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Topstep

Item: Topstep
Rating: 1.50

United States | 5-10 years |

Suspicious Regulatory License | Global Business | High potential risk

https://www.topstep.com/

Website

Time Machine

Rating Index

Influence

AAA

Influence index NO.1

United States 9.37

Surpassed 15.00% brokers

Biz Area Search Statistics Advertising Social Media Index

Contact

+1 888-407-1611

https://www.topstep.com/

Chicago Board of Trade 141 West Jackson Boulevard Suite 4240 Chicago, Illinois 60604

https://www.facebook.com/TopstepOfficial

Licenses

No valid regulatory information, please be aware of the risk!

Warning: Low score, please stay away!

2025-09-13

It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

Basic Information

Registered Region

United States

Operating Period

5-10 years

Company Name

Topstep LLC

Contact Number

+18884071611

Company Website

https://www.topstep.com/

Company address

Chicago Board of Trade 141 West Jackson Boulevard Suite 4240 Chicago, Illinois 60604

Marketing Strategy

Biz Area

Website

Company Summary

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Website

topstep.com

151.101.194.159

Server Location

United States

ICP registration

Most visited countries/areas

Domain Effective Date

2000-08-18

Website

WHOIS.DOMAINDISCOVER.COM

Company

TIERRANET INC. D/B/A DOMAINDISCOVER

Company Summary

Topstep Review Summary
Founded	2012
Registered Country/Region	United States
Regulation	No regulation
Market Instruments	CME equity futures, forex futures, agricultural futures, energy futures, metals, interest rate futures
Demo Account	✅
Leverage	/
Spread	/
Trading Platform	TopstepX™, NinjaTrader, Quantower, Tradovate, TradingView, T4 by CTS, R\|Trader Pro (Rithmic), ATAS – Order Flow Trading Platform, MotiveWave, VolFix, Bookmap, Investor/RT by Linn Software, Jigsaw Daytradr, MultiCharts, Sierra Chart, and Trade Navigator.
Minimum Deposit	/
Customer Support	Tel: 1-888-407-1611
Customer Support	Email: support@topstep.com

Topstep Information

Topstep is a U.S.-based proprietary trading firm that offers futures traders a chance to trade firm capital after passing a simulated evaluation (Trading Combine). Traders can access futures products, including CME equity futures, forex futures, agricultural futures, energy futures, metals, and interest rate futures. The platform has low entry costs and supports many professional-grade trading platforms, but lack of regulation.

Pros and Cons

Pros	Cons
Various trading instruments	No regulation
Demo accounts	Lack of transparency
Supports over a dozen advanced trading platforms

Is Topstep Legit?

Topstep is not a legitimate broker. It is registered in the United States but currently holds no valid regulatory license from the U.S. or any international financial authority. Well-known regulatory bodies such as the FCA (UK), ASIC (Australia), and NFA (USA) do not regulate Topstep.

The domain topstep.com was registered on August 18, 2000, and is set to expire on August 18, 2033. The domain is in a locked status “client transfer prohibited”, which prevents it from being transferred to another registrar, ensuring some level of administrative security.

What Can I Trade on Topstep?

Topstep offers trading in futures contracts only, not spot trading. Traders can access futures products, including CME equity futures, forex futures, agricultural futures, energy futures, metals, interest rate futures.

Tradable Instruments	Supported
CME equity futures	✔
Forex futures	✔
Agricultural futures	✔
Energy futures	✔
Metals	✔
Interest rate futures	✔
Indices	❌
Stocks	❌
Cryptocurrencies	❌
Bonds	❌
Options	❌
ETFs	❌

Account Type

Topstep does not offer traditional live accounts like most brokers. Instead, it provides three tiers of evaluation accounts (Trading Combine®): $50K, $100K, and $150K buying power accounts. These are simulated accounts used to assess a traders performance before offering real capital. Once a trader passes the evaluation phase, they can earn access to an Express Funded Account.

