All Forex traders are looking for an ideal platform where they could use their amazing skills and trade. Unfortunately, picking from the pool of results Google gives you is not always that easy. There are indeed a lot of options, but out of fear of potentially selecting the wrong one, you don’t want to jump into it right away. So, you don’t know what to do and what features to look for.
One of the available traders is TopStep FX. With this platform, you have the chance to get a funded account and use it for your trades. If you are interested in the trading platform yet don’t know whether you should trust it or not, you have come to the right place. This TopStepFX review will tell you everything you need to know.
TopStepFX is a trading platform that offers traders the opportunity to obtain a funded account. This could happen when you use a simulated account to complete goals through trading.
The TopStepTrader makers are the ones who own this company. TopStepTrader is also known for offering funded trading accounts, although it’s quite difficult to qualify for such an account. On top of that, even though the two are similar in this regard, TopStepTrader gives futures funded accounts, while TopStepFX gives funded accounts for traders that are approved.
The platform is made for individuals who want to better their trading skills and become professionals when it comes to Forex trading. People can go through a two-step process where they are evaluated, and in the end, they will gain access to a live account that is funded. As such, they will have a purchasing power of as much as $500,000.
You will have to use a simulated account for multiple weeks before reaching that point, though. During this time, you will have to work hard to minimize losses while meeting your profit targets. So, even if you want to obtain a funded trading account and work hard for it, it is not guaranteed to get one because it is quite challenging.
TopStepFX has several interesting features that are relevant for anyone who intends to trade using this platform. Some features are great and make the platform worth using, but there are also some that are a bit difficult and could hinder the users’ experience.
When you are using this platform, you will have to trade using the Meta Trader 4 interface, which is the proprietary interface for TopStepFX. This applies whether your account is a simulated or a funded one.
The good thing about this is that the software is pretty powerful when it comes to charting and the other features necessary for trades. You have sell and buy buttons, and you can also add notifications, custom scripts, or technical studies.
All in all, the software was made for Forex trading and it works very well in this regard, so there is nothing to worry about here. You can have everything you need for your trades.
TopStepFX has a Trading Combine feature. This is where you can work to obtain your funded account. It contains a simulation with two phases, and if you are successful with them, you can obtain that traded account you want so badly.
What you can do during this simulation is basically trade with most big currency pairs involved. On top of that, you will have access to smaller pairs, such as the ones involving Yen or Pound.
The Trading Combine is there in order to help you get to a certain target for profits. The profit target equals how much money you have in your account when you start. The good thing is that there isn’t any time limitation for reaching the target. At the same time, you have to make sure that the weekly loss is not exceeded. Similar to that, the total amount you lose during the simulation should not be greater than the loss limit of your account. Every Friday, at the end of the U.S. trading day, traders have to make sure they close all their positions too.
When you are able to reach the first target, you will have to do the same thing the second time. So, basically, you will have to work for the same target. This time, the difference is that the weekly loss limit is smaller.
Once an individual is able to exceed any of the account or weekly loss limits, then the closure of the big trades will take place. If you want to get a funded account, you will have to spend some money on an account reset and thus restart the simulation. Unless you do a reset, you will not be eligible for account funding. So, you need to make sure you do this, even though you can continue using the simulator without performing a reset.
When signing up for TopStepFX, you will have three different tiers that you can settle for. Each one of them will have various features, such as different amounts of money you can start with.
One of the tiers is the $200,000 account, which will allow you to start with $2,000 and it will cost as much as $125 every month. You can get the funded account when you manage to reach the $2,000 profit target without any loss over $1,300. It applies every week during the first simulation stage. During the second one, you cannot exceed $650.
Then, there is the $300,000 account that starts you off with $3,000 and it costs as much as $165 per month. The limit loss for every week is $2,000 during the first phase and $1,000 during the second one.
Lastly, you can try the $500,000 tier. It will cost you $275 every month. During the first phase, you will have a limit of $3,300 every week, and during the second phase, you will have a $1,650 limit.
It is also important to mention that these are not the only costs you may have to deal with. When you reach the point where you break one of the rules for getting funding, you will have to reset the simulated account. Resetting can be anywhere between $89 and $139. It will all depend on how big your account is. If you do not pay this amount, you will no longer be able to use a funded account.
The platform can be very good, but it is also hard to obtain a funded account on it and it also costs quite a lot, especially if you have to reset your account. However, some of the features make the platform outstanding. For instance, you will be able to get a nice profit split if you obtain a funded account. Also, you have 24 currency pairs to trade, so your chances of being successful are instantly greater.
TopStepFX can be a great trading platform, but you have to make sure that you are serious about trading before you use it. It comes with high costs, and it is also not that easy to become a funded trader on it. However, if you are already profitable, then TopStepFX may be great for you.