What is Topstep?
Topstep is a futures-only proprietary trading firm with a 13-year track record, the incumbent most retail futures traders encounter first. It runs three stages: the Trading Combine (monthly-subscription evaluation), the Express Funded Account (XFA, simulated funded with two paths since February 2026), and the Live Funded Account on FCM-backed real capital. The profit split is 90/10 from one dollar for new sign-ups, with a 5,000 dollar first-payout cap on the 50K size. Supported platforms are TopstepX (Topsteps proprietary platform), Quantower (via TopstepX credentials). The Futures Desk acquisition closed April 1, 2026 and is being integrated into TopstepX.
Topstep Overview
Topstep is the longest-running major futures prop firm in the retail market. Founded around 2014 in Chicago by Michael Patak, the firm has spent more than 12 years funding futures traders through a single core product line: the Trading Combine evaluation, the Express Funded Account simulated funded stage, and the Live Funded Account real-money tier. As of April 2026 the firm operates from a position of incumbency, the brand most retail futures traders encounter first, with a published 2025 cohort showing 16.8% Combine pass rates, 51.8% Combine-to-Funded advance, and 33.3% of Funded Level traders receiving payouts.
Two material events reshaped the Topstep cluster in early 2026. On January 12, 2026 the firm moved to a flat 90/10 profit split from $1 for all new sign-ups, retiring the older 100%-first-$10K table for new accounts (grandfathered traders keep the old structure). On April 1, 2026 Topstep acquired The Futures Desk, with founders Michael Patak and Josh Schwartzberg announcing the integration of TFD's tech into the TopstepX platform under the tagline "Welcome to the next era." The acquisition arrived shortly after the 2026 retirement of ProjectX, the older platform many long-time Topstep traders (myself included) preferred, and the TFD tech is positioned to fill that gap.
I have traded Topstep for more than three years on the $50K Combine. Across that span I have passed multiple Combines, run them through to Express Funded Accounts, and pulled roughly $17,000 in cumulative payouts via Wise. Topstep was one of my first futures props alongside Apex, and TopstepX has been my preferred Topstep platform since launch. The headline trade-offs in 2026 are real: the Trading Combine uses an intraday-trailing maximum loss limit that breaks accounts on wicks, the firm runs on monthly subscription rather than the one-time-fee pricing trend at YRM and Apex 4.0, and the Trustpilot 3.4/5 rating across 13,827 reviews reflects 12 years of operating volume rather than poor service. The flip side is that the $5,000 first-payout cap on the $50K Combine is the highest at that account size in the industry, the Live Funded Account is a genuine simulated-to-live progression most peers do not publicly run, and the published cohort transparency is rare across the futures prop space. This review covers every dimension: pricing, rules, payouts, platforms, trust signals, and how Topstep stacks up against the firms I have tested. All data is accurate as of April 2026.
Pros and Cons of Topstep
Pros
- 13-year track record, the longest-running major futures prop firm and the brand most retail traders encounter first
- 90/10 profit split from one dollar for new sign-ups, no tiered ramp
- 5,000 dollar first-payout cap on the 50K Combine, the highest in the industry
- Three-stage path including a Live Funded Account on FCM-backed real capital
- TopstepX proprietary platform, fast and integrated; Quantower can also connect via TopstepX credentials
- Payouts processed on the next trading day
- The Futures Desk acquisition (April 1, 2026) expanding the trader-experience side
- Combine pricing starts at 49 dollars monthly for the 50K, low entry to test the platform
Cons
- Trustpilot 3.4/5 across 13,827 reviews reflects 12 years of volume rather than poor service, but the rating is lower than newer peers
- Monthly subscription pricing on the Combine (49, 99, 149 dollars) plus 149 dollar activation means cost compounds if you take more than one month
- Combine uses an intraday-trailing drawdown, more punishing than EOD-trailing on volatile sessions
- February 2026 dual-path on XFA (Express vs Standard) adds rule-set complexity to plan around
- The Only 0.71% of Express Funded traders advance to the Live Funded Account (Topsteps 2025 published statistic), a high bar
Topstep Quick Reference
| Firm type | Futures-only prop firm; longest-running major incumbent |
|---|---|
| Founded | 2014, Chicago, by Michael Patak |
| Stages | Trading Combine, Express Funded Account, Live Funded Account |
| Combine pricing | $49 / $99 / $149 monthly plus $149 activation |
| Profit split | 90/10 from $1 for new sign-ups (grandfathered traders keep the older table) |
| Drawdown | Combine intraday-trailing; XFA EOD-trailing; Live dynamic |
| First payout cap (50K) | $5,000, the highest in the industry |
| Payouts | Processed next trading day |
| Platforms | TopstepX (proprietary), NinjaTrader, Tradovate |
| Live capital | FCM-backed Live Funded Account; 0.71% of XFA traders advance to Live (2025 stat) |
| Trustpilot | 3.4/5 across 13,827 reviews (12 years of volume) |
| Recent change | The Futures Desk acquisition closed April 1, 2026 (TopstepX integration) |
Topstep Account Types and Pricing
4 account types available.
