In this TopStepFX review, we will look at the various features of this trading platform. We will discuss whether this platform is regulated, what account tiers it offers, and whether it takes a percentage of your profits. You should also consider the number of fees that the company charges.
TopStepFX is a trading platform.
TopStepFX is a trading service based on three fundamental principles: empowering people, creating a healthy environment, and serving customers. Michael Patek founded it in 2012, and he started with $90,000. Its platform encourages critical thinking and specific research and helps traders develop their investing skills.
The service supports 13 trading platforms and accepts traders from more than 160 countries. However, its strict trading rules may make it unsuitable for beginners. It also charges a monthly fee that can be prohibitive for newcomers. However, you can get a free trial to see if it’s right for you.
In addition to three trading plans, TopstepFX offers coaching sessions. These sessions allow traders to optimize their trading strategies. The trading system also offers three different account types. Each account corresponds to a starting balance in the simulated trading environment. To use TopstepFX, you’ll need to pay a monthly subscription fee.
It is not regulated
When you’re trading forex, the last thing you want is a rogue broker taking your money and not giving you a return. Although you might not be able to spot these scams right away, you can try to get your money back by contacting the broker’s customer service. It might seem like a simple enough process, but it may not be. Using unregulated brokers is risky, and they’re likely to take advantage of you.
To protect yourself from being scammed, you’ll want to look for a broker with strong regulations. If you choose TopstepFX, beware of the risks. It’s important to note that the company does not have an official trading license and has failed to pass the necessary tests. Because of this, you’ll have a tough time getting your money back if you lose it.
It offers three account tiers.
TopStepfx offers accounts for trading Forex instruments and futures. Customers can choose from three account tiers based on their purchasing power. The first tier is a simulation account, and the second tier is a live account. Both accounts are leveraged, with the maximum leverage being one hundred percent. A typical account with this level of leverage would have $200k, and the balance adjusts when a trade turns profitable.
TopStepFX uses the Meta Trader 4 platform for trading. This powerful charting software is designed to be used for Forex trading. It includes tools like sell and buys buttons, technical studies, and custom scripts.
It takes a percentage of your profits.
If you’re considering becoming a forex trader with Topstepfx, you’ll want to ensure that a reputable regulatory body regulates it. If not, your money may be at risk if your broker manipulates charts. Topstep is located in Chicago, and US Department of Treasury regulations prevent it from doing business with citizens of countries listed on the Office of Financial Assets Control. However, you can join as long as you are 18 or older.
The company offers a range of futures contracts. Traders can choose from more than 37 CME contracts. They can also choose a no funded account with a higher amount of CME contracts. In addition, Topstep’s risk management features have a scaling plan that requires traders to increase their buying power with each increase in their equity. If successful, Topstep will allow you to request an adjustment in your risk parameters once you’ve made a minimum of $5,000 cumulative profit.
It is a scam
When determining whether TopstepFX is a scam, you must first examine the terms of the program. The program requires its users to complete a two-phase trading simulation before earning a funded account. To become eligible, traders must demonstrate they can manage risk and preserve capital for the long run. Those who meet all the requirements will receive a funded account with a leverage of 100:1.
The contact section of the Topstepfx website does not provide a physical address. Furthermore, the broker does not disclose expected spreads, which makes it difficult to determine how much it will cost to trade with them. As such, it is best to research the broker before you invest any money with them. Likewise, if you lose money, contact the broker’s customer service to get your money back.