TopstepFX is an excellent platform for traders who want to become more efficient and professional at Forex trading. TopstepFX.Com belongs to the same parent company as TopstepTrader. While TopstepTrader offers futures funded accounts, TopstepFX offers Forex funded accounts for approved traders. The developers of the TopstepFX service promote it as a challenge where participants go through a two-step evaluation process to finally gain access to a funded live account with up to $500,000 in purchasing power.
It is a footnote in the TopstepFX review that made it possible to pass both steps to earn a funded account within a single calendar month. However, this isn’t the recommended approach, as the vendor believes that traders should first master their strategies and obtain more useful skills before rushing into the market with real money. Some people have already called TopstepFX a scam, but it is a training platform that provides an opportunity to win a founded account.
Forex Funded Account
TopstepFX offers trading resources and a simulated Forex trading account. Traders must prove they are able to make profits and manage risks to become eligible to get a Forex funded account. For this, they must be subjected to multiple tests to prove that they can manage risks. Traders should also take time to practice their strategies and hone their skills. The TopstepFX managers opinions of this process is that traders can pass all these steps in one month to get funded.
Trading Combine Account
The Trading Combine is the simulated account for TopstepFX that evaluates the performance of traders through a two-step process, with pre-defined profit and risk limits. According to the TopstepFX rules, traders can use 22 pairs of foreign exchange. They can practice on a demo account for free, get quality trading alerts from experienced brokers, and learn how to become successful traders.
Three packages of the Trading Combine are offered. What can potentially be rewarded to a trader is based on the profit target, the maximum amount of monetary loss, and position sizes traded. The account has a buying power of $200,000 and costs $125 month, the package with a buying power of $300,000 costs $165 per month, while the account with $500,000 of buying power costs $275 a month. Traders have a profit target of $3,000 a week and a weekly loss limit of $2,000.
Using the first account type, traders must prove that they can achieve a profit target of $2,650 and not allow their weekly losses to exceed $1,300. The second account type assumes traders to hit a profit targets of $4,000. They must not exceed a weekly loss limit of $2,000. And lastly, the third account type requires a profit target of $6,650 and a loss limit of $3,300.
TopstepFX Challenge Rules
The above listed rules, profit targets are set for traders according to TopstepFX. Traders are required to follow some specific rules to demonstrate the granted capital will be preserved in the long run. After traders win the challenge following the TopstepFX rules, they may earn a funded account. TopstepFX allows traders to use a leverage of 100:1 to scale up their buying power. TopstepFX by far is not a scam. Participants will be getting funded accounts that have an equivalent of $5,000 to $2,000 equity balance.
If traders can prove that they can profitably trade and manage risks professionally, they will be awarded any of the funded live accounts. Then, traders can keep 100% of the first $5,000 earned and 80% after that. However, if some participants can’t prove their trading abilities, the monthly subscription will be forfeited. A trader should use this to gain useful experience. Developers of TopstepFX have an opinion that good traders are patient traders who learn and practice trading regularly.
Technology – (TopstepFX MetaTrader 4)
It is notable to mention in this TopstepFX review that the service provides its traders with state-of-the-art technology. The TopstepFX MetaTrader 4 is the world’s leading Forex trading platform. TopstepFX MT4 comes with powerful analytics and online charting, low commissions per lot, no platform fees, and availability of add-on tools. TopstepFX also prepares its members for the theoretical and practical challenges with the assistance of Forex trading courses.