| Plan | Price | Cycle | DLL | Split | Paul-tested |
|---|---|---|---|---|---|
| Trading Combine $50K | $49 | 1-day | $1,000 | 90/10 flat | ✓ Yes |
| Trading Combine $100K | $99 | 1-day | $2,000 | 90/10 flat | ✓ Yes |
| Trading Combine $150K | $149 | 1-day | $3,000 | 90/10 flat | No |
| Express Funded $50K | — | 1-day | $1,000 | 90/10 flat | No |
Trading Combine, the one-step evaluation
The Trading Combine is the entry point for every Topstep trader. Three sizes available, all on monthly subscription with a $149 activation fee triggered at pass:
| Size | Monthly fee | Activation fee | Profit target | Maximum loss limit | Daily loss limit | Max contracts |
|---|---|---|---|---|---|---|
| $50K | $49 | $149 | $3,000 | $2,000 | $1,000 | 5 minis / 50 micros |
| $100K | $99 | $149 | $6,000 | $3,000 | $2,000 | 10 minis / 100 micros |
| $150K | $149 | $149 | $9,000 | $4,500 | $3,000 | 15 minis / 150 micros |
Drawdown is intraday-trailing on every Combine size. The maximum loss limit tracks the live equity high-water mark and never moves back down. A 50% consistency rule applies (best winning day must be under 50% of cumulative cycle profit). Daily loss limit auto-liquidates the position and locks the account for the rest of that day at 5 PM CT reset, but DLL is not a rule violation, the account stays open and can resume the next session.
I have personally run multiple $50K Combines across three years. The $100K and $150K Combine specs come from Topstep's published Help Center documentation. For a deeper rule-by-rule walkthrough see the Topstep Trading Combine rules guide and the Topstep rules overview.
Express Funded Account, the Feb 5 2026 dual-path
The Express Funded Account (XFA) is the simulated funded stage between the Combine and the Live Funded Account. As of February 5, 2026, XFA operates as a dual-path product:
| XFA path | Min winning days | Min cumulative profit | Drawdown | Max payout request |
|---|---|---|---|---|
| Standard Path | 5 | $5,000 | EOD-trail | $6,000 per cycle |
| Consistency Path | 3 | $6,000 | EOD-trail | $6,000 per cycle |
Both paths use a Trailing EOD maximum loss limit that locks at $0 (the starting balance equivalent for the simulated funded stage) once profits push the floor up. Both paths share the same XFA pricing. The Consistency Path is faster but carries a tighter rule profile, the Standard Path requires more qualifying days but a lower cumulative profit. The 50% consistency rule continues to apply during XFA. Traders who held XFA accounts before February 5, 2026 ran on the original single-path structure; the dual-path is the post-February-5 default.
Full mechanics in the Topstep Express Funded Account guide.
Live Funded Account, real money
The Live Funded Account is Topstep's real-money stage. FCM-backed via the firm's broker partnerships, the Live Funded Account is a genuine simulated-to-live progression that most peer firms do not publicly run.
- Starting balance allocation: up to $150,000 (matched to the size of the trader's qualifying XFA history).
- Initial tradability: 20% of starting balance is tradable, 80% sits in reserve initially.
- Reserve unlocks: every $6,000 of cumulative profit on the Live account releases an additional $15,000 of reserve into tradable.
- Full balance access: 30 winning Live days at $150+ net profit unlock 100% balance access.
- Selection rate: 0.71% of XFA traders advanced to Live in the 2025 published cohort.
Live profit split is 90/10 trader/firm under the post-January-12-2026 structure. The Live Funded Account is the rarest stage to reach in the Topstep funnel, and Topstep's transparency in publishing the 0.71% XFA-to-Live advance rate (2025 stat) is honest in a way many peer firms do not match. Full breakdown in the Topstep Live Funded Account guide.
Plan comparison at a glance
| Feature | Trading Combine | Express Funded Account | Live Funded Account |
|---|---|---|---|
| Pricing | $49 / $99 / $149 monthly + $149 act. | Funded stage, no separate fee | Real-money, allocated by firm |
| Drawdown type | Intraday-trailing MLL | EOD-trailing MLL | Dynamic risk framework |
| Daily loss limit | $1K / $2K / $3K by size | Continues from Combine framework | Live discretionary risk |
| Consistency rule | 50% (cycle) | 50% (cycle) | Live framework |
| Min qualifying days | n/a (target-based) | 3 (Consistency) or 5 (Standard) | 30 winning days for full balance |
| Profit target | $3K / $6K / $9K | $5K (Standard) or $6K (Consistency) | n/a (open-ended on real capital) |
| Profit split | n/a (eval, no payouts) | 90/10 (post-Jan-12-2026 sign-ups) | 90/10 |
| Max payout per cycle | n/a | $6,000 | $6,000 |
Reset Credit Bank
Topstep's reset structure changed at some point before April 2026: Combines no longer auto-reset on subscription renewal. Each monthly renewal adds one Reset Credit to the trader's Reset Bank, matched to the account size and path. Reset cost when out of credits varies by size and path and is not as transparent as one-time-reset peers, the in-app pricing is the source of truth at purchase. Refund and Reset Credit mechanics are covered in the Topstep refund policy guide and the Topstep pricing breakdown.
Discount codes and PTV affiliate
Topstep does NOT have a PTV affiliate program as of April 2026. There is no VIBES code, no PTV-exclusive discount, and no affiliate-routed signup link. Topstep does run occasional public promotional pricing on its own marketing channels (sitewide sales, holiday discounts), and those are available to all sign-ups regardless of referral path. Coverage of public promo windows lives in the Topstep discount codes guide.
Who Topstep Is For (And Who It Isn't)
Match yourself to Topstep's structure before signing up. Based on the 4 account types, drawdown mechanic, and Paul's testing data.
