RTrader Pro, ATAS OrderFlow Trading, MotiveWave, VolFix, Bookmap, Investor/RT, Jigsaw Daytradr, MultiCharts, Sierra Chart, Trade Navigator
- Tradable Instruments: CME Equity Futures, CME Foreign Exchange Futures, CME Agricultural Futures, CME CBOT Agricultural Futures, CME CBOT Equity Futures, CME CBOT Financial/Interest Rate Futures
- Maximum Leverage: 1:100
- EA allowed: No
- No. of Challenges: 1 (Trading Combine)
- Profit Target: $3,000 to $9,000
Topstep Review: Our Opinion
Through our team’s direct experience and analysis, we have determined that Topstep prop firm is best for intermediate and professional Futures traders.
The prop firm does not support any other type of trading (margin, spot, etc.), which limits its target audience.
It also has a confusing fee structure with different charges applicable when executing a trade.
That said, it offers crypto futures which makes it a great option for crypto enthusiasts.
Table of Contents
Add a header to begin generating the table of contents
Company Overview About Topstep
Topstep was founded in 2012 and is headquartered in Chicago, the United States.
The founder and CEO is Michael Patek. Other senior staff include Sarah (Chief of Staff), Casey (Chief Operating Officer), and Anne (VP of People).
The company has over 60 employees and has funded thousands of traders globally.
The futures trading prop firm has been featured on the Inc. 5000 list of America’s fastest-growing private companies and has been nationally recognized on the Deloitte Technology Fast 500 list.
For services offered, Topstep gives traders access to funding where they offer a profit split that allows both the firm and trader to earn.
Topstep Funded Account: Reviews
The Topstep platform has a 4.4/5 rating on Trustpilot. This rating was made up of the following star segments:
5 Star Reviews: 74% of Topstep reviewers
4 Star Reviews: 14% of Topstep reviewers
3 Star Reviews: 4% of Topstep reviewers
2 Star Reviews: 2% of Topstep reviewers
1 Star Reviews: 6% of Topstep reviewers
The majority of positive Topstep reviewers were pleased with the Futures trading prop firm’s customer service as they stated it was easy to reach their reps.
That said, the negative reviews on TrustPilot were primarily individual funding account issues.
Unique features of Topstep
Trading Combine
Trading Combine is a simulated trading account that helps traders build their skills, discipline, and habits while being evaluated for funding.
Each trader’s performance in Trading Combine is evaluated for the opportunity to become a funded trader or access to Advanced products and services offered by Topstep.
Traders who achieve the objectives in the Trading Combine simulation are upgraded to the Express Funded Account.
To access Trading Combine, you need to complete the appropriate registration on the Topstep platform.
Once your registration is successful, you will receive the login details for your account and user section via email.
Topstep charges a monthly subscription fee for Trading Combine.
The fee for Trading Combine varies based on the option selected, buying power, and parameters that need to be fulfilled for the conditions as well as objectives of the Trading Combine to be met.
The Trading Combine fee is not refundable.
The major objective of Trading Combine is that you must reach and maintain the profit target.
You also must not hit or exceed the Daily Loss Limit. If you do, your trading account will be deactivated for that trading day.
If you are successful in graduating from Trading Combine, Topstep offers you the option to either get funded with the trading capital of Topstep Funded or advance to other services or products offered by Topstep.
After paying the subscription fee for the selected option of the Trading Combine, you will receive your login details.
If you do not activate the Trading Combine within 30 Calendar days of the date the login details were made available to you, your access to the Trading Combine will be suspended.
You can however request the renewal of access within 6 months of the initial suspension.
If it exceeds this time frame, your access to Trading Combine will be terminated without any refund.
Express Funded Account
The Topstep Express Funded Trading Account which is also known as XFA is the Simulated Funded Level account that traders earn after passing the Trading Combine.
Unlike the Trading Combine, there is no subscription fee for the Express Funded Account.
The XFA is connected to the Forex trading platform, which Trading Combine is connected to.
Topstep allows one trader to have up to 3 active Express Funded accounts at the same time.
The XFA has one single rule: Do not allow your account balance to hit or exceed the maximum loss limit.
If your account exceeds the maximum loss limit, it will be deactivated for that trading day.
As already stated, there is no monthly subscription fee for the XFA since access to it is obtained by passing the Trading Combine.
However, If you were paying a monthly fee for your trading platform, you will continue to pay the fee once you earn the Express Funded account.
Topstep charges a one-time payment per Express Funded Account. The activation fee should be paid using the same email address associated with your Topstep.com account.
