Topstep Review – Things You Must Know Before Paying
As a US-based broker, we are expecting much from Topstep company. With completely transparent features you can easily determine if it can be profitable for you or not. But to find out exactly what to expect here, read our comprehensive Topstep review.
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Topstep Regulation and Fund Security
The operation of the Topstep broker must first be made clear. They charge monthly fees for various trading packages. However, traders receive funds from the company to make market trades. The amount is determined by the package that traders select. Given that they are not using trader funds, they are exempt from any legal requirements.
As a result, they won’t be listed in the CFTC register when you search for them. Not in any European register, such as FCA, BaFin, or AMF, either, though. Therefore, it can be said that the broker has no license at all. It might therefore be risky for any trader. You trade with the money of other people rather than constructing your portfolio with a legitimate broker. But why would someone give you money to gamble with?
All profits may be imaginary if you give it some thought. However, the broker routinely charges you actual money each month for the trading program. Unfortunately, there is no evidence to support that. But some Topstep reviews lean that way.
Trading Platform Overview
Software for trading is also unusual. With Topstep broker, there are three options:
- Trader Ninja
In addition to these three, the business was announcing the launch of Meta Trader 4. As a result, it never happened. Anyhow, all of the aforementioned software is a wise choice for seasoned traders. You are partially constrained because they don’t offer common trading assets. Platforms offer professional analytical services and tools for thorough market research.
Bonuses and Promotions
There are numerous bonus programs offered by Topstep. First off, they give you a bonus of 20% when you sign up for the first time. After you reach your payout, they also advertise a complete refund of the previous month’s fee. For many traders, this is all very murky and perplexing.
In any case, the business advertises a partnership program. This is yet another strategy they can use to draw more people into their scheme. Naturally, traders who follow your recommendation receive the same features as you. Naturally, you also get paid.
Account Types Available
We have encountered the most contradictions regarding the Topstep broker here. It is evident from reading any Topstep reviews that traders did not receive the agreed-upon sum of money for trading. However, that is only a result of the complicated rules this company has in place. Which they make use of for their own gain. But the lack of a money-back guarantee is what traders complain about.
They continue to be charged monthly subscription fees by this business as well.
Here is a list of account types:
- $50K buying power – $165/month
- $100K buying power – $325/month
- $150K buying power – $375/month
You must meet a target for each type of account. Target range: 3000–9000 US dollars. However, there is a catch. A finite number of contracts can be set. The maximum allowable daily loss constitutes another restriction. You are paying a fee if you don’t succeed. You advance to the following level if you hit your objective. Fortunately, before buying any packages, traders can test their strategies on a demo account.
Topstep Deposit and Withdrawal
Its withdrawal policy is what traders find concerning about this investment firm. In contrast to withdrawals, funding is never a problem. The funding options include:
- Deel card
- Deel instant card transfer
- crypto wallets
- local bank transfers
- Swift to Russia
Depending on the method used, processing withdrawals take a while. As with the Deel card, it may be instant. Swift can take up to 10 days to reach Russia. There are no additional details regarding withdrawal policies and restrictions available beyond this basic information. Which gives the business room to invent them as they go.
How the Scheme Was Put Into Practice
The company support is not particularly well-liked by traders, as we can see from Topstep broker reviews. Once a trader applies to a particular package, they are trading with company funds. or online games. No one can verify that.
They can easily charge your card for additional fees if you don’t meet your goal. However, even if you simply stop trading, they still charge you. Additionally, the company manipulates traders using the funds that are placed in their accounts.
It is abundantly clear from all evidence that this is potentially another investment fraud. Despite the large number of positive reviews Topstep scam broker has, they could all be fake.
A trading firm that is not entirely open. Firstly, the company doesn’t have any licenses. Although there are many trading platforms, there are few tradeable assets. The company misleads traders regarding packages and trading terms. They have a murky withdrawal policy, which is the most important thing.
The good news is that you can use our fund recovery team. Please get in touch with us if you had any problems with this broker. Our specialized team can suggest you any additional steps you should take to get your money back.
FAQs About Topstep Broker
Is It Safe to Use for Trading?
Any broker without regulations is questionable. Therefore, it’s better to stick to licensed ones.
Does Topstep Offer a Demo Account?
On the positive side, yes. Traders can test their services first before paying any money.
What Is The Funding Method of Topstep?
Funding methods available are Deel, e-wallets, crypto wallets, bank transfers and SWIFT transfers.