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Direct MessagesDate/Time: Mon, 29 Apr 2024 03:22:10 +0000
Post From: I need help from anyone with a Topstep funded account to answer questions about costs.
| [2019-04-26 23:35:46] |
| User138602 - Posts: 169 |
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I got a 3rd email from a different support staff member. I also did miss some information on their site. So i guess i am an incompetent clown as well. Now i want to clear things up and draw a conclusion. "The Funded Account you earn through TopstepTrader is completely independent of any personal trading account you may already have. As such, you are able to use the same platform license key to access the our Funded Account through your platform if you already own one." - They charge $1 platform fee per round turn using SC or T4 trading platforms. But this should only be the case IF you dont already own a subscription. But its not really 100% clear to me. "You will be required to purchase the professional live market data through us, which is $105 per exchange per month. The commissions and fees in the Funded Account are not out-of-pocket costs and will be deducted from your Funded Account balance each day." - This i didnt realize. As soon as you get a funded account you trade capital for a 3rd party...ofc. And therefore you count as a professional. Meaning for full CME you pay over $420/month on a daily basis. But still, referring to the ES example: $2.36 on a round turn for exchange fee doesnt make sense. $105 / $2.36 = 44.49...what is that supposed to mean? I dont like how they mix up fixed daily costs(exchange fees) with costs per round-turn. But anyways...WHY?!? would anyone use such a funded account "service"? Its just throwing money out of the window...20% of any profit, higher commissions, higher exchange fees. What do you need an 25k or 50k account for if you are not allowed to hold any position over night? The maximum contract size is also VERY tide in comparison to the account size. And they dictate a daily loss limit. So again what do you need such an account for? So MANY futures contracts can be traded intraday for $500 margin or less. The E-mini S&P500 gives you $50! per point on a $500 intraday margin, for example. The leverage is very! serious and you can grow a small account so fast. Now they offer even Micro E-mini Futures. I absolutly see no need for such a service. The only demand might come from financially totally broken individuals. And how are those supposed to be successful traders anyway? Date Time Of Last Edit: 2019-04-26 23:40:42
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