Company:Topstep

From HandWiki
Topstep
FormerlyTopstepTrader
TypePrivate
IndustryFinancial technology
FoundedTemplate:Start year and age
FounderMichael Patak (CEO)
Websitewww.topstep.com

Topstep is a financial technology company headquartered in Chicago, Illinois and founded by Michael Patak. It specializes in evaluating the performance of day traders through real-time simulated trading accounts. Originally founded as TopstepTrader, the company rebranded as Topstep in 2020 following a merger.[1]

Traders who pass the company's evaluation process, called the Trading Combine, earn a funded trading account and trade futures contracts in the financial markets using the firm's capital.[2]

History

Topstep was founded by Michael Patak, the current CEO and a former Dow futures contracts floor trader, on the floor of the Chicago Board of Trade. The company was established as a Limited liability company (LLC) in July 2012.[3] According to the Omaha World-Herald, the name TopstepTrader was chosen because the best traders within each trading pit stand on the top step, where they have the best view and could theoretically receive the best market prices.[4]

In 2017, Inc. Magazine ranked Topstep No. 1,261 on its 36th annual Inc. 5000.[5]

2025 Outage and Reputation Issues

In late 2025, Topstep, experienced a series of critical technical failures on its proprietary trading platform, TopstepX. Over multiple trading sessions, users reported widespread platform outages, delayed order executions, and situations where stop-loss and take-profit orders failed to function as expected. In several cases, traders claimed to have lost profitable positions or suffered rule violations and account closures directly attributable to these system malfunctions, rather than their own trading activity. [6]

These events triggered significant backlash within the trading community, particularly on social media and discussion forums. Traders shared anecdotal accounts of trades not closing correctly, profit targets being ignored, and lengthy delays in customer support responses. Some discussions referred to the platform’s handling of risk controls during the outages as inadequate, further fueling community frustration.[7]

In response to the disruptions and growing public criticism, Topstep issued an official statement acknowledging the instability and outlined plans to implement technical improvements aimed at stabilizing TopstepX and reducing support backlogs. However, as of December 21st, 2025, the company’s communications were widely perceived as insufficient by many affected traders because they did not address compensation for alleged financial losses incurred during the outages.[7]

The outages also coincided with a noticeable deterioration in the company’s online reputation. Trustpilot ratings reportedly dropped amid an influx of negative reviews, with multiple users citing platform reliability and customer support concerns. Some reviews described the issues as indicative of broader problems in accountability and transparency.[8]

Products and services

Topstep's funding process consists of three steps. The first step measures the trader's profitability, while the second step evaluates the trader's risk management. After passing these two steps, the trader earns a "Funded Account", in which they can trade futures backed by Topstep's proprietary capital.[9] The process was loosely based on NFL Scouting Combines.[10]

As of April 12, 2022, Topstep discontinued its Forex trading program to focus on its futures trading program.[11] Topstep's primary trading platforms are Ninjatrader and Quantower, both of which use the Rithmic data feed for routing orders to the futures markets.[12]

Awards

Topstep has been awarded 101 Best and Brightest Companies to Work For in 2016,[13] 2016 Chicago Innovation Awards Finalist,[14] and 2016 FIA (Futures Industry Association) Innovator.[15] Founder and CEO Michael Patak was a semi-finalist in 2015 and a finalist in 2016 for the Ernst & Young Entrepreneur of the Year Award.[16]

References

  1. ↑ "Choosing the Right Prop Firms Forex: Topstep, Fidelcrest, or The5ers?". 4 October 2023. https://www.dnaindia.com/india/report-choosing-the-right-prop-firms-forex-topstep-fidelcrest-or-the5ers-3062932. 
  2. ↑ Newswire, PR (2016-05-05). "EY Announces TopstepTrader LLC® CEO Michael Patak As An EY Entrepreneur Of The Year® 2016 Finalist In The Midwest" (in en-US). TheStreet. https://www.thestreet.com/story/13559358/1/ey-announces-topsteptrader-llc-ceo-michael-patak-as-an-ey-entrepreneur-of-the-year-2016-finalist-in-the-midwest.html. 
  3. ↑ LLC, TopstepTrader (5 May 2016). "EY Announces TopstepTrader LLC® CEO Michael Patak as an EY Entrepreneur Of The Year® 2016 Finalist in the Midwest". PR Newswire (Press release). Retrieved 2016-12-29.
  4. ↑ "Kelly: Gretna native making a name for himself in world of commodities-futures trading". Omaha World-Herald. 27 December 2016. http://www.omaha.com/columnists/kelly/kelly-gretna-native-making-a-name-for-himself-in-world/article_461960e1-a0c8-5c78-be51-f6099a953829.html. 
  5. ↑ "Spread the Word: TopstepTrader Is No. 1261 on the Inc. 5000 This Year!" (in en). https://www.inc.com/profile/topsteptrader. 
  6. ↑ "MSN". https://www.msn.com/en-us/money/markets/topstep-breaks-silence-on-critical-outage-after-traders-watch-profits-vanish/vi-AA1SH6i5. 
  7. ↑ 7.0 7.1 Topstep Breaks Silence on Critical Outage After Traders Watch Profits Vanish. 2025-12-19. Retrieved 2025-12-22 – via whatstrending.com.
  8. ↑ "Topstep is rated "Average" with 3.7 / 5 on Trustpilot" (in en-US). 2025-12-21. https://www.trustpilot.com/review/topstep.com. 
  9. ↑ "Home - TopstepTrader" (in en-US). http://www.topsteptrader.com/. 
  10. ↑ "How to make a work-at-home business succeed". MarketWatch (San Francisco, California). 11 January 2012. http://www.marketwatch.com/story/how-to-make-a-work-at-home-business-succeed-2012-01-11. 
  11. ↑ Jeremy, Nitta. "Topstep Stop The Support Of Forex Programs". Jeremy Nitta. https://tradingfunder.com/topstep-stop-the-support-of-forex-programs/. 
  12. ↑ "TopStep Prop Trading Review". 19 August 2024. https://www.prop-firms.com/trading/topstep-review/. 
  13. ↑ "Chicago's 2016 Best and Brightest Companies To Work For® - The Best and Brightest". http://101bestandbrightest.com/events/chicagos-2016-best-and-brightest-companies-to-work-for/winners/. 
  14. ↑ Awards, Chicago Innovation. "2016 Top 100 Finalists - Chicago Innovation Awards". http://www.chicagoinnovationawards.com/2016-top-100-finalists/. 
  15. ↑ "FIA announces 18 companies selected for Innovators Pavilion". 15 September 2016. https://expo2016.fia.org/articles/fia-announces-18-companies-selected-innovators-pavilion. 
  16. ↑ "Meet the 2016 Finalists". Ernst & Young. http://www.ey.com/us/en/about-us/entrepreneurship/entrepreneur-of-the-year/mw_article_finalists. 



Retrieved from "https://handwiki.org/wiki/index.php?title=Company:Topstep&oldid=4190252"