Before FTMO, before Apex Trader Funding, before the prop trading explosion of the 2020s — there was Topstep. Founded in 2012 in Chicago by CEO Michael Patak (a former Dow futures floor trader), Topstep literally invented the “Trading Combine” evaluation model that every other prop firm has since copied.
Over a decade later, Topstep has funded over 10,000 traders, paid out $102 million+ in profits, and built a 13,600-review Trustpilot profile at 4.3 stars. They ran a Super Bowl ad in 2026. They’re ranked #1 by Traders Union out of 40 prop firms. This isn’t some startup — it’s the most established futures prop firm in the world.
But the prop trading landscape has changed dramatically since 2012. Newer competitors like Apex Trader Funding offer higher profit splits. FTMO offers broader market access. So is the original still the best? Or has Topstep been overtaken?
Before We Dive In…
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What Is Topstep?
Topstep is a futures-only proprietary trading firm headquartered in Chicago, Illinois. It evaluates traders through a one-step evaluation called the Trading Combine®, and successful traders receive funded accounts to trade CME Group futures products — forex futures, equity indices (ES, NQ), oil, gold, agricultural commodities, and more.
Topstep focuses heavily on trader development. Unlike many prop firms that simply offer an evaluation and a funded account, Topstep provides coaching sessions, daily market analysis through TopstepTV, a large Discord community, trading psychology resources, and performance analytics.
The firm’s proprietary platform, TopstepX, launched in recent years and is now the default for all new traders — offering commission-free trading and integrated TradingView charting.
How the Topstep Trading Combine Works
Topstep uses a single-step evaluation — the Trading Combine®.
Choose your account size ($50K, $100K, or $150K), pay the monthly subscription, and start trading in a simulated environment. Hit your profit target while respecting the drawdown rules, and you qualify for a funded account.
Topstep Account Options (2026)
| Account | Monthly Fee | Profit Target | Max Position Size | Max Loss Limit |
|---|---|---|---|---|
| $50,000 | $49/mo | $3,000 | 5 contracts | $2,000 (4%) |
| $100,000 | $99/mo | $6,000 | 10 contracts | $3,000 (3%) |
| $150,000 | $149/mo | $9,000 | 15 contracts | $4,500 (3%) |
Key rules: Minimum 2 trading days to pass. The max loss limit is calculated end-of-day (not intraday), which is more forgiving than some competitors. A 50% consistency target ensures no single day accounts for more than half your total profit. No overnight or weekend holding on Standard accounts.
After passing the Combine, you pay a one-time $149 activation fee (or choose the no-activation-fee option at $129/month) and move to an Express Funded Account.
Profit Split
You keep 100% of your first $10,000 in profits across all funded accounts. After that, the split is 90/10 (you keep 90%). Payouts can be requested after 5 winning days, and the payout processing is typically 2-3 business days.
Express Funded Account vs. Live Funded Account
After passing the Trading Combine, you have two paths:
Express Funded Account (XFA): The faster route. Pay a $149 activation fee and start trading almost immediately. You’re trading in a simulated environment, but profits are paid as real money. Payout restrictions: your first 4 payouts are limited to 50% of available balance. After the 4th payout, you can withdraw up to full balance.
Live Funded Account: The premium path. You trade with real capital on live exchanges. Higher profit potential but requires demonstrating longer-term consistency. Topstep determines eligibility based on your XFA performance.
No-Activation-Fee Option: As of late 2025, Topstep offers Trading Combines with no activation fee but a higher monthly cost ($129/month). This reduces the upfront commitment but increases ongoing costs.
The Back2Funded Programme
If your Express Funded Account gets terminated (usually from breaching the max loss limit), Topstep’s Back2Funded programme lets you reactivate it without starting a new Trading Combine. The cost and requirements vary, but it’s a meaningful safety net that competitors generally don’t offer.
Who Runs Topstep?
Topstep was founded in 2012 by Michael Patak, a former floor trader on the Chicago Board of Trade who traded Dow futures. This isn’t a tech entrepreneur who saw a business opportunity — it’s a career trader who built a company around the evaluation model he wished had existed when he was starting out.
The company is headquartered at 141 W Jackson Blvd in Chicago — the heart of the US futures trading industry, steps from the CME Group. This physical presence in the institutional trading centre gives Topstep a credibility advantage that Austin-based Apex and Prague-based FTMO don’t have in the futures-specific market.
