TopstepFX Review: Top Step FX Are they Too Good to be True?
Another recycled platform is the reason behind this post. TopstepFX (Topstepfx.com) review is out after the vendor changed its original name. The platform used to go by the name TopstepTrader and now has switched names. One can see the mistakes the vendor makes by failing to remove the original name. For instance, when you click the chat button, the name reads Top Step Trader. It is clear that the Top Step FX is a recycled product. Go through this entire post for more.
About TopstepFX
On their about us page, the vendor tries to sell this forex managed account fund as a game-changer. The truth is that their previous platform did not get the attention they wanted. These vendors changed tactics and now are using a new name. The services and features are the same, which is why we know it is a pure scam. To protect our readers, we have to expose the traps and tricks used by these scam artists. These products need to be swiped off the market to make the industry safe.
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TopstepFX is another boring platform that has been recycled. The vendor claims to offer a fully managed account. With live capital trading on the offer, most traders will jump without a second thought. Who wouldn’t want a platform that gives free deposits? There is a catch to all these, and it’s what the vendor fails to explain. The vendor will claim to test your trading capabilities before offering you a considerable chunk. During the testing period, the user must deposit a certain amount to be considered for the full managed account program.
Buying power
The vendor claims to promote the platform using a very simple to follow the process. There is a two-step verification process that gives users access to live accounts. These accounts can offer users a purchasing power of around $500,000. Once traders get the promise of trading with such a considerable amount, they immediately sign up. The $500,000 is not for free, as users have to deposit a certain amount with the platform. There is a monthly price of $250 that users must deposit to get access to the $500K buying power.
To qualify for the purchasing power, one has to reach specific profit targets. With trading not having a guaranteed outcome, most rarely hit the mark. Remember that the vendor demands a full deposit before trading with their funded accounts. What most users don’t know is that the vendor is operating a demo account. These are demo accounts where traders get a simulation of how trading works. It is what is happening with this site and their last scam name. By exposing their plans, we hope that no one will fall for their trap. These are industry scam artists who have been at it for years.
Comments and feedback from users
There was a lot of chatter when the platform came out. Most traders were skeptical after noticing the low depository requirement and the high buying power. It didn’t make sense for most traders as the margin was off. The questions that were on most users mind is why the vendor would risk such a high amount. There is a catch, or the vendor wants to offer free money to unknown persons. We all know that the latter is not valid; this is another trap set by these professional scam artists.
Domain details
The domain history gives a clear picture of their trading background and history. According to domain records, the platform went live on 15th May 2017. What is astonishing is the number of IP changes that have occurred. There have been over sixteen changes over the past six years. It means the website was using another name six years ago. The vendor switched names or ownership. These are the tell signs we are dealing with professional online scam artists. It is best to stay away from this forex managed account fund.
Features of TopstepFX
According to their homepage, the set leverage on all accounts is 100:1. The vendor claims that the platform only works with the MT4 trading terminal. There are add-on tools, and the vendor charges commissions. There is $8 per lot charged on all opening positions. The owners claim that the funded account comes with powerful analytics and charting. There are no platform fees according to the homepage, which is a lie. We could see that there are hidden charges all over the accounts.
Is TopstepFX Licensed or Registered?
There’s no way on earth that such a platform can get any legal permit to operate. TopstepFX is not yet regulated by any official regulator, which says a lot. Anyone who deposits funds with this vendor should expect nothing but a headache. The risks involved in this platform outweigh any reward the vendor promises. Without a valid trading license, it means the vendor did not pass the necessary trading test. Such a platform should not be offering any products or services to investors.
The problem with the platform is that they fail to inform users of their license status. Even the disclaimer at the footer of their homepage has no such details. And this means the vendor is throwing off investors. Users are signing up blindly to a platform without knowing the implications. It is highly risky as most regulators plan to ban the use of this platform. With such an essence, those who join the platform end up losing their funds. It is why the vendor doesn’t want to apply for a valid permit.
Pros and cons of TopstepFX
Account size
TopstepFX is tendering three account sizes to anyone who joins their platform. The accounts come under three price categories of $125, $165, and $275. Monthly price for these accounts starts at $200K, $300k, and $500K, respectively. There are profit targets with each account per week. Traders must prove they can make a particular set target of $3,000 profit and an average loss of $1,000. Making such a target is next to impossible, even with expert traders. And the vendor is taking advantage of traders.
Contact and support
Although the platform has a live chat tab, users have to wait for a while before a representative shows up. Also, we are suspicious that the chat representative is a bot. There is a phone number listed on the contact page. If you make the call, there’s no one on the other end to pick the call. It seems that the number is just a decoy to fool users that they should expect help. The vendor does not have a return email address, which is a problem. Users have to wait for a response for over three weeks.
Results and trading performance TopstepFX
There has been no proof that the platform does help users. No one has come out with evidence that the account managed fund works. And this is a massive problem as we won’t believe their word. We need to see facts for us to think that the platform offers a fair trading experience. It could be a demo account, as we suspect all along. The vendor could as well be using simulations to fool investors into depositing funds with them.
Scam or Legit TopstepFX
We do not recommend the use of TopstepFX as there are no guarantees. Once you deposit funds, there is no one offering any protection. The vendor fails to mention any money-back feature, which is a huge problem.
Closing remarks
Most of the questions we have asked regarding this vendor remain unanswered. It is why we advise that anyone who tries it exercise caution. Don’t fully engage with the platform unless you feel safe. Kindly leave your comments on your experience and thoughts on the platform.
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Our entire team wishes all classes of traders a safe trading experience.
