TopTier Trader Review
TopTier Trader is a prop firmactively seeking experienced traders. In order to determine whether a trader is competent, they established a two-stage evaluation process. Traders that pass the assessment are subsequently given a position in the TopTier Traderprop firm, where they have the ability to remotely manage funds and continually scalethe account using their scaling strategy. If you’re a TopTier Trader, you get to keep 80% of your profits. If there are any losses, the firm will cover them. Do you think this is the right prop firm for you? This updated review has the information you want.
About TopTier Trader
TopTier Trader is a relatively new prop firm that was founded in 2021. Their office is located at 547 NW 28th St, Miami, FL 33127. They are a verified company in Trustpilot with a rating of 4.9 and positive reviews. So they are a reputable prop firm even though they were only founded in 2021.
Funding Program Options
TopTier Traderprovides a variety of funded accounts ranging from $25,000 to $300,000. You can scale an account up to $2,000,000. There are 3 different programs available. The TopTier Challenge (Regular and Swing) and the TopTier Challenge Plus. The $300,000 is only available in Challenge Plus.
The Top Tier Challenge has two categories, namely Regular Accounts and Swing Accounts. The difference between the two lies in leverage and weekend holding regulations. Regular accounts use 1:100 leverage, while swing accounts use 1:30. Additionally, weekend holding is only allowed in swing accounts.
There is $25,000 funding, the $50,000 funding, the $100,000 funding, and the $200,000 funding. In order to get funding, the trader will need to complete a 2 phase challenges. The first phase requires a profit target of 10% and you have 40 days to reach this target. The second is 5% and you have 60 days.
So once you pass the first phase it is easier to pass the second phase. The minimum trading days for all is only 4 days. There is also a max daily loss of 5% and a max overall loss of 10%.
The Top Tier Challenge Plus uses 1:100 leverage. Phase 1 requires a profit target of 8% and you have 40 days to reach this target. The second is 5% and you have 70 days. The minimum trading days for all is only 4 days. There is also a max daily loss of 5% and a max overall loss of 8%.
The programs are pretty straightforward and easy to understand. You just need to wait a while before funding because of the 2 phase challenges.
Fees
Due to the fact that there are 3 distinct programs, there are also 3 different prices. You may choose between the TopTier Challenge, the Regular, or the Swing and Top Tier Challenge Plus.
The Top Tier Challenge regular and swing fee to get $25,000 in funding is $255. Since the previous time that we analyzed their pricing, there has been a reduction in the cost. This is the new price structure that they have implemented.
Next up comes the $50,000 funding which will set you back $350. The $100,000 funding option costs $560. The last and most expensive funding option is $200,000, and it will set you back $999. If you pass the challenge, your fees will be refunded. However, if you don’t, there will be no refund. In the event that you decide to do it again, you may always repurchase the challenge.
The TopTier Challenge Plus allows the use of expert advisors, weekend holding and has different leverage, profit target, and drawdown from the standard Challenge. The TopTier Challenge Plus is offered at a slightly reduced price.
The table below shows that the $25,000 account has a leverage of 1:100, whereas the top tier challenge swing account only has a leverage of 1:30. When compared to the standard Challenge account’s 10% profit target and 10% maximum drawdown, this one has far more conservative goals. A further distinction is that EAs may be used in the TopTier Challenge Plus.
Tradable Assets
The assets they offer to trade are forex, gold and commodities, indices, and cryptocurrencies.
Restrictions
You are permitted to engage in trades as well as news trading during the course of the weekend. You will be allowed a maximum daily loss (drawdown) of 5% of your daily starting balance. This is the maximum amount that may be lost each day. When it comes to currency pairings, every account offers leverage of 100:1. The other ratios are 1:40 for gold and commodities, 1:30 for indices, and 1:2 for cryptocurrencies, respectively. In addition, they do not impose any restrictions on the size of the lots that can be used.
Unfortunately, they don’t allow the use of EA. EAs are only available in the TopTier Challenge Plus. They also do not allow copy trading on TopTier accounts; all transactions must be done manually by the trader listed on the account. Any evaluation and funded accounts that are violated will be forfeited.
Challenge
The challenge is identical to that of FTMO; however, TopTier Trader additionally provides crypto trading, bi-weekly payments, and collaboration with Vital Markets.
The first phase in the evaluation process is Tier 1. You must succeed here in order to proceed to Tier 2. Demonstrate your trading abilities and discipline by adhering to the trading objectives. To advance to Tier 1, you must attain the profit objective within 30 days with no drawdown violations. Tier 1 of the Evaluation lasts 30 days and has a profit objective of 10%. A minimum of 7 trading days is a must. You do not have to wait for the remaining period of days if you meet the trading aim sooner. You will be permitted a maximum daily loss (drawdown) of 5% of your daily beginning balance.
The maximum amount of weight you can lose in a single day will be reassessed every day at 5:00 PM Eastern Time. Your maximum cumulative loss, known as a “drawdown,” is limited to ten percent of the initial value in your account. When calculating the drawdown, they take into account any and all profits and losses that result from floating assets. In the event that you do not succeed in the evaluation due to a drawdown violation, you will be required to create a new account. Your account must be in good standing and have a balance that is more than the target in order for you to advance to Tier 2.
Tier 2 is the second and last stage in obtaining a TopTier Funded account. You will be asked to trade for the firm if you pass Tier 2 and your results are verified. Tier 2 of the Challenge lasts 60 days and has a profit objective of 5%. There is also a 7-day minimum trading period. Your maximum daily loss (drawdown) is 5% of your daily starting amount. The rules are similar to Tier 1 with the exception of trading days and profit objectives.
However, TopTier Challenge Regular accounts are not permitted to trade on weekends. TopTier Challenge Regular accounts will be closed at 4 PM EST on Friday with all holdings liquidated. You are also not allowed to use EA on a TopTier Challenge Regular account.
In Conclusion
Nothing really sets TopTier Trader apart from other prop firms. It’s not a bad thing. It just means they know what works and are following the industry standard. From the challenge to the scaling plan, most are standard. Every three months, you can request a review of your trading results. This indicates that you have the potential to see an increase in capital four times each year if you maintain your consistency throughout the year.
In order to be eligible, you must have maintained a monthly profit of at least 6% for the preceding three months; however, they will only add 25% to your account, unlike some other prop firms, such as FundYourFX, which will automatically scale your account by 50 percent if you earn a profit of 10 percent. In the big picture, this is still a decent prop firm for you to join, and it’s only one option among the many other prop firms.
Keep in mind that there is an inactivity rule. If you do not log into your TopTier Challenge Regular or TopTier Challenge Swing account within 14 days of the day it was issued by the broker, which would be the date of your purchase, the account will be terminated automatically, and you would have to do the challenge again. Another thing is that you should be aware that TopTier Trader only offers demo accounts for its users. You will always have access to a demo account with virtual money, even after you become a funded trader.
TopTier Trader Coupon Code
If you are interested in joining TopTier Trader, you can enter our special 5% discount code Z5Z2PN9726
