IronFX vs Topstep - Fees Review included
Which broker is better IronFX or Topstep? Our expert assessment conducted according to TU’s own methodology showed that IronFX is one of the top brokers in the financial market with the TU Overall Score of 7.64 out of 10. Topstep is one of the top brokers in the financial market with the TU Overall Score of 9.65 out of 10. Find out more about TU Overall Score.
| Feature | IronFX | Topstep |
|---|---|---|
Overall |
3.5 |
2.5 |
2.1 |
1 |
|
2.9 |
2.5 |
|
4.2 |
2.7 |
|
Investment Instruments |
4.6 |
2.0 |
Platforms and Charting Tools |
4.4 |
4.8 |
Deposit and Withdrawal |
3.7 |
2.8 |
Research |
3.9 |
1 |
Education |
4.7 |
3.9 |
Support |
3.9 |
2.1 |
Bonuses |
4.8 |
2.1 |
|
|
|
IronFX vs Topstep: Pros and Cons
The IronFX broker has been serving clients globally for over 10 years. It offers terms for both active and passive income. The company is registered in Bermuda, and there are no regulatory bodies and no licenses. During its tenure, the broker has received over 30 awards but doesn’t provide data on nominations. When asked about regulation, the broker's support service says that there are several licenses, including the permits of the CySEC (Cyprus) and FCA (Great Britain) regulators. Indeed, a detailed analysis reveals inconsistencies, which are described in more detail in the "Security and protection for clients of IronFX " section. Please note, that the absence of a license means that there is no protection against a broker not fulfilling its obligations and that there is no guarantee of protecting the interests of investors.
The TopStep broker is an international intermediary registered in the USA. The company has been providing financial services since 2012 and offers exclusive trading terms for clients from different countries. TopStep provides financing of real trading accounts of its clients if they prove the skill to make trades and manage risks on a simulation account. Traders can trade CME Group futures and currency pairs. Trading on real accounts is carried out through the ECN broker Equiti Capital
| IronFX | Topstep | |
|---|---|---|
| Overall Pros | wide range of trading assets | Loyal testing conditions: trading activity - from 5 days (for most competitors - from 10 days), a relatively high percentage of allowable maximum drawdown |
| variety of bonus programs and promotions | There is no time limit to achieve the target profit. At the end of the term, the subscription is renewed with the preservation of the money earned up to this point | |
| Before paying monthly e-subscription, there is the possibility of free testing of the platform for 14 days | ||
| High level of remuneration in comparison with competitors after passing the test: 100% profit from the first 5000 USD and 80% from subsequent trading | ||
| It is possible to open multiple subscriptions - multiple accounts Trading Combin | ||
| Overall Cons | Poor regulation | There are restrictions on fundamental trading: at the time of the release of important news, transactions must be closed |
| the information published on the site is incomplete | No information about licenses. The investor does not know who controls the platform and who to contact in case of protecting their interests | |
| there are frequent slippages | Relatively difficult to understand trading conditions of Step 1 and Step 2 of the Trading Combine. The trader must keep track of the scaling plan, daily and weekly drawdown, close trades at the time of news releases, etc. | |
| periodic delay in withdrawing funds | When switching to a real trading account, there are requirements for a mandatory subscription to professional exchange data - additional fixed costs for the trader | |
| High spreads and ECN trading fees |
IronFX vs Topstep: Safety and Regulation
| Regulated By: | IronFX | Topstep |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
No |
No |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
No |
No |
Other Regulators |
Bermuda - registration number 51491 |
If you are interested in the issue of a license, ask the support through which broker the company offers access to CME from a real account. And ask the broker directly about the license |
IronFX vs Topstep: Trading Conditions
| Trading Conditions | IronFX | Topstep |
|---|---|---|
Minimum Deposit |
$50 |
The minimum subscription cost is 165 USD/month - the cost of the trial period |
Trading Platforms |
MetaTrader 4, WebTrader |
NinjaTrader, TradingView, TSTrader and other |
Max Leverage (Futures) |
1-1000 |
|
Supported Markets |
Currency pairs, stocks, metals, indices, futures, commodities, and cryptocurrencies |
CME Equity Futures, CME Foreign Exchange Futures, CME Agricultural Futures, CME NYMEX Futures, Futures of CME CBOT |
Trading assets |
300+ |
35+ |
Trading Accounts |
Micro, Premium, VIP, Zero Fixed, No commission, Zero Spread, Absolute Zero, demo account |
Trading Combine - an account for passing the test, which consists of two Steps. Funded Account and Premium Funded Account - real accounts provided after passing the test |
Base Account Currencies |
USD, EUR, GBP, AUD, JPY, BTC, PLN, CZK JPY, BTC, PLN, and CZK |
USD |
IronFX vs Topstep: Fees
Forex Trading Fees
| Fee | IronFX | Topstep |
|---|---|---|
Standard Account EURUSD Average Spread |
1.8 pips |
Market stock spread |
Standard Account Fee |
$0 |
$0.3-0.62 - TSTrader, $0.8-1.12 for other platforms for each contract. There is also a brokerage fee of 2.5-3.1 USD per contract, depending on the instrument |
ECN/STP Account Fee |
Zero Spread account - $13.5/Lot |
Not supported |
ECN Account EUR Average Spread |
0.0 pips |
Not supported |
CFD Trading Fees
| Fee | IronFX | Topstep |
|---|---|---|
CFD Trading Fee |
Floating spread |
Market stock spread |
Non-Trading Fees
| Fee | IronFX | Topstep |
|---|---|---|
Account Fee |
No |
$116-$132/month for each exchange you are trading |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
3% ‘no trading’ fee when a trader has deposited and requested to withdraw funds without ever entering one trade |
If trading is inactive, the account subscription expires after a while |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
IronFX vs Topstep: Trading Assets
| Asset Name | IronFX | Topstep |
