Plus500 Collaborates With Topstep As It Expands Customer Base In The US
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Plus500 has collaborated with Topstep Brokerage, allowing the London-listed broker to handle clearing and technology infrastructure for the company. Topstep is a US-based trading education and evaluation platform.
The agreement will enable Topstep traders to access live CME Group markets through Plus500’s risk management, order routing, and clearing platform, supporting Topstep’s transition toward full brokerage operations.
Topstep holds a Commodity Futures Trading Commission (CFTC) license as an introducing broker and can only interact with traders in that capacity. Through this partnership, Topstep’s customers now utilize Plus500’s clearing platform.
Plus500 Will Gain Access To Topstep’s Brand Presence And Customer Base
Chief Executive Officer of Plus500, David Zruia, commented on the partnership. He says the collaboration is a major step in the company’s expansion across the US futures market.
He added that gaining access to Topstep’s brand presence and customer base presents a major opportunity for Plus500 to broaden its US offerings. The company will use Topstep’s infrastructure to support sustainable growth and attract new customers.
Plus500, in an official statement, clarified that the collaboration only supports TopStep and does not indicate prop challenges for retail clients. Plus500 reported that customer funds in its US futures operation crossed $1 billion for the first time in September and exceeded $1.2 billion by the end of Q3, up from $350 million in the same period last year.
Plus500 started its futures business in 2021 with $70 million in customer funds. This year, it gained ICE Clear U.S and ICE Clear Europe clearing memberships as it grows its derivatives operations.
Topstep Wants To Expand Opportunities For Active Traders
Plus500 reported Q3 revenue of $182.7 million, a 2% year-on-year decrease. EBITDA margins held at 45% for both periods.
Topstep was launched in 2012 and serves as an evaluation platform that allows future traders to manage funded accounts without risking their personal capital. The firm operates a rule-based assessment platform where participants can gain access to live capital by trading simulated accounts.
Michael Patak, the Founder and Chief Executive Officer of Topstep, also commented on the partnership. “We can offer our customers a best-in-class brokerage experience backed by world-class technology,” he said. Patak noted that the firm is focused on ensuring sustainable growth while expanding opportunities for active traders.
This partnership positions both companies to expand their trading and investing offerings, maximizing their combined platforms for broader customer opportunities.