Key milestones:
- 2012: Founded as TopstepTrader
- 2020: Rebranded to Topstep
- 2023: Switched from 2-step to 1-step evaluation (demand was so high they paused signups for two weeks)
- 2025: Launched TopstepX proprietary platform, introduced Express Funded Accounts
- 2026: Ran a Super Bowl commercial (“Climb Higher”)
Stats: 10,000+ funded traders, $102 million+ in payouts, 800+ new funded accounts per month, 368,000 monthly Google searches, ranked #1 by Traders Union out of 40 prop firms.
The Super Bowl factor: Topstep running a Super Bowl ad in 2026 is significant. Super Bowl ad slots cost millions — this isn’t a company scraping by on challenge fees. It signals financial stability and long-term commitment to the market in a way that smaller competitors can’t match.
TopstepX and Trading Platforms
As of 2026, Topstep has consolidated around its proprietary platform, TopstepX, which is now mandatory for all new Trading Combines.
TopstepX: Commission-free trading (a significant cost advantage over Rithmic/NinjaTrader), integrated TradingView charting, “The Tilt™” sentiment indicator (shows what other Topstep traders are doing in real-time — a unique and genuinely interesting feature), and clean, modern interface. TopstepX is web-based and works on any device.
The commission-free aspect is worth emphasising. On a Rithmic/NinjaTrader setup, you might pay $4-$8 per round turn in commissions. Over hundreds of trades during an evaluation, this saves hundreds of dollars. It’s a real competitive advantage.
Previous platform options (for existing accounts): NinjaTrader, Tradovate, Quantower, TradingView, and T4 are still available for traders who started before the TopstepX mandate. New traders can only use TopstepX.
Tradable Instruments
Topstep provides access to 32+ futures markets across CME Group exchanges:
| Category | Examples |
|---|---|
| Equity Indices | E-mini S&P 500 (ES), Micro E-mini (MES), E-mini Nasdaq (NQ), Micro Nasdaq (MNQ), E-mini Dow (YM), E-mini Russell (RTY) |
| Currencies | Euro FX (6E), Japanese Yen (6J), British Pound (6B), Australian Dollar (6A) |
| Energy | Crude Oil (CL), Micro Crude (MCL), Natural Gas (NG) |
| Metals | Gold (GC), Micro Gold (MGC), Silver (SI) |
| Agricultural | Corn (ZC), Soybeans (ZS), Wheat (ZW), Live Cattle (LE) |
| Interest Rates | 10-Year Notes (ZN), 30-Year Bonds (ZB) |
Like Apex, Topstep is futures-only. No spot forex, stocks, or crypto. For broader market access, you’d need FTMO.
Trading Combine Rules in Detail
The rules are straightforward but strict:
Profit target: $3,000 (50K), $6,000 (100K), or $9,000 (150K). You must hit this target while respecting all other rules.
Maximum loss limit: 4% of account value ($2,000 on 50K, $3,000 on 100K, $4,500 on 150K). Calculated at end-of-day, not intraday. This means if you’re down $1,800 during the day but recover to down $500 by close, you’re fine. This is meaningfully more forgiving than Apex’s intraday trailing threshold.
50% consistency target: No single trading day can account for more than 50% of your total profit. If your total profit is $4,000, no day can exceed $2,000. This prevents traders from passing on one lucky trade.
Minimum 2 trading days: You technically can pass in 2 days, but Topstep recommends (and most successful traders take) 2-4 weeks.
Position limits: 5 contracts ($50K), 10 contracts ($100K), or 15 contracts ($150K). These scale with a Scaling Plan on funded accounts.
No overnight/weekend holding: Positions must be flat by the close of each trading session. This eliminates overnight gap risk but prevents swing trading strategies.
News trading: Allowed. FOMC, NFP, CPI — you can trade through all of them. Topstep won’t penalise you, but slippage and volatility are your own risk.
What Topstep Gets Right
The most established prop firm in existence. 12+ years of operation, headquartered in Chicago, featured in Forbes and MarketWatch, and a Super Bowl advertiser. No other prop firm comes close to this level of institutional legitimacy.
