We've tested every major futures prop firm over the past 2 years. TopStep is the longest-running, operating since 2012 out of Chicago. Over 10,000 traders funded, $20M+ in payouts (TopStep's reported figure — not independently audited). The 100% profit split on your first $10K is the best in the industry. The catch: the trailing maximum drawdown eliminates more traders than any other rule. If you trade ES, NQ, or CL and understand drawdown management, TopStep is the strongest futures option available.
| Best for | Futures day traders (ES, NQ, CL) |
| Not for | Forex traders, swing traders, overnight holders |
| Starting cost | $49/month ($50K account) |
| Hardest rule | Trailing max drawdown (follows your equity high) |
| Profit split | 100% first $10K, then 90/10 |
| Evaluation | 1 step (no verification phase) |
| Track record | Operating since 2012, Chicago IL |
| Our take | Most reliable futures prop firm. Best profit split. The trailing drawdown is real — understand it before you sign up. |
TopStep Overview
TopStep (formerly TopstepTrader) is a Chicago-based futures proprietary trading firm founded in 2012 by Michael Patak. They offer funded accounts from $50,000 to $150,000 through their Trading Combine evaluation program.
Unlike FTMO or FundedNext, TopStep is futures-only. You trade real CME Group products — E-mini S&P 500 (ES), Nasdaq (NQ), Crude Oil (CL), Gold (GC), Euro FX (6E), and others. No forex pairs, no CFDs, no crypto.
The business model is straightforward: you pay a monthly subscription ($49-$149), pass the Trading Combine by hitting a profit target without breaking drawdown rules, then trade a funded account. TopStep makes money from subscriptions and a 10% cut of profits after your first $10K.
TopStep uses a monthly subscription, not a one-time challenge fee. You pay $49-$149/month until you pass. FTMO charges $155-$1,080 once. If you pass fast, TopStep is cheaper. If you take 3+ months, FTMO may cost less.
Account Types & Pricing
TopStep offers three account sizes. All follow the same Trading Combine structure — the difference is buying power, profit target, and drawdown limits.
| Account | Monthly Fee | Profit Target | Max Position | Trailing Drawdown | Daily Loss Limit |
|---|---|---|---|---|---|
| $50K | $49/mo | $3,000 | 5 contracts | $2,000 | $1,000 |
| $100K | $99/mo | $6,000 | 10 contracts | $3,000 | $2,000 |
| $150K | $149/mo | $9,000 | 15 contracts | $4,500 | $3,000 |
Which account should you pick? The $50K account at $49/month is the best starting point. The profit target ($3,000) is realistic for ES/NQ traders, and the low monthly cost means you can reset cheaply if needed. The $150K only makes sense if you already have a proven futures strategy with consistent results.
Trading Rules — The Trailing Drawdown Is What Gets You
TopStep's rules are simpler than most forex prop firms. No time limit, no minimum trading days beyond 2. But the trailing maximum drawdown is the single hardest rule in the entire prop firm industry.
The Trailing Maximum Drawdown (Most Important Rule)
Unlike FTMO's fixed 10% drawdown from your starting balance, TopStep's drawdown follows your equity high. Here's how it works on a $50K account:
| Scenario | Account Balance | Drawdown Floor | Room Left |
|---|---|---|---|
| Start | $50,000 | $48,000 | $2,000 |
| You profit $1,500 | $51,500 | $49,500 | $2,000 |
| You profit another $1,000 | $52,500 | $50,500 | $2,000 |
| You give back $1,800 | $50,700 | $50,500 | $200 left! |
The trailing drawdown means giving back profits is as dangerous as losing from the start. A trader who makes $2,000 then loses $1,800 is in more danger than a trader who just lost $200 from the start. The floor has moved up, but their balance hasn't. This is why consistent position sizing matters more on TopStep than almost any other prop firm.
Daily Loss Limit
$1,000 on the $50K account, $2,000 on $100K, $3,000 on $150K. Hit this on any single day and you fail. This includes unrealized losses — if your open position is down $1,000 at any point during the day, you're done.
Other Rules
- No time limit — take as long as you need to pass
- Minimum 2 trading days — can technically pass in 2 days
- Trade any CME product — ES, NQ, CL, GC, 6E, ZB, and more
- Trade during news — no restrictions on news events
- No overnight positions — all positions must be flat by 3:10 PM CT
- No trading during closed market hours
How the Trading Combine Works
TopStep's evaluation is called the Trading Combine. It's a single-step process — there is no Step 2 like FTMO's Verification. Pass the Combine, get funded.
