TopTier Trader Review 2024
Website: www.toptiertrader.com
Min. Deposit: US$ 70
Leverage: 1:100
Trading Platforms: MT5, MT4
Regulation: US
Headquarters: US
Founded: 2021
Regulatory Licenses:
- TopTier Trader LLC — registered in US company number P17000041942
Updated on February 12, 2024
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In evaluating forex brokers, our methodology is comprehensive and thorough, ensuring that we provide the most accurate and helpful reviews possible. We compare and contrast a wide range of brokers, over 1000 in total, to understand how each one stands out in the competitive market. Our analysis covers various crucial aspects such as fees, spreads, trading platforms, customer service, regulatory compliance, and the overall trading experience. We also take into consideration user testimonials and expert opinions to ensure a balanced perspective. This meticulous approach helps us recommend only the best forex brokers to our readers, guiding them towards making informed trading decisions.
TopTier Trader is a well-established proprietary trading firm based in the USA, known for its focus on offering funding and support to skilled traders. By successfully completing a two-phase evaluation, individuals can become Funded Account Traders, gaining access to accounts with balances of up to $300,000. These traders can keep up to 90% of the profits generated. As a proprietary trading firm, TopTier Trader provides various services designed to offer opportunities and financial support, enabling traders to engage in actual trading without needing personal funds. However, it's important to understand the inherent risks associated with prop trading, such as market volatility, leverage, and complex trading strategies.
Pros
Lower profit target requirements compared to other firms
Competitive pricing structure
Wide variety of account balances with low registration fees
Profit share from the challenge phase
MT5 and MT4 platforms supported
Refundable fee upon becoming a Funded Trader
Comprehensive range of Challenge Programs
Free competitions available
Cons
No strict oversight of trading activities
Challenging criteria to become a Funded Trader
Limited range of tradable instruments
Only MetaTrader platform available
No weekend holding allowed on regular TopTier accounts
EA Trading permitted only for Challenge Plus accounts
TopTier Trader, operating out of the United States, provides easily verifiable contact details, including an email, phone number, and a physical office located in Miami, Florida. These elements contribute to its credibility within the Proprietary Trading sector. The firm prides itself on offering a transparent and supportive environment for traders, further cementing its status in the industry.
It is vital to note that proprietary trading firms, unlike Forex brokers, do not fall under the same stringent regulatory frameworks. This distinction means that the level of protection these firms can offer might not be as comprehensive. Recognizing and understanding the inherent risks associated with prop trading is crucial before engaging in this type of investment.
In our comprehensive review, we meticulously examine the proprietary firm’s evaluation process, detailing the prerequisites for successfully navigating their challenge to attain Prop Trader status. We delve into the associated costs, including any registration or subscription fees necessary for participation.
The challenge aims to rigorously assess a trader's prowess through a two-stage process. Each stage has set profit targets, varying according to the chosen account size. Phase 1 imposes stricter requirements, while Phase 2 provides a more lenient framework, affording traders the liberty to employ diverse trading strategies.
Account Balance and Registration Fee
Prospective traders at TopTier Trader must select a Challenge program and determine their desired account size before commencing prop trading. Each Challenge variant has its own set of conditions. Typically, prop firms levy a fee for partaking in these Challenges, often in the form of a registration fee. In most scenarios, this fee is refundable upon successful completion of the Challenge and receipt of the initial payout.
TopTier Trader introduces two distinct challenge programs: the TopTier Challenge and the TopTier Challenge Plus. These programs differ mainly in profit targets, initial payout timelines, and the breadth of permissible trading strategies.
Our evaluation of TopTier Trader highlights the attractiveness of their account sizes and associated fees, especially in comparison to competitors. This aspect is perceived as a significant benefit, providing a more accessible and economically viable avenue for traders aspiring to enter the prop trading domain.
TopTier Trader presents an array of account balances, extending from $5,000 to $300,000. Both the TopTier Challenge and the TopTier Challenge Plus programs encompass this range of account balances, albeit with slight variations in initial funding prerequisites.
Profit Target
To surpass TopTier Trader's challenges, participants are required to achieve specific Profit Targets: 10% in Phase 1 and 5% in Phase 2 for the TopTier Challenge, and 8% in Phase 1 and 5% in Phase 2 for the TopTier Challenge Plus. Reaching these targets is crucial for qualifying as a prop trader.
Maximum Loss
Participants in TopTier Trader’s challenges must observe two principal loss thresholds: a Maximum Daily Loss of 5% across all accounts and a Maximum Overall Loss of 10% for the standard challenges and 8% for the Challenge Plus program. The daily loss calculation includes the total profit and loss of both open and closed positions for that day.
Strict adherence to the challenge rules is imperative. Failing to comply results in challenge termination, necessitating a reset fee to recommence the challenge from the beginning.