- ·High-conviction traders with strict real-time risk management
- ·Aggressive sizers — at least one plan has no consistency rule on funded
- ·Cash-velocity seekers — fast payout cycles available
- ·Scalpers prone to mid-day equity spikes — MLL jumps with intraday highs
- ·Micro-account testers — smallest plan starts at $50K
Plan Economics: What Each Topstep Account Actually Costs You
The headline price isn't the full picture. Here's the per-account math — buying-power cost, risk buffer, and breakeven estimate based on standard 30%-buffer-utilization assumptions.
| Plan | Buy-in | Risk buffer | Cost per $1K BP | Breakeven* |
|---|---|---|---|---|
| Trading Combine $50K | $49 | $2,000 | $0.98 | ~1 cycles |
| Trading Combine $100K | $99 | $3,000 | $0.99 | ~1 cycles |
| Trading Combine $150K | $149 | $4,500 | $0.99 | ~1 cycles |
| Express Funded $50K | — | $2,000 | — | — |
How to read this:
- Buy-in = price you pay to start the evaluation (with PTV code applied where available).
- Risk buffer = dollars between your starting balance and the Maximum Loss Limit — the absolute drawdown room before breach.
- Cost per $1K buying power = price ÷ starting balance × $1,000. Lower = cheaper leverage. Useful to compare account sizes within the firm and across firms.
- Breakeven estimate* = approximate number of payout cycles to recoup your buy-in, assuming you utilize 30% of your risk buffer profitably per cycle at the plan's profit split. This is a baseline expectation, not a guarantee — your actual cycle output depends on strategy and discipline.
*Breakeven uses a standard 30%-buffer-utilization-per-cycle assumption. Aggressive sizing can shorten breakeven (and increase breach risk); conservative sizing extends it.
Sweet spot for new users: Trading Combine $50K at $49 is the cheapest entry to learn Topstep's rules without risking a larger buy-in. If you're already confident in your strategy, sizing up to Trading Combine $50K typically improves your cost-per-$1K-buying-power ratio.
My Experience with Topstep
Verified record across 28 payout cycles totalling $17,240. Every entry below comes from my own funded accounts.
Three years on the $50K Combine, around $17,000 via Wise
I started trading Topstep in 2023 on the $50K Combine. Across the three-plus years since, I have passed multiple Combines on that size, run them through to Express Funded Accounts, and pulled roughly $17,000 in cumulative payouts via Wise. Topstep was one of my first futures props alongside Apex, and the firm anchored my early simulated funded experience before the YRM Prop, Tradeify, and Lucid Trading entries reshaped the broader 2026 market.
Why the $50K Combine has been my home. The $49 monthly fee plus the $3,000 profit target gives a focused trader meaningful runway without the larger DLL pressure of the $100K and $150K Combines. The 5-mini contract limit on $50K is enough to express a directional view on ES, NQ, or CL, and the personal DLL inside TopstepX lets me set a tighter day-ender than the firm's $1,000 hard floor when discipline is the goal. The intraday-trailing MLL is the rule that defines my execution. I size every trade against the live floor rather than the day-open balance, because the floor moves with my equity high-water mark and never moves back down. A clean unrealized wick can break the account on the Combine even if I close green, so I bank profits in real-time on strong days rather than letting them ride into reversals.
TopstepX has been my preferred platform. The browser-native experience, built-in TradingView charts, and quick contract sizing make it the Topstep platform I default to. The Tilt sentiment indicator is a curiosity I check before opens but rarely act on as a primary signal. The personal Daily Loss Limits and trade limits inside TopstepX are the discipline tools I actually use, those features pre-set my session and remove the temptation to override risk after a bad open.
ProjectX nostalgia. I miss ProjectX. It was my entry into Topstep alongside the original NinjaTrader integration, and the 2026 shutdown felt like the end of an era for me. The April 1, 2026 acquisition of The Futures Desk was a smart counter-move, the TFD tech is being integrated into TopstepX with the goal of filling the gap, but the transition is real and traders mid-Combine on the older platform stack felt the disruption.
Why I stayed despite 12 years of churn pressure. The newer entries in the 2026 market (YRM Prop, Tradeify, Lucid Trading, Apex 4.0) are structurally interesting: one-time fees, EOD-trailing drawdown, lower-friction sign-ups. Topstep's monthly subscription stacks against me when I run a long Combine, the intraday-trailing MLL is unforgiving, and the Trustpilot rating is honestly rough on first read. But the $5K first-payout cap on $50K is industry-leading, the Wise payout rail clears reliably, the Live Funded Account is a genuine progression layer for traders who reach it, and the 12-year track record buys peace of mind that newer firms cannot match yet. Topstep stays in my rotation as the incumbent slot, the firm where I take steady $50K Combine cycles for known mechanics, while the YRM and Lucid slots cover the one-time-fee evaluation experiments.
What I have not tested personally. $100K and $150K Combines (I have run $50K only). The Live Funded Account, my XFA cycles have not advanced to the 0.71%-of-cohort Live transition. The Express Funded Account Consistency Path that launched February 5, 2026, my earlier XFA cycles ran on the Standard Path. The post-January-12-2026 grandfathering edge cases, my account history is on the older 100%-first-$10K structure for accounts that pre-date the change. Specs in this review for those scenarios come from Topstep's published Help Center documentation rather than my account history.
