TopStep Forex Review 2022
| By: Jeremy Biberdorf | March 23, 2022 |
In a nutshell: TopStep Forex gives TopStep users and traders access to the foreign exchange market with funded accounts. The platform will help users develop skills and knowledge with the best and most popular Forex products at their fingertips. There are various accounts available to help traders choose one that best suits their buying power.
| Account Type | Monthly Price | Account Loss Limit | Profit Target(per step) | Weekly Loss Limit (step 1 & 2) |
|---|---|---|---|---|
| $200K | $125/month | $1,300 | $2,000 | $1,300/$650 |
| $300K | $165/month | $2,000 | $3,000 | $2,000/$1,000 |
| $500K | $275/month | $3,300 | $5,000 | $3,300/$1,650 |
Pros & Cons
Pros:
- Available to all clients
- Starts with a demo account
- Great educational materials
- Charts display data in multiple ways
- Offers both Forex and Futures
Cons:
- Traders need to go through 2 phases to get funding
- Pricey subscription
TopStep FX – An Overview
TopStep FX is a platform owned by those who created TopStepTrader. The key feature of TopStep FX is for traders to gain a funded account. FX traders will have to “prove themselves” by hitting set targets for a few weeks and minimizing losses with a trial account. It’s really not easy, as many users have said, but the experience you can gain from this is very valuable.
Traders will use the MetaTrader 4, which happens to be a very popular platform in the Forex world. On TopStep FX, traders can trade in 22 currency pairs including 8 major ones. We’ll be honest and say the rules that apply to your simulated account are difficult to follow, and if you break a rule, you will have to pay a fee to restart. It really isn’t the cheapest option, but you can get 20% off of TopStep Forex. Is it worth it? Let’s find out!
TopStep Forex Features
Let’s take a look at the most prominent features of the platform.
Trading Combine
The Trading Combine is the first obstacle traders need to conquer to get a funded account. It’s a 2-step simulation that allows you to trade in most currency pairs. So, what do you do with the Trading Combine? Meet targets, of course! Your goal is to reach the profit target, which also happens to be whatever you start with in your account.
On the plus side, you do not have to meet this target within a time limit, but you do have to avoid the weekly loss limit at all costs, which is based on both realized and unrealized trades.
You also have to pay attention to and avoid the account loss limit, which applies to the entire simulation account process.
Let’s say you have successfully hit the target once and you weren’t even close to the loss limits, you’re only halfway there. You have to do it a second time in order to gain a funded account. The bad news doesn’t stop there, because the weekly loss limit is much lower the second time around, which makes things infinitely harder.
The purpose of this difficult test is to prove to TopStep that traders are able to manage risk. After this experience, you will gain tons of valuable knowledge about FX trading.
Funded Accounts
Congratulations! You got your funded account. Let’s say you passed the 2-phase Trading Combine test, you will now get to trade with the company’s money, which significantly minimizes your own losses.
What’s amazing about TopStep Forex is the amount of earnings traders are able to keep. TopStep Forex allows you to keep 100% of the first $5,000 in profits, and then 80% after that.
Now we get why the vetting process is so stringent, because you don’t play with your own money and get to keep a large part of the profits. It all sounds great, but is it too good to be true?
The only thing you need to be aware of is the weekly loss limits. They are the same as what you experienced with the simulation in Trading Combine. If you hit it, then your funded account is shut down and you are forced to begin the Trading Combine process again.
The Interface
will use TopStep’s Meta Trader 4 interface. It’s very easy to use and everything is gathered on the dashboard. From there you can see different meters that depict analytics such as your average winning trade and average losing trade. It’s not difficult to figure out, and after a half-hour or so of navigating and experimenting, users will quickly get the hang of things.
Final Takeaway
TopStep FX is a great way to get into the Forex market without spending your own capital. Yes, it takes time and a lot of effort to pass the 2-step vetting, but it makes sense because the platform will only want to fund the best of the best. You don’t get many chances after reaching the weekly or overall account loss limit and will have your account shut down, but you can always try again. Find out how to get started with Topstep FX here.
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