Access to your new Express Funded account is made available to you within 1 to 2 business days after submitting your contract and paying the Activation fee.
While the Express Funded Account is similar to the Trading Combine, it varies in different ways.
Unlike Trading Combine, there is no profit target or consistency target for the Express Funded Account.
There is also no option to reset your XFA account once a rule is broken.
You can request a payout of up to 50% of your account balance after accumulating 5 winning trading days per payout request. Topstep counts a trading day when the day’s Net PNL is $200 or more.
You cannot request a payout in the Trading Combine account.
Topstep does not allow you to move from the Express Funded Account to the Live Funded Account at will.
This is because the prop firm wants traders to gain good momentum in their Express Funded Account before trying to upgrade.
That said, Topstep’s risk managers closely monitor traders in the Express Funded Account and will reach out to traders who they believe are ready to become funded traders based on consistency and performance.
You can lose your XFA Account if you violate the maximum loss limit.
If this happens, you can start a new Trading Combine for another chance at earning an Express Funded Account.
If you are eligible for a transfer to the Live Markets, you will receive an email of transfer to the Live Funded Account from the Topstep team.
Once this happens, your account will be closed. The full balance of your Express Funded Account will be the starting balance of your new Live Funded account.
You can also request a payout during your transfer from XFA to the live account.
The Maximum Loss Limit for the Live Funded Account is set at $0.
Coach T
Coach T is a personalized, automated, real-time extension of Topstep’s performance coaches.
It is available in the Trading Combine and Express Funded Account.
Coach T helps traders at every step of their trading journey and also helps them build a routine for their trading day.
It helps you take actionable steps toward profitability by giving you insight into your trading strategy and behavior.
Coach T includes the following:
Practice Account: This allows you to test your trading skills and strategies, and plan your next trading moves without risking your funding evaluation.
TraderIQ: With TraderIQ, you can set goals and be scored against a personalized trading plan. By viewing your score over time, you can improve your trading skills and trading strategies and become a smarter trader.
Analytics: This gives insight into how well you are trading and the long-term profitability of your trading strategy.
Alerts: Coach T sends you alerts when you are about to break a rule or make any moves that are contrary to the set trading rules.
Evaluation Process
Topstep has only 1 evaluation program called Trading Combine. The program is created to help traders build better habits, discipline, and skills for funded trading. Once the Futures trader passes the Trading Combine evaluation they’ll unlock a funded account in 2 days.
Also, Topstep allows funded traders to pay themselves up to 4 times monthly.
There are 3 Trading Combine account sizes you can choose during the evaluation process.
When you choose a particular Trading Combine account size you can lock it in until you earn funding or for the lifetime of the Trading Combine.
Traders will have to pay a one-time fee of $149 Activation Fee per Express Funded Account when they pass the evaluation process.
The fee is applicable for all account sizes.
That said, the various Trading Combine challenges include the following:
$50,000 Buying Power: This Trading Combine is accessed with a $49 monthly subscription fee and has a profit target of $3,000. The maximum position size cumulative across all open trades is 5 contracts. There’s a maximum loss limit of $2,000.
$100,000 Buying Power: This Trading Combine is accessed with a $99 monthly subscription fee and has a profit target of $6,000. The maximum position size cumulative across all open trades is 10 contracts. There’s a maximum loss limit of $3,000.
$150,000 Buying Power: This Trading Combine is accessed with a $149 monthly subscription fee and has a profit target of $9,000. The maximum position size cumulative across all open trades is 15 contracts. There’s a maximum loss limit of $4,500.
Topstep Fees, Charges and Profit-Share
Commissions and Fees in the Live Funded Account
Topstep charges various fees on its live-funded account that vary depending on the trading platform used to execute trades.
Round Turn on Tradovate and TradingView: This has a $1.58 commission and $0.04 regulatory fee with a total fee of $1.92 minus exchange fees, which are dynamic per product.
Round Turn on NinjaTrader, ATAS, and Rithmic trading platforms: This has a $1.06 commission and $0.04 regulatory fee with a total fee of $1.60 minus exchange fees, which are dynamic per product.
Round Turn on T4: This has a $1.00 commission and $0.04 regulatory fee with a total fee of $2.04 minus exchange fees, which are dynamic per product. Topstep also charges the following for Micro E-Mini and Round Turn:
Round Turn on Tradovate and TradingView: This has a $0.50 commission and $0.04 regulatory fee with a total fee of $1.54 an exchange fee of $0.70 and a clearing fee of $0.30.
