Topstep Review

Overview

Topstep is a Chicago-based futures prop firm founded by Michael Patak, a former floor trader at the Chicago Board of Trade. It began as TopstepTrader in 2012, launched the Trading Combine evaluation that year, rebranded to Topstep in 2020 and dropped its forex programme in April 2022 to focus entirely on futures. In January 2026 it added Topstep Brokerage, an introducing broker that lets traders fund a personal account, including from prop payouts, and it signed a clearing and technology agreement with Plus500 in 2025.

Topstep is not a broker for its prop programme and does not hold your trading capital: the Trading Combine and Express Funded Account run in a simulated environment, and only a minority of traders progress to a Live Funded Account. Prices below were checked on 5 November 2026.

How futures prop rules differ

Traders coming from CFD firms such as FTMO should note that futures prop rules work differently. Topstep uses dollar amounts rather than percentages, there is a trailing Maximum Loss Limit instead of a static 10% floor, and the daily loss limit is optional during the Combine and Express Funded stages. There is no leverage figure as such; instead each account has a maximum number of contracts, and positions must be closed before the daily session cut-off, so nothing is held over the weekend.

The Trading Combine

The Combine comes in three sizes. You must reach the profit target, avoid hitting the Maximum Loss Limit (MLL) and meet a consistency target under which your best single day must stay below 55% of profits, according to the help centre. The MLL trails the end-of-day balance upward and never moves down, but is monitored in real time including unrealised P&L; in the Combine it stops trailing once it reaches the starting balance. There is no minimum number of days beyond what the consistency rule implies, so passing in as few as two days is possible, and no time limit other than the monthly subscription.

Costs

Pricing is subscription-based. The Standard path costs $49, $99 or $199 per month and adds a one-off $149 activation fee when you earn an Express Funded Account; the No Activation Fee path costs $95, $149 or $229 per month with no activation charge. Choosing a daily loss limit at purchase earns a small recurring discount on some plans. Resets cost the same as a monthly fee, Level 2 market depth is $38 per month, and simulated commissions are deducted per trade. A refund is only possible within 28 days if you have not traded, so the fee is not refunded on passing. Because the clock runs monthly, slower traders can end up paying several subscriptions before they pass.

Funded accounts and payouts

After passing, traders receive an Express Funded Account (XFA) with no monthly subscription and a 90% profit split. The Standard XFA requires five winning days of at least $150 before each payout and lets you withdraw up to 50% of the balance, capped at $5,000 per request. The Consistency XFA instead requires at least three trading days and a 40% consistency target, with a $6,000 cap. Each payout reduces the balance, and after the first payout the MLL is set to $0. Strong performers may be moved to a Live Funded Account with a mandatory daily loss limit. A Back2Funded option lets traders who lose an XFA before their first payout reactivate it within 30 days for $599–$829.

Platform, products and trading rules

Topstep historically supported third-party platforms such as NinjaTrader and Quantower via Rithmic, but it now centres on its own TopstepX platform, and accounts on other platforms automatically carry a daily loss limit. Markets are CME Group and other exchange-listed futures in normal electronic trading hours; positions must be flat by 3:10 PM CT or the product's close. Automated strategies are permitted but entirely at the trader's own risk, copy trading is allowed across up to five of your own XFAs, and hedging across accounts or coordinating trades with other people is banned. The help centre lists trading around economic releases as permitted activity.

Reputation and notable events

Topstep's long history and US base give it more transparency than many offshore firms, but its reputation took a hit in late 2025. Finance Magnates reported in December 2025 that traders were angry about repeated TopstepX outages, delayed executions and stop-loss failures that some said blew up their accounts; Patak acknowledged the problems and promised fixes in January 2026. Topstep's Trustpilot score, reported at around 3.6–3.7, is well below most CFD rivals. Frequent pricing and rule changes have also drawn criticism.

On the positive side, Topstep has operated through several market cycles and regulatory shifts that forced many CFD prop firms to stop serving US residents, and its futures programme, which runs on futures platforms rather than MetaTrader, was not the target of the 2024 MetaQuotes licensing dispute that disrupted many forex prop firms.

Who it suits and verdict

Topstep suits US and international futures traders who want an established, Chicago-based firm with clear dollar-based rules, a 90% split and a defined route to live capital, and who are comfortable trading on a single proprietary platform. Traders who dislike monthly billing, trailing drawdowns or payout caps may prefer alternatives. Overall it remains a credible but imperfect choice; review the current terms on the official Topstep website before subscribing.