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Date/Time: Fri, 29 Mar 2024 06:27:32 +0000



I need help from anyone with a Topstep funded account to answer questions about costs.

View Count: 2097

[2019-04-25 21:52:15]
User138602 - Posts: 169
Greetings,

i wrote them 2 emails and got answers from Topstep support. Unfortunately, their support is incompetent. So i ask my questions here.

What additional costs do i face if i trade a funded account? Their website shows an ES example...$4.4 is this per contract and side?

https://help.topsteptrader.com/hc/en-us/articles/236068847-What-commissions-and-fees-do-I-have-to-pay-in-the-Funded-Account-

Why am i supposed to pay platform fees if i have SC already?
Am i understanding it right? They want $1 commission per contract and side? CQG wants $0.10, Rithmic $0.25...and they want $1???
And then they want $2.36 exchange fee. Is this per contract and side?

And here https://help.topsteptrader.com/hc/en-us/articles/115000174188-Do-I-have-to-pay-exchange-data-fees- they write i have to pay the exchange fee:
"You are required to pay this regardless if you get data from a 3rd party source. " Am i right and i have to pay this regardless of any cme fees i already pay via sierrachart supported trading services, like Rithmic or SC exchange data feed itself?

Right now it looks like this: Full CME costs $420 each month. + $4.40 ES per contract and side.
+ Sierrachart subscribtion + data feed + exchange fees full CME $15.75 (Sierrachart) + 20% of any profit? Who are these clowns?

I asked their support but they cant answer those questions.


Thanks
[2019-04-26 06:04:34]
Sierra Chart Engineering - Posts: 104368

Why am i supposed to pay platform fees if i have SC already?
You definitely do not have to pay again for Sierra Chart if you already have your own Sierra Chart account.

Am i right and i have to pay this regardless of any cme fees i already pay via sierrachart supported trading services, like Rithmic or SC exchange data feed itself?
No this is definitely not going to be correct. There is no reason to put any reliance on what they say in this regard. They are not a definitive reference on something like this.

: Full CME costs $420 each month.
These fees would only apply if you are a professional and need data from all four CME market data centers.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2019-04-26 06:04:54
[2019-04-26 23:35:46]
User138602 - Posts: 169
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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