Lowest entry cost in the industry. The $50K Trading Combine starts at just $49/month — significantly cheaper than Apex ($137-$657/month) and FTMO (€155-€1,080 one-time). For traders testing the prop firm waters, Topstep is the most affordable way to start.
End-of-day drawdown calculation. Unlike Apex’s trailing drawdown (which tracks intraday), Topstep’s max loss limit is calculated at end-of-day. This means intraday dips that recover by market close don’t count against you — a meaningfully more forgiving approach.
TopstepX platform is genuinely good. Commission-free trading, integrated TradingView charting, “The Tilt™” sentiment tool (showing what other Topstep traders are doing), and fast execution. Initial skepticism about a proprietary platform has largely given way to positive user feedback.
Best educational resources. Group coaching every Monday and Wednesday, daily market analysis through TopstepTV, trading psychology content, and one of the largest active prop firm communities on Discord. For developing traders, this educational infrastructure justifies the monthly fee alone.
TopstepTV and Coaching Breakdown
This deserves more detail because it’s genuinely unusual in the prop firm space:
TopstepTV: Daily livestreams covering market analysis, trade setups, and real-time market commentary from experienced traders. This isn’t pre-recorded content — it’s live analysis during market hours. Traders can ask questions, get feedback on setups, and learn how professionals approach the markets.
Weekly Group Coaching: Every Monday and Wednesday at 1 PM CST, futures trading expert John Hoagland runs group coaching sessions. Topics rotate between market analysis, strategy development, risk management, and trading psychology. Attendance is free for all Combine subscribers.
Discord Community: 10,000+ active members across channels for different futures markets, strategy discussion, accountability groups, and payout celebrations. Unlike most prop firm communities (which are either dead or full of spam), Topstep’s Discord is genuinely active and moderated.
Performance Analytics: Detailed dashboards showing your P&L curve, daily performance, win rate, average win vs. average loss, and adherence to rules. These analytics help you identify patterns in your trading that you might not notice yourself.
Why this matters: Most prop firms are transactional — pay a fee, pass or fail, move on. Topstep invests in trader development because better traders make more money for everyone. This is the correct incentive alignment that many competitors lack.
News trading is allowed. FOMC, NFP, CPI — you can trade through all of them. Topstep won’t penalise you for trying, though slippage and volatility are your own risk to manage.
What Topstep Gets Wrong
The 4% Max Loss Limit Is Tight
On the $50K account, your maximum loss limit is just $2,000 (4%). That’s a slim margin for error in volatile futures markets. A single bad trade on the E-mini S&P can eat $500-$1,000 in minutes. Two bad trades and you’re halfway to elimination.
The end-of-day calculation helps, but the overall limit is still tighter than most competitors. FTMO allows 10% overall loss; Apex’s trailing threshold varies but generally offers more room on equivalent account sizes.
Payout Restrictions on Express Funded Accounts
As of late 2025, Topstep introduced new payout rules for Express Funded Accounts (XFA). After your first payout, you can only withdraw 50% of available balance for the first 4 payouts. Additionally, a new “second payout rule” requires maintaining profitability after withdrawals.
This means Topstep is no longer the “hit your target and withdraw” model it used to be. The restrictions slow down how quickly you can extract profits and add complexity to the payout process.
Futures Only — No Forex, No Stocks, No Crypto
Topstep trades futures exclusively. If you’re a forex trader, stock trader, or crypto trader, you’ll need to look elsewhere (like FTMO, which covers all of these).
You can trade forex futures (EUR/USD futures, GBP/USD futures, etc.), but the liquidity and spreads differ from spot forex. This isn’t necessarily a negative — futures are centralized, regulated, and transparent — but it does limit your options.
TopstepX Is Now Mandatory
As of 2026, all new Trading Combines must use TopstepX. The era of choosing NinjaTrader, Tradovate, or Quantower for new accounts is over. Traders who prefer third-party platforms are locked out unless they started before the transition.
TopstepX is good, but not everyone wants a proprietary platform. Some traders have years of experience with NinjaTrader’s advanced tools or TradingView’s charting depth and feel constrained by TopstepX’s feature set.
Occasional Market Restrictions
Some Trustpilot reviews report Topstep temporarily restricting major instruments (like gold) during periods of high volatility. While this may be prudent risk management from Topstep’s perspective, it frustrates traders who relied on those markets and weren’t informed in advance.