Account Type	Live Trading	Demo Trading	Best for
$50K Combine	❌	✔	Beginners or low-risk traders
$100K Combine	❌	✔	Intermediate traders
$150K Combine	❌	✔	Experienced traders comfortable with risk
Express Funded Account	✔	❌	Traders who passed evaluation

Topstep Fees

Trading Product	NFA & Clearing Fees (Round-turn)
E-mini S&P 500 (ES)	$2.80
Micro E-mini S&P (MES)	$0.74
E-mini NASDAQ 100 (NQ)	$2.80
Micro E-mini NASDAQ 100 (MNQ)	$0.74

Topsteps trading fees are low to moderate compared to industry standards, especially when using its own platform, TopstepX.

Swap Rates

Topstep does not charge swap rates or overnight rollover fees, because all trading must be done during regular trading hours. Swing trading is not permitted, positions must be closed daily.

Non-Trading Fees

Non-Trading Fees	Details
Deposit Fee	❌
Withdrawal Fee	❌
Inactivity Fee	Not mentioned

Trading Platform

Trading Platform	Supported	Available Devices	Suitable for
TopstepX	✔	Mobile, Mac	Beginner to intermediate
NinjaTrader	✔	Desktop	Experienced
Quantower	✔	Desktop	Experienced
Tradovate	✔	Mobile	Beginner-friendly
TradingView	✔	Mac	Chart-focused traders
T4	✔	Mobile	Basic futures traders
R\|Trader Pro	✔	Mobile	Pro traders
ATAS OrderFlow Trading	✔	Desktop	Order flow traders
MotiveWave	✔	Mobile, Mac	Technical analysts
VolFix	✔	Mobile, Mac	Volume traders
Bookmap	✔	Mac	Advanced visualization
Investor/RT	✔	–	Professional analysis
Jigsaw Daytradr	✔	–	Scalpers
MultiCharts	✔	–	Quantitative traders
Sierra Chart	✔	–	Custom strategy users
Trade Navigator	✔	–	Charting professionals

Deposit and Withdrawal

Topstep does not charge deposit fees. However, some withdrawal methods do incur a fee. The minimum withdrawal amount is $125.

Deposit Options

Deposit Options	Deposit Fees	Deposit Time
Visa	❌	Instant
Mastercard
American Express
Discover
PayPal (old dashboard only)

Withdrawal Options

Withdrawal Options	Minimum Withdrawal	Withdrawal Fees	Withdrawal Time
Wise	$125	$20	1–3 business days
ACH		$20	1–3 business days
Wire/SWIFT		Not mentioned	3–5 business days
International Wire/SWIFT		Not mentioned	5–10 business days

Keywords

5-10 years
Suspicious Regulatory License
Global Business
High potential risk

Wiki Q&A

Shoofar

Within 1 year

Which trading platforms are offered by Topstep? Do they support MT4, MT5, or cTrader?

WikiFX Reply

From my experience with Topstep, I’ve found their platform offering to be both extensive and distinctly tailored for futures traders. Topstep supports a variety of advanced trading platforms, catering to different trader profiles—from beginners to professionals. The array includes TopstepX, NinjaTrader, Quantower, Tradovate, TradingView, T4, R|Trader Pro, ATAS Order Flow, MotiveWave, VolFix, Bookmap, Investor/RT, Jigsaw Daytradr, MultiCharts, Sierra Chart, and Trade Navigator. These platforms are recognized in the futures trading space for their sophisticated analytics, order execution, and charting tools. However, it’s important to clarify that Topstep does not support MetaTrader 4 (MT4), MetaTrader 5 (MT5), or cTrader. That’s a significant consideration, especially for those coming from the forex or CFD world where MT4 and MT5 are industry standards. The absence of these platforms underscores Topstep’s focus on listed futures contracts rather than spot forex, and their emphasis on professional-grade, futures-oriented platforms. For me, the variety available was useful, but I had to adapt to interfaces that were different from the more common MT4/MT5 environment. This aspect might require a learning curve for traders used to MetaTrader or cTrader, and in my view, it’s a factor to weigh carefully before committing to their ecosystem.

What are the main risks or downsides to keep in mind when using Topstep?

