Topstep Review – US-based Company Without A License?
Topstep company, owned by Topstep LLC is registered in Chicago, US. Since 2017 they provide trading services worldwide. Thus, in a bit different way compared to other trading companies. Throughout the years, they managed to build a trusted environment.
However, like any other trading company, there could be issues. Keep reading our Topstep review to find out if this company is a good choice for you.
|Topstep.com / topstepfx.com
|TSTrader, NinjaTrader, Quantower
Topstep License and Funds Security
Firstly, we need to clarify how Topstep broker works. They have different trading packages and monthly fees for those. But traders get the company funds to trade on the market. The amount of money depends on the package that traders choose. With this in mind, they don’t need to comply with any regulations, since they are not using traders’ funds.
So, if you look in the CFTC register they won’t be there. But also not in any European register like FCA, BaFin or AMF. So, to conclude the broker is not licensed at all. Therefore, it could be dangerous for any trader. Instead of building your portfolio with a licensed broker, you are trading with others’ money. But why would anyone give you money to risk it?
If you think about it, it might be a case that all profits are fictive. But the broker is regularly charging you real money every month for the trading program. Unfortunately, we don’t have confirmation that’s the case. But some Topstep reviews are going in that direction.
Trading Platform Available
Trading software with also unconventional. There are three choices with Topstep broker:
- TSTrader – Trade Station
- Ninja Trader
Besides these three, the company was announcing the implementation of Meta Trader 4. Thus, that never happened. Anyway, all software mentioned earlier is a good choice for experienced traders. Since they don’t offer standard trading assets, you are partially limited. Anyway, platforms provide pro analytical and tools for in-depth market analysis.
Topstep Bonuses and Promotions
Topstep company has multiple bonus programs. Firstly, they offer a 20% bonus on your first subscription. Also, they promote a full refund on last month’s fee, after you reach your payout. All this is quite shady and confusing for many traders.
After all, the company promotes a partnership program. This is another way to gain more clients into their scheme. Of course, traders coming after your recommendation get the same features as you did. And you get paid of course.
Topstep Account Types
This is where we have seen the most discrepancies about Topstep scam broker. If you check any Topstep reviews you will see that traders didn’t get the agreed amount of funds for trading. But that’s only because of so many confusing rules that this company has. Which they use to their own advantage. But where traders complain is that they don’t get their money back.
But also, this company keeps charging them monthly subscriptions. Speaking of account type, here is the list:
- 1. $50K buying power – $165/month
- 2. $100K buying power – $325/month
- 3. $150K buying power – $375/ month
On every account type, you have a target to reach. Target range from 3000 -9000 USD. But there is a catch. You can only set a limited amount of contracts. Another limitation comes from the maximum allowed daily loss. If you fail, you are paying a fee. If you reach your target, you are going to the next level. Luckily, traders can use a demo account first before purchasing any packages.
What makes traders worried about this investment company is its withdrawal policy. Funding is never the issue, but withdrawals obviously are. Funding methods available are:
- Deel card
- Deel instant card transfer
- crypto wallets
- local bank transfers
- Swift to Russia
Withdrawal processing time varies depending on the method used. It can be instant like with the Deel card. But also up to 10 days for Swift to Russia. Besides this basic information, you can’t find any more details about withdrawal procedures and limitations. Which leaves enough space for the company to make them up along the way.
How the Scam Is Implemented
As we can see from Topstep broker reviews, the company support is not quite favorable among traders. Once trader applies for a certain package they are trading with the company’s funds. Or virtual funs. Nobody can confirm that.
Once you fail to reach your target, they can easily charge your card for additional fees. But also, even if you just stop trading they continue to charge you. Also, the company is manipulating traders with the amount of money provided in the account.
Everything points out that this is just another investment scam. Even though Topstep scam broker has a big amount of positive reviews that might as well be fake.
A trading company that is not completely transparent. Topstep company is not licensed. There are multiple trading platforms, but limited tradeable assets. The company is misleading traders about packages and trading conditions. Most importantly, they have a shady withdrawal policy.
Luckily, our fund recovery team is at your disposal. If you had any issues with this broker, feel free to contact us. Our team can advise you on any further steps for getting your money back.