Round Turn on NinjaTrader, ATAS, and Rithmic Platforms: This has a $0.18 commission and $0.04 regulatory fee with a total fee of $1.42 an exchange fee of $0.70, and a data fee of $0.50.
Exchange Fees
CME Equity Futures
E-mini S&P 500 (ES): $2.66
Micro E-mini S&P (MES): $0.70
Nikkei (NKD): $4.30
E-mini NASDAQ 100 (NQ): $ 2.66
Micro E-mini NASDAQ 100 (MNQ): $0.70
E-mini Russell 2000 (RTY): $2.66
Micro E-mini Russell 2000 (M2K): $0.70
Micro E-mini Bitcoin (MBT): $2.00
Micro E-mini Ether (MET): $0.20
CME Foreign Exchange Futures
Australian $ (6A): $3.20
Micro AUD/USD (M6A): $0.48
British Pound (6B): $3.20
Canadian $ (6C): $3.20
Euro FX (6E): $3.20
Micro EUR/USD (M6E): $0.48
Japanese Yen (6J): $3.20
Swiss Franc (6S): $3.20
E-mini Euro FX (E7): $1.70
Mexican Peso (6M): $3.20
New Zealand $ (6N): $3.20
CME COMEX Futures
Gold (GC): $3.10
Micro Gold (MGC): $1.00
Silver (SI): $3.10
Micro Silver (SIL): $2.00
Copper (HG): $ 3.10
CME CBOT Financial/Interest Rate Futures
2-Year Note (ZT): $1.30
5-Year Note (ZF): $1.30
10-Year Note (ZN): $1.78
30-Year Bond (ZB): $1.74
Ultra-Bond (UB): $1.90
Ultra-Note (TN): $1.60
CME CBOT Commodity Futures
Corn (ZC): $4.20
Wheat (ZW): $4.20
Soybeans (ZS): $4.20
Soybean Meal (ZM): $4.20
Soybean Oil (ZL): $4.20
CME CBOT Equity Futures
Mini-DOW (YM): $2.66
Micro Mini-DOW (MYM): $0.70
CME NYMEX Futures
Crude Oil (CL): $3.00
Micro Crude Oil (MCL): $1.00
E-mini Crude Oil (QM): $2.40
Natural Gas (NG): $3.00
E-mini Natural Gas (QG): $1.00
RBOB Gasoline (RB): $3.00
Platinum (PL): $2.10
Heating Oil (HO): $3.00
CME Agricultural Futures
Live Cattle (LE): $4.20
Lean Hogs (HE): $4.20
CME Interest Rate Futures
Eurodollar (GE): $2.50
It’s important to note that these charges are not paid out of pocket rather they are taken from your account balance automatically with all filled trades you make and are accounted for in the NET P&L.
Also, the Round-Turn happens when you Buy and sell a futures contract. Every Buy or Sell applies half of these fees per side.
Profit Split
Funded traders get up to 100% of your profits from payouts up to $10,000.
However, after the first $10,000 of funds have been received, the profit split becomes 90/10%, with the trader getting 90% of payouts and Topstep keeping 10% of the requested payout.
Note that the payout policy is per trader and can be set to access various Funded Accounts.
So you can keep 100% of your profits to your payouts when all your Funded Accounts cumulatively add up to $10,000.
Monthly Subscription
The monthly subscription recurs from the sign-up date till you pass the Trading Combine or choose to close your subscription.
The subscription ranges from $49 per month to $149 monthly. There’s also a one-time $149 activation fee per Express Funded Account.
Cryptocurrencies and Other Tradable Instruments on Topstep
Topstep only supports trading Futures products listed on the following exchanges CME, CBOT, COMEX, and NYMEX.
Topstep does not support the trading of Stocks, Forex, Options, Cryptocurrency, and CFDs.
Below are the products available for each supported exchange.
CME Exchange
E-mini S&P 500 (ES), E-mini NASDAQ 100 (NQ), E-mini Russell 2000 (RTY), Micro E-mini S&P (MES), Micro E-mini NASDAQ 100 (MNQ), Micro E-mini Russell (M2K), Nikkei NKD (NKD), Australian $ (6A), British Pound (6B), Canadian $ (6C), Euro FX (6E), E-mini Euro FX (E7), Japanese Yen (6J), Swiss Franc (6S), Eurodollar (GE), Lean Hogs (HE), Live Cattle (LE), Micro Bitcoin (MBT), Micro Ether (MET), Micro EUR/USD (M6E), Micro AUD/USD (M6A), Mexican Peso (6M), and New Zealand $ (6N).
