Topstep
Trust: HighSpecifications
| Profit split | 90/10 (accounts predating Jan 12, 2026 keep 100% of first $10,000) |
|---|---|
| Max funding | Up to $150,000 (Funded Account) |
| Challenge fee | $49 – $149 / month (subscription) |
| Payout track record | Cumulative payouts published |
| Payout cycle | Per winning-day requirement (five $150+ days; $125 minimum) |
| 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: 3.6 (14,514 reviews) — third-party, as of 2026-07-31
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
- Payout conditions (winning days, minimums) are clearly documented
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
Rule changes affecting this firm
| Effective | 2026-01-12observed: 2026-07-23 |
|---|---|
| Type | Profit splitTrader-facing |
| Before | 100% of the first $10,000 in lifetime profits, then a 90/10 split. |
| After | 90/10 split from the first dollar.Both the date and the split treatment of old and new accounts are stated on the firm’s own payout policy page. |
| Applies to | Existing grandfatheredAccounts created on or after 2026-01-12. Traders who joined the new Topstep dashboard before that date keep the first-$10,000-at-100% term. |
| Disclosure | Dated by firm |
| Source | Topstep Help Center — Topstep Payout PolicyChecked: 2026-08-05 |
Payout claim vs verification
| Verification | Self-reportedSelf-reported does not mean the figure is wrong. It means no independent record exists to check it against, settlement by settlement. |
|---|---|
| Claimed | $1.4B+"Paid out to prop firm traders", footnoted "Total paid all time. Individual results vary." The wording is "prop firm traders", not "Topstep traders". |
| Independently checkable | Nothing checkable |
| Rail | Bank / card / e-walletThe largest claim in the set and the least checkable rail: payouts settle by ACH, wire/SWIFT, Wise or prop-to-brokerage transfer, none of which leave a public record, and Topstep does not appear among the firms Payout Junction tracks. It is nonetheless the only firm here that publishes a dated participant-level payout statistic: "From January through December 2025 … (c) 33.3% of all individual participants at the Funded Level received a payout". A cumulative total with no denominator says nothing about a reader’s odds; that disclosure does. |
| Source | Topstep — homepage ("$1.4B+ Paid out to prop firm traders") and 2025 Trader Performance StatisticsChecked: 2026-08-05 |
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.
Third-party rating (as of 2026-07-31)
Trustpilot shows a TrustScore of 3.6/5 across 14,514 reviews: 70% five-star, 19% one-star. Among the firms on this site whose rating has not been suppressed, that is the second-lowest score. It is up from the previous snapshot of 3.4.
We still rate Topstep’s trust level “high”, because it meets all three conditions our methodology sets: five or more years of operation (2012, so 14 years), a continuously published payout record (cumulative payout figures plus payout conditions documented in the official help centre), and no enforcement history. Third-party reputation carries 10 of the 100 points in our weighting, and it is applied at that weight.
The 19% one-star share is not something to wave away, though. Futures trailing drawdown makes accounts easy to lose and most of the negative reviews concern exactly that, but the payout design — no payment until the winning-day count and minimum are met — is worth reading carefully before you subscribe.
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 is 90/10 for accounts created after January 12, 2026; older accounts keep the legacy 100% of the first $10,000, then 90/10. Payouts are requested per winning-day requirement (five $150+ days on the standard path, $125 minimum).
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 has the longest verifiable operating record in the segment. Fourteen years 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 among the most verifiable options in the industry: 14 years of continuous operation, published cumulative payouts, and payout conditions written down in the help centre. The subscription model genuinely lowers the cost of repeated attempts. Set against that, the Trustpilot score of 3.6 with 19% one-star reflects how easily the trailing drawdown ends an account — this is a strict product, not an easy one. FX-centric traders should look at FTMO instead.