Overview
Founded in 2012, Topstep has become one of the biggest proprietary trading sites online. Topstep FX is based in the USA, but it is available for everyone to use worldwide. Traders are invited to join their "forex funded trader program," which gives them the chance to use Topstep FX's money (and gain a healthy cut of the profits), without risking their capital.Things we didn't like:
Not one-off paymentChallenges perceived to be too hard or pointless
Why would you want an alternative to TOPSTEP?
Topstep is not perfect in every way. If it takes you a long time to pass the challenges, you will end up spending more on the platform's monthly fees than a comparable service with a one-off payment. Some traders have been annoyed at some of the rules on Topstep. The "20-second rule" and the "Trailing Max Drawdown" moving to zero after any withdrawal have been unpopular with some. Others believe the inability to undo your decision between a pro account or an express funded account is unfair. The challenges themselves are sometimes perceived to be too hard or pointless. Topstep can provide justifications for these issues, yet some traders remain unconvinced.
What other users do not like about Topstep
Topstep TrustPilot Customer Reviews, Feedback and Complaints
On Trustpilot, Topstep has currently 1.6k number of reviews with a TrustScore (the overall measurement of reviewer satisfaction) of 4.60/5.00.
Main Complains according to the Users' Reviews
- Expensive.
- Too limiting.
What to look for in a TOPSTEP Alternative?
If Topstep doesn't seem like the right option for you, or you want to compare it to others on the market, there are five key characteristics to look for in a decent prop firm. The first is reputation. Only consider prop firms that are well-reviewed amongst its community. Negative ratings are a major red flag, and you can find them on Google, blogs, forums, and dedicated review sites such as Site Jabber and Trust Pilot.
Second, you need to read the small print regarding trading restrictions. A decent prop firm will offer a great deal of flexibility, so read all their terms and conditions carefully to avoid getting caught out further down the line. Check you can set up a trading account from the country you are living in, for example, as this has caused problems for traders in the past.
In searching for Topstep alternatives, make sure you know exactly what your trading goals are for them. How much profit do you need to make, how many losses can you incur, and within what timeframe? Check whether these rules are subject to change for any reason, such as following a withdrawal. Also, do you need to pass a test beforehand, and what will this test entail?
Fourth, you should ensure the prop firm in question includes a growth program that allows traders' profit margins to increase over time. A growth program increases the longevity of a trader's account, which should also be beneficial to the prop firm.
Finally, what are the payouts? Payouts are the most critical factor for many traders when choosing a prop firm as it determines the amount of money you stand to make. The payouts are usually stated in percentages. For example, one firm may offer you 70% of the profits you make, while another will offer 80%, so it is worth shopping around!
Best TOPSTEP alternatives – Proprietary Trading Firms like (or better than) TOPSTEP
Rating breakdown
Things we liked:
Exclusive Discount Code (20% Off Exclusive Offer)Minimal rules & unlimited time for completion
Two-part assessment leading to $200,000 in funding
Scaling plan & fast-track funding opt
Things we didn't like:
A Relatively New player in the funded account offeringFunderPro Overview
Founded in Malta in late 2022 by a group of traders and investment managers, FunderPro was born out of the need to provide an opportunity for traders to be judged on their merit without pressure or unnecessary rules. FunderPro traders can trade in their own time, for as long as they want or need, there are no deadlines looming down nor petty restrictions to trip over.
Rating breakdown
Things we liked:
Instant payouts with no minimum trading days.Own trading platform with a modern interface
Competitive assessment costs
Things we didn't like:
No high-risk instruments or cryptocurrencies to trade.Non-refundable assessment fee.
SabioTrade Overview
SabioTrade burst into the industry with a number of unique features, thanks to which it immediately received positive feedback and is now actively expanding its base of traders. SabioTrade has a low barrier to entry due to cheap plans, a free 7-day Trial account, a 1-step assessment and a lot of free training materials. There is no time limit for assessment, and payments can be requested as soon as you make your first profit, with no minimum trading days or withdrawal amount restrictions.
Rating breakdown
Things we liked:
FTMO charges a one-time fee onlyFTMO has generous conditions for its traders
Things we didn't like:
Complaints about the platform freezingComplaints about lack of customer support
FTMO Overview
FTMO is the latest in a burgeoning series of scouting programs. Propriety trading firms or “prop firms” put traders to the test (for a fee) through evaluations and challenges. The lucky few who pass are then funded with capital, and successful trades are split down a percentage with the broker. As scouting firms go, FTMO is an excellent all-rounder. Alongside a decent 80% payout for successful traders, FTMO equips users with webinars, workshops, and coaching.