How much are market data fee for Top Step? Costs explained

For aspiring traders, the dream of accessing substantial capital without risking personal wealth often leads them to prop trading firms like Topstep. These platforms promise a pathway to becoming a funded trader, offering a compelling alternative to self-funding.

However, the path to profitability in professional trading isn't solely about skill; it also involves understanding a landscape of associated costs. Among these, a critical element often underestimated is how much are market data fee for Top step, a factor that can subtly yet significantly impact your bottom line.

1. Navigating the costs of prop firm trading

From market data fees to platform subscriptions, these expenses can significantly impact your profitability if not carefully managed.

In this section, we’ll break down the key financial considerations to help you navigate the cost landscape effectively and make informed decisions on your path to becoming a funded trader.

1.1. The lure of prop firms and the reality of costs

Proprietary trading firms, often called prop firms, attract traders with the exciting prospect of trading with the firm's capital. This model minimizes your personal financial risk, allowing you to focus on strategy and execution. Topstep, for instance, provides a clear structure for traders to prove their abilities and earn a funded account.

However, from my own experience, I've noticed a common trap: many traders pour all their energy into the trading challenge itself, accidentally overlooking the real-world costs that come with it.

You have to understand, when you embark on this path, even through a prop firm, you are running a real business with its own unavoidable operational costs. These are things that often stay in the background when you're first excited about the possibilities.

1.2. Why understanding market data fees is crucial for Topstep traders

Market data forms the backbone of any informed trading decision. Without real-time, accurate data, executing effective strategies is incredibly difficult. For a funded trader with Topstep, this access comes with a price tag – market data fees.

These fees, while seemingly small individually, accumulate over time. They can directly erode your potential profits, especially when aiming for long-term engagement and consistent income. Knowing precisely how much are market data fees for Topstep is essential for realistic profit projections and effective capital management.

2. Decoding Topstep's market data fees: An in-depth analysis

When you're navigating the world of funded trading, understanding every line item on your cost sheet is paramount. For Topstep traders, market data fees are a significant piece of that puzzle. Let's break down exactly what you'll encounter.

2.1. How much are market data fee for Top step's live funded accounts?

From my experience, one of the first things funded traders notice is the shift in how market data is handled. This change is tied to your classification once you move into a live funded account.

2.1.1. The "Professional" trader classification

Once you become a funded trader with Topstep, exchanges like CME classify you as a "Professional Trader." This isn't a badge of honor in terms of fees, unfortunately.

It means you're subject to a different and typically higher data fee structure compared to retail traders. These distinctions exist because you're now trading live capital through a commercial entity, even if it's a prop firm.

2.1.2. CME professional data subscriptions

The core of your market data costs revolves around these subscriptions. As a funded trader, you're responsible for the CME Professional Data Subscription fees. Topstep collects these fees monthly via credit card, as the exchanges directly debit Topstep. It's important to understand that Topstep simply passes these costs along; they don't profit from them.

• Cost per exchange: Each individual exchange (CME, NYMEX, COMEX, CBOT) costs $133 per month. This fee applies across most trading platforms.
• Total for all exchanges: If you want access to all permitted products across all four major exchanges (CME, CBOT, NYMEX, and COMEX), your total monthly data fee will be 532 USD (133 per exchange).

2.1.3. Example scenarios

To illustrate, consider these common scenarios for how much are market data fees for Topstep:

• If you trade only E-mini S&P 500 futures, which fall under the CME exchange, you'd pay $133 per month.
• Should your strategy involve Crude Oil (NYMEX) and Gold (COMEX) in addition to E-mini S&P 500, your monthly fee would be $133 x 3 = $399.

2.1.4. Important note: Exchange fees are generally not pro-rated

Here’s a critical point to save you from wasting money: exchanges typically don't pro-rate data fees. In other words, even if you activate your Live Funded Account midway through the month, you still have to pay the full fee for that month.

For this exact reason, my genuine advice is to always try to start your Live Funded Account on the first of the month to get the full value out of your subscription.

2.2. Level 1 vs. Level 2 data: Is the upgrade worth it for Topstep traders?

Beyond the standard professional exchange fees, you'll encounter different "levels" of market data, each offering varying depths of information. Understanding these can help you decide if an upgrade is truly beneficial for your trading style.

2.2.1. Level 1 data (top of book)

Level 1 data, often called "Top of Book," is what most traders are familiar with. This is the basic data feed that typically comes included with your Topstep subscription during the Trading Combine phase and the Express Funded Account.

