How can I Request a Withdrawal?
Traders can request a withdrawal from their Funded Account® at any time by contacting our team at support@topsteptrader.com. Once a trader requests a withdrawal, we will work with our brokerage partners to remove the funds from the trader’s Funded Account. Once we have confirmation that the funds have been moved at the brokerage, we will begin the transfer process with our banks to disperse the funds.
Withdrawals are generally dispersed to the trader within seven (7) business days, however, as a result of an increase in new Topstep Funded Traders and withdrawals, it can take up to fourteen (14) business days to complete some withdrawals.
We can process withdrawals using the following methods:
- Checks: We can send any trader a paper check in the mail for the amount requested. Checks sent outside the US will likely take significantly longer than 7 business days, and we do not provide an estimated delivery date for physical mail.
- ACH Wire: Bank wire available for traders with a US-based bank account (the trader does not need to be a US resident). There is no transfer fee for ACH wires.
- Standard Bank Wire: Bank wire available for traders with banks based outside the US. Traders living outside the US must submit their bank information using SWIFT format to ensure a successful transfer of funds. For standard wire transfers under $500, a $50 transaction fee will be applied. There is no transfer fee for wire transfers over $500. The standard wire is the quickest and efficient method available to make withdrawals for traders outside the US.
We are unable to process withdrawals via PayPal, and we cannot transfer funds from the Funded Account to a personal trading account held by the trader.
What is the Profit Split?
Traders will receive 100% of the profits from withdrawals, up to a total of $5,000. After the first $5,000 of funds have been received by the trader, the profit split will become 80/20, with the trader receiving 80% of withdrawals and TopstepTrader retains 20% of the requested withdrawal. To be clear, this is per trader. If you withdraw $5,000 and then lose your Funded Account, your next Funded Account withdrawal will be 80/20 when you start back up again.
Once the withdrawal request is processed, the Trailing Max Drawdown will be automatically set to the starting account balance (the trader cannot allow the account balance to reach or go below $0 after a withdrawal).
What Tax Form Should I Fill Out?
The Internal Revenue Service (IRS) requires we collect certain information before any money is paid by a company (TopstepFunded, LLC) to a vendor (Funded Trader). Depending on their nationality, location, and business status, Funded Traders will either fill out a W-9, W8BEN, or W8BEN-E.
|
Your Nationality |
Your Current Location | Your Business | Form to Complete | Payment Information Reported to |
|---|---|---|---|---|
| United States | Anywhere | Individual or Company | W-9 | IRS – if total yearly payment is $600+ |
| Non-US Citizen | United States | Individual or Company | W-9 | IRS – if total yearly payment is $600+ |
| Non-US Citizen | Anywhere EXCEPT the United States | Individual | W-8BEN | No one, held in our records* |
| Non-US Citizen | Anywhere EXCEPT the United States | Company | W-8BEN-E | No one, held in our records* |
*If the IRS or other governing bodies specifically request reporting, we are obliged to provide
the information. This is rare.
