Abstract：Many traders at Topstep, a US-based forex broker, have reported frustrating experiences. These include delayed KYC verification, unexpected account blowups, constantly changing trading rules and technical chart glitches. In this article, we have uncovered some of the most concerning complaints shared by traders. Take a look!
Many traders at Topstep, a US-based forex broker, have reported frustrating experiences. These include delayed KYC verification, unexpected account blowups, constantly changing trading rules and technical chart glitches. In this article, we have uncovered some of the most concerning complaints shared by traders. Take a look!
Here are the Top Complaints Against Topstep
KYC Verification Issue
Yes, the KYC verification process needs to be stringent. However, that does not mean the trader should be made to wait for eternity. Unfortunately, such a thing has been the case with many traders who could not get their trading accounts working optimally because of this. A trader has claimed this and more in this explosive screenshot.
Account Blowups & Muted Customer Support
One Topstep trader has been encountering a series of trading issues involving account blowups and a non-existent customer support system. The account blowups would further make the trader pay the fees to get them sorted. According to a trader, this seems like an intentional move on the part of the broker to get more amounts from the broker. Here is the screenshot explaining the problem.
Constantly Changing Rules
Many traders allege that Topstep changes its rules frequently, making it harder for them to trade profitably. According to a trader, the introduction of a ‘scaling plan’, limiting one to two contracts and a micro OR mini, is a deliberate scam from the broker. Here is what the trader reasoned for this.
Losses Due to Technical Chart Glitches
Technical charts are not only numbers or indicators about the market; it is a foundation of your trading strategy. Imagine if there is a discrepancy in the charts shown on the trading platform, how wrong the trading move can be from a trader? This issue resulted in losses for many traders. Even worse was the lack of accountability from Topstep on this matter. Take a look at how traders were left stunned by this critical error.
Why Do Traders at Topstep Face Trading Issues?
The key reason for all these hassles is the lack of supervision on Topsteps operations by a competent financial regulator. The US-based forex broker is not licensed and is thus able to carry on with its hostile operations to scam many traders. Due to the persistent investment risk involved for traders at Topstep, the WikiFX team could only give the broker a score of 1.50 out of 10.
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