The perfect prop company for prop traders in 2023?

What is Topstep?

Topstep is a platform categorized as Prop Company.

The company has been founded in 2012 by Michael Pataka dealer of future who have lost money in trading several times before become profitable.

Topstep’s mission is to provide traders tools and options to succeed in trading. Since the beginning, Topstep has funded thousands of traders worldwide.

What is a Proprietary Trading Company (Prop company)?

ONE Prop Company is a company that borrows its capital to successful traders challengeto act on financial markets. The biggest advantage is access to larger trading funds without risking your own capitalall in share the profit generated.

One of the main features of Topstep is that it does not use does not CFDs but Futures to give its customers the opportunity to shop, which is very rare among brokers And prop companies.

Topstep also offers one challenge very different from other prop companies, more progressive and based on a monthly fee.

Once a trader has proven their skill by complying with certain rules and now established goalsTopstep allows for trading in company capital. Each trader then has the opportunity to trade with a capital of up to $150,000.

Topstep operates in three steps main:

  1. The trading combination (step 1): This is the famous prop movie challenge. In plain English, it’s an assessment of your trading skills where you choose the level of capital you want to manage. You must follow certain rules and reach a profit target to advance to the next stage.
  2. Trading Combination (Step 2): If you succeed in the first phase of the Trading Combine, then you move on to the second phase, where you have to show that you can be profitable over a longer period of time. A kind of confirmation that you are a “good trader”.
  3. Prop trade: If you pass the first two steps, you will receive a financing offer from Topstep. You can then start trading with Topstep money and keep some of the profit you earn (profit split).

Note that Topstep does not allow trading below major financial announcementswhich may limit trading opportunities for some traders.

Here is a table that will allow you to better represent boundaries and goals to reach for pass the Topstep challenge :

Start balance profit target Daily loss limit Weekly loss limit Maximum loss limit
$50,000 $3,000 $1,000 $1,000 $2,000
$100,000 $6,000 $2,000 $2,000 $4,000
$150,000 $9,000 $3,000 $3,000 $4,500

Complete the Topstep challenge

To succeed in the Topstep challenge, therefore called the Trading Combine, Topstep is definitely the prop company most focused on supporting beginners.

Topstep offers especially free coaching to its users. We know how much be trained in commerce is important to avoid the most common pitfalls.

This coaching translates as a program that helps traders improve their skills to become Topstep funded traders. The program includes:

  • Group coaching: Discussions and learning with experts and peers.
  • Individual coaching: Regular consultations with an expert to discuss trading strategies and risk management.
  • digital coaching: Access to Coach T, a digital coach that provides personalized trading tools and statistics.

The program approach is based on a strict routine and verified preparation, trading and reflection. The goal is to:

  • Develop sustainable trading habits
  • Promote greater discipline
  • Achieve consistent performance in trading

Finally, the program provides warnings before major events, personalized advice and monitoring of traders.

Topstep costs and fees

Topstep works on a subscription model. Fees depend on the starting amount of the trading combination you choose to participate in. Here is a comparative table of fees:

Combine trade Monthly expense
$30,000 $150
$50,000 $165
$100,000 $325
$150,000 $375

Note that when a trader has passed the Trading Combine challenge and has been accepted into Topstep’s funded account program (prop trader), there are none no more monthly fees!

Reset fees

If you want to reset your Trading Combine account at any time (if you have, for example break a rule or if you just want to to start over), it will cost you $99.

Topstep Profit Split

When the challenge is over, the trader must share profits with Topstep, we call it in the prop trade Profit Split. Here traders keep the first $5,000 profit and 90% of the profit thereafter. After $500 profitwe will therefore be on a profit sharing basis 90% for the trader and 10% to Topstep.

Additional costs and platforms compatible with Topstep

It should be understood that the costs mentioned above are linked to the use of the Topstep platform andpossibility to trade with by borrowing funds.

The real costs of trade, such as spreadsdepends on the broker you use execute your trades.

At Topstep, here are the main compatible platforms for trading, as well as their costs:

  1. TS Trader:
  • Compatibility: All devices
  • Platform Fees: $0 in simulation and on funded accounts
  • Commission on the funded account: $0.79 per contract
  1. Ninja Trader:
  • Compatibility: Windows
  • Platform Fees: $0 in simulation, reduced on funded accounts
  • Commission on the funded account: $0.53 per contract
  1. Quantower:
  • Compatibility: Windows
  • Platform Fees: Free for Topstep traders
  • Commission: $0.53 per contract

Overall, you can therefore say that Topstep’s costs are clearly competitive, and can be very interesting depending on time what will it take you success with the Trading Combine challenge.

Our opinion about Topstep

After going through all the facets of Topstep, we have to admit that it is one prop company that stands out. It brings a breath of fresh air to the world of prop trading thanks to new concepts such as Combine trade and its fee system based on a Monthly subscriptionwhich makes the challenge process smoother and less stressful.

topstep trust pilot
Source: Trustpilot

The principle of Combine trade is quite interesting. This is a great opportunity for traders to show what they are capable of while manage large sums without risking their own money. The two phases of this challenge focus on constancy and long termtwo important properties for succeed in trading.

On top of that, Topstep offers free coaching, which is not insignificant. Whether you are new or already experienced, it is a great asset for those looking to fine tune theirs trading skills.

On the cost side, Topstep’s subscription system can be very interesting in terms of other prop companies. In addition, once you have passed the Trading Combine challenge, the monthly fee, It is over!

In short, with his original ideas and his ongoing business supportTopstep offers an experience of solid and attractive trade. It is a platform that we recommend, but be careful with yours Risk management !

As always, be aware that even if you complete the trading combination and get a funded accountthere is no guarantee of profits. You may lose the money you have invested in the monthly subscription or the reset. Only invest the money you can afford to lose!

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