|---|---|---|
Overall |
300+ |
35+ |
Forex |
Yes |
No |
Stocks |
Yes (CFD) |
No |
Metals |
Yes (CFD) |
No |
Cryptocurrencies |
Yes (CFD) |
No |
Energy |
Yes (CFD) |
No |
Indices |
Yes (CFD) |
No |
ETFs |
No |
No |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
Yes |
Binary Options |
No |
No |
IronFX or Topstep: Investment Programs
| Asset Name | IronFX | Topstep |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
Yes |
No |
Managed Accounts |
No |
No |
Other |
No |
Getting into management an account with a real deposit after passing a two-stage test. You invest in your own development |
Trading Platforms: Topstep or IronFX
| IronFX | Topstep | |
|---|---|---|
MT4 |
Yes |
No |
MT5 |
Yes |
No |
cTrader |
No |
No |
Appropriate platform |
No |
No |
Others |
No |
TSTrader, NinjaTrader and +10 other platforms |
|
|
|
IronFX vs Topstep: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | IronFX | Topstep |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
No |
Crypto |
no |
No |
IronFX vs Topstep: Research
| Research Type | IronFX | Topstep |
|---|---|---|
News Feed |
Yes |
No |
Fundamental Data |
No |
No |
Chart Analysis |
Yes |
No |
Trading Ideas |
Yes |
No |
E-Mail Reports |
No |
No |
IronFX vs Topstep: Education
| Education Type | IronFX | Topstep |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Free version of the platform before subscribing for 14 days |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Cent account |
No |
No |
Topstep vs IronFX: Support
| Support Features | IronFX | Topstep |
|---|---|---|
Working Days |
24/5 |
Weekdays: 7:00 am to 6:00 pm CST |
Yes |
No |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
No |
Other |
No |
IronFX vs Topstep: Forex Bonuses and Promo
| Promo | IronFX | Topstep |
|---|---|---|
Forex Bonus |
"100% Unlimited Sharing Bonus" The "40% Power Bonus up to $4,000" "20% Iron Bonus up to $2,000" |
No |
Affiliate Program |
“Introducing Broker” (IB). Opening a personal account as a broker's representative gives you an advantage in the form of extra bonuses, contests, more favorable trading terms, and rebates. |
Reward 50 USD for each referral who opened a Trading Combine account |
Other Promos |
||
|
|
|
Top 5 Reviews on Topstep
-
Comment
Trading with Topstep has been amazing and i think it is because i spent time navigating the platform and asking customer service questions on aspects on the platform that I do not rightly understand. I did not look away from any resource that teaches about trading on the platform. That is how i came about the live interaction with top performance coaches, discussing set-ups, analyzing trade levels, and strategizing on what's happening in the markets on Mondays to Fridays morning. If you're getting started, leverage all options that will make you better, don't hesitate to reach out to the customer service if you do not understand the terms and services.
-
Comment
Signing up on TopStep is easy and fast. The first stage requires your personal information and ther second stage requires you to verify your account, which requires verifying the code sent to your line. This platform integrates a technical analysis blog series for beginners, which was what helped me get started and update what i know about technical analysis. The blog touches on how to use chart patterns and statistical indicators to identify trends, support and resistance levels, and potential entry and exit points for trades. With free coaching and educational materials developed by seasoned traders, Topstep prioritizes education above all else.
-
Comment
One of the steps you must take to get your evaluation underway is selecting a trading platform. Qwantower is a good platform to start with as you won't pay fees for trading combine or funded account. I prefer this trading platform because of the synchro connection to other brokers. However, if you are using windows you may need to download the .NET 8.0 DESKTOP RUNTIME (v8.0.3) windows x64 installer for this program to install on your PC if it is not yet installed.
-
Comment
topstep is a good company. There are not very high fees and quite tight spreads. The topstep platform differs from other companies in that the deposit does not go into minus, but positions are simply closed if the drawdown reaches the set level. And there is also no possibility of placing counter trades. It is more convenient to trade here if your deposit is above $1,000.
-
Comment
Impressions from Topstep can be assessed as positive. It always fully meets my requirements for successful trading. I prefer to use my own indicators and here I have to limit myself to the available capabilities. However, it is worth noting that Topstep provides a wide choice of available assets for trading. Order execution is quite fast.
Top 5 Reviews on IronFX
-
Comment
IronFX is a good broker even for novice traders. In fact, it has everything you need. It can even assign a manager to assist you in trading, if required. I learned to trade here and continue to trade with the broker. Everything is fine.
-
Comment
IronFX is currently one of the best brokers — everything works well, without any delays. I withdrew to Skrill a couple of times and the money came almost immediately.
-
Comment
I would like to leave a review of ironfx. This company makes me happy! I’ve been working with them for six months now. It is profitable to do business with them! It’s hard to find such good conditions! Trading has already brought me $2,400. I withdraw it without delays. The user account is very convenient. The broker is priceless!
-
Comment
I've been piping for 5 months with this company. I can note that trades have never been canceled. And in general, IronFX does not interfere with trading. There were no problems with withdrawals. It’s an ordinary normal company, I didn’t find anything critical in it. Trading conditions correspond to the market.
-
Comment
I’ve been trading with Iron FX for a while now and have had no problems so far. Among the advantages are good performance and a good personal manager. I’m trading here with a small deposit, but I think that there won’t be any problems and I’ll deposit a decent amount to earn more.
FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.