TopstepFX Review Is Topstepfx.com Legit Or Scam

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TopstepFX Review: Is Topstepfx.com Legit Or Scam?

Topstepfx.com Review: this is the name of a Forex trading service that offers funded account. It is located in Chicago. Is TopstepFX a scam or is it legit?

It is common for Forex brokers and service providers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

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However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

The Forex service offered by this company is not new or unique, however, it is worth considering. Traders are offered some capital by the company to trade the Forex market with. But before this is done, they have to prove that they can make profit and manage risks.

A maximum of $500,000 is available as capital but it requires some payments from traders as we will reveal. But before we do that, let us consider some of what makes up the TopstepFX service.

TopstepFX Trading Platform

It is mentioned that TopstepFX trading software is operated on a MetaTrader 4 platform available to all their clients.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

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Trading instruments offered to traders are 22+ Forex currencies. We find the absence of cryptocurrencies and other assets offered by other brokers discouraging. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

How TopstepFX Works

Something called the Trading Combine is offered to clients. It is a simulated account where the company can evaluate the trading skills of clients. We surmise that this is a demo account. Trader have to pass the two-step evaluation by reaching the Profit Target within the defined risk parameters. Then they get a live Funded Account that can give access to as high as $500,000 capital.

It is mentioned that the first $5,000 profit made is for the trader and then, they get to keep 80% of the rest. They allow trading with a leverage of 100:1 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

In addition to all, they give a brief summary of what trading with the company entails. We list them here;

Safe environment to trade
Generous profit split
Withdrawal at any time
Dedicated support team

TopstepFX Pricing Structure

$125/month for $200,000 buying power.
$165/month for $300,000 buying power.
$275/month for $500,000 buying power.

The account parameters are all provided beneath each. It gives the profit target and the weekly loss limit acceptable for each account type.

Client Feedback

We could not find anything on FPA regarding the company but on Trustpilot we found 4/5 stars rating. This is encouraging.

Support

To reach the customer support team, dial: 1-(888)-407-1611 or email: [email protected]

Conclusion

The professionally designed website and the well detailed information is impressive and encouraging. However, just to be thorough, since no registration we checked with the NFA and did not find TopstepFX among the list of licensed brokers in the US. It may not be an issue but we just thought it important for readers to be aware.

Also, like we stated, it seems only Forex currencies are traded and this may limit the opportunity of some traders. Lastly, the prices are quite excessive. Because not all traders entering the program can achieve the goals every month, so the company keeps winning at the expense of clients.

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TopstepFX Reviews

122 • Great

Write a review

Write a review

Reviews 122

CUSTOMER SERVICE

CUSTOMER SERVICE IS EXCEPTIONALLY EXCELLENT AT TOPSTEPFX. I AM NEW TO TRADING AND I REALLY APPRECIATE THEIR KNOWLEDGE AND PATIENCE. I AM REALLY IMPRESSED WITH CALL BACK RESPONSE, WHENEVER I LEAVE A MESSAGE. I HAVE JUST ADVANCED TO STEP TWO AND LOOK FORWARD TO BECOMING A FUNDED TRADER. WITH THAT SAID SINCE SIGNING UP WITH TOPSTEPFX, I HAVE ALWAYS FELT I AM PART OF THE TEAM. THANK YOU VERY MUCH.

Cool company, with real conditions

So far so good very nice system to…

So far so good very nice system to use.

By far the best

Low spreads, nice buying power for the cost, and great service

Great program

Great program passed step one working on step 2

TopstepFX Is Very Bad Company

I have traded currency thru TopstepFX and I have lost 2 times $115 & $99 in a fake account to obtain a funded account. I have the proof of trading chart that I have won more than $6000 as to win funded account, but I have not been approved. Therefore, I have quit trading for 3 weeks, no more trading. Then TopstepFX charged me $165 which is a so-called “subscription charge” to my debit card without my knowledge (consent) on 11/21/2020. I wrote to them and reported to my Huntington bank on the same day (about the $165 pending charge) but TopstepFX didn’t want to refund, and my bank Huntington Bank, has now supported TopstepFX company, supported the charges.
I need TopstepFX also to refund $165 + $115 + $99 = $379 because after that, I found TopstepFX is a rip-off company. They try to have all kinds of hidden rules to make people lose their money as me, a real victim as “subscription rules to charge me $165 even I have given up trading for 3 weeks”. And if I don’t complain, TopstepFX still keeps charging me $165/a month, until I cancel the subscription. Subscription for what. I receive nothing from TopstepFX. I am sure 100% this TopstepFX is a scam, don’t ever trade with them, they are unregulated brokers. Even after you win funded account, you have to follow their stupid rules, then you will still lose all your money.
What I wrote to Huntington Bank is all true with my best knowledge.
Binh Thanh Nguyen
PS:
The following is an article writing about TopstepFX’s scam on internet:
What do traders say about TopstepFX ?
After doing some research, we found out that a lot of traders are reporting TopstepFX and writting bad reviews about it. It seems like they are not happy about it and they warn others not to trade with them.
It’s always important to know what other traders are thiking about a broker before using it and we can say that they are not saying good things about TopstepFX.
What do regulators say about TopstepFX ?
This is the most important thing you need to know about a broker before using it. Is TopstepFX regulated ? Is it an offshore company ?
Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission).
An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.
TopstepFX is an unregulated offshore broker owned by TopstepTrader LLC and located at 130 South Jefferson Suite 200 Chicago, Illinois 60661.
They can be contacted by phone at this number : +18887774714
You should definitely avoid any unregulated or offshore broker and TopstepFX is one of them.

