Topstep
| Formerly | TopstepTrader |
|---|---|
| Company type | Private |
| Industry | Financial technology |
| Founded | 2012 |
| Founder | Michael Patak (CEO) |
| Website | www |
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
[edit]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]
Products and services
[edit]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.[6] The process was loosely based on NFL Scouting Combines.[7]
As of April 12, 2022, Topstep discontinued its Forex trading program to focus on its futures trading program.[8] Topstep's primary trading platforms are Ninjatrader and Quantower, both of which use the Rithmic data feed for routing orders to the futures markets.[9]
Awards
[edit]Topstep has been awarded 101 Best and Brightest Companies to Work For in 2016,[10] 2016 Chicago Innovation Awards Finalist,[11] and 2016 FIA (Futures Industry Association) Innovator.[12] 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.[13]
References
[edit]- ^ "Choosing the Right Prop Firms Forex: Topstep, Fidelcrest, or The5ers?". Daily News and Analysis. 4 October 2023. Retrieved 2 September 2024.
- ^ Newswire, PR (2016-05-05). "EY Announces TopstepTrader LLC® CEO Michael Patak As An EY Entrepreneur Of The Year® 2016 Finalist In The Midwest". TheStreet. Retrieved 2016-12-29.
- ^ 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.
- ^ Kelly, Michael (27 December 2016). "Kelly: Gretna native making a name for himself in world of commodities-futures trading". Omaha World-Herald. Archived from the original on 2 September 2024. Retrieved 2 September 2024.
- ^ "Spread the Word: TopstepTrader Is No. 1261 on the Inc. 5000 This Year!". Inc.com. Retrieved 2018-01-31.
- ^ "Home - TopstepTrader". TopstepTrader. Retrieved 2016-12-29.
- ^ Orgel, Marty (11 January 2012). "How to make a work-at-home business succeed". MarketWatch. San Francisco, California. Retrieved 2016-12-29.
- ^ Jeremy, Nitta. "Topstep Stop The Support Of Forex Programs". Trading Funder. Jeremy Nitta. Retrieved 2022-05-05.
- ^ Korbl, Noam (19 August 2024). "TopStep Prop Trading Review". prop-firms.com. Retrieved 2 September 2024.
- ^ "Chicago's 2016 Best and Brightest Companies To Work For® - The Best and Brightest". 101bestandbrightest.com. Retrieved 2016-12-28.
- ^ Awards, Chicago Innovation. "2016 Top 100 Finalists - Chicago Innovation Awards". www.chicagoinnovationawards.com. Retrieved 2016-12-29.
- ^ "FIA announces 18 companies selected for Innovators Pavilion". FIA.org. 15 September 2016. Retrieved 28 December 2016.
- ^ "Meet the 2016 Finalists". ey.com. Ernst & Young. Archived from the original on 2016-05-20. Retrieved 2016-12-28.