In recent years, a new type of trader has emerged: the funded trader. They trade with large amounts of capital provided by backers in return for a percentage of the profits. This arrangement can be very beneficial for both parties as it allows traders to take on more risk and potentially make more profit, while the backer gains exposure to a potentially profitable trading strategy. This is where TopTier Trader comes into play.
TopTier Trader is a proprietary trading firm established in 2021 by Anthony Williams of Anthony’s World and Cue Banks. The company was established to help traders in need of capital. This prop firm is actively seeking experienced traders. To determine whether a trader is competent, they use a two-stage evaluation process. Traders who pass the assessment are subsequently given a position in the TopTier Trader prop firm, where they have the ability to remotely manage funds and continually scale the account. Traders with TopTier Trader 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.
To get funded by TopTier Trader, traders must first pass two challenges. These challenges are meant to test trading skills and prove that traders are profitable in the field.
Before proceeding with the challenges, one must know the different types of accounts. Funded accounts range from $25,000 to $200,000. Choose the challenge that fits you best, prove that you have successful trading techniques, and generate substantial profits to build your trading career. Also, joining the challenges will require a fee. After successfully passing the challenge, traders can get this sum back.
The challenges will have a profit target along with other rules that must be followed. After passing, traders are no longer bound to a profit target. TopTier Trader’s prices for funded accounts are not too high, making them accessible to a larger crowd. Comparing their costs to other prop firms reveals that TopTier Trader is significantly cheaper while offering the same same benefits.
We’ve already mentioned how passing two challenges is a requirement for becoming a funded trader with TopTier Trader. However, what do these challenges entail? Let’s break that down:
During the first challenge, traders have 30 days to reach the profit target of 10%. The leverage is 1:100, and there is a 5% maximum daily loss.
At first glance, this might not sound difficult, especially for experienced traders. But there is something to keep in mind before joining the game: violating the maximum or daily loss will result in the termination of the account.
The second challenge is even easier than the first. Traders have an extended period for meeting the goals, and the rules are a bit less strict. Basically, traders get a total of 60 days with a 10% maximum loss and a 5% maximum daily drawdown to reach a 5% profit target. It should be a piece of cake considering what was required in the first challenge.
Like the first challenge, failing this one will result in account termination. After passing the challenge, not only will traders get the information to log into an account, but they will also get a refund of the fee paid to join. Remember that even after successfully completing the challenge, one must still respect the maximum and daily loss rules – but there will no longer be any profit target.
5% MAX DAILY LOSS
Traders are allowed a maximum of 5% daily drawdown. This is calculated at 5PM EST based on the day’s starting balance and/or equity depending on the challenge type. This means that an account’s equity should not at any point go below 94% of the day’s starting balance and/or equity.
For example, on the Regular and Swing accounts a balance and equity of $100,000.00 at 5PM EST corresponds to a daily drawdown limit of $5,000.00. This means the account’s equity would not be allowed to go below $95,000.00. With the Plus Account, a balance of $100,000.00 and equity of $105,000.00 at 5PM EST corresponds to a daily drawdown limit of $5,250.00, which is based on equity since it is higher than the balance. This account’s equity would not be allowed to go below $99,750.00.
8% / 10% OVERALL LOSS
Account equity may not at any point drop lower than 8% or 10% of the account’s initial value, depending on the challenge type.
For example, if one starts with $100,000 the max overall is 8% ($8,000) then the account’s equity should not drop lower than $92,000 at any point. The same goes if the max overall loss is 10% ($10,000), meaning that the account’s equity should not drop lower than $92,000 at any point.
8% / 10% TIER 1 PROFIT TARGET
Depending on the challenge type, traders need to make 8% or 10% profit in Tier 1 within 30-days. Once successful, they advance to Tier 2.
For example, if one trades a $100,000 account on a Regular and Swing challenge, they would be required to make 10% ($10,000) in Tier 1 before advancing to Tier 2. However, if it were a Plus challenge, they would be required to make 8% ($8, 000) in Tier 1 before advancing to Tier 2.
