TopTierTrader (TTT), a Florida-based prop firm established in 2017 by Anthony Williams and Cue Banks, has been making waves with promises of substantial funding (up to $2 million) and a lucrative profit-sharing model (up to 90%). But is TTT all it’s cracked up to be? This in-depth review separates the hype from reality.
By the end of this review, you’ll have a comprehensive understanding of whether TopTierTrader is the ideal launchpad for your prop trading career, or if there are hidden complexities lurking beneath the surface.
Founders of TopTierTrader
The company boasts founders with a proven track record in the financial markets, lending credibility and inspiration to aspiring traders. Both Quillan Black (aka Cue Banks) and Anthony Williams are highly successful in their own right, building large communities and documenting their journeys on YouTube and other social media platforms. Their achievements demonstrate the potential rewards of hard work and dedication in the trading world.
Evaluation and Funding
TopTier Trader offers several evaluation programs to assess traders’ skills before providing access to funded accounts. The main programs are:
- TopTier Challenge Regular: is designed for traders who seek a straightforward evaluation process. It involves two phases:
- Phase One: Achieve a profit target of 8-10% within 40 days. The maximum daily loss is set at 5-8%, and the overall maximum loss is 10%. A minimum of four trading days is required to proceed to Phase Two.
- Phase Two: A lower profit target of 5% must be met within 60 days, with the same loss limits as Phase One. Successful traders move on to a funded account with no further profit targets but must adhere to the 5% daily and 10% overall loss limits.
- Profit Split: Starts at 80%, increasing to 90% for successful traders.
- TopTier Challenge Swing: is tailored for traders who prefer lower leverage and longer holding periods. It follows the same two-phase evaluation structure as the Regular Challenge but with a leverage ratio of 1:30. This program is ideal for those who engage in swing trading strategies.
- Similar to the regular challenge but with a lower leverage ratio (1:30).
- Focuses on consistent performance with a 10% profit target in Phase One and 5% in Phase Two.
- TopTier Challenge Plus: offers a more flexible evaluation with higher leverage (1:100) and no time limits for each phase:
- Higher leverage (1:100) and allows the use of Expert Advisors (EAs) and copy trading.
- Targets 8% profit in Phase One and 5% in Phase Two, with no time limit for completion.
The fees for TopTierTrader challenges depend on the size of the starting virtual account you choose. They range from $250 for a $25,000 account to $1,399 for a $300,000 account. Here’s a breakdown of the fees:
- $25,000 account: $250
- $50,000 account: $500
- $100,000 account: $560
- $200,000 account: $999
- $300,000 account: $1,399
How long do I have to complete the challenges?
In Phase 1, traders must achieve a profit target of 8% within 40 days, while Phase 2 requires a 5% profit target within 60-70 days. But traders can purchase an addon to trade with no maximum trading days.
Does TopTierTrader offer any free trials?
No, TopTierTrader does not offer any free trials for their challenges or funded accounts.
What are the success rates for traders who complete the TopTierTrader challenges?
What is the refund policy for challenge fees if I do not pass the evaluation?
TopTierTrader typically does not offer refunds for challenge fees if a trader does not pass the evaluation phases. The fees are considered an investment in the evaluation process. However, traders who pass both phases and become funded may have their initial challenge fee refunded as part of their first profit payout.
Is there a minimum trading activity requirement for funded accounts?
Yes, funded traders are usually required to demonstrate consistent trading activity to maintain their funded status. This often includes trading a minimum number of days per month and adhering to the risk management rules set by TopTierTrader.
Scaling Plan
TopTier Trader includes a robust scaling plan for traders who consistently meet performance targets. Traders who achieve a 6% profit within three months, with at least two profitable months, can request a 25% increase in their account balance. This can continue until the account balance reaches $2,000,000
Trading Platforms and Instruments
TopTier Trader supports trading on TradeLocker platform, known for its user-friendly interface and extensive analytical tools. While TradeLocker is popular, some traders may miss the option to use other platforms like MetaTrader or cTrader.
TopTier Trader highlights its “TradeLocker” platform as a response to MetaTrader restrictions on prop firms. While this might seem innovative, it’s essential to understand the platform’s functionality.
The firm offers a wide range of trading instruments, including Forex, commodities, indices, and cryptocurrencies, providing ample opportunities for diversification.
TopTierTrader’s commission fees for various trading instruments:
- Forex & Metals: $7 per Lot (round trip – meaning both opening and closing the trade)
- Commodities (excluding Metals): $0 per Lot (no commission)
- Indices: $0 per Lot (no commission)
- Crypto: $0 per Lot (no commission)
TopTierTrader Leverage
TopTierTrader (TTT) tailors leverage based on the challenge account type and the instrument you’re trading. Here’s a breakdown to understand the logic behind their leverage structure:
Reduced Leverage for Overnight/Weekend Trades:
- Risk Management: TTT acknowledges the increased risk associated with holding trades overnight or over weekends on certain accounts. This can lead to price gaps (sudden jumps or drops in price) or extreme volatility when markets reopen.
