TopStep Review
First and foremost, a disclaimer: I am not receiving any compensation for this post. No kickbacks or promotions for me. This is an unbiased review of the funded trader program, TopStep
In short, TopStep acts as an intermediary that allows traders to take on risk and get paid for their profitable trading—in exchange for upfront fees. The way it works is simple: you sign up and select one of their evaluation accounts, most commonly the $50,000 tryout account. To pass, you must generate a net profit of $3,000 on at least three trades without exceeding a net drawdown of $2,000. Once you pass, you pay what I believe is a $150 fee to activate an Express Funded Account, where you can begin withdrawing profits after five profitable trading days, each earning at least $200.
I think this is a fantastic concept—an extraordinarily underrated and under-discussed service.
Reading what many traders have to say about TopStep, it seems that a common point of hesitation is the fees. But for the new trader with no track record, it is far better to experiment with an account like this—where your loss is capped—than to risk your own capital. The initial tryout fee is only $50, and if you exceed the $2,000 loss limit, you can reset your account for another $50. That’s far better than losing $2,000 of your own money in a personal account.
I've never held this back: trading is hard—very hard. For the newbie trader, there is no edge in risking your own money, thinking you'll “take it more seriously” or perform better. That’s a lie—and I’m here to pour cold water on that fantasy.
If you're a new trader, it's smarter to practice on a platform like this. Even if you blow four accounts with $2,000 drawdowns each, you're only out $200 total (4 tries x $50)—compared to $8,000 in real losses.
Now, TopStep’s model does attract some gamblers who keep resetting. But if you’re reading this blog, you shouldn't be on that path anyway. I can’t speak to that criticism—I manage my risk, and any consistent trader should too. With proper risk management, reset fees should never even be a factor.
Another great feature: you can have up to five accounts and auto-copy trades across them. Want to experiment with Gold or Oil? You can open a separate commodities account, and if you blow it, you’re only out $50. That’s chump change in trading. I can’t overstate how amazing this is. When I was learning, I took $3,000–$4,000 losses using my own money. $50 would have been a dream—LOL.
Let’s dive into some of the pros and cons:
Pros
1. Full suite of products:
TopStep offers everything from ES (S&P 500 futures) and NQ (Nasdaq futures) to 10-Year Yield futures, specializing in CME products. I don’t think readers of this blog will have an issue with product availability.
2. Risk management tools:
This is so important. Unlike most retail brokers, you can set a personal daily loss limit (PDLL) and enable “liquidate and block”, ensuring you never trade while tilted. For example, if you set your limit at $1,000, the system will automatically close your positions and lock you out once you hit that threshold, whether realized or unrealized. This mimics professional risk protocols at Wall Street trading firms.
Think of it like baseball: sometimes a pitcher wants to keep playing, but the manager needs to pull him for the team’s sake. Same here—PDLL saves you from yourself. Set it with a clear, objective head.
3. Lightning-fast execution & order customizability:
TopStep’s execution speed is unmatched compared to my experience with retail brokers like Interactive Brokers. One click on “Buy Mkt” or “Sell Mkt” and you're in or out—instantly. They also offer handy tools like auto-set stop to breakeven, or a “Reverse Position” button, which, for example, flips you from long 2 NQ to short 2 NQ instantly. I personally don’t use this, but it’s a useful feature—especially during fast-moving news events.
4. Payments are reliable (lol):
I was initially skeptical re: payments. Thought that TopStep might delay or deny payouts. But so far, I’ve received two payouts on time—typically within 2.5 business days. I usually request on weekends and receive payment by Wednesday. While some shady funded programs exist, TopStep stands out. CEO Michael Patak is visible and transparent. When respected trader Lance Breitstein (formerly of Trillium) criticized TopStep on X, Michael responded with a full, unfiltered sit-down discussion. No punches pulled, full transparency. That’s what it’s all about and available on YouTube.
Cons
1. Contract limits:
This might not be an issue for beginners, but TopStep does cap your position size. You’re generally limited to 2 NQ, which is decent but not huge. If you're looking to scale up to 10 or 20 NQ, this could eventually be a limitation.
2. No trading from 4:10–6:00 PM EST:
Not a problem for me, but important to note. There’s a dead zone from 4:10–5:00 PM where you cannot hold positions, followed by a market reset from 5:00–6:00 PM. So, swing trading is not feasible here. You’re free to trade again starting at 6:00 PM EST.
3. No 1:1 coaching (for better or worse):
This is a double-edged sword. On the upside, no one’s bothering you or micromanaging your trading. On the downside, there’s no mentorship or pro trader feedback. If you're seeking institutional-level coaching, TopStep doesn’t provide that. Personally, that’s fine with me.
Overall
I have no complaints—and I strongly recommend TopStep for new and developing traders.