CBOT Exchange
Mini-DOW (YM), Ultra-Bond (UB), 10-Year Ultra-Note (TN), Micro Mini-DOW (MYM), 2-Year Note (ZT), 5-Year Note (ZF), 10-Year Note (ZN), 30-Year Bond (ZB), Corn (ZC), Wheat (ZW), Soybeans (ZS), Soybean Meal (ZM), and Soybean Oil (ZL)
COMEX Exchange
Gold (GC), Silver (SI), Copper (HG), Micro Gold (MGC), and Micro Silver (SIL).
NYMEX Exchange
Crude Oil (CL), Natural Gas (NG), E-mini Crude Oil (QM), E-mini Natural Gas (QG), Micro Crude Oil (MCL), RBOB Gasoline (RB), Heating Oil (HO)and Platinum (PL).
Note: Eurodollar (GE) contract is not available on CQG (TradingView, Tradovate)
Also, Topstep’s CTS System (T4) currently does not include Micro contracts.
Is Topstep Legit?
Yes, Topstep LLC is a Delaware limited liability company registered with the National Futures Association (NAF).
From our direct engagement with this Prop firm, we’ve ascertained that It is a legitimate prop firm and it is safe to use.
That said, since Topstep does not offer any financial services, it is not regulated.
Security, Is Topstep Safe to Use?
Our practical experience with this prop firm has shown us that Topstep is safe to use.
The platform has several measures in place to ensure a secure trading environment and that traders adhere to all trading rules.
To prevent prohibited conduct, exploitation of the simulated environment, and gambling behavior, Topstep places a limit on the daily total contracts for each account.
Trading accounts that have any trading day that exceeds 200 total contracts are immediately subject to review by the Risk and Compliance team.
If any account violates the rules of the platform, Topstep can delete the trading day and all profits and restart or close the account.
Depending on the severity of the violation, the trader may be banned from the platform.
Topstep has several physical, technical, and organizational procedures and security measures in place to prevent unauthorized access or disclosure of users’ data and to maintain data accuracy.
It does not intentionally collect, store, or transfer sensitive data.
Users personal information is not retained for longer than necessary and once the information is no longer needed, they are securely deleted or destroyed.
Trading Conditions on Topstep
Topstep South African traders are permitted to trade Futures products only and those listed on its supported exchanges which include COMEX, CBOT, CME, and NYMEX.
Also, the evaluation process, Trading Combine, is strictly for day traders, which means that positions cannot be kept open from one session to the next or into the weekend close.
Topstep requires that traders close their positions every day before 3:10:00 PM Central Time (CT) Monday through Friday.
There’s also a maximum loss limit of $2,000 to $4,500 as well as a profit target of $3,000 to $9,000.
Trading Experience
Through our extensive hands-on analysis, we found that Topstep offers a trading experience best for intermediate and professional traders.
It also supports a broad selection of Futures exchanges.
That said, the prop firm also offers free coaching with industry experts and a Discord chatroom where you can discuss with other traders, coaches, and their Ambassadors.
Different Platforms Used to Trade
Topstep supports both MetaTrader 4 and MetaTrader 5 trading platforms.
Does Topstep Offer Education?
Yes, Topstep offers educational courses via the Resource Library that offer materials via blogs, podcasts, and videos. The resources primarily cover the psychology of futures trading.
How Does Topstep Compare with Other Prop Firms
The 2 main competitors of Topstep include FTMO and Blue Guardian.
Both proprietary trading firms offer more tradable instruments than Topstep but have a lower profit share as Topstep offers 100% and up to 90% after passing $10,000.
Also, while FTMO and Blue Guardian charge one-time refundable registration fees, Topstep doesn’t and requires a monthly subscription charge.
Conclusion
Topstep is a futures trading-only prop firm best suited for intermediate and professional traders looking to trade with funding.
It is more expensive to register when compared to other alternatives and has a lot more stricter trading conditions.
While Topstep offers unique opportunities for traders in South Africa, it’s wise to consider various options. For insights into another leading firm, explore our Fidelcrest Review.
FAQ
Most frequent questions and answers
If you’re interested and experienced in Futures trading and need funding to kickstart your journey, Topstep is worth it.
Topstep gives South African traders 90% of their profits after the evaluation process (Trading Combine).
Yes, Topstep has a monthly fee that ranges from $49 to $149.
Topstep offers up to $150,000 in funding to successful traders.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read here.