WikiFX Reply

From my perspective as an independent trader, the primary risk I see with Topstep is that it operates without any recognized regulatory oversight. Despite its long presence in the market and U.S. registration, Topstep does not hold licenses from major authorities like the NFA, ASIC, or FCA. For me, this lack of regulation immediately raises questions about recourse if something goes wrong, ranging from disputes over payouts to platform malfunctions or changes in terms. In my career, I’ve found regulatory protections to be crucial for trader confidence, especially when actual funds are at stake. Another concern is Topstep’s proprietary model; rather than traditional live accounts, traders must pass a simulated evaluation. While this can be beneficial for some, it means that the pathway to accessing funded capital is tightly controlled and subject to the firm's shifting rules and evaluation criteria. There’s always a risk the company could adjust requirements or fees in ways that disadvantage traders. Transparency is also cited as lacking. I’m always cautious when I can’t independently verify how my data, results, or even the rules of engagement are managed—especially if I have no regulatory agency to appeal to for clarity. In short, the absence of regulation, limited transparency, and the proprietary nature of Topstep’s evaluation structure are the most significant downsides in my view. For traders considering Topstep, it’s vital to proceed conservatively, understand all program terms in detail, and never risk funds you can’t afford to lose.

Can you outline the particular benefits that Topstep offers in terms of its available trading instruments and the way its fees are structured?

WikiFX Reply

From my own perspective as an independent trader who prioritizes risk management and transparency, Topstep offers a mixed set of benefits and limitations when it comes to trading instruments and fees. The broker focuses exclusively on futures contracts; currently, it supports CME equity futures, forex futures, agricultural futures, energy futures, metals, and interest rate futures. I find this range is reasonably comprehensive for futures traders but may feel restrictive for those accustomed to spot forex, stocks, options, or crypto trading—none of which are available here. In terms of fee structure, one feature I do appreciate is the clear breakdown of transaction costs for popular futures products, such as the E-mini and Micro E-mini contracts. For someone like me, who is keenly aware of how quickly fees can erode profits in an active setting, the low to moderate round-turn fees—especially when using Topstep’s own platform—are competitive in the proprietary trading industry. Additionally, not having to worry about swap rates or overnight rollover fees is a plus, as swing trading isn’t permitted and all positions must be closed before the end of session. This clarity reduces hidden costs associated with holding trades overnight. However, I remain cautious due to the absence of regulatory oversight and limited transparency in some of their policies. For traders pursuing opportunities in listed futures markets—especially those comfortable with daily trading discipline—Topstep’s focused offering and fee model may fit, but careful due diligence remains essential.

Does Topstep provide a complimentary demo account, and if so, are there any restrictions such as a time limit?

WikiFX Reply

As someone who's traded across a variety of platforms, I pay close attention to whether brokers and prop firms offer realistic demo experiences. In Topstep's case, they do provide access to a demo account, but not in the traditional sense most brokers do. Their core offering is the "Trading Combine," which is a simulated trading environment designed specifically to evaluate your trading performance. This demo-like account isn't a free practice tool; rather, it's a paid evaluation you must pass to potentially access firm capital. There’s no explicit mention of a traditional, unrestricted demo account available for complimentary, indefinite use. The Trading Combine itself, for all intents and purposes, is limited by the fee structure and by specific rules and objectives that must be met, which makes it quite different from an open-ended demo. Topstep’s evaluation periods are not endless—they’re structured and results-driven, and your access to the simulated account ends when either you pass, fail, or exhaust your paid evaluation period. In my view, this means that while a form of demo trading is provided, it comes with significant restrictions and should not be interpreted as a free, unlimited practice account for casual experimentation. For me, the lack of a standard, non-expiring demo account is something to keep in mind if your priority is risk-free practice rather than aiming for a funded account through their challenge.

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What Can I Trade on Topstep?

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Keywords

Wiki Q&A

Which trading platforms are offered by Topstep? Do they support MT4, MT5, or cTrader?

What are the main risks or downsides to keep in mind when using Topstep?

Can you outline the particular benefits that Topstep offers in terms of its available trading instruments and the way its fees are structured?

Does Topstep provide a complimentary demo account, and if so, are there any restrictions such as a time limit?

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