What Real Users Are Saying
Trustpilot (13,600+ Reviews, 4.3 Stars)
Funded traders consistently praise Topstep’s customer support (individual agents like Jose and Nick get named repeatedly), the coaching resources, the community atmosphere, and reliable payouts. The platform transition to TopstepX has been smoother than expected.
Negative reviews mention the tight drawdown limits, occasional market restrictions, the new payout rules on Express Funded Accounts, and — like all prop firms — the inherent difficulty of passing the evaluation.
The Trading Community View
Topstep is generally respected in the futures trading community as the “safest” prop firm choice. The common advice: if you’re new to prop trading and want the firm least likely to change rules on you or deny legitimate payouts, Topstep is the conservative pick. If you want the highest profit potential, look at Apex or FTMO.
Topstep vs. FTMO vs. Apex
| Feature | Topstep | FTMO | Apex Trader Funding |
|---|---|---|---|
| Founded | 2012 | 2015 | 2021 |
| Markets | Futures only | Forex, indices, crypto, commodities | Futures only |
| Cheapest plan | $49/mo | ~€155 one-time | ~$137/mo |
| Profit split | 100% first $10K, then 90% | Up to 80-90% | 100% first $25K, then 90% |
| Drawdown type | End-of-day max loss | Intraday daily + overall | Trailing (intraday) |
| Max accounts | Multiple | Multiple (up to $400K combined) | 20 |
| Platform | TopstepX (mandatory) | MT4, MT5, cTrader, DXtrade | Rithmic, Tradovate, NinjaTrader |
| Education | Coaching, TopstepTV, community | Trading tools + analytics | Minimal |
| Trustpilot | 4.3★ (13.6K reviews) | 4.8★ (38K reviews) | 4.4★ (17K reviews) |
| Pass rate | ~12.4% | ~8% | Not published |
Choose Topstep if: You want the most established, lowest-risk prop firm experience with strong educational support and the cheapest entry point.
Choose FTMO if: You trade forex or want broader market access. See my full FTMO review.
Choose Apex if: You want the highest profit split and maximum scaling across 20 accounts. See my full Apex review.
The Real Economics of Topstep
| Scenario | Cost |
|---|---|
| 2 months to pass $50K Combine | $98 |
| Activation fee | $149 |
| 1 month funded account fee | ~$85 |
| Total to first payout | ~$332 |
| Monthly profit (conservative 2% return on $50K) | $1,000 |
| Your share (100% of first $10K) | $1,000 |
Topstep’s economics are the most beginner-friendly in the industry. The $49/month starting cost means the barrier to entry is lower than any major competitor. Even if it takes 3-4 months to pass, you’re spending $196 in evaluation fees — less than a single FTMO challenge attempt.
The trade-off: smaller account sizes ($50K-$150K vs. FTMO’s $200K or Apex’s $300K) mean lower absolute profit potential. Topstep is optimised for consistency over home runs.
6 Tips If You Try Topstep
1. Start with the $50K Combine at $49/month. This is the cheapest prop firm evaluation in the industry. Use it to learn the rules, test your strategy in the Combine environment, and understand how the drawdown works — all for less than a nice dinner out.
2. Use the coaching. Most traders skip Topstep’s free coaching sessions. Don’t. The Monday and Wednesday group sessions with experienced traders provide market context and accountability that solo traders desperately lack.
3. Manage position size aggressively. On a $50K account with a $2,000 max loss limit, a single E-mini S&P contract can move $500+ against you in minutes. Start with micro contracts (MES, MNQ) until you’ve proven your strategy works within the drawdown constraints.
4. Don’t try to pass in 2 days. Yes, the minimum is 2 trading days. But rushing to hit the profit target often leads to oversized positions and blown accounts. The traders who pass most consistently take 2-4 weeks and accumulate profits gradually.
5. Understand the new payout rules before you get funded. The Express Funded Account payout restrictions (50% of available balance for first 4 payouts, profitability requirement after withdrawals) change your cash flow planning. Model this out before you start.
6. Take advantage of the community. Topstep’s Discord is one of the most active trading communities online. Find accountability partners, share chart analysis, and learn from traders who’ve been funded for months or years.