Step-by-step process
- Sign up and choose account size ($50K, $100K, or $150K)
- Trade in a simulated account using TopStep's platform (TopstepX) or NinjaTrader, Tradovate, or other supported platforms
- Hit the profit target without breaking the trailing drawdown or daily loss limit
- Trade at least 2 days
- Get funded — TopStep reviews your account (usually 1-2 business days) and activates your funded account
What happens if you fail? Your subscription continues. You get a new Combine account at the start of the next billing cycle. No extra fee — just keep paying the monthly subscription. This is why TopStep can be cheaper than FTMO for traders who need multiple attempts: $49/month vs $155+ per reset.
TopstepX Platform
In 2024, TopStep launched TopstepX — their own proprietary trading platform. It replaces the previous requirement to use NinjaTrader or Tradovate. TopstepX is web-based, free for TopStep traders, and includes basic charting and order execution. Most serious traders still prefer NinjaTrader for advanced features, but TopstepX lowers the barrier to entry.
Profit Split & Payouts
TopStep's payout structure is one of the most generous in the industry. You keep 100% of your first $10,000 in profits, then 90% after that.
| Payout Tier | Your Share | TopStep's Share |
|---|---|---|
| First $10,000 | 100% | 0% |
| After $10,000 | 90% | 10% |
Comparison: FTMO starts at 80/20 from day one (upgradable to 90/10). FundedNext starts at 80/20 or 60/40 depending on the plan. The5%ers starts at 50/50 (scales to 100%). TopStep's 100% on the first $10K is unmatched.
Payout Schedule
- First payout — available after 5 trading days in funded account
- Subsequent payouts — every 5 trading days (approximately weekly)
- Minimum withdrawal — $50
- Payout method — ACH, wire transfer, or crypto
You pass the $50K Combine and make $15,000 in your funded account. Your first $10,000 = 100% to you ($10,000). The remaining $5,000 = 90% to you ($4,500). Total take-home: $14,500 out of $15,000 (96.7% effective split). Compare to FTMO: $15,000 × 80% = $12,000.
What's Good and What's Not
TopStep vs Every Major Prop Firm
TopStep competes with both futures-specific firms (Apex, Take Profit Trader) and forex-focused firms (FTMO, FundedNext). Here's how they all stack up.
Futures Prop Firms: TopStep vs Apex vs Take Profit Trader
| Feature | TopStep | Apex Trader Funding | Take Profit Trader |
|---|---|---|---|
| Entry cost | $49/mo ($50K) | $147 one-time ($50K) | $150 one-time ($50K) |
| Evaluation | 1 step | 1 step | 1 step |
| Drawdown | Trailing (from equity high) | Trailing (end-of-day) | Static (from start balance) |
| Profit split | 100% first $10K, then 90% | 100% first $25K, then 90% | 80% |
| Max contracts ($50K) | 5 | 10 | 5 |
| Founded | 2012 | 2021 | 2022 |
| Reputation | Most established | Mixed reviews (frequent rule changes) | Growing, solid feedback |
Apex often runs 80-90% discount sales, making their one-time fee as low as $15-$30. This makes them the cheapest entry point in futures prop trading. But they've changed rules multiple times without warning, and their Trustpilot reviews are volatile. TopStep is more expensive but far more predictable. You won't wake up to a rule change that invalidates your strategy.
TopStep vs Forex Prop Firms (FTMO, FundedNext)
| Feature | TopStep | FTMO | FundedNext |
|---|---|---|---|
| Markets | Futures only | Forex, indices, crypto | Forex, indices, crypto |
| Entry cost | $49/month | $155 one-time ($10K) | $32 one-time ($6K) |
| Drawdown type | Trailing | Fixed (10%) | Fixed or trailing |
| Profit split | 100% first $10K, then 90% | 80% (up to 90%) | 80% (up to 90%) |
| Overnight positions | No | Yes | Yes |
Choose TopStep if:
- You trade futures (ES, NQ, CL, GC) — not forex
- You want the most established firm with 12+ years of track record
- You prefer monthly subscription over one-time fee (lower risk per attempt)
- You want 100% profit on your first $10K
Choose Apex if:
- You want the cheapest possible entry (wait for a sale)
- You're comfortable with rule changes and less stability
Choose FTMO if:
- You trade forex or CFDs
- You need overnight positions and fixed drawdown
For a deeper comparison, read our FTMO vs TopStep breakdown or best prop firms ranking.
How to Pass the TopStep Trading Combine
Based on our analysis of 200+ trader results shared in Discord communities, the Combine has an estimated pass rate under 20% (TopStep doesn't publish official numbers; this is based on community surveys and Discord data). Most failures come from the trailing drawdown — not from bad trades, but from inconsistent position sizing after early wins. Here's what works.
1. Size down after profits
This is counterintuitive but critical. After a winning streak, your drawdown floor has moved up. Your room to lose has not increased. If you made $2,000 on a $50K account, your floor is now $50,000 — meaning any $2,000 loss wipes you out. Reduce position size after profits, not after losses.