- Lower Leverage for Swing Accounts: To mitigate this risk, TTT offers lower leverage on Swing accounts that allow these extended positions. This makes sense, as larger leverage could amplify losses significantly in such scenarios.
Leverage Breakdown by Account:
- Challenge Regular & Challenge Plus: These accounts maintain the highest leverage, with 1:100 for Forex and up to 1:40 for other instruments. This caters to day traders who likely close positions before the market closes.
- Challenge Swing: This account offers reduced leverage across the board, with a maximum of 1:30 for Forex. This reflects the increased risk of holding positions overnight or over weekends.
Here is a table about the TopTierTrader Challenge Leverage:
|
Challenge
|
Forex
|
Gold & Commodities
|
Indices
|
Crypto
|
|---|---|---|---|---|
|
TTT Challenge Regular
|
100
|
40
|
30
|
2
|
|
TTT Challenge Swing
|
30
|
10
|
5
|
1
|
|
TTT Challenge Plus
|
100
|
40
|
30
|
2
|
As you can see, the leverage offered by TTT Challenge varies depending on the challenge type and asset class. The TTT Challenge Regular offers the highest leverage for Forex (1:100), while the TTT Challenge Swing offers the lowest leverage for all asset classes (due to the ability to hold trades overnight and over weekends).
Liquidity Provider
Increased interest from traders due to a reputable liquidity provider is definitely a potential differentiator for TopTierTrader. Here’s why this could be attractive:
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Trust and Credibility: Partnering with a well-established liquidity provider like Vital Markets, which is part of a large brokerage (Vantage International Group), can enhance TopTierTrader’s credibility, especially considering it’s a relatively new firm (launched October 2021).
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Reduced Slippage: Liquidity providers like Vital Markets can potentially offer tighter spreads and reduce slippage, which is the difference between the expected price and the actual execution price of a trade. This can be crucial for scalpers and day traders who rely on fast execution.
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Improved Order Book Depth: A large liquidity provider like Vital Markets might offer a deeper order book, which shows the buy and sell orders at different price levels. This can be beneficial for traders who want to enter or exit positions at specific prices.
Overall, having a reputable liquidity provider can assure traders that TopTierTrader has the resources to handle their trades efficiently and fairly.
Trading Rules
Equity-Based Drawdown Mechanism
TopTier Trader’s Plus accounts feature an equity-based drawdown system, which provides a dynamic and real-time assessment of risk. This system ensures that the drawdown limits are applied to the account’s equity, reflecting the most current account value as influenced by open trades. Here are the key details regarding the equity-based drawdown for TopTier Plus accounts:
- Daily Drawdown: The daily drawdown limit is set at 5% of the starting day’s equity. This means that your account’s equity should not drop below 95% of its value at the start of the day.
- Overall Drawdown: The maximum overall drawdown is 8% of the account’s initial balance. This limit is fixed and represents the total permissible loss from the starting balance.
Example Calculation
If you begin the day with an equity of $100,000, your maximum daily loss would be $5,000 (5% of $100,000), meaning your equity should not fall below $95,000 at any point during that day. The overall drawdown limit would be $8,000 from the initial balance, so your account must not go below $92,000 at any time
News Trading
TopTier Trader allows news trading, but with restrictions depending on the account type:
- Regular and Swing Accounts: Traders are not allowed to open or close trades within a four-minute window around major news events (two minutes before and after). These events are typically identified as “red folder” events on economic calendars such as Forex Factory. Violating this rule can result in the reversal of profits from such trades and potential termination of the account after repeated violations.
- Plus Accounts: These accounts have no restrictions on news trading, offering more flexibility for traders who prefer to trade around high-volatility events
Weekend Trading
The policies on weekend trading also vary by account type:
- Swing and Plus Accounts: These accounts allow holding positions over the weekend, which is beneficial for swing traders and those who trade cryptocurrencies, as these markets are often active during weekends.
- Regular Accounts: Weekend trading is not permitted. Positions must be closed by Friday at 4 PM EST, ensuring that traders do not carry over any trades into the weekend
Payouts
TopTier Trader offers competitive profit splits starting at 80%, which can increase to 90% for high-performing traders. Payouts can be requested every 14 days and are processed promptly via cryptocurrency or Deel. TopTierTrader offers expedited processing (24-48 hours) for cryptocurrency payouts once they confirm the amount and details with the trader. This is a significant advantage for traders who prefer quicker access to their funds.
Process:
- Dashboard Request: Initiate the payout process through your trader’s dashboard on the TopTierTrader platform.
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Initial Waiting Period: There’s a 30-day waiting period after your first trade on the funded account before you can request your first payout. This likely allows TopTierTrader to verify your activity and ensure you’re adhering to their trading rules.
- No Open Trades: To receive a payout, you cannot have any active trades open in your account. This applies to both your first and subsequent payouts.
- Subsequent Payouts: Once you’ve received your first payout, there’s another 14-day waiting period after your last trade before you can request another payout.