It provides essential information like the best bid price (highest price a buyer is willing to pay), the best ask price (lowest price a seller is willing to accept), and the last traded price. For chart-based trading, this information is usually sufficient to make informed decisions.

2.2.2. Level 2 data (depth of market)

For those who crave more detail, Level 2 data, or "Depth of Market" (DOM), is available as an upgrade. This provides a much deeper look into the order book.

• Cost: Level 2 data comes with an additional cost of $39 per month.
• What it provides: Unlike Level 1, Level 2 data shows 5-10 of the best bid and ask prices. This means you can see multiple layers of buy and sell orders waiting to be filled at various price points. This depth offers insights into liquidity, potential support and resistance levels, and the immediate supply and demand dynamics.
• My observation: For many scalpers or traders who rely heavily on order flow, Level 2 data can be incredibly valuable. It allows them to gauge the strength of buyers and sellers at specific price levels, which is critical for their rapid decision-making.

However, if your strategy involves swing trading or analyzing higher timeframes, paying an extra $39 per month for Level 2 data might be an unnecessary expense. I find it’s essential to evaluate if your strategy genuinely demands this deeper insight before committing to the additional cost.

2.3. Understanding platform data fees vs. exchange data fees

When discussing market data, it’s easy to conflate two distinct types of fees: those from the exchanges and those from the trading platforms themselves. For Topstep traders, grasping this difference is key to a complete understanding of your costs.

During the Trading Combine, Topstep generally covers most platform-related fees. This means you can focus purely on your trading performance. However, once you transition to a Live Funded Account, the landscape can shift slightly.

While the professional exchange data fees (like the $133 per month per exchange we discussed) are a direct pass-through that you pay via Topstep, you might also encounter separate platform licensing fees.

These platform fees are paid directly to the platform provider you choose for your funded account (e.g., NinjaTrader, Tradovate, etc.), not to Topstep. They are distinct from the exchange data fees. It's a crucial point to remember because these can add another layer to your monthly operational costs.

My advice is always to research your preferred platform's fee structure thoroughly before committing to it in your live funded account, ensuring no unexpected surprises.

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3. Beyond market data: Other key costs to consider with Topstep

While understanding how much are market data fees for Topstep is vital, they are just one piece of the financial puzzle. To truly assess your investment in a prop firm journey, you need to consider other significant costs that arise throughout your engagement with Topstep.

3.1. Trading Combine & Reset Fees: The initial investment

Your journey with Topstep typically begins with the Trading Combine, a simulated trading environment designed to test your skills. This phase comes with its own set of expenses.

• Monthly subscription: The cost of the Trading Combine varies depending on the account size you choose to pursue. For instance, you might see fees such as $49 per month for a 50K account, $99 per month for a 100K account, or $149 per month for a 150K account. These are recurring fees for as long as you're in the Combine.
• Reset fees: If you break a rule or hit your trailing drawdown limit during the Trading Combine, you'll need to "reset" your account to continue. Each reset incurs an additional fee, with the cost corresponding to the account size you are pursuing: $49 for the 50K account, $99 for the 100K account, and $149 for the 150K account. I've noticed how quickly these can add up if you're not consistently adhering to the rules, making efficient navigation of the Combine crucial.

3.2. One-time activation fee for Express Funded Account

Once you successfully pass the Trading Combine and are offered an Express Funded Account, there's a one-time activation fee. This fee, typically $149, secures your live funded status. It's a single payment that covers the administrative costs of setting up your live trading account.

3.3. Round turn commissions and fees

Unlike the data fees or subscription costs, commissions and exchange fees are not paid out-of-pocket as a separate bill. Instead, they are deducted directly from your brokerage account for every trade you make. These are standard costs in futures trading and directly impact your net profit and loss (P&L).

Let's break down the components:

• Commissions: These are paid to the broker and Topstep for facilitating your trades. You might see figures ranging from $0.72 to $2.04 per round turn (a round turn means opening and closing a position).
• Exchange fees: These are charges levied by the exchanges themselves for each contract traded. They typically range from $2.46 to $4.30 per round turn, varying significantly by the specific instrument.
• Examples: For popular instruments, a round turn on an ES E-mini contract might cost around $2.66, while trading Crude Oil could be closer to $3.00.
• My tip: While these aren't upfront costs, they are direct deductions from your trading performance. It's crucial to factor these into your trading plan and profit targets. Even small per-trade fees can accumulate, especially for active day traders.