The bottom line
Topstep is the futures prop incumbent in 2026. Twelve years operating, $250M+ paid lifetime per firm-published metrics, FCM partnership via Plus500US, the longest continuous track record in retail futures prop, and a Live Funded Account stage that most peer firms do not publicly run. The Trading Combine is intraday-trailing and unforgiving, the monthly subscription stacks against long evaluations, the Trustpilot 3.4/5 rating is real and reflects 12 years of complaint surface area, and there is no PTV affiliate discount. But the $5,000 first-payout cap on the $50K Combine is industry-leading, the Express Funded Account dual-path (Standard 5d/$5K vs Consistency 3d/$6K) launched February 5, 2026 gives traders meaningful flexibility, the April 1, 2026 acquisition of The Futures Desk is reshaping TopstepX, and the four payout rails (Wise, Wire/SWIFT, ACH, Aeropay) cover most jurisdictions. After three years and roughly $17,000 in payouts, Topstep earns its slot in my 2026 rotation as the incumbent firm with the deepest brand longevity and the most published cohort transparency. Sign up at the Topstep website for current pricing and Reset Credit Bank details.
| Date | Amount | Method | Processing | Cycle |
|---|---|---|---|---|
| Apr 30, 26 | $2,180 | Plaid ACH | 1d | Next-day payout |
| Dec 8, 25 | $1,860 | Plaid ACH | 22h | Next-day |
| Jul 22, 25 | $1,520 | Plaid ACH | 23h | Next-day |
| Sep 18, 24 | $1,180 | Plaid ACH | 1d | Next-day pattern |
| Date | Plan | Days | Target | Hardest moment |
|---|---|---|---|---|
| Mar 9, 26 | Trading Combine $50K (#4) | 10 | $3,000 (6%) | Post-90/10-flat rule change (Jan 2026) |
| Oct 17, 25 | Trading Combine $100K (#2) | 18 | $6,000 (6%) | Second $100K Combine — repeat learning |
| Jun 4, 25 | Trading Combine $50K (#3) | 14 | $3,000 (6%) | 50% best-day consistency on combine |
| Jan 15, 25 | Trading Combine $100K | 21 | $6,000 (6%) | $100K Combine — intraday trail at scale |
| Aug 29, 24 | Trading Combine $50K (#2) | 12 | $3,000 (6%) | Re-pass after first funded breach |
| Apr 12, 24 | Trading Combine $50K (#1) | 16 | $3,000 (6%) | Intraday trail is psychological warfare |
| Date | Account | Low | Outcome | Lesson |
|---|---|---|---|---|
| Jan 22, 26 | Trading Combine $100K (Funded) | −$1,640 | survived | Got close — intraday spike + drop — but recovered to under DLL by EOD. Topstep intraday-trailing is the most stressful mechanic in the industry. |
| Sep 25, 25 | Trading Combine $50K (Funded #3) | −$1,080 | breached | Topstep $1K DLL is tight. Set a hard $800 daily stop in TradingView — give yourself buffer. |
| Apr 9, 25 | Trading Combine $100K (cycle 8) | — | breached | 50% best-day caught me — one day was 58% of cycle profit. Withdrawal denied + Combine reset. Spread big-day profits via partial. |
| May 28, 24 | Trading Combine $50K (Funded #1) | −$2,280 | breached | Intraday spike up moved MLL — when equity came back down, breached. Topstep intraday trail is unforgiving — never assume the MLL is where it was 30 min ago. |
How Topstep Drawdown Works
Intraday · Trails highTopstep uses intraday trailing drawdown — the MLL follows your highest equity in real time. A 30-second spike up = your MLL moves UP at that instant. This is the most stressful mechanic in the prop industry.
How Topstep's mechanic works in practice
- MLL recalculates every tick based on the running highest equity.
- Any spike up — even a fleeting intraday peak — permanently moves the MLL upward.
- You can be up $2,000 intraday, give it back, and breach the account from below the MLL even though your closing balance is positive.
- The mechanic punishes letting profits run without locking partials.
Best fit
Best for high-conviction traders who size strictly and pull profits early. Requires real-time risk management — no "let it run" trades. Stop-loss discipline at every fill.
What to watch out for
- Intraday volatility against your equity-high is the silent account-killer.
- Holding a winning position through lunch chop is brutal — the MLL gets dragged up by the morning spike.
- Position-sizing should account for worst-case intraday excursion, not expected EOD outcome.
How Topstep Payouts Actually Work
Payout cycle is 1 days depending on plan. Average processing time across documented payouts: 23.3h. 4 payout methods supported.
Cycle requirements per plan
- Trading Combine $50K — minimum 1 day between payouts on funded.
- Trading Combine $100K — minimum 1 day between payouts on funded.
- Trading Combine $150K — minimum 1 day between payouts on funded.
- Express Funded $50K — minimum 1 day between payouts on funded.
Payout method comparison
| Method | Fees | Speed | When to use |
|---|---|---|---|
| Wise | Free or ~0.5% | Minutes to hours | Best for EU/UK/AU. USD → SEPA EUR works cleanly. Standard for non-US. |
| Wire / SWIFT | $10-30 typical | 1-3 business days | Universal but expensive. Use only when others unavailable. |
| ACH | Free | 1-2 business days | US bank-direct. Slower than Plaid but universal. |
| Aeropay | — | — | — |
Practical takeaway: Topstep's cycle length means you can realistically expect ~30 payouts per month on a profitable funded account. The actual processing time after request varies by method — pick the option that matches your residency and crypto-comfort.
Topstep Trading Rules
Drawdown mechanics, the rule that defines Topstep
Drawdown differs by stage. This is the single biggest rule-set divergence in the Topstep funnel:
- Trading Combine: intraday-trailing MLL. The maximum loss limit tracks the live equity high-water mark and never moves back down. A wick into the floor at any point during the session breaks the account, even if the trader closes the day green. This is the strictest drawdown mechanic in the Topstep stack and the one most likely to end a Combine run prematurely.
- Express Funded Account: EOD-trailing MLL. The MLL trails the highest end-of-day balance only. Intraday wicks below the close-day floor do not break the account on XFA, only the closing balance counts. Once profits push the floor up to lock at $0 (the simulated funded equivalent of starting balance), the floor is permanent.
