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As someone who has been trading independently for many years, I approach every broker with caution, and Topstep warrants even more scrutiny given what I’ve learned. The most concerning aspect for me is that Topstep is not regulated by any recognized financial authority—neither in the U.S. nor internationally. As a trader who understands the risks of the industry, the lack of any official oversight means there is no regulatory body to turn to in case of disputes or malpractice. In my view, this absence of regulation materially increases risk and is not something to overlook, regardless of how appealing the trading conditions might seem. While Topstep provides access to a wide variety of futures products and supports an impressive selection of advanced trading platforms, these features alone do not outweigh regulatory concerns. The firm’s business model, which centers on simulated evaluation accounts (the Trading Combine), might initially appeal to those looking for an alternative to traditional brokerage accounts. However, the transition from simulation to trading the firm’s capital still leaves traders without the protections that come with licensed, overseen brokerages. In my experience, transparency and regulatory backing are non-negotiable cornerstones of broker trustworthiness. No matter how established or user-friendly a platform may appear, I simply cannot regard Topstep as a reliable choice for real-money trading because of the absence of regulation and safeguards. For me, the potential risks far outweigh any perceived advantages.