When it comes to forex trading, everyone has a different experience. Although some might be more fortunate and have more capital, others might have limited capital. This is when they start looking for help, which often comes from prop firms like Top Tier Trader.
The forex market houses numerous proprietary trading firms, but it was only last year that Top Tier Trader came into the spotlight. This company is known to be of great help to experienced traders or just traders who need a funded forex account. What most people love about it is the fact that it offers accounts with funding between $25,000 and $200,000.
Now, these amazing features might not be enough to convince you to join Top Tier Trader, which is why we’re here. In this review, we have included everything that you should know about this firm, and at the end of it, you will be able to decide if it’s worth getting funded by them or not.
What Is Top Tier Trader?
Top Tier Trader is a proprietary trading firm that has been established in 2021 by Anthony of Anthony’s World and Cue Banks. The company was created in order to aid traders in need of capital. They are mainly looking for experienced traders, and grant access to funds through their challenge-based system.
Accounts range from $25,000 to $200,000 in funding. After that, they offer to scale up to $2 million, which is a lot, especially when compared to similar firms. Besides this, the leverage is 1:100.
The challenge that traders have to pass is pretty straightforward but also ensures that only those who prove their amazing skills can become funded traders. Furthermore, you also get bi-weekly payouts and crypto trading. As for the broker used, Top Tier Trader offers Vial Markets.
Despite being quite new, the prop firm already has a strong presence in the community, with many traders praising it.
How Is Top Tier Trader Unique?
Top Tier Trader’s scaling is perhaps one feature that makes it stand out from the crowd a little bit. It’s pretty high, and not all proprietary trading firms offer such scaling.
But other than that, Top Tier Trader is similar to your typical prop firm. It doesn’t have anything that makes it this explosive, limited-edition offer – it’s a simple firm.
While this might sound a bit disappointing, there is nothing wrong with the company being so simple. In fact, this might make things better for traders who need capital. Seeing that Top Tier Trader is on par with its competitors gives traders peace of mind that the firm is trustworthy and can offer them the same amazing things that other companies offer.
Getting Funds from Top Tier Trader
In order to get funded by Top Tier Trader, you will first have to pass two challenges. These challenges are meant to test your trading skills and prove that you are profitable in the field.
Now, before you proceed with the challenges, you must know the different types of accounts. Funded accounts range from $25,000 to $200,000. Whereas you might think that the $25,000 account would be the best option, it actually doesn’t have the best value for money. So, it’s better to go for a different account size, like the $100,000 one.
Joining the challenges will require a fee. If you successfully pass the challenge, you can get this sum back.
The challenges will have a profit target along with other rules that you must follow. After passing, you won’t have to limit yourself to the profit target anymore as there won’t be one.
Top Tier Trader’s prices for funded accounts are not too high, making them accessible to a larger crowd. When you look at their costs compared to other prop firms, you will notice that they are much cheaper, while you get to enjoy the same benefits.
What Does the Top Tier Trader Challenge Involve?
We’ve already mentioned how passing 2 challenges is a must if you want to become a funded trader with Top Tier Trader. However, what do these challenges entail? Let’s break down the challenges a little bit:
1st Challenge
During the first challenge, you will have 30 days available to reach the profit target of 10%. The leverage is 1:100, and you have a 5% maximum daily loss.
At first glance, this might not sound that difficult, especially for experienced traders. But there is something to keep in mind before joining the game: violating the maximum or daily loss will have terrible consequences. More specifically, your account will be deleted.
2nd Challenge
The second challenge is even easier than the first one. You will have an extended period of time for meeting the goals, and the rules are a bit less strict.
Basically, you get a total of 60 days with a 10% maximum loss and a 5% maximum daily drawdown to reach a 5% profit target. It should be a piece of cake considering you went through the first challenge already.
Like the first challenge, failing this one will result in your account being terminated.
After passing the challenge, not only you will get the information that allows you to log into your account, but you will also get a refund of the fee you paid to join. Remember that even after successfully completing the challenge, you still have to respect the maximum and daily loss rules – but there will be no profit target anymore.
What Are the Fees?
Different fees are associated with Top Tier Trader and its accounts. More specifically, there are 4 programs, which means there are separate fees for each one.
The $25,000 program has a $255 fee, which makes it the cheapest one out of the 4. Next, there is the $50,000 program with a $350 fee.
The $100,000 account will cost $560, while the $200,000 one will cost $999, making it the priciest.
No matter which program you go for, you can get the fee back if you are able to pass the challenge. However, failing the challenge means you have lost the money forever.
What Do People Think About Top Tier Trader?
Even though it’s new, Top Tier Trader has managed to become one of the best proprietary trading firms out there. Actually, after only one year, the firm is one of the most popular ones, with thousands praising it and recommending it to other traders.
On TrustPilot, the company has a rating of 4.9 stars out of 5. Reviewers claim the company changed their life for the better. Not only was it simple for them to pass the challenges and become funded traders, but it was also easy for them to reach out to the customer support. Their support team is one of the best according to reviewers, as they always respond fast and do whatever they can to help those requiring help.
In total, there are 2,099 reviews for Top Tier Trader on TrustPilot, with 95% being positive. This goes to show the positive impact this prop firm had on many forex traders.
Are There Any Restrictions?
Top Tier Trader is not the most restrictive prop firm. They allow you to trade during the weekend and engage in news trading, something you do not get with most similar companies. On top of that, the maximum daily loss is 5%, and you get decent leverage as well.
However, they do have restrictions for other features such as EAs and copy trading. When it comes to EAs, they are available only with the TopTier Challenge Plus.
Last, but not least, the traders must perform every transaction manually.
Pros and Cons of Top Tier Trader
Top Tier Trader has a fair share of benefits. After all, there must be a reason why so many traders jump on the bandwagon, right?
Similar to any other company, though, there is also a less appealing side to Top Tier Trader. Let’s see what are the pros and cons you can expect:
Pros
- It has an 80% profit split
- News trading and weekend trading are allowed
- Scaling goes up to $2 million
- It features a high number of positive reviews
- You get up to $600,000 in funding
- Up to 100:1 in leverage on forex pairs
Cons
- The company is newer
- Normal challenge accounts do not allow EAs
- Copy trading is not permitted
The Bottom Line
Top Tier Trader is a legit company that offers funding options to all forex traders in need. It has easy challenges that most traders will be able to pass. The firm offers four different programs, each one with its own fee and capital. With weekend trading and 1:100 leverage, this prop firm can become your help in need. And when you see how many positive reviews it has gathered in a single year, you might want to give it a chance.
So, you can start your Top Tier Trader challenge today for a chance to become a funded trader!