2. Target $150-300/day, not $3,000 in one day
The $50K profit target is $3,000. At $150/day, that's 20 trading days — one month. Slow and consistent. Don't try to hit the target in 2-3 days unless you have an extremely high win rate with tight stops.
3. Use the daily loss limit as your actual stop
The $50K daily loss limit is $1,000. Set your personal daily stop at $500 — half the limit. This gives you a buffer and prevents emotional trading after a bad morning session.
4. Journal every trade — especially the drawdown floor
Most traders who blow a Combine don't realize how close they are to the floor until it's too late. The trailing drawdown is invisible in the platform — you have to calculate it yourself after every trade.
Here's what a dangerous day looks like: you're up $1,800 on the week, you take a 3-contract NQ trade, it goes against you 15 points ($300), and suddenly your buffer is $200 instead of $2,000. The floor moved up with your profits but your balance came back down. A journal that shows your real-time drawdown position after every trade is the difference between "I'll be careful" and actually surviving.
Target: $3,000. Trailing drawdown: $2,000. That means your minimum risk-reward is 1.5:1 (you need to make 1.5x what you can afford to lose). If you risk $500/day, you need ~6 green days to pass. At a 60% win rate with 2:1 RR, that's roughly 15 trading days. You can model this with a risk-reward calculator.
5. Avoid the first and last 15 minutes
The open (8:30-8:45 AM CT for ES) and close (2:45-3:00 PM CT) have the highest volatility and widest spreads. Many Combine failures happen from one bad trade during these windows. Let the market settle, then execute your plan.
Who Should Use TopStep (And Who Shouldn't)
TopStep is for you if:
- You trade futures — ES, NQ, CL, GC, or other CME products
- You're a day trader — you close all positions by end of day
- You have a consistent strategy — not looking for home runs
- You want low entry cost — $49/month is lower than most challenge fees
- You want the best profit split — 100% on first $10K is unbeatable
TopStep is NOT for you if:
- You trade forex — use FTMO or FundedNext instead
- You hold swing positions overnight — TopStep requires all positions closed by 3:10 PM CT
- You can't handle trailing drawdown psychology — if you tend to give back profits, the trailing floor will get you
- You need more than $150K — FTMO and FundedNext offer up to $200K
5 Mistakes That Kill Most TopStep Combines
After tracking 200+ Combine attempts across our user base and trading communities, these are the patterns that show up again and again.
1. Sizing up after a green streak
Trader is up $2,000 on 2 contracts. Thinks "I'm close to the target, let me go 4 contracts to finish it today." One bad NQ trade (20 points against = $800) and the trailing floor is now $200 away. This is the #1 Combine killer.
2. Trading the open with full size
The first 15 minutes of ES (8:30-8:45 AM CT) can move 10-15 points in seconds. On 5 contracts, that's $750 of slippage. The traders who pass consistently either skip the open entirely or use 1 contract max until 9:00 AM.
3. Not counting unrealized P&L against the daily limit
The daily loss limit includes unrealized losses. If your open position is down $1,000 at any point — even for 3 seconds — you're done for the day. Many traders watch the realized P&L and forget their open position is bleeding.
4. Ignoring the trailing floor on Fridays
Friday afternoon is when traders get sloppy. They're up on the week, take a "small" trade before the weekend, and it goes wrong. There's no overnight recovery — the market closes, and Monday opens with a gap. Protect your floor on Fridays.
5. Trying to make it back after a loss
Classic revenge trading. Down $500 on the day, $500 left before the daily limit. Take one more trade to "get back to even." This is how 90% of daily limit violations happen. Set a personal stop at 50% of the daily limit and walk away.
How We Evaluate Prop Firms
Every prop firm review on TSB follows the same process:
- Official rules first. All fees, drawdown rules, profit splits, and payout terms come from the firm's official website or terms of service — not affiliate blogs.
- Community data. We cross-reference with trader forums, Discord servers, and Trustpilot reviews. Where we use estimates (like pass rates), we say so.
- Comparison context. Every review includes a side-by-side comparison with direct competitors so you can see the trade-offs.
- No affiliate bias. TSB earns revenue from its trading journal product, not from prop firm referral fees. We have no financial incentive to recommend one firm over another.
Sources for this review: TopStep official website, TopstepX platform page, TopStep Trustpilot.
Last verified: March 2026. Prop firm rules change frequently — always confirm current terms on the official site before signing up.
Most Traders Don't Fail Because of Entries
They fail because they don't track rule violations, revenge trades, and drawdown behavior. The traders who pass Combines are the ones who journal the process — not just the trades.
See how traders track their CombinesFree plan. Import trades, track drawdown, flag rule violations.
Already funded? See how to journal your funded account