5% TIER 2 PROFIT TARGETS
Once in Tier 2 traders are required to make 5% profit within a 60- or 70-day period depending on the challenge type. Once successful, they advance to TopTier which is the funded phase.
For example, if one trades a $100,000 account, they would be required to make 5% ($5,000) in Tier 2 before advancing to TopTier.
MINIMUM TRADING DAYS
To pass the TopTier funded challenge, traders must trade a minimum of four days during the given trading periods. At least one position must be opened on each of these days. This helps traders to sharpen trading habits and are gaining in a consistent manner.
Different fees are associated with TopTier Trader and its accounts:
- The $25,000 program is priced at $255
- The $50,000 program is priced at $350
- The $100,000 program is priced at $560
- The $200,000 program is priced at $999
Once passing the challenge, the fees will be refunded. However, if the trader does not pass the challenge there will be no refund. If one decides to try again, they must repurchase the challenge.
It’s essential to evaluate how realistic the trading requirements are when considering prop firms most suitable for one’s forex trading style. For example, a company offering a high % profit split on a highly funded account may sound great, but if they expect high % gains per month with low % maximum drawdowns, the chances of success become close to zero.
Receiving capital from the TopTier Challenge evaluation program accounts is realistic mostly since they have industry average profit targets (10% in phase one and 5% in phase two) with average maximum loss rules (5% maximum daily and 10% maximum loss).
Receiving capital from the TopTier Challenge Plus evaluation program accounts is also realistic since they have industry below average profit targets (8% in phase one and 5% in phase two) with average maximum loss rules (5% maximum daily and 8% maximum loss).
With all of that under consideration, TopTier Trader is an excellent choice to get funded since traders have two different funding programs to choose from that have realistic trading objectives to follow and conditions to receive payouts
Even though it’s new, TopTier Trader has managed to become one of the best proprietary trading firms out there. After only one year up and running, the firm is one of the most popular in the industry, with thousands praising it and recommending it to other traders.
On TrustPilot, the company has a rating of 4.9 stars out of 5. Reviewers claim the company changed their life for the better. Not only was it simple for them to pass the challenges and become funded traders, but it was also easy for them to reach out to customer support. The support team is one of the best according to reviewers, as they always respond quickly and do whatever they can to help.
In total, there are 2,299 reviews for TopTier Trader on TrustPilot and 95% of these are positive. This illustrates the positive impact this prop firm had on many traders.
Traders can engage in trades, including new trades, during the weekend which is not something allowed with most other funded trading companies. Traders are permitted a maximum daily loss (drawdown) of 5% of their 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. In addition, there are no restrictions on the size of the lots that can be used.
Unfortunately, they don’t allow the use of EAs. 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 with violations will be forfeited.
- It has an 80% profit split
- News trading and weekend trading are allowed
- Scaling goes up to $2 million
- Funding up to $600,000
- Leverage up to 100:1
- Known CEO
- One evaluation free retry
- Tradable instruments forex pairs, commodities, indices, and cryptocurrencies
- The company new (Oct 2021)
- Normal challenge accounts do not allow EAs
- Copy trading is not permitted
Top Tier Trader is a legit company that offers funding options and is seeking experienced traders. It has easy challenges that most experienced traders will be able to pass.
From the challenge to the scaling plan, most are standard. Every three months, traders can request a review of trading results. This means they have the possibility of an increase in capital four times each year if they maintain consistency throughout the year.
To be eligible, traders must have maintained a monthly profit of at least 6% for the preceding three months. However, they will only add 25% to an account, unlike some other prop firms, such as FundYourFX, which will automatically scale the account by 50 percent if a profit of 10 percent is earned. In the big picture, this is still a decent prop firm. and it’s only one option among the many other prop firms.
Please keep in mind that there is an inactivity rule. If one does not log into their TopTier Challenge (Regular) or TopTier Challenge (Swing) account within 14 days of issuance by the broker, which would be the date of purchase. In this instance, the account will be terminated automatically, and the trader would have to redo the challenge.
Another thing to note is that TopTier Trader only offers demo accounts for its users. Traders will always have access to a demo account with virtual money, even after becoming funded.