WikiFX

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As a trader with years of experience navigating a range of brokers, I place strong emphasis on understanding all trading costs, especially overnight financing (swap) charges, as these can directly erode profitability in certain strategies. However, based on my thorough review of TopstepFX, I found no concrete information regarding their swap or overnight financing fees. In practice, this absence of clarity is a major concern for me. Many brokers, even those offering proprietary futures evaluation programs like TopstepFX, are transparent about all potential trading costs, as this signals trustworthiness. TopstepFX’s business model is unique in that it centers on futures trading in a simulated account environment, ultimately for the purpose of qualification to a funded account—rather than live retail trading with a conventional broker. Typically, overnight financing charges are standard for leveraged spot forex and CFD products, while in standardized futures markets, costs are usually reflected in the contracts themselves rather than as explicit swaps. However, the lack of a detailed fee structure, especially regarding any possible overnight or administrative charges, leaves traders like myself unable to make accurate cost comparisons against regulated competitors. The lack of regulatory oversight is another significant risk factor, and it means there’s less external accountability when it comes to fee transparency. Without clear information or regulatory guardrails, I remain cautious, as the absence of fee disclosure could lead to unexpected costs. For me, strict disclosure and regulation are essential; TopstepFX doesn’t currently provide either in the context of overnight financing costs. Therefore, until clearer details surface or regulatory oversight is established, I personally would not use TopstepFX for my trading—especially when compared to established, regulated brokers who are open about all trading costs.