Topstep is a proprietary trading firm, not a regulated broker. Prop firms sell simulated-capital challenges — you trade with the firm's capital (real or demo) after paying an evaluation fee. Legitimacy depends on payout track record, transparency, and clear rules, not on financial regulation.
Topstep currently scores 40/100 on Brokers Watch. The score is a composite of regulation, complaint history, user reviews, transparency, and operational track record — it refreshes as new data lands.
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