We are very sorry that you didn’t have a better experience. Our Trader Support Manager has sent you an email to resolve any outstanding issues.

He reviewed your account from last fall, and it appears that you did meet the profit targets after breaking one of our risk management rules. We do have some traders who continue to trade and practice on the accounts after violating one of the risk rules, however, those accounts are not eligible for funding. We understand that can be confusing.

Although your account does not fall within our 14-day Satisfaction Policy, he has refunded all payments.

We wish you the most success in your trading.

broken rules unfairly with reset solution and profit loss

Hi, I got step 1 but in step 2 there were actions that mark my opinion.
1: on Friday I closed positions at 8:00 p.m. within the established schedule, but my control panel showed a broken rule due to late closing of positions, I claimed it and it was quickly solved, being able to continue with the account correctly.
2: 2 Friday ago with a profit of $ 500 I went to close my last position (specifically in silver), closing it would have a profit of $ 536 approximately but the broker did not let me close it within the usual schedule. I showed the details of the non-closing of my position due to causes beyond my control and accepted them as valid, apologizing since the first broker equity us with whom they work closed that day the raw materials at 6pm in Spain (3 hours and 45 minutes) before normal hours) without informing us neither topstepfx nor the same broker. As a solution they have offered me a free reset since they gave no information and apologized for it in that way. To this I refused because it is not a balanced solution and request that they keep my balance intact at +500 $, since we must be very strict and to achieve the objectives we must be unpolluted in the leverage we use. They replied that they could not do that, that I lost my profit but that they would keep me a free reset to start over from step 2. As you will see, it would have been easy to keep my balance and cancel the broken rule as they did in the previous error, since both times I was not at fault and did not break any rules. I consider the service of attention and other components to be acceptable. a cordial greeting

An Honest Review & Fair Warning to Aspiring Traders

You should think of TopstepFX (TS) as a casino which, as you know, always wins. Why? Because they are in business and they have designed there business model to win. To understand how TS does this, you have to understand what a winning trader has to do. First, lets look at the important numbers in the TS’s 2 Step Combine. (The ratios are the same for all the Combines and the monthly renewable fee also equates to the value of the challenge selected.) If we take the 500k account challenge, for example, it comes with a 3-5 lot max purchasing power, depending on the FX pairs you trade. For Step 1 you have a $3300 loss limit/$5000 profit target. But in Step 2 the loss limit is only $1650 with the same $5000 profit. This is important because you have to RISK money to Make money, so the Step 1’s larger $3300 loss limit increases your chance of success, however without proper risk management you will ultimately fail. (No amount of money can prevent that) Still, lets say that you achieve the 5k profit and pass Step 1, now you come to Step 2 and your loss limit is cut in half to $1650 but the profit target remains at $5k. The reason? It’s supposedly a TS test of your ability to manage risk, which you should have already been doing, remember? If you haven’t practiced good RM those bad habits and the smaller loss limit will now INCREASE YOUR RISK OF FAILURE. To survive, good RM says you should cut your trade size in half which means it will take you longer to achieve your profit target. If you don’t you will likely exceed your loss limit and fail. But going slower means that you have the monthly clock and the associated $275 renewal fee to contend with. It a lot like a timed chess game, except that the monthly fee is your loss and TS’s gain. Can you win. Sure. But you must really be an exceptional trader. Otherwise, you should stay away and get your house in order first—unless of course you just love the Vegas experience! Recall that you must make 200% profit on that 5K account (100% in EACH Step) in about 23 trading days to avoid further renewal fees and earn a funded account. Not easy to do. Professional money managers are considered financial rockstars if they have returns of 30 percent a year.

With the vast majority (probably 80-90%) failing the Combines and TS getting (a fair) 20% of its funded traders profits, you can see that they have a winning business model, especially when you add in those reset penalty fees for traders who want to restart the combine after breaking a rule. To put TS’s Combine in perspective, let’s assume that every losing trade (risk) is the same, but every winning trade is 3 times a loser. This means is that for every 8 trades, the trader must win 2 of them with a 1:3 risk/reward (profit must be three times the amount risked) just to break even, let alone make a profit.

I give TS 2 Stars because of the program structure, specifically the Step 2 parameters (lowered loss limit, same profit target) that are clearly designed to exploit the typical traders’ weakness. It’s not dishonest but it’s certainly unreasonable given industry norms. If TS lowers the loss-limit, they should also lower the profit target and remove the recurring monthly payment requirement. That would only be fair. If TS does that I will revise my rating. Otherwise, they should state explicitly that the Combines are primarily for “entertainment purposes” and that relatively few participants actually ever get funded.

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