3.4. Potential sales tax/VAT/GST

Depending on your geographical location, you might also be subject to local sales tax, Value Added Tax (VAT), or Goods and Services Tax (GST) on the fees charged by Topstep. This can add a small percentage to your overall costs, so it's worth checking the regulations in your specific region to get a complete picture.

4. Strategies to optimize your market data & overall costs with Topstep

Understanding all the costs is one thing; actively managing and optimizing them is another. As a trader aiming for sustained profitability, finding ways to minimize unnecessary expenses without compromising your trading edge is crucial.

Here are some strategies I've found helpful for navigating how much are market data fees for Topstep and other associated costs.

4.1. Strategic data subscription

The biggest variable in your ongoing costs after getting funded often comes down to market data. You can be smart about it.

4.1.1. Start lean

My recommendation is always to subscribe only to the data feeds that are absolutely essential for the instruments you actively trade. If you only trade E-mini S&P 500, then just subscribe to CME data. Don't pay for NYMEX or COMEX data if you never touch crude oil or gold futures. You can always add more data subscriptions later as your trading scope expands.

4.1.2. Timing your live funded account activation

As we discussed, exchange fees aren't pro-rated. If you can, try to activate your Live Funded Account at the very beginning of a month. This ensures you get a full month's worth of data access for your payment, rather than paying for a full month but only utilizing it for a few weeks. It's a small detail, but it reflects good business sense.

4.1.3. Evaluate Level 2 needs

Don't pay for Level 2 data unless your trading strategy genuinely demands it. If you're a swing trader who primarily uses end-of-day charts, the extra $39 per month for Level 2 depth of market data is likely an unnecessary expense. Be honest about your trading style and what information truly contributes to your decision-making.

4.2. Efficient Trading Combine navigation

The initial phase, the Trading Combine, presents its own set of costs that you can influence significantly.

4.2.1. Focus on consistency to avoid multiple resets

Each reset in the Trading Combine is an added cost. By focusing intently on consistency and disciplined execution, you minimize the chances of breaking rules or hitting your drawdown limits. The quicker and more efficiently you pass the Combine, the less you spend on monthly subscriptions and reset fees.

4.2.2. Thoroughly understand the rules

If I could give only one piece of critical advice, it would be this: learn the rules of the Trading Combine by heart. I have seen so many traders pay for resets not because their trading was bad, but because of simple, avoidable mistakes like holding a position through a news event or breaking the daily loss limit.

A deep understanding of the rules minimizes mistakes that lead to costly resets or even account termination.

4.3. Platform selection considerations

While Topstep facilitates your trading, your choice of platform can also subtly impact your overall costs once funded.

If you're considering a Live Funded Account, research various platforms that integrate with Topstep. Some might have minimal or no ongoing fees beyond Topstep's direct costs, while others may have their own monthly licensing or maintenance fees. Make an informed decision based on both functionality and cost.

4.4. Capitalizing on promotions (if available)

Topstep, like many businesses, occasionally offers promotions or discounts on their Trading Combines. Keep an eye out for these. Subscribing to their newsletter or following their social media can alert you to opportunities that can significantly reduce your initial outlay. Every dollar saved on the entry ticket is a dollar that stays in your pocket or goes toward your trading capital.

5. Topstep data fees vs. the competition: A brief comparison perspective

When evaluating any prop trading firm, it's natural to wonder how their fee structure, particularly how much are market data fees for Topstep, stacks up against competitors. However, making direct, apples-to-apples comparisons can be trickier than it seems.

5.1. Why direct comparisons are tricky

Different prop firms have diverse business models, which means their fee structures, payout models, and data fee policies vary widely. Some firms might bundle certain costs into a single fee, while others break them out separately.

This makes a simple "Topstep costs X, Firm Y costs Z" comparison often misleading. It’s a bit like comparing different types of apples – they’re all fruit, but their characteristics differ.

5.2. Key differences to look for

Instead of a direct numerical comparison, I find it more useful to examine the underlying philosophies and specifics of their fee structures.

• Professional vs. non-professional data: While many firms might initially offer non-professional data during their evaluation phases, nearly all funded accounts, including Topstep's, universally require professional data subscriptions. The key is understanding if a firm tries to absorb some of that cost or passes it directly to you.
• Platform fees: Consider which firms cover platform licensing fees and which pass them on to the trader. Some firms integrate specific platforms more tightly, potentially leading to different cost implications.
• Payout splits: Crucially, how do all these fees ultimately affect your net earnings when combined with the firm's payout structure? A firm with slightly higher fees but a much more favorable payout split might still offer a better overall deal.

