Tag: Topstep

We have received initial feedback on our articles about funded trading accounts from our alert whistleblowers. One interesting opinion on the legal and regulatory situation for funded traders, i.e. the clients of funded trading providers like Topstep et al, points out that they would have to register with the competent regulator. The apparently legally competent whistleblower, therefore, recommends that all such traders in the U.S. to seek legal advice and conduct due diligence. He also believes that the U.S. CFTC, for example, will take action against Topstep et al.

Founded in 2012, Chicago-based TopstepTrader LLC did business as TopstepTrader (www.topsteptrader.com) until recently. Sometime in the last few months, it was renamed Topstep (www.topstep.com) a/k/a TopstepFX (www.topstepfx.com). All domains are currently redirected to the main domain www.topstep.com. This is now allegedly operated by Topstep LLC in Chicago. We have not found this company. Michael Patak is named as the economic owner and main principal. There are currently 191 people connected to the traded funding provider on LinkedIn.