Topstep announces the end of supporting Forex
On April 05, 2022, Topstep announced that it would no longer support Forex Trading. As a result, the Topstep Forex program will be shut down on April 12, 2022.
When did the Topstep Forex program start?
The TopstepFX program started in 2018 intending to help traders adjust their mindset to enjoy consistent success without risking their capital in the forex market. The company started with futures funded trading program in 2012, where the Trading Combine challenge was created. The same template was then applied to forex trading, where intending traders can purchase a forex Trading Combine challenge and prove themselves worthy of funding through consistent trading strategies and execution, after which they get funded.
Unfortunately, the Topstep forex program could only last for four years before the company decided to shut it down and focus entirely on futures trading since the performance team and the founder Michael Patak are futures traders. However, during that period, many forex traders had their lives changed through the funding opportunity provided by the Topstep forex program. Now, traders will have to learn how to transition to the futures trading market.
Why did Topstep stop support of the Forex program?
Topstep will no longer support Forex because the company is transitioning into and focusing on futures trading. The goal of the company over the last four years of building the Topstep funding program is to provide traders with valuable experience. However, in the process of making the program, the company realized that it was much better at futures trading, and it was also what the company’s trading community wanted more of.
Preparation for the transition has been going on behind the scenes for a while, so there is a structure in place and necessary resources for traders to take the next step in their trading journey. Therefore, the transition looks rapid as the company aims to add more value through the futures program.
Can old Topstep Forex Traders join the Futures program?
Old Topstep forex traders are welcome to join the program as the company is advocating for them to make the transition to keep having access to the resources made available by Topstep. The owner of Topstep, along with the performance coaches, are all futures traders with substantial knowledge, versatility, and experience in futures trading.
This knowledge and experience will be used to support traders as they transition into futures trading. Traders will be taught trading foundations where they will be exposed to the fundamentals of futures trading while also having access to tools that will open their minds and cause them to start thinking like professionals. Overall, packaged educational content is meant to aid traders in getting started with trading Futures.
What will happen to Topstep Forex Traders?
Topstep Forex Traders will be given a specific period to close their Combine account or funded account if they already have one. After this, they will be guided on how to gain access to a futures Trading Combine account. They will also be provided resources to ensure they are successful futures traders.
What is the last day to trade Forex at Topstep?
The last day to trade Forex at Topstep is April 12, 2022, for the Trading Combine, while it is April 29, 2022, if the trader has a funded account.
What is the last day the purchase or reset of the challenge can be made?
Starting from April 5, 2022, it will be impossible to purchase a challenge for the Trading Combine or even use the reset option. This is because all rebilling has already been stopped, and the subscription for this month will be refunded.
What will happen to traders who have already purchased a challenge?
For such traders, as long as the forex Trading Combine was purchased within the past year, they will be getting a full refund, and they can expect this money in their bank accounts within 5-7 business days.
What will happen to traders who already have a funded account?
Such traders will have the opportunity to withdraw their profits above their starting balance in line with the company’s standard policy: the first $5,000 in profit entirely belongs to the trader. In contrast, subsequent profits are subject to the profit split of 80:20, where 80% of the profits belong to the trader, while Topstep takes the remaining 20% of the profits.
How can I get a free Futures Trading Combine?
Topstep has made the Futures Trading Combine available for one month at no cost to intending futures traders. Forex traders presently part of the Topstep program can contact support via email at support@Topstep.com to gain access to the free one-month futures Trading Combine, which starts on April 25, 2022.
What can traders expect from the Topstep futures trading program?
Apart from the one-month free access to the futures Trading Combine and lessons on the fundamentals of futures trading, which have already been mentioned, there are some other resources that traders making the transition can expect to get:
Market forecast
The performance coaches will provide traders with all the necessary information for a particular trading week, along with an analysis of the live market provided every weekday in the mornings and afternoons.
Free group coaching
Whether a trader is a novice or an expert in futures trading, every trader will be supported throughout this new journey. Therefore, the coaching programs are designed to develop the proper trading mindset by focusing on process and trading psychology.
More assets to trade
Under the futures trading program, Topstep has more assets to offer traders with more currencies, such as the yen, the pound, and the euro. There are also metals like Gold and Silver along with indices such as S&P, Dow, and Nasdaq, which will open traders to a new world of opportunities.
