You’ll be glad that you read this piece of gossip. It’s about a certain Forex trading company by the name TopstepTrader.
TopstepTrader has actually been labeled as a ”hamster wheel” by a very senior source in the industry. And for some reasons, we believe that this is the perfect description for the kind of business they do on the internet.
Now, for starters who don’t know what it is, TopstepTrader is an illegitimate prop trading company where naive investors pay hundreds of dollars each month, chasing an increasingly elusive prize.
The worst thing is that TopstepTrader offers nothing more than an opportunity to trade on a simulator. You’re basically paying to play a video game, huh.
So, what’s the idea behind this? To answer this question, we’d need to delve into what TopstepTrader is and what they are currently doing wrong as far as trading is concerned.
This company alleges that it will pay a prize to any trader who escapes the hamster wheel a live.
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Essentially, the winning trader must meet certain minimum requirements in something they call ”The Combine”.
Now, if this trader passes ”the combine” challenge, they are awarded a token in their trading account.
You’d think that we are mocking them by using the word ”token”. But this isn’t the case. Actually, a few traders do pass ”the combine”.
However, when that token is finally awarded in form of a funded account, the price becomes a drop in the ocean. It’s so small that it usually disappears faster than a hungry dog can eat up a piece of barbecue meat.
You see, this trading program is a gimmick and a fraud at best. Topstep Trader is always looking for novices and naive investors with no trading accounts.
And the game is quite simple. You need a credit card loaded with money to fund your way to the trading simulator.
Once you have paid hundreds of dollars, you will soon get caught up in a perpetual cycle of failures.
So, what’s the reason why you stick around even though it’s clear that you’re losing money with this TopstepTrader program?
Well, you’re hoping to win the ultimate prize. So you keep spending even more because you’re chasing an increasingly elusive prize.
Even thought it’s true that some folks do win some money in form of funded Forex accounts, the truth is that this money is always so tiny that it isn’t worth your investments.
The second truth is that the wins are far in between. It’s like playing the lottery. So yes, someone will win. However, that person won’t be you.
This gambling actually goes on and on while encouraging traders to keep playing the game.
And when someone actually wins, TopstepTrader (same service as Topstepfx)sets up a huge marketing campaign to try spreading the gospel out there. This is obviously meant to lure in more victims who will quickly sign up without giving it a second thought.
It’s easy to tap into the mood of traders when you run a blog like this. First things first, traders always come to us if they are not sure of a product. This gives us a chance to review it so that we can publish our opinion on the same.
Our opinion is of course not biased unlike the hordes of affiliate marketers who clearly promote Topstep Trader because they want to make money off the program.
Therefore, our opinion is the true reflection of what happens when you join the infamous Top StepTrader gambling program.
We’ve actually taken this investigation to the next level by querying the true performance statistics of subscribers on this website.
On the other hand, TopstepTrader does not risk publishing these numbers because it would obviously work against them. They’d love to keep collecting funds illegally in the name of trading Forex. But in the real sense, their business model works like that of a spread-betting firm.
Therefore, the questions that people want to know are as follows:
Here are the numbers(we gathered them from a very reputable research house)
On average, a trader spends $1,000 on TopstepTrader’s ”the combine” or in fees paid directly to the website owner.
80% of participants would never win the so-called ”funded account”.
Finally, even the few traders who actually won the funded accounts received a cumulative earning of -$900. In layman’s terms, we could say that even winners turned into net losers.
Now, the amount of money that the website collected is quite alarming. In one particular sample of users who participated in the TopstepTrader gambling program, it was hinted that the website had made $186,000 in total fees paid by gamblers.
Of course these numbers are staggering. So we took a closer look in the so-called ”combine fees”. We found that this amount of money was in pure profits that TopstepTrader had made off the pockets of participants.
In a bid to conduct further investigations and reveal the rot that is taking place in the fabric of this society, we initiated contact with a couple of technology vendors who make the wheels of this illegal business empire spin.
The truth came out. We discovered that this was a multi-million dollar business empire.
Honestly, this is so incredible. You let people play a futures trading simulator by charging them hundreds of dollars. And they actually keep paying and playing, hoping to win a prize. They lose money in the process.
The site has a few testimonials which we admit are real. However, consider that these testimonials were written by the few fellows who actually won a funded trading account.
How about the rest of the population — which consists of 80% losers? No one wants to talk about them.
Therefore, the truth is that these testimonials don’t add any level of legitimacy to this product.
This website ought to have made it clear that they are a gambling company as opposed to a trading company.
They ought to apply for a license to run this business instead of ripping off traders in the name of Forex trading. This aspect of TopstepTrader actually makes them untrustworthy.
Topstep Trader appears to be authentic when the truth is that the underlying business model is not sensible. Actually, this business model is designed to fatten the pockets of the owner and not the trader.
Once they’ve collected enough, they award the prize to one or two traders. The rest are ripped off.
The bottom line is this: Top Step Trader is a money-sucker. The more greedy you are, the more money you will lose.
Thankfully, we are saving you from the deadly jaws of marketers who promotthis opportunity. We have compiled a short list of Forex robots and mentoring programs which we think will help you make money as far as trading is concerned. Instead of gambling your money, just use our recommended products.
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