The Prop Trading Industry in 2026
The prop trading industry has grown massively since Topstep pioneered the model in 2012. There are now hundreds of prop firms competing for traders’ attention and subscription dollars.
This growth has brought both benefits and concerns.
Benefits: More competition means better terms for traders. Profit splits have risen from 50-60% a decade ago to 90-100% today. Evaluation fees have dropped. Account sizes have increased. Traders have genuine choices.
Concerns: Many newer firms have questionable track records, opaque rules, and payout issues. Some firms appear designed primarily to collect evaluation fees with no real intention of funding traders long-term. The low barrier to starting a prop firm (essentially a demo account provider with a payment processor) means quality varies enormously.
Topstep’s 12-year history, Chicago headquarters, and consistent payout record make it one of the safest options in an industry with growing trust issues. But even the safest prop firm can’t change the fundamental reality: most traders lose money, and prop trading is one of the hardest ways to earn online income.
If you’re exploring different ways to make money online, understanding the full spectrum — from low-risk recurring income models to high-risk trading — helps you make a better decision about where to invest your time.
Who Should Consider Topstep?
Topstep makes sense for: Beginners to prop trading who want the lowest-risk entry point. Traders who value education, coaching, and community. Conservative traders who prefer tighter risk management. Anyone who wants the institutional legitimacy of a 12-year-old Chicago-based firm.
Topstep does NOT make sense for: Forex or multi-asset traders (futures only). Aggressive traders who need more than 4% drawdown room. Traders who want maximum scaling potential (Apex’s 20 accounts is more compelling). Anyone who prefers third-party platforms like NinjaTrader (TopstepX is now mandatory).
The Bigger Question
Topstep is arguably the safest and most established prop firm available. It’s the firm I’d recommend to someone who has never tried prop trading before and wants to test the concept with minimal financial risk.
But “safest prop firm” doesn’t mean “safe path to income.” The 12.4% pass rate means 87.6% of traders who attempt the Trading Combine don’t get funded. Even those who do must navigate strict drawdown rules, new payout restrictions, and the fundamental challenge of consistent profitable trading.
Prop trading — at any firm — is a path for people who have already developed genuine trading skill. It’s not a shortcut to financial freedom, and the monthly fees add up for traders who aren’t yet consistently profitable.
If you’re looking to build reliable online income without market risk, speculative stress, or the pressure of daily loss limits, there are more predictable paths available. The model I use builds digital assets that generate recurring monthly revenue — regardless of what the futures markets do.
Frequently Asked Questions
Is Topstep legit? Yes. Topstep has operated since 2012, is headquartered in Chicago, has paid out $102 million+ to traders, and has 13,600+ Trustpilot reviews at 4.3 stars.
How much does Topstep cost? The Trading Combine starts at $49/month for a $50K account, $99/month for $100K, and $149/month for $150K. The activation fee for a funded account is $149 (or $129/month for the no-fee option).
What percentage of traders pass? Approximately 12.4% based on available data — higher than FTMO’s ~8% but still meaning most traders don’t get funded.
Can you trade forex on Topstep? Only forex futures (EUR/USD futures, etc.), not spot forex. Topstep is futures-only.
How fast are Topstep payouts? Payouts process in an average of 2-3 business days after request. You can request payouts after 5 winning days.
Is TopstepX mandatory? Yes, as of 2026. All new Trading Combines must use TopstepX. Previous accounts on NinjaTrader or Tradovate may still use those platforms.
Final Verdict
Topstep is the most established, most conservative, and most education-focused prop firm in the industry. For futures traders who want institutional legitimacy, the lowest entry cost, and a supportive environment, it’s the gold standard.
The tight drawdown limits, mandatory TopstepX platform, and new payout restrictions are real drawbacks — but they’re balanced by the firm’s 12-year track record, reliable payouts, and genuine investment in trader development.
If you’re an experienced futures trader or a developing trader who wants the safest prop firm experience, Topstep earns a recommendation. If you need broader market access, look at FTMO. If you want the highest profit potential, check out Apex.
And if you’re tired of the speculation game entirely, there are better paths to online income.
Go here to see the system I use to build recurring income — no market risk required.
Mark is the founder of MarksInsights and has spent 15+ years testing online business programs and tools. He focuses on honest, experience-based reviews that help people avoid scams and find real, sustainable ways to make money online.