As a new trader, the choices for where to trade are endless. There are thousands of trading apps, software, and websites claiming to be the best trading system for traders and investors alike. Choosing which one to use can be time intensive, cumbersome, and downright overwhelming. 

But there is one platform that seems to have clear advantages for new traders. 

TopStepTrader was founded in 2012 in Chicago, Illinois. The company was founded by Michael Patak and has been named one of America’s 5,000 Fastest Growing Companies according to a list from Inc. 5000.

Refer to our TopStepTrader review on Tweak Your Biz for more background. 

The TopStepTrader concept is unique and offers an immense amount of benefit to traders. The platform allows traders to open an account and compete with other traders through simulations to be the best. If your trades do well, and you qualify, you will have a chance to be promoted to a funded trader. 

Once you are promoted to a funded trader status, you can actively day-trade using the firm’s money. The first $5,000 of your profits are kept by the company to fund other traders, but you get to keep 80% of the profits you make after that. For a more in-depth look at setting up an account, see this TopStepTrader review. 

This incredibly unique business model is a tremendous befit to anyone new to trading because it allows you to learn how to day trade. It is also great for futures traders and day traders that don’t have a lot of capital to invest. The system allows you to leverage the company’s capital, and if the trader is successful, the potential gains can be lucrative.  

TopStepTrader Features Review

Another advantage to TopStepTrader is the enormous number of features that they provide to traders. One of the challenges as a day trader is the effective use of research, tools, and information. Many day traders struggle to consistently make money because they are competing with other day traders that have access to an extensive array of devices. 

TopStepTrader has gone to great lengths to try to arm their day traders with as much information as they can. For a closer look at TopStepTrader’s features, take a look at our TopStepTrader review on Tycoon Story. 

A list of some TopStepTrader features is below.  

• No-Fee Trading Platform
• Charts
  • Candlestick charts
  • Bar charts
  • Line graphs
  • Point & figure
  • Heike nashi
  • Renko
• Education and Coaching
  • Daily live trading classes
  • Lessons on trading psychology
  • Ability to watch the professionals trade in real-time
  • Performance Coaching Plan
  • 30-minute kickoff session.
  • Personalized advice on your trading strategies.
  • A Daily meeting, and a weekly personal coaching session.
  • Access to the private trader group chat.
• Community Help

You can also read our full TopStepTrader review here. 

TopStepTrader Review of Pricing

TopStepTrader has developed several features to help its traders succeed. The fees for TopStepTrader are in the form of a monthly subscription, and the price depends on how much buying power you would like to use. The membership costs are collected monthly, and they come with different objectives and targets that must be met to be considered for a promotion to a funded trader. They also come with restrictions on things like buying power, maximum positions, maximum drawdown, and weekly losses.

• $50k Buying Power = $165/month.
• $100k Buying Power = $325/month.
• $150k Buying Power = $375/month.

For a more in-depth look at pricing, have a look at our TopStepTrader review at The Good Men Project. 

What Are the Risks for TopStepTrader?

Day trading comes with risk, and though TopStepTrader offers ways to mitigate that risk, there are still risks to consider. If you suffer a significant loss from a bad trade, your account will be reset, and you will be charged $100. Though this is a real expense, it offers a fairly inexpensive opportunity for new traders to try different strategies. If you invested $50,000 of your money and lost it all testing out a new trading strategy, the losses would be $50,000 — not $100. 

In addition, TopStepTrader does not charge commissions, but there is a transaction fee of $0.18 per contract, which similar platforms do not charge. 

For more information on the pros and cons, browse this TopStepTrader review.  

TopStepTrader Review Conclusion

In conclusion, TopStepTrader offers many benefits for new traders and traders with limited capital to get started. They offer an enormous number of features, there is a limited risk if you are a funded trader because you are using house money, and the prices are relatively low in comparison to other trading platforms. 

However, as with all investment decisions, each investor should evaluate the costs and the risks and assess their personal goals before committing.  

If you would like to sign up for TopStepTrader, use this link to get started.