Level 1 & Level 2 Market Data
What is the difference between Level 1 (Top of Book) data and Level 2 (Depth of Market) data?
Level 1 data, also known as Top of Book data, includes the best bid and best ask. If you are chart trading, this is the data you are using.
Level 2 data, also known as Depth of Market data, includes 5-10 of the best bid and ask prices so you can see sell and buy orders waiting to be placed. If you are DOM or Matrix trading, this is the data you are using.
**Bookmap users will also need to subscribe to Depth of Market data as required by the platform.
Why We are Charging for Depth of Market Data
Due to recent changes, the CME will now be charging for all data provided to our simulated accounts. As a courtesy, Topstep will cover the cost of Top of Book data of all four exchanges on our SIM accounts.
Traders who would like to receive Level 2 (Depth of Market) Data for all exchanges can upgrade from their dashboard for $39 per month.
How to upgrade to Depth of Market Data?
If you want to add Depth of Market data to your Trading Combine®, log into your Topstep Dashboard, go to your billing page, and locate ‘Manage Market Data Subscription’.
From there, click the three dots and Upgrade Data to upgrade.
In the next window, you will see your checkout page, where you can select your payment method and agree to the Rules and Terms and Conditions.
The following window will confirm that your payment has been made and your Depth of Market data should now be enabled.
How do I cancel Depth of Market Data?
If you want to cancel Depth of Market Data, log into your Topstep Dashboard, go to your billing page, and locate ‘Manage Market Data Subscription’.
From there, click the three dots and Cancel Subscription to cancel Level 2, Depth of Market data.
In the next window, it will confirm that you have Level 2 data until the end of the month, and then it will switch to Level 1, Top of Book data for the new month.
When will I be charged for Depth of Market data?
The Depth of Market data will be charged immediately when you upgrade and rebilled on the last day of each month.
To avoid a further rebill, please turn off the Level 2 (Depth of Market) upgrade from your Topstep Dashboard billing page at least 2 days before the end of the month. You will still have access to the data through the end of the month before it cancels.
What happens if I start additional Trading Combines?
If you decide to add a second or third subscription and only have Level 1 (Top of Book) data you will be prompted to confirm keeping this data or you can upgrade to Level 2 (Depth of Market) data.
If you already have Level 2 (Depth of Market) data, you will continue to have it for all Trading Combines under the same username and data provider.
FAQs:
Q: Why are you charging for Level 2 data now?
A: The CME is now charging everyone for market data used in simulated trading accounts. We are making Level 1 data (Top of Book) FREE to all traders and for all four exchanges on Topstep accounts.
If you would like Level 2 (Depth of Market) data, you will need to upgrade your data subscription for $39 per month.
Q: What if I already have a Trading Combine subscription?
A: If you are already in a subscription and previously had Level 2 data, you will now get Level 1 data for free. Traders who wish to continue using Level 2 data can upgrade through the Topstep dashboard for $39 per month.
Q: Can I cancel my data?
A: You can cancel your Level 2 data subscription at any time. Once the cancellation is processed, you will be automatically moved to Level 1 data at the end of that month.
Q: Is data pro-rated?
A: Level 2 data is not pro-rated. You will be charged for the entire month, on a monthly basis when upgrading to Level 2 data. If you choose to cancel, you will have access to the data for the remainder of the month or subscription (whichever comes first)
Q: Can I get a refund for my data?
A: We do not issue refunds once the billing for your data is processed. If you no longer need Level 2 data, please cancel your subscription before the end of the month. Once the cancellation is processed, you will automatically be moved to Level 1 data for the new month.
Q: Do I need to pay for data if I am in an Express Funded Account™?
A: Topstep makes Level 1 data free for all simulated accounts, including the Express Funded Account™. You can upgrade to Level 2 data at any time for $39 a month through your dashboard.
Q: Does one $39 subscription payment cover the cost of all data providers?
A: No, if you are subscribed to a CQG based platform, the subscription for Level 2 data will not cover a Rithmic based platform and vice versa.
