Topstep
Trust: HighSpecifications
| Profit split | 100% (first $5,000) / 90% after |
|---|---|
| Max funding | Up to $150,000 (Funded Account) |
| Challenge fee | $49 – $149 / month (subscription) |
| Payout track record | Cumulative payouts published |
| Payout cycle | Weekly to monthly |
| Platforms | NinjaTrader · Tradovate · TradingView |
| Evaluation | 1-step |
| Drawdown model | EOD trailing |
| Daily loss limit | 2% |
| Max drawdown | 4% |
| Sources | [1][2][3][4][5][6] |
| Website | https://www.topstep.com/ |
Trustpilot: 3.4 (13,981 reviews) — third-party, as of 2026-06-22
Strengths
- One of the oldest prop firms in the industry (since 2012)
- Chicago-based, strong on CME-listed futures
- Subscription model makes re-attempts easier
- 100% profit on the first $5,000
Watch-outs
- Futures only — no FX or CFDs
- Monthly subscription costs accumulate during long evaluations
- US market hours — challenging for traders in distant time zones
What Topstep is
Topstep is a Chicago-based proprietary trading firm operating since 2012. By prop-firm standards, that operating record is exceptional — the firm has been continuously active since before the modern wave of FX/CFD prop firms even existed. Topstep predates FTMO by three years and predates the entire 2020-and-later cohort by roughly a decade.
Unlike most prop firms, Topstep specialises in futures trading. The product is built around CME-listed contracts — ES, NQ, CL, GC, and the rest of the standard institutional futures menu — not FX or CFDs. That focus has held consistently across the firm’s full operating history, which makes Topstep the clearest reference point in the futures-focused segment.
How it works
Topstep’s flow has three stages:
- Trading Combine: subscription-based evaluation. Pay the monthly fee, hit the profit target, stay within the maximum loss limits, and pass on schedule.
- Funded Account: simulated funded account with profit splits applied to results.
- Live Funded: with sustained performance, traders may be moved onto live trading. Terms apply.
The subscription model is structurally different from most evaluation firms. Where FTMO charges a one-time fee per challenge, Topstep bills monthly between $49 and $149 depending on account size. That makes re-attempts cheap on a per-cycle basis if you do not pass first time, but it also accumulates if your time-to-funded stretches.
The profit-split structure is generous on the first tier: 100% on the first $5,000 of profits, 90% on profits above that. Payouts move from weekly to monthly once the account is established.
Who Topstep fits
Topstep is a strong fit for:
- Traders who already focus on futures and want to clear an evaluation with a long-running operator.
- Anyone trading mainly during US sessions, where CME volume is concentrated.
- Buyers who prefer subscription pricing over a single large up-front fee.
For experienced futures traders, Topstep is the most trust-grade option in the segment. The 12-plus-year operating record is genuinely hard to overstate when most competitors are post-2020.
Who Topstep does not fit
Topstep is futures-only. There is no FX, no CFD coverage, and no crypto. Traders whose primary instruments are spot forex or indices CFDs should look at FTMO or The5%ers instead.
The session profile is also a real constraint. Heavy CME exposure means the active trading window is during US hours. Traders in Asia or Europe end up trading overnight or pre-market sessions to align with the active book, which has lifestyle implications.
Finally, the subscription model can compound. A long path to passing the Combine means several months of accumulated fees. Budget for that timeline, or be confident in your strategy before starting.
What to watch
- Futures-only scope: assumes prior futures experience. This is not a beginner-friendly first prop firm if you have never traded futures before.
- Time-zone fit: CME’s active hours determine real trading windows. Plan accordingly.
- Subscription accumulation: months of fees add up if you do not pass quickly.
- Live Funded transition: terms apply when moving from simulated to live. Read them carefully before assuming the path.
How Topstep compares
Against Apex Trader Funding, the other major US futures option, Topstep is more proven (since 2012 vs. Apex’s 2021) but less aggressive on profit-split mechanics and multi-account flexibility. Against Earn2Trade, Topstep is leaner — Earn2Trade leans into education, Topstep is more performance-focused. Against FTMO, the comparison is structural rather than direct: Topstep is the futures reference point, FTMO is the FX/CFD reference point.
Our take
For traders who already focus on futures and can trade US sessions, Topstep is one of the most trust-grade options in the industry. The 12-plus-year operating record places it in a tier of one, and the subscription model genuinely lowers the cost of repeated attempts. FX-centric traders should consider FTMO or The5%ers instead — Topstep is built for a specific segment, and it serves that segment exceptionally well.