Abstract：Did you face constant rejections of your fund withdrawal applications by TopstepFX? Have you been denied withdrawals in the name of hedging? Did you witness an account block without any clear explanation from the forex broker? There have been numerous user claims against TopstepFX regarding its withdrawals, payout delays and other issues. In the TopstepFX review article, we have investigated the top complaints against the US-based forex broker. Keep reading!
Did you face constant rejections of your fund withdrawal applications by TopstepFX? Have you been denied withdrawals in the name of hedging? Did you witness an account block without any clear explanation from the forex broker? There have been numerous user claims against TopstepFX regarding its withdrawals, payout delays and other issues. In the TopstepFX review article, we have investigated the top complaints against the US-based forex broker. Keep reading!
TopstepFX Prop Firm - Profile, Instruments, Platforms
TopstepFX is a prop trading firm that invites traders to earn while trading. Like many of its contemporaries, it throws a series of trading challenges to traders to win. Winning these challenges requires perfect execution of strategies. If traders win these challenges, they are funded.
As far as the product portfolio is concerned, TopstepFX offers fundamental and futures trading across forex, metals, energy, cryptocurrencies and indices. Trading platforms made available by the forex broker include the proprietary TopstepX and TradingView.
What needs to be noted is that the broker does not allow spot trading. At the same time, the broker does not directly offer the popular MT4 and MT5 trading platforms available for traders at other brokers.
Examining the Top Forex Trading Complaints Against TopstepFX
Payout Delays & Extended Customer Support Response Times
Traders also complain about the payout delays by the broker despite winning trading challenges. A very recent TopstepFX review claimed that a trader struggled to receive payouts for some weeks as the broker‘s customer support service failed to resolve queries on time. The sudden change in rules and trading restrictions, according to the trader, were not communicated on time. Sensing a lack of transparency, the trader felt that the broker’s clients were at risk of losing their capital. Here are two critical reviews of TopstepFX concerning this issue.
Withdrawal Denials Based on Fake Hedging Claims, Traders Allege
Traders have issued red flags for TopstepFX by claiming that the broker denied withdrawals based on a fake hedging accusation. In one complaint, a trader questioned the broker‘s claim by saying how he can be blamed for hedging when he was trading accounts. At the same time, a trader from India, speaking from the overall traders’ perspective, criticized the way TopstepFX used to refuse withdrawals using the hedging claim. Many accounts were closed by the broker in the name of illegitimate hedging, the trader alleged. Here are the multiple TopstepFX reviews, where traders have criticized withdrawal denials based on this claim.
Allegations of Rug Pull, Platform Crashes, and Unfair Trading Conditions
A US-based trader accused TopstepFX of executing a “rug pull” by making trading conditions more difficult once traders become profitable, including adding new rules and applying them retroactively. The trader claimed the CEOs stated mission of helping traders is misleading and alleged that the company prioritizes profits over clients. The complaint also mentions repeated platform crashes, dismissed by the CEO as “rigged internet,” with only limited account resets provided afterward. The trader ultimately labeled the company as a scam. Check out this screenshot, sharing insights into the raging differences between what the broker claims and provides.
Growing Platform Issues Make for a Worse Trading Experience, Traders Claim
Many traders have complained about the issues faced on the trading platform, including constant TopstepFX login or dashboard errors, slippage problems, and much more. The ineffective customer support team, making traders wait for weeks, further compounded the issues for traders. The team is accused of not taking platform-related complaints seriously, as they term them as one-off issues. However, from a large pile of complaints concerning platform issues, the support teams claims do not seem to stand. Here are multiple TopstepFX reviews demonstrating hassles due to platform issues.
TopstepFX Accused of Deducting Funds from Multiple Funded Accounts
The complainant alleged that TopstepFX wrongfully deducted $109 each from four out of five funded accounts, totaling approximately $400. All accounts were reportedly copy-traded simultaneously, which is how the balance discrepancies were noticed. The trader stated that customer support responded by saying there was nothing they could do to resolve the issue. Check out this fund scam allegation review shared by the trader.
TopstepFX Review by WikiFX: Is it Regulated or Not?
The complaints concerning TopstepFX withdrawals, login, payouts and other issues warranted a detailed investigation into its regulatory status. The WikiFX team, while investigating details, found the prop trading firm to be unregulated, almost proving the allegations many traders have made against it. As a cautionary move, if you were about to invest in TopstepFX, hold your plan until you find the right forex broker for investments. As investment risks elevate considerably for both existing and prospective traders, the WikiFX team gave the broker a score of just 1.56 out of 10.