Minimum Trading Period
A standard regulation in prop trading evaluations is attaining profitability within a specified minimum number of trading days. For TopTier Trader, this minimum is established at 4 trading days for all account sizes.
Free Trial
Our investigation concludes that TopTier Trader currently does not offer a free trial for its evaluation programs. Candidates are expected to meet specific trading objectives and exhibit their trading acumen and discipline to surpass the two-phase evaluation process and secure funding.
After successfully completing the challenge, traders are granted access to their Funded Account, usually within a few business days. It is crucial to recognize that the balance and conditions of the account will mirror those of the qualification test. For those aspiring to manage a higher-grade account, undergoing and passing the initial test once more for the desired account balance is mandatory.
Profit Split
TopTier Trader extends a profit-sharing arrangement to its traders, allowing them to retain from 80% to as much as 90% of the profits made on funded accounts. This generous profit split positions traders favorably, providing a substantial portion of the earnings for their successful trading ventures.
FundedNext Express
Among the two Challenge Programs offered, the TopTier Challenge Plus stands out with its 8% profit target for Phase 1 and a 5% target for Phase 2, alongside a maximum total drawdown of 8% and a daily limitation of 5%. This specific program is designed for traders in pursuit of more flexibility and sophisticated trading capabilities.
Our examination of TopTier Trader zeroes in on various critical aspects such as account types, trading platforms, available instruments, associated costs, leverage options, and overall trading conditions. We also address any strategy restrictions that could potentially result in account termination, necessitating a reevaluation. A comprehensive analysis of these fundamental factors is provided below to elucidate the broker’s offerings and identify any possible limitations.
Trading Instruments
TopTier Trader presents a relatively modest selection of trading instruments, including forex, commodities, indices, and cryptocurrencies. Given that these instruments are among the most commonly traded by Forex traders, the selection remains appealing. Nevertheless, for those with a preference for trading in other markets like stocks or futures, exploring alternative proprietary trading firms may be more suitable.
TopTier Trader Commission
Our evaluation also covers the commission or spread associated with trades. TopTier Trader sets itself apart by offering highly competitive conditions, charging only $7 per lot per round trip for currency trades, and imposing $0 commission for commodities, cryptos, and indices. These notably low rates render it an enticing choice for traders aiming to reduce their trading expenses.
Leverage
Leverage up to 1:100 is available from TopTier Trader across different trading instruments. This leverage ratio is applicable during both stages of their Challenge and continues for funded traders, providing substantial flexibility in trade management.
TopTier Trader Competition
The monthly TopTier Trader competition allows for weekend and swing trading, with disqualification as a consequence for rule infractions. Accounts left inactive for over 14 days are disabled. The competition stipulates a maximum total drawdown limit of 10% from the initial balance and a daily limit of 5%. Competition registration is open from the 15th to the end of each month, with the actual competition spanning from the first to the last day of the month. The top twelve traders are awarded free challenge accounts, with a limitation of one account per participant.
Fundednext App Platform
TopTier Trader offers the widely utilized MetaTrader platforms, MT5 and MT4, through partnerships with MetaQuotes and other technological providers. This availability is advantageous for many traders. Nonetheless, the absence of alternative trading platforms suggests that traders seeking different trading software might find better options among other proprietary trading firms.
Trading Conditions
TopTier Trader, as a brokerage firm, offers two distinct sets of account conditions: a regular account for standard trading approaches and another specifically tailored for swing trading. The trading options at TopTier Trader vary depending on the account type. While swing trading is permissible on their Challenge Swing and Plus accounts, it is not allowed on Regular accounts. Scalping is allowed across all account types. Copy and EA trading are exclusive to Challenge Plus accounts, and hedge trading is universally permitted. Weekend trading is only available on Swing and Plus accounts, with certain restrictions applying to Regular accounts on Fridays. The firm strictly prohibits certain manipulative strategies, categorizing them as cheating. News trading is permissible on Tier 1 and 2 accounts, albeit with some restrictions on Funded accounts.
TopTier Trader Promotions
Occasional promotions are run by TopTier Trader, featuring discounts provided through TopTier Coupons. Currently, they offer a BLACKFRIDAYTESLA coupon code, which includes 25% off, a 90% profit payout, and a 115% refund. It's important to verify the current validity and specifics of these promotions at the time of registration, as they are generally time-sensitive.
TopTier Trader Payout
Our analysis reveals that TopTier Trader facilitates the payment of challenges through multiple convenient methods, without imposing additional processing fees. A standout advantage with TopTier Trader is the expedient processing of payouts, which are typically concluded within 3 to 5 business days.
Withdrawal Method
TopTier Trader Prop Trading Firm offers a variety of convenient withdrawal methods upon deciding to transfer funds from your Funded Account. These methods encompass classic Bank Transfer and Wise, alongside Credit/Debit Cards and Crypto Transfers, providing traders with multiple options to access their earnings.
