Is Topstep Scam or Legit Broker?

No, it is not safe to trade with Topstep. Topstep is owned and operated by Topstep, LLC, and claims to be located in Chicago, USA. However, the broker does not provide information about their registration of history, therefore we can conclude that it does not hold any license from any authority.

  • Brokers located in the USA should hold a license from the top-tier authority – NFA. Read more about NFA-registered brokers

About Topstep
🗺️ Registered inNo Registration
🗺️ Type of LicenseNo License
🛡️ Is Topstep safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Topstep?

The company has interesting offerings, and reviews about it seem to be very promising, and competitive, as the company simply gives a chance to those who are good at trading but for some reason do not put their own funds into trading. The Topstep provides an opportunity to trade while there is no regulation overseeing how exactly the broker delivers their trading condition and maintains the environment.

  • As we always say, it is not safe to trade with a non-regulated broker and unfortunately, this is the case with Topstep as well. Not to put your investments at risk, it is essential to engage in trading with only well-regulated brokers. 
  • In our opinion,  the Topstep company provides similar to a competition platform, while only a few of the traders will initially gain some money and due to its unregulated nature no one can predict further development. Of course, that also means that novice traders or those who lack experience would not find their way to gain any money and eventually will only lose time.

TopStep

Overall Topstep Ranking 

Because of the regulation and safety problems we found during our research of Topstep, we do not rank positively Topstep, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

  • Topstep Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingTopStepBlackBull MarketsXM
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading InstrumentsTrading Invironment

Topstep Alternative Brokers

We revealed that Topstep has a lot of issues, especially in respect of its safety and customer care. Thus, here are much better Alternatives to Topstep with tight regulations and great trading conditions. We select Good Brokers and reliable options for your comparison below: 

  • AvaTrade – Good Instruments and CopyTrading
  • Pepperstone – Low Spreads and Competitive Trading Conditions
  • XM – Wide Range of Trading Opportunities

Deposit & Withdrawal

Topstep offers multiple methods to fund their accounts, however, the most accepted ones with the broker are via credit/debit cards. 

  • There is no commission fee for withdrawals with Topstep. The withdrawal fee is usually from the payment system. Besides, Topstep pays commission costs for withdrawals above  $500. 

  • The withdrawal requests are processed within 7-10 business days.

Topstep Review Conclusion

Considering the above, we highly recommend avoiding Topstepand selecting a decent and licensed broker instead. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

  • Overall ranking and experience for Topstep is Negative

No news available.

One response to “Topstep”

  1. I have traded currency thru TopstepFX and I have lost 2 times $115 & $99 in a fake account to obtain a funded account. I have the proof of trading chart that I have won more than $6000 as to win funded account, but I have not been approved. Therefore, I have quit trading for 3 weeks, no more trading. Then TopstepFX charged me $165 which is a so-called “subscription charge” to my debit card without my knowledge (consent) on 11/21/2019. I wrote to them and reported to my Huntington bank on the same day (about the $165 pending charge) but TopstepFX didn’t want to refund, and my bank Huntington Bank, has now supported TopstepFX company, supported the charges.
    I need TopstepFX also to refund $165 + $115 + $99 = $379 because after that, I found TopstepFX is a rip-off company. They try to have all kinds of hidden rules to make people lose their money as me, a real victim as “subscription rules to charge me $165 even I have given up trading for 3 weeks”. And if I don’t complain, TopstepFX still keeps charging me $165/a month, until I cancel the subscription. Subscription for what??? I receive nothing from TopstepFX. I am sure 100% this TopstepFX is a scam, don’t ever trade with them, they are unregulated brokers. Even after you win funded account, you have to follow their stupid rules, then you will still lose all your money.
    What I wrote to Huntington Bank is all true with my best knowledge.
    Binh Thanh Nguyen
    PS:
    The following is an article writing about TopstepFX’s scam on internet:
    What do traders say about TopstepFX ?
    After doing some research, we found out that a lot of traders are reporting TopstepFX and writting bad reviews about it. It seems like they are not happy about it and they warn others not to trade with them.
    It’s always important to know what other traders are thiking about a broker before using it and we can say that they are not saying good things about TopstepFX.
    What do regulators say about TopstepFX ?
    This is the most important thing you need to know about a broker before using it. Is TopstepFX regulated ? Is it an offshore company ?
    Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission).
    An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.
    TopstepFX is an unregulated offshore broker owned by TopstepTrader LLC and located at 130 South Jefferson Suite 200 Chicago, Illinois 60661.
    You should definitely avoid any unregulated or offshore broker and TopstepFX is one of them.

Leave a Reply

Your email address will not be published. Required fields are marked *