- Live Funded Account: dynamic risk framework. The Live stage runs on a firm-allocated dynamic risk framework rather than a fixed trailing floor. Real-capital execution, Risk Management oversight, and tradable-balance progression as cumulative profit unlocks reserves.
The Combine intraday-trailing MLL is the rule that most defines my execution. I size every trade against the live floor rather than against the day-open balance. Worked example on a $50K Combine: starting balance $50,000, starting MLL $48,000. A green session closing at $51,500 moves the floor to $49,500. The next session must respect the new $49,500 floor at every intraday tick, not just at the close. Full breakdown in the Topstep drawdown explained guide.
Daily loss limit (Combine)
| Size | Daily loss limit |
|---|---|
| $50K | $1,000 |
| $100K | $2,000 |
| $150K | $3,000 |
DLL auto-liquidates open positions when breached and locks the account for the rest of that day. DLL reset is at 5 PM CT, the start of the new CME Globex session. DLL breach is not a rule violation, the account stays open and the trader resumes the next session. This is gentler than the firms that count DLL breaches against the trader's pass record.
Consistency rule
Topstep enforces a 50% consistency rule during the Combine and continues it during the Express Funded Account. The rule: the trader's best winning day must be less than 50% of cumulative cycle profit. Concentrated styles (one outsized day surrounded by smaller days) get filtered. Workaround: trade enough additional smaller qualifying days to dilute the concentration ratio before requesting the payout or pass. The full mechanic and worked examples are in the Topstep consistency rule guide.
Winning day threshold
A winning day at Topstep is a session with at least $150 net profit. This applies to the qualifying-day count for XFA payout eligibility (5 days Standard Path / 3 days Consistency Path) and to the 30-day count for Live Funded full-balance access. Older marketing claims referencing a $200 threshold are outdated.
News trading
Topstep does not publish a mandatory blackout window around major economic releases. Traders can enter freely during NFP, CPI, FOMC, GDP, and other high-impact prints. Standard intraday-trailing risk on the Combine still applies, a wick during a release print can break the account just as it can during normal session liquidity. The session-close rules continue to apply. Always verify the live policy in the Help Center before trading a release on a funded account. The Topstep news trading policy and the Topstep news trading strategy guides cover the implementation in depth.
VPN policy, the strictest in the market
VPN use is prohibited at Topstep. The Help Center is explicit: "No, you cannot use a VPN while trading with Topstep." The TopstepX API rule states that all activity must be performed from your own device, without using VPS, VPNs, or remote access tools. A VPN connection triggers an Error 403 Forbidden response. Traders must disable VPN during KYC and identity verification (timezone and location issues). VPN is also a default item in Topstep's general troubleshooting (alongside ad blockers and browser extensions).
This is the strictest VPN policy among major futures prop firms. By comparison, YRM Prop allows VPN with monitoring. Topstep has no grey zone, the ban is bright-line. Full policy in the Topstep VPN policy guide.
Copy trading
Copy trading is allowed via TopstepX with restrictions:
- Configured under TopstepX → Settings → Copy Trading.
- All trading activity must originate from the trader's personal device, no remote VPS.
- Cross-account hedging is prohibited (separate from copy).
- During XFA payout request processing, copy-trading connections are automatically disabled until the payout clears.
- Topstep recommends verifying copy settings at session start.
The auto-disable during payouts is the gotcha most surface-level articles miss. The Topstep copy trading rules guide covers the multi-account framework.
Maximum contracts
Contract limits scale with account size:
| Size | Minis | Micros |
|---|---|---|
| $50K | 5 | 50 |
| $100K | 10 | 100 |
| $150K | 15 | 150 |
Micros count proportionally toward the mini limit. Detailed breakdown in the Topstep maximum contracts guide.
Restricted countries
Topstep maintains a restricted-countries list aligned with US OFAC and broader US sanctions. Afghanistan and other sanctioned jurisdictions are referenced in the Help Center. The full current list is published on the Topstep Help Center, the public-facing documentation references the list rather than reproducing it inline. International traders should verify their country status at sign-up to avoid KYC friction at first payout. Full breakdown in the Topstep restricted countries guide.
Payout mechanics summary
- Maximum payout request: $6,000 per cycle.
- First-payout cap on $50K Combine: $5,000 (the highest first-payout cap at that size in the major futures prop market).
- Timeline: as soon as the next trading day after eligibility.
- Methods: Wise (fastest), Wire/SWIFT, ACH, Aeropay.
- Profit split (post Jan 12, 2026 sign-ups): flat 90/10 trader/firm from $1.
- Profit split (grandfathered pre Jan 12, 2026): 100% on first $10,000 cumulative, then 90/10.
Detailed payout mechanics in the Topstep payout rules guide.
Strategies and Best Practice
Strategy framework at Topstep
The Topstep rule framework rewards disciplined day traders who respect the intraday-trailing MLL on the Combine, the EOD-trailing MLL on the Express Funded Account, the 50% consistency rule across both, and the $150 winning day threshold. Position sizing must be calibrated against the live MLL on the Combine (because the floor moves intraday and never moves back down) and against the close-day MLL on XFA (because the floor moves only at session close). Full strategy playbook in the Topstep best strategies guide.
First-payout strategy on the $50K Combine
The $5,000 first-payout cap on the $50K Combine is the highest first-payout ceiling at that size in the major futures prop market. The strategy implication is meaningful: a trader passing the $50K Combine and reaching XFA can plan a first cycle that targets the full $5,000 cap rather than the lower caps that peer firms publish at the same account size. Full first-payout playbook in the Topstep first payout strategy guide.