My take: While Topstep's data fees might seem significant at first glance, especially the $133 per month per exchange, it's crucial to evaluate them within the broader context of their overall program.

This includes the funding amounts they provide, their robust platform integrations, and their profit split. Ultimately, it's often about the total cost-benefit analysis. You're paying for access to capital and infrastructure, and these fees are simply a part of that operational cost.

6. Important considerations for your Topstep journey

Beyond the direct financial costs like how much are market data fees for Topstep or subscription charges, there are broader considerations that truly define a successful journey with any prop firm. These are often about mindset, continuous improvement, and a strategic approach to trading itself.

6.1. The value of practice and learning

Consider all the fees from the Trading Combine to monthly data subscriptions as an investment. This isn't just an expense; it's capital dedicated to your development as a potential professional trader. Focusing solely on avoiding fees can distract from the real goal: building robust trading skills.

I've seen many traders get hung up on a few dollars in fees, while overlooking the invaluable learning experience and the potential for significant long-term gains.

6.2. Risk management is key to mitigating fee impact

Excellent risk management isn't just about preserving capital; it directly impacts how well you absorb recurring fees. By managing your risk effectively, you protect your trading account from large drawdowns, which means you stay in the game longer.

When you're consistent and profitable, those monthly market data fees become a manageable operational cost, easily covered by your trading gains, rather than a burdensome expense.

6.3. Continual education

The markets are always evolving, and so should your knowledge. Don't stop learning once you've passed the Trading Combine or become funded. Encourage yourself to continuously learn about market dynamics, new strategies, and the specific nuances of funded trading environments.

This ongoing education helps you adapt, improve, and ultimately, make your investment in Topstep (and its associated costs) far more worthwhile.

7. Frequently asked questions about Topstep market data fees

When considering a prop firm like Topstep, many common questions arise, especially concerning the recurring costs. Here, I've compiled some of the most frequently asked questions about how much are market data fees for Topstep and related expenses, along with straightforward answers.

7.1. Does Topstep provide market data?

Topstep facilitates your access to market data by handling the subscription process with the exchanges. However, you, as the funded trader, are responsible for paying the professional exchange data fees directly through Topstep. They pass these costs through from the exchanges. Level 1 data is generally included during the Trading Combine.

7.2. How much is Level 2 data Topstep?

Level 2 (Depth of Market) data is an optional upgrade that costs an additional $39 per month. This provides a deeper view of the order book beyond just the best bid and ask.

7.3. Are market data fees refundable if I cancel my subscription?

Generally, no. Exchanges typically do not pro-rate or issue refunds for professional market data subscriptions, even if you cancel partway through a month. This is why timing your Live Funded Account activation to the beginning of a month is often recommended.

7.4. Can I use my own market data provider with Topstep?

No, typically you cannot. You must subscribe to market data through Topstep's provided channels and integrated platforms. This ensures compliance with exchange rules and proper data routing for their systems and risk management.

7.5. Do I pay market data fees during the Trading Combine?

For the Trading Combine, Level 1 market data is usually included with your subscription fee. Level 2 data is an optional upgrade you can choose to pay for if your strategy demands it during this phase. The full professional exchange data fees only apply once you transition to a Live Funded Account.

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8. Conclusion: Making informed decisions about your Topstep investment

Navigating the world of prop firm trading with Topstep offers an exciting path to leveraging significant capital. However, a clear understanding of all associated costs is paramount for long-term success. We've explored the financial landscape you'll encounter, focusing on:

• Market data fees: A primary ongoing expense, these are direct pass-through costs from exchanges like CME. Expect to pay around $133 per month per exchange, potentially reaching $540 per month for full market access.
• Optional Level 2 data: An additional $39 per month for deeper market insights, essential only if your strategy demands it.
• Initial program costs: Including Trading Combine subscription fees and any reset fees incurred during the evaluation phase.
• One-time activation fee: A $149 charge upon achieving a Live Funded Account.
• Per-trade commissions and exchange fees: Deducted directly from your brokerage account for every executed trade.

Ultimately, approaching funded trading as a serious business venture is key. Like any business, it comes with operational costs. By thoroughly understanding these fees, particularly the nuances of how much are market data fee for Top step, you empower yourself to build a more robust, realistic, and ultimately profitable trading plan.

At H2T Funding, we aim to provide comprehensive, neutral insights into the world of Forex and prop firm trading. You can find more detailed analyses and comparisons in https://h2tfunding.com/blog/ and "Prop Firm & Trading Strategies" section, designed to help you make truly informed decisions for your trading journey.