(Newswire.net — May 15, 2023) —
Topstep Trading is a Chicago-based trading platform that claims to offer traders an opportunity to earn profits by passing a trading evaluation program. The program involves a simulated trading environment where traders can prove their trading skills and earn a funded trading account if they meet the program’s performance requirements. However, some traders have raised concerns about the legitimacy of the program. Traders Union, therefore, explores concerns: is Topstep scam? and separates facts from fiction.
They first examine the program’s structure. The Topstep Trading evaluation program consists of two phases: the Trading Combine and the Funded Account. The Trading Combine is a simulated trading environment where traders can demonstrate their trading skills. To pass the Trading Combine, traders need to meet specific profit targets, risk management criteria, and other performance metrics. Once a trader passes the Trading Combine, they become eligible for a Funded Account, which allows them to trade with real money.
Traders Union says that one of the main criticisms of the program is the upfront cost that traders must pay to participate in the Trading Combine. Traders need to pay a fee ranging from $150 to $375 to access the evaluation program. Some traders have claimed that this fee is excessive and that Topstep is making money from the fees rather than trading profits. However, Topstep argues that the fee is necessary to cover the costs of running the program and that traders can earn back the fee and more if they pass the evaluation.
According to Traders Union, another criticism of Topstep is that the program’s rules are vague and that traders do not have clear guidelines on how to pass the evaluation. Some traders have claimed that the profit targets and risk management criteria are unreasonable and that Topstep changes the rules frequently to prevent traders from passing. However, Topstep states that the rules are transparent and that traders have access to a dashboard that shows their progress and the evaluation criteria.
One of the most significant concerns that traders have raised is about the Funded Account program’s terms and conditions, as per Traders Union. Traders need to sign a contract to participate in the Funded Account program, which includes several conditions and restrictions. For example, traders need to pay a monthly subscription fee to access the Funded Account, and Topstep takes a percentage of the profits traders earn. Additionally, traders need to maintain specific risk management rules, and if they violate these rules, Topstep can terminate their accounts.
Some traders have claimed that these conditions are unfair and that Topstep is taking advantage of traders’ lack of experience. However, Topstep argues that these conditions are standard in the trading industry and that they are necessary to manage risk and ensure traders’ success.
So, is Topstep a scam? Traders Union boldly answers, “No.” While the program has some criticisms and concerns, it is not a scam. Topstep is a legitimate trading platform that provides an opportunity for traders to prove their skills and earn a funded trading account. The program has helped many traders achieve their trading goals and improve their skills.
However, it is important to note that Topstep is not a get-rich-quick scheme. Traders need to work hard and prove their skills to earn a funded account. Additionally, traders need to be aware of the program’s terms and conditions and the risks involved in trading.
Traders Union concludes that Topstep is a legitimate trading platform that provides an opportunity for traders to earn a funded trading account. While there are some concerns and criticisms of the program, it is not a scam. Traders who are interested in the program should research it thoroughly and understand the risks involved before signing up. By separating facts from fiction, traders can make an informed decision about whether the program is right for them.