TopstepFx Review – Scam Funded Trading Account Service?

TopstepFx Review – Scam Funded Trading Account Service?

Today I’m going to review a Forex trading combine dubbed TopstepFX. This is actually a TopstepFX review with a focus on what the service does and whether or not Forex traders should be involved in this kind of thing.

The main idea is that TopstepFX wants traders to prove that they can ”beat” the Forex market. If they can do it successfully, they will earn a live funded Forex account up to the tune of $500,000.

The first question here is; can you really get funded trading Forex? Yes of course.

Can TopstepFX help you reach there? We do not know because 90% of beginning Forex traders are losers, and probably Top Step FX is hoping that you will never get there so as to get funded by them.

A good way to do it would have been to let traders practice on a demo for free (without monthly subscription) and if they can prove their skills, they will get funded. TopstepFX can take a piece of the pie from here onward.

That’s what I’m trying to explain in this TopstepFX review. The conditions have already been laid out there in black and white.

You have to be subjected through multiple testing phases and also prove that you can manage risks so as to be allowed to touch the company’s funds.

This is a too familiar concept in the Forex trading marketplace. I have seen it with websites like Tradenet and many others. However, I am yet to see it coming to fruition.

At this point, I am interested in the company itself and what pushed them to start offering this kind of service to the Forex trading community.

TopstepFX review

I was able to establish on their site that the company is operating out of 130 S. Jefferson St. Suite 200, Chicago, IL 60661.

TopstepFX also provides their phone number ( 1 (888) 407-1611.) and support email ([email protected]). Other than that, there is no in-depth information about the company or even their future goals.

» Practice on a demo account for free with these regulated brokers

» Get quality trading signals cheaply or simply learn what it takes to become a successful trader.

TopstepFX Review – Get Funded Trading Forex, Really?

I have read many TopstepFX reviews and none of them convinced me. That is why I wanted to bring to your attention what this company really is and what it can do or not do.

According to the sales page of TopstepFX, we learn that this service is aiming to subject traders to a ”very simple process” where traders will be required to complete a 2-step evaluation process before finally getting rewarded with a “live funded account™ with up to $500,000 in buying power“.

TopstepFX also assures traders that it is possible to pass these steps in one month to get funded.

However, they also recommend that traders should take time to practice their strategy and horn their skills instead of rushing in the markets.

TopstepFX sets profit targets for their traders. On the other hand, traders are required to follow some specific rules which will ensure that their capital is preserved in the long run. I assume that TopstepfX is trying to make traders learn and practice these tips.

The trading combine is offered in 3 packages. What you can potentially be rewarded with is based on your profit target, the maximum amount of money you can lose and position sizes traded.

TopstepFX review plans

This will earn you any of the 3 investment plans with buying power ranging from $200K, $300K and $500K respectively.

The last time I came across such a service was when I bumped into a funded Forex account service known as Tradenet.

TopstepFX Review – the trading combine

When traders want to sign up, they will be faced with the decision of picking any of the 3 account types.

topstepfx account sizes

The first TopstepFX account type requires a monthly subscription of $125. The second and third account sizes require $165 and $275 respectively.

In the first account type, traders must prove that they can hit a profit target of $2650 while at the same time not allowing their weekly losses to exceed $1300.

In the second account type, traders are required to hit a profit target of $4,000. They must not exceed a weekly loss limit of $2000.

Lastly, the ultimate account type comes with a profit target of $6650 and a loss limit of $3300.

TopstepFX is providing leverage of 100:1 and claiming that when you trade with them, you will keep 100% of your profits in the first $5,000 and 80% thereafter.

If participants can prove that they can profitably trade and manage risks professionally, they will win any of the funded account types (live accounts).

When you keenly follow promotions on this site, you might think that traders will easily receive between $200,000 and $500,000 of buying power as long as they participate.

However, this is never the case. Anything that looks so easy, especially if it involves money, actually comes with a fine print.

With a leverage of 100:1, it means participants will be getting a funded account that has an equivalent of $5,000 and $2,000 equity balance.

To break it down for you so you can understand what it means, I will inform you that if you are going for the $500K challenge, you will be paying a monthly subscription of $275 for a chance to win a $5,000 live Forex account.

TopstepFX Review – does TopstepFX make money in this?

You should ask yourself whether you are getting a good or a raw deal at the end of the day.

You see, TopstepFX is charging a monthly subscription while you attempt to qualify for the promised ”buying power”.

They are actually making a fortune out of this. They will always do as long as they maintain their trading combine business.

Also, if you happen to trade so well such that you are awarded with any of the 3 live accounts, they will also keep 20% of your returns. Remember the rule that says 80% will go to your pocket and 20% to TopstepFX.

TopstepFX reviews

The reason I am against this kind of setup is because TopstepFX makes it clear from the word go that traders will be started out on a demo Forex account.

But at the same time, TopstepFX is charging a monthly fee to access and trade a demo account which is costing them nothing to maintain.

You might also want to consider that after you have paid a monthly fee to practice on a demo account (which can be used for free with all regulated brokers) the company will still take a 20% cut from you.

TopstepFX is actually making money regardless of whether or not you qualify for a live funded Forex account. A win win for them!

TopstepFX Review – the conclusion

Most successful Forex traders start out as broke traders. If they are really good at it and somehow can’t raise significant capital, they can utilize a funded account service to do so.

Based on this account, I do not have a problem with Top step FX. However, I should not lie to you that I will recommend it to you either.

The reason is this … if you have sampled their products and seen that you can meet the set profit targets and account parameters, there is no reason to pay a monthly price to start trading Forex profitably.

But first, why are you not opening a broker account and doing it on your own? It beats logic to incur an additional monthly expense of $125, $165 or $275.

Also, what happens if you fail to qualify? Will you lose all the month’s subscriptions? Yes of course.

So if you want to get funded, I implore you to see whether you can meet the target of these accounts. If you cannot, don’t pay the monthly fees and don’t join.

Finally, there is always the prospects of building your Forex account slowly until it has achieved a significant balance. Good traders are patient traders.

How about saving the subscription cost and instead using it to build your account from scratch … that is if you are truly a good trader?

The bottom line is that you should think twice when subscribing to a service like Topstepfx.com. There is only one advantage – the potential of getting funded with a big amount.

The disadvantage is that if you can’t prove your worth, you will lose monthly subscription and gain nothing in the end.

About Post Author

Warren

Warren Ouma is a swing trader and an investment blogger based in Kenya. He reviews trading products and only recommends trading products that work.