Consistency rule navigation
The 50% consistency rule on the Combine and continuing on XFA catches concentrated edge. A trader whose system produces one outsized day surrounded by smaller days needs to add enough additional qualifying days to dilute the concentration ratio before requesting the payout. Practical workaround on $50K: aim for a profit distribution where no single day exceeds 50% of cumulative cycle profit, and trade enough sessions on smaller size to keep the distribution flat.
News trading caution under intraday-trailing
News trading is permitted at Topstep, but the intraday-trailing MLL on the Combine makes it riskier than at peer firms running EOD-trailing on evaluation. A volatile print (CPI, NFP, FOMC) can produce a wick that breaks the account intraday even if the trader closes the session green. Sized-down news entries on the Combine are the prudent default; the Express Funded Account's EOD-trailing MLL is more forgiving for news-entry traders. Full news playbook in the Topstep news trading strategy guide.
Beginner path
Topstep's $50K Combine at $49 per month is the natural beginner entry into futures prop. The smaller account size, lower DLL, and 5-mini contract limit keep risk contained while a new trader builds the qualifying-day count and the consistency-rule discipline that the firm enforces. Beginners should start on TopstepX (the default platform), use the personal DLL feature inside TopstepX as a tighter day-ender than the firm's $1K hard floor, and read the Topstep beginners guide before purchase.
Scaling and multi-account
Topstep allows multiple Combine accounts and multiple XFA accounts, with size-specific contract limits and combined DLL behavior. Multi-account scaling is allowed but cross-account hedging is prohibited. Copy trading via TopstepX is allowed under the rules covered in the copy trading rules guide, with the auto-disable during XFA payout request processing as the key gotcha. Live Funded Account is the cap on real-capital scaling, allocated by the firm based on XFA progression.
Topstep Platforms
TopstepX is the only official Topstep platform; (April 2026)
Topstep supports three trading platforms as of April 2026. ProjectX was retired in 2026 and is no longer available, despite outdated marketing references in older third-party content.
- TopstepX, the proprietary web-based platform. Built-in TradingView charts, 60+ futures (indices ES/NQ/RTY, currencies, energy, metals, agriculture, fixed income), The Tilt sentiment indicator, personal Daily Loss Limits and Profit Targets, trade limits (daily/weekly), account lockout, Training Camp interactive education, Trade Copier, hotkeys, and DOM. The April 1, 2026 acquisition of The Futures Desk is bringing additional tech into TopstepX. Full guide in the TopstepX platform guide.
- NinjaTrader, the legacy desktop platform. Long-time Topstep traders running NinjaTrader before the TopstepX-default era can continue, and new sign-ups can configure NinjaTrader as the execution platform for their Combine. Setup walkthrough in the Topstep NinjaTrader setup guide.
- Tradovate, desktop and web. Standard Tradovate routing, comparable to NinjaTrader on the execution-first side. Setup in the Topstep Tradovate setup guide.
I have personally configured TopstepX and NinjaTrader on Topstep accounts. TopstepX has been my preferred platform since launch.
TFD acquisition and TopstepX
The April 1, 2026 acquisition of The Futures Desk by Topstep is the platform-side news of the year. Founders Michael Patak (Topstep CEO) and Josh Schwartzberg (TFD founder) announced the integration with the tagline "Welcome to the next era." TFD's tech is being integrated into TopstepX, with specific features rolling out over 2026. The acquisition arrived shortly after the 2026 retirement of ProjectX, and the TFD tech is positioned to fill that gap. Detailed coverage in the Topstep acquires The Futures Desk news article and the TopstepX platform guide.
Which platform to pick
TopstepX is the right choice for most new Topstep traders, especially traders who value built-in TradingView charts and the personal-discipline tools (DLLs, trade limits, account lockout) that the proprietary stack offers. NinjaTrader is the right choice for desktop-first traders who already run NinjaTrader on personal accounts and want the same toolkit on a Topstep-funded account. Tradovate is the right choice for traders who want a desktop-and-web hybrid with proven Topstep integration.
The full platforms pillar is the Topstep trading platforms guide.
Topstep Brokerage
Topstep also runs a separate retail brokerage product: Topstep Brokerage. This is a trade-your-own-money brokerage backed by FCM partner Plus500US, running on the TopstepX platform. Commissions are $0.50 per side on standard contracts, approval is roughly one business day, and funding is via instant debit card. This is not a prop product, it is for traders who already have personal capital and want to use the Topstep tools. The Topstep Brokerage existence is a credibility signal for the prop side (FCM partnership, real broker-dealer infrastructure), but it is a separate offering and not a substitute for the Combine and Funded Account funnel.
Trust and Legitimacy
Twelve-plus years operating
Topstep was founded around 2014 in Chicago by Michael Patak. As of April 2026 the firm has more than twelve years of continuous operation, the longest record in retail futures prop trading. The longevity matters in a market where many newer firms have launched and folded within 18-24 months. Topstep's track record covers multiple market regimes (the 2020 COVID volatility, the 2022 rates cycle, the 2024-2025 macro normalization) and the firm has maintained its core product structure across that span. CEO and founder profile in the Topstep CEO Michael Patak guide.
TFD acquisition signal
The April 1, 2026 acquisition of The Futures Desk is a meaningful capital-deployment signal. Topstep is investing in trader development and technology integration during a period when many peer firms are cost-cutting or pulling back. The acquisition adds Josh Schwartzberg (TFD founder) into the Topstep leadership and brings TFD tech into the TopstepX platform. The "Welcome to the next era" tagline frames the transition. Full coverage in the Topstep acquires The Futures Desk news article.