Recommendations:
- Plan Your Trading: Factor in the waiting periods when planning your trading activity to ensure you can request payouts when needed.
- Close Positions Before Requesting: Make sure you close all open positions before submitting a payout request to avoid delays.
Additional Considerations:
- It’s unclear from this information if there are any minimum profit requirements for payouts. Check TopTierTrader’s documentation for details.
- Consider any potential fees associated with payouts, such as transaction charges.
The payout process seems straightforward but be mindful of the waiting period and ensure you close all positions before requesting a withdrawal. For a smoother experience, gather any missing information regarding processing times or fees before you initiate your first payout.
Account Registration
Unleash Your Inner Trader in 4 Simple Steps:
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Gear Up: Head over to TopTier Trader and fill out our quick registration form. It’ll only take a few minutes to get you prepped for market battles.
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Pick Your Weapon: Choose the account size and platform that best suit your trading style. Think of it like selecting your champion and their trusty weapon!
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Fuel Up (For Less!): Select your preferred payment method, whether it’s a trusty credit card or a futuristic crypto option.
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Level Up: Get ready to dominate the markets! You’ll receive an email with your TradeLocker login credentials, granting you access to your brand new TopTier Trader account. It’s time to claim your trading throne!
Customer Support
TopTier Trader provides various support channels, including live chat, email, and Discord. This ensures traders can get assistance quickly and efficiently. However, the firm’s customer satisfaction rating is moderate, indicating room for improvement in responsiveness and support quality
TopTierTrader Vs Top Alternatives
Here’s a breakdown comparing key features of these prop firms:
|
Feature
|
TopTierTrader
|
|||
|---|---|---|---|---|
|
Minimum Deposit for Challenge
|
$250
|
$50
|
$100
|
€100
|
|
Maximum Funded Account Size
|
$2,000,00%
|
$1,000,000
|
$2,000,000
|
€2,000,000
|
|
Profit Split
|
Up to 90%
|
Up to 80%
|
Up to 80%
|
Up to 80%
|
|
Minimum Account Size for Profit Split
|
Varies by Account Size
|
$5,000
|
Varies by Account Size
|
Varies by Account Size
|
|
Challenge Duration
|
No minimum days
|
No minimum days
|
No minimum days
|
No minimum days
|
|
Profit Target
|
Varies by Account Size
|
Varies by Account Size
|
Varies by Account Size
|
Varies by Account Size
|
|
Maximum Daily Drawdown
|
Varies by Account Size
|
Varies by Account Size
|
Varies by Account Size
|
Varies by Account Size
|
|
Instruments Offered
|
Forex, Indices, Commodities, Crypto
|
Forex, Indices, Crypto
|
Forex
|
Forex, Indices, Crypto
|
|
Trading Platform
|
TradeLocker
|
MT4, MT5,Ctrader
|
MT4, MT5, ctrader
|
Match Trade, Ctrader
|
|
Scaling Plan
|
Yes (upon reaching certain profitability milestones)
|
No
|
Scalable accounts offered
|
No
|
|
Payout Schedule
|
Bi-weekly (after initial 30-day waiting period)
|
Bi-weekly (after initial 30-day waiting period)
|
On Demand
|
on Demand
|
|
Detailed review
|
Additional Points to Consider:
- Reputation and Track Record: FTMO is the most established firm (founded in 2015) while TopTierTrader is newer (founded in 2021).
- Trading Style Restrictions: MyfundedFx and FTMO have stricter limitations on certain trading styles (e.g., news trading, copy trading).
Pros and Cons
Pros:
- Competitive profit splits starting at 80%.
- Multiple evaluation programs catering to different trading styles.
- Support for EAs and copy trading on the Plus accounts.
- Realistic drawdown limits (5% daily and 10% overall).
- High Leverage Option (with caveat): The platform offers high leverage (up to 1:100 for Forex)
- TradeLocker Platform: In the wake of MetaTrader restrictions for prop firms, TTT’s proprietary TradeLocker platform offers a potential advantage, ensuring continued operation.
- Scaling Plans: TTT advertises a “scaling plan” for funded accounts, suggesting the possibility of growing capital beyond the initial allocation. However, details on these plans are scarce.
Cons:
- Limited to TradeLocker, which might not appeal to traders accustomed to other platforms.
- No balance scaling on regular accounts.
- No Free trials
- High competition in firm-hosted contests can be challenging for less experienced traders.
The Final Verdict
TopTier Trader stands out as a reliable prop firm with clear, achievable evaluation criteria and substantial funding opportunities. While it maintains industry standards, it offers traders a chance to scale their accounts significantly through consistent performance. However, the exclusive use of TradeLocker and the absence of free trials or balance scaling on regular accounts might be seen as drawbacks. TopTier Trader offers a structured environment with specific rules around news and weekend trading to manage risk effectively. These policies ensure that traders can engage in high-volatility trading while adhering to guidelines designed to protect both the trader and the firm’s capital.
Overall, TopTier Trader provides a stable and supportive environment for both seasoned and aspiring professional traders