Brokerage group Plus500 said on Wednesday morning that it has formed an “exclusive Partnership” with US prop firm Topstep.
The two companies had already been working together. However, this deal appears to be an extension of that, with Plus500 providing access to CME products and clearing services to Topstep.
Topstep runs a prop firm that runs on simulated trading accounts but is also licensed as an introducing broker in the US.
Plus500’s statement is not worded very clearly so it is hard to understand whether they mean they will be providing technology to the simulated business alone, if they’ll actually be helping Topstep expand to become a fully fledged broker, or if real trading is for the prop’s funded accounts.
As reported on TradeInformer last month, Topstep’s only publicly available financial records shows the firm made at least $25m in revenue in 2020 and 2021. Legal filings that we have seen also show the firm tried and failed to raise money from outside investors.
“Our partnership with Topstep marks another significant step in Plus500’s expansion across the US futures market,” said David Zruia, Chief Executive Officer of Plus500.
“Topstep’s extensive customer base and strong brand presence make this partnership a major opportunity for Plus500 to expand its US footprint. By leveraging our institutional-grade infrastructure, we aim to drive stronger customer acquisition, unlock new revenue streams, and deliver sustainable growth for both companies.”