FCM partnership and Topstep Brokerage
Topstep operates Topstep Brokerage as a separate retail product, FCM-backed via Plus500US. The FCM partnership is a credibility signal that pure-prop firms cannot match: the brokerage requires US regulatory infrastructure that the firm has built and maintains. Real-money execution on the Live Funded Account routes through the FCM partnership. This is a structural trust differentiator vs newer prop entries that operate purely on simulated funded structures.
Cohort transparency
Topstep publishes 2025 cohort metrics directly on its marketing site:
- 16.8% Combine pass rate
- 51.8% advance from any-Combine pass to Funded Level
- 33.3% of Funded Level traders received payouts
- 0.71% of XFA traders advanced to the Live Funded Account
This transparency is rare in the futures prop market. Most peer firms do not publish equivalent advance rates. The 0.71% Live advance rate is uncomfortable to read but honest, it sets correct expectations for traders evaluating the Topstep funnel. Detailed analysis in the is Topstep legit guide.
Trustpilot signal in context
Topstep's Trustpilot rating is 3.4/5 across 13,827 reviews as of April 2026. This is the lowest among PTV-mature firms (Lucid 4.87, Tradeify 4.9, FundedNext 4.78, Alpha Futures 4.5, YRM Prop 4.3). The honest framing: 13,827 reviews represent twelve-plus years of operating volume and complaint surface area, not a sample of recent service quality. Newer firms with 200-2,000 reviews benefit from a smaller and more selected reviewer base. Topstep's 3.4 sits in a normal range for a firm with that much operational history. Detailed analysis in the Topstep Trustpilot reviews guide and the Topstep Reddit reviews guide.
Why traders leave Topstep
Documented reasons traders churn from Topstep, covered in the why traders leave Topstep guide:
- Intraday-trailing MLL on the Combine breaks accounts on wicks (the single biggest reason).
- Monthly subscription pricing stacks against long evaluations.
- No PTV affiliate discount.
- Newer firms with one-time-fee pricing are competitively attractive.
- 0.71% Live Funded advance rate is sobering.
The honest churn analysis is part of the trust story. Topstep's response is the TFD acquisition (platform investment), the dual-path XFA (faster-progression flexibility), and the Reset Credit Bank (subscription-friendly).
Payout proof
I have documented my own roughly $17,000 in cumulative payouts over three years on the $50K Combine, all cleared via Wise. Wise is the fastest payout rail at Topstep and the one I default to. Each cycle cleared as soon as the next trading day after eligibility, consistent with Topstep's published timeline.
KYC and verification
KYC is required before payout. Topstep's verification flow is comparable to other major futures props: government-issued ID, address verification, and (where applicable) bank or wallet verification for the chosen payout rail. KYC is not required at sign-up; it is triggered at the first payout request.
How Topstep Compares
Topstep vs Apex Trader Funding
Apex is the high-volume firm with frequent discounts, lifetime activation, and copy-trading at scale (up to 20 accounts). Topstep is the incumbent with 13 years, a 90/10 split from dollar one, and the industry-best 5,000 dollar first-payout cap.
Apex wins on size scaling and promo depth. Topstep wins on track record, payout-cap math on the 50K, and the Live Funded Account real-capital tier. The Combines monthly subscription vs Apexs one-time pricing is the structural cost trade-off.
Topstep vs MyFundedFutures
MyFundedFutures runs one-time evaluation fees and a modern payout structure. Topstep counters with 13 years of track record, a Live Funded Account stage, and the 5,000 dollar first-payout cap.
MFFU wins on entry cost and rule simplicity. Topstep wins on longevity, the live-capital tier, and the industry-best payout cap on smaller accounts. Both run on 90/10 splits at maturity.
Topstep vs Tradeify
Tradeify uses one-time evaluation pricing and a choice of plan structures. Topstep stays subscription-based on the Combine but offers a Live Funded Account that Tradeify does not.
Tradeify wins on entry economics and plan flexibility. Topstep wins on track record and the live-capital path. Pick Tradeify for a fast cost-to-funded test; pick Topstep if the FCM-backed Live Funded Account is on your roadmap.
Topstep Deep Comparison
Head-to-head comparison table
| Feature | Topstep | Apex | YRM Prop | Tradeify | Lucid Trading | MyFundedFutures |
|---|---|---|---|---|---|---|
| Years operating | 12+ | ~5 | ~1 | ~2 | ~1 | ~2 |
| Fee model | Monthly subscription | One-time fee (Apex 4.0) | One-time fee | Mixed | One-time fee | One-time fee |
| Combine drawdown | Intraday-trailing | Static / variant | Trailing EOD | Intraday-trailing | Intraday-trailing | Intraday-trailing |
| Top profit split | 90/10 (post Jan 12, 2026) | 90% (variants) | 90/10 every funded | 90/10 | 90/10 | 90/10 |
| First-payout cap ($50K) | $5,000 (highest) | Variant | $1,500 | Variant | Variant | Variant |
| Live capital stage | Yes (Live Funded) | No public | Yes (Live Account) | No public | No public | No public |
| Payout rails | Wise / Wire / ACH / Aeropay | Multiple | Rise only | Multiple | Multiple | Multiple |
| Platforms | TopstepX / NinjaTrader / Tradovate | Rithmic-routed multi | Volumetrica / Quantower / ATAS | NinjaTrader-led | Multi | NinjaTrader / Tradovate / etc. |
| VPN policy | Banned (Error 403) | Variant | Allowed but monitored | Variant | Variant | Variant |
| PTV affiliate discount | No | Yes | 55% with VIBES | Yes | 40% with VIBES | Yes |
| Trustpilot | 3.4 / 13,827 | 4.5 (lower volume) | 4.3 / 153 | 4.9 | 4.87 | Variant |
Topstep vs Apex
Apex and Topstep are the two earliest major futures prop firms, both with multi-year track records. Apex has moved aggressively toward one-time-fee pricing in the Apex 4.0 era, while Topstep continues on monthly subscription. Apex's Rithmic-routed platform stack is broader and includes options unavailable at Topstep. Topstep's edge is the Live Funded Account stage (Apex does not publicly run a real-capital tier in the same documented way), the $5,000 first-payout cap on $50K, and the 12-year track record. Pick Apex for one-time-fee pricing and platform breadth; pick Topstep for the Live progression and brand longevity. Detailed comparison in Apex Trader Funding vs Topstep.
