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.
Why Are We Charging for Depth of Market Data?
The CME requires payment for all market data provided to 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 $34.25 per month.
When will I be charged for Depth of Market data?
You will be charged for Depth of Market data immediately when you upgrade, and you will be rebilled for your Depth of Market data on the first day of each month.
If you already have Level 2 (Depth of Market) data, you will continue to have it for all Trading Combines under the same username.
How do I purchase Level 2 Data?
To purchase Level 2 Data, visit your Accounts tab and then click Add Ons (shown below). After that, select Depth of Market Bundle.
Frequently Asked Questions:
Why are you charging for Level 2 data now?
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 $34.25 per month.
Can I cancel my data?
You can cancel your Level 2 data subscription at any time. When you cancel Level 2 data on the new Topstep Dashboard, you'll lose access immediately. If you want to cancel effective at the end of the month, please cancel on the day you want to lose access.
Is data pro-rated?
No, Level 2 data is not pro-rated. This means you'll be charged the full price regardless of when you purchase. You will also be charged on the 1st of each month, regardless of when you signed up initially. For example, if you sign up on the 26th of the month, you will still be charged on the 1st of the next month when the subscription renews.
Can I get a refund for my Level 2 market data purchase?
No, we do not issue refunds for Level 2 data purchases 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.
Do I need to pay for data if I am in an Express Funded Account?
You do not need to pay for Level 1 data in the Express Funded Account because Topstep makes it free for all simulated accounts. but you do need to pay for Level 2 data and can upgrade anytime for $34.25 a month through your dashboard.