Overview
Topstep was founded in 2012 in Chicago, making it the longest-running futures prop firm in existence. While newer firms like FTMO and FundedNext focus on forex and multi-asset trading, Topstep has stayed in its lane: futures only, CME contracts, Chicago roots. That focus has paid off. The firm has paid out over $1.1 billion to traders.
The model is straightforward. You subscribe to a monthly plan, pass the Trading Combine (their evaluation), and get a funded account. The subscription covers everything from platform access to data feeds during evaluation. Once funded, you trade live markets with Topstep's capital.
Topstep supports all major CME futures contracts including E-mini S&P 500 (ES), E-mini Nasdaq (NQ), crude oil (CL), gold (GC), and Treasury futures. If you're a futures trader, this is the most established firm you can join.
Trading Combine Explained
The Trading Combine is Topstep's two-step evaluation. Phase 1 tests your ability to hit a profit target without exceeding drawdown limits. Phase 2 (the Consistency Target) tests whether you can repeat that performance.
The rules vary by account size, but the core structure is consistent:
- Profit target: $3,000-$6,000 depending on account size
- Maximum loss: Trailing threshold that moves with your equity high
- Minimum trading days: 5 days
- Consistency rule: No single day can represent more than 50% of your total profit
The trailing drawdown is the tricky part. Unlike a fixed drawdown, it follows your account balance upward. If you make $2,000, the drawdown threshold moves up by $2,000. This means you can't give back everything you've earned. It forces disciplined position sizing.
The Consistency Target in Phase 2 requires you to demonstrate that your profits aren't coming from one lucky trade. This is where many traders fail. They pass Phase 1 with one big winner and can't replicate the performance.
Pricing and Subscription Model
Topstep uses a monthly subscription model instead of one-time fees. This is a key difference from FTMO and FundedNext.
- $50K account: $49/month
- $100K account: $99/month
- $150K account: $149/month
- $300K account: $159/month
The subscription includes platform access, data feeds, and evaluation fees. There are no hidden costs during the Combine. If you fail, you keep paying monthly until you either pass or cancel.
The subscription model has pros and cons. On the plus side, you can try for a lower upfront cost. If you pass quickly, you pay far less than FTMO's one-time fees. On the downside, if it takes you months to pass, the total cost adds up. A trader who takes 6 months to pass on a $99/month plan pays $594, which is more than FTMO's equivalent fee.
Ready to trade futures with Topstep?
Start your Trading Combine and keep 100% of your first $10K in profits.
Try Topstep →Profit Split and Payouts
Topstep's profit split is one of the most generous first-payout structures in prop trading. You keep 100% of your first $10,000 in profits. After that, the split moves to 90/10.
This means if you withdraw $10,000 in your first payout, you receive the full amount. Topstep doesn't take a cut until after that milestone. For a funded trader making $2,000/month, that first payout is completely yours.
Payouts are processed weekly via ACH transfer. There's no minimum withdrawal threshold, and Topstep has a clean track record on payment reliability. With $1.1 billion paid out over 13 years, there are no credible complaints about denied or delayed payouts.
Once funded, you also get access to the Topstep Funded Account, which provides up to $150,000 in buying power. The account uses Rithmic or Tradovate as the clearing provider.
Pros and Cons
Pros:
- 13-year track record with $1.1B+ paid out, the most established futures prop firm
- 100% on first $10K profit is genuinely generous
- Clean payout history with weekly ACH payments
- Full data and platform access included in subscription
- Chicago-based with CME relationships
- Strong community and educational resources
Cons:
- Futures only, no forex, stocks, or crypto
- Monthly subscription can be expensive if you take months to pass
- Trailing drawdown is unforgiving and trips up many traders
- Consistency rule in Phase 2 is strict
- Lower account sizes compared to some competitors ($300K max)
Who Is Topstep Best For?
Topstep is built for futures traders. If you trade ES, NQ, CL, or GC and want a firm with the longest track record in the industry, Topstep is the obvious choice. The 100% on first $10K profit is hard to beat, and the 13-year payout history eliminates the trust concerns that come with newer firms.
It's best for disciplined traders who understand trailing drawdowns and can maintain consistency. The monthly subscription model works best for traders who pass the Combine in 1-3 months. If you need 6+ months, the costs stack up unfavorably.
If you trade forex or stocks, look elsewhere. Topstep's futures-only focus means it won't serve multi-asset traders.
Verdict
Topstep is the king of futures prop trading. The 13-year track record, $1.1B in payouts, and 100% on first $10K profit make it the clear leader for futures traders. The subscription model is different from the one-time fee structure most firms use, and the trailing drawdown is unforgiving.
Our rating: 4.6/5. Topstep loses points only for being futures-only and having a subscription model that can get expensive. But if futures are your thing, nothing else comes close.