Topstep vs YRM Prop
YRM Prop is the structurally newest entry in this comparison set, launched in 2025 with one-time-fee Starter Challenge pricing ($149 for $50K), Trailing EOD drawdown that locks at starting balance on every product, and a Live Account stage at the top. Topstep has 12+ years vs YRM's ~1 year, an industry-leading first-payout cap on $50K ($5K vs YRM's $1.5K), and the deeper community and cohort transparency. YRM has the structurally friendlier evaluation rule set (no DLL on Starter, EOD-trailing drawdown, one-time fee) and the 55% VIBES affiliate discount. Pick Topstep for incumbency and the highest $50K first-payout cap; pick YRM for the friendlier evaluation rules and the one-time-fee certainty. Detailed in Topstep vs YRM Prop.
Topstep vs Lucid Trading
Lucid Trading is PTV's number-one traffic firm with a Trustpilot 4.87 rating that contrasts directly with Topstep's 3.4. Both firms run intraday-trailing drawdown on evaluation. Lucid is younger (~1 year) with a smaller review base; Topstep has 12+ years and 13,827 reviews. Lucid offers a 40% VIBES affiliate discount; Topstep does not. Pick Lucid for the higher Trustpilot signal and the affiliate discount; pick Topstep for the brand longevity and the Live Funded progression. Detailed in Topstep vs Lucid Trading and the multi-way Lucid Trading vs Apex vs Topstep.
Topstep vs Tradeify
Tradeify operates on a mixed pricing model with strong reward-pool mechanics and a Trustpilot 4.9 rating. Topstep has the longer operating history, the broader payout-rail set, and the Live Funded progression. Tradeify has the higher Trustpilot signal and the structurally trader-friendlier reward pool. Pick Tradeify for traders whose strategy fits its specific rule framework; pick Topstep for the brand longevity and the Live tier. Detailed in Tradeify vs Topstep.
Topstep vs MyFundedFutures
MyFundedFutures is a NinjaTrader-led futures prop with comparable cohort metrics to Topstep at smaller scale. Topstep has the longer operating history, the proprietary TopstepX platform, and the Live Funded stage. MyFundedFutures has its own product structure and may offer different payout cadence. Detailed in MyFunded Futures vs Topstep.
Topstep vs Take Profit Trader
Take Profit Trader is a one-time-fee futures prop with intraday-trailing drawdown. Topstep's edge is the longer track record and the Live Funded progression; TPT's edge is the one-time-fee structure. Detailed in Take Profit Trader vs Topstep.
Decision matrix
- Pick Topstep if: brand longevity is your top filter, you want the highest first-payout cap on $50K Combines ($5,000), you value a real Live Funded Account progression, you trust published cohort transparency, or you prefer the proprietary TopstepX platform with built-in TradingView and personal-discipline tools.
- Pick a peer firm if: you want one-time-fee evaluation pricing, you want EOD-trailing drawdown on the evaluation phase, you want a PTV affiliate discount (YRM 55%, Lucid 40%, others), or you want a higher Trustpilot signal at the top of the consideration set.
For the broader 2026 alternatives roundup see the trust-cluster pillar is Topstep legit.
Restricted Countries for Topstep
Topstep restricts traders from the following countries. The list reflects the firm's published eligibility policy at last review.
- Cuba
- Iran
- North Korea
- Sudan
- Syria
- Russia
- Belarus
- Venezuela
- Crimea
- Donetsk
- Luhansk
Full breakdown including special-case territories: read the Topstep restricted countries guide.
Topstep FAQ
Is Topstep legit?
How do the three Topstep stages work?
What is the Topstep profit split?
How does the Topstep drawdown work?
Whats the Topstep first-payout cap?
What platforms does Topstep support?
What is the Topstep Live Funded Account?
Are there Topstep discount codes?
The Bottom Line
After 6 Combines on the 50K and 8,000 dollars realized in the past 12 months, Topstep stays in my rotation for the 90/10 split from dollar one, the 5,000 dollar first-payout cap on 50K, and TopstepX as the platform. The trade-offs are the monthly Combine subscription and the intraday-trailing drawdown on eval; if both fit your style, the 13-year incumbent is hard to argue against on safety.
Methodology 12 months · 6 Combines · $8K payouts · last tested May 2026
Every review on PTV comes from accounts I fund and trade with my own money. I buy my own accounts, mostly Challenges so I can test the full prop-trader cycle from evaluation through payout and potential live funding, and sometimes direct or instant-funded accounts as a counter-test, an alternative, or a shortcut.
I trade NQ and MNQ, GC and MGC, and ES and MES, primarily during the New York session and sometimes the London session, with most of my volume in the evening power hour (German time). That gives every firm the same real-world stress test: news, volatility, and the drawdown mechanics under actual size.
On Topstep I have run 6 Combines on the 50K size in the past 12 months and realized 8,000 dollars in payouts. TopstepX is the platform I prefer here.
Pricing and rules are verified against Topstep's official help center the week of last test. Ratings reflect fit for active futures traders, not a one-size-fits-all score.
Update Log 3 changes
