TopStep Review April 2026

Topstep is the original futures proprietary trading firm, founded in 2012 by Michael Patak, a former Dow futures floor trader on the Chicago Board of Trade. The firm is headquartered at 141 W Jackson Blvd in Chicago, Illinois, directly adjacent to the CME Group. Topstep literally invented the “Trading Combine” evaluation model that has become the industry standard for every futures prop firm that followed.

With over 13 years of operation, Topstep has funded over 10,000 traders in 140+ countries, processed $102 million+ in total payouts, and processed 81,177 payouts in 2024 alone. The firm has a Trustpilot rating that has fluctuated between 3.4 and 4.5 across 13,800+ reviews, and ran a Super Bowl commercial (“Climb Higher”) in 2026.

Topstep offers a single-track, one-step evaluation across three account sizes ($50K, $100K, $150K) with clear rules:

• EOD trailing drawdown,
• 50% consistency target,
• Strict contract limits with a scaling plan,
• Daily loss limits (on non-TopstepX platforms),
• Mandatory day-trading-only sessions.

All new accounts trade on Topstep’s proprietary TopstepX platform, which features integrated TradingView charting, commission-free trading, built-in risk management tools (“The Tilt” indicator, personal lockout, profit lock), and real-time CME data. The firm’s funding path progresses from Trading Combine to Express Funded Account (simulated) to Live Funded Account (real capital), with a 90/10 profit split and payouts after 5 winning days.

Our review covers every technical parameter: pricing, profit targets, drawdown mechanics, consistency rules, daily loss limits, contract limits and scaling, Express Funded Account rules (Standard vs. Consistency), Live Funded Account structure, and much more. Read our analysis and testings to see if this is the right firm for you.

How Does TopStep Work?

Topstep follows a three-stage funding path:

1. Trading Combine: It's a simulated one-step evaluation where you hit the profit target while respecting drawdown, consistency, and daily loss rules.
2. Express Funded Account (XFA): It's a simulated funded account where you earn real payouts. It starts at $0 balance with a maximum loss limit based on your Combine size. You can hold up to 5 XFAs simultaneously.
3. Live Funded Account: The time for real capital trading on CME exchanges. It is awarded by invitation after demonstrating consistent success in the XFA. All open XFAs are closed when you receive a Live account.

The Trading Combine has no time limit. You can take as long as needed to pass. The minimum 5 trading days required (recently reduced from the historical 7-day requirement). A “trading day” runs from 5:00 PM CT to 4:00 PM CT the following day. Free monthly resets are included with subscription renewal.

The Evaluation Parameters for Your Trading Combine Account

The Trading Combine has different account sizes: $50K, $100K, and $150K. Additionally, you will have two choices: to go for the Standard path or to go with the No Activation Fee account choices.

Standard pass is good for new trader and need time to learn your strategies. You have to pay a $149 activation fee, however, your monthly rate is much lower than the No Activation Fee accounts. If you are a new trader, you will naturally be more careful and not try to take risky bets (at least we really hope so), therefore monthly fee is the one that you will want to keep low. Once you sign up for Topstep, you will need to go into your dashboard and click "START A TRADING COMBINE" on the vertical menu on the left side of your screen, as we show in the screenshot below:

 The No Activation Fee path is a good alternative for experienced traders who have clear strategies in mind.You do not have an activation fee, as you can figure out already, however your monthly fees are higher. This type of a pricing set up for the Trading Combine of Topstep is built for traders that are not planning to sit on one account for months trying to pass evaluations. To pick the No Activation Fee accounts, you will go to the same place in your dashboard by clicking a button "START A TRADING COMBINE" and then clicking the "No Activation Fee" tab on your screen (screenshot below):

At this point, you are going to choose an account size, a path, and your currency. Check out the parameters below:

📌 Pricing paths: As mentioned above, Topstep offers two subscription paths:

• Standard Path (lower monthly cost + activation fee after passing)
• No Activation Fee Path (higher monthly cost, no activation fee).
• Promotional pricing ($49/$99/$149) is frequently available and represents the most common entry point.

Always check for active promotions before purchasing.

📌 2025 performance stats: 16.8% of all Trading Combines were completed. 51.8% of individual participants who entered one or more Combines advanced to the Funded Level. 33.3% of all participants at the Funded Level received a payout. 0.71% of XFA participants were called up to a Live Funded Account.

TopStep Drawdown Mechanics

The Maximum Loss Limit (MLL) is an EOD trailing drawdown that trails upward with your highest end-of-day balance but never moves back down. It is calculated at end of day, not intraday. This means you can be significantly down during the trading session and recover by market close without the drawdown floor moving against you.

💡 A practical example ($50K, $2,000 MLL): Starting balance $50,000 → breach level $48,000.

• Day 1 closes at $50,500 → breach level moves to $48,500.
• Day 2, you’re down $1,800 intraday but close at $50,200 → breach level stays at $48,500 (EOD high-water was $50,500).
• Day 3 closes at $51,200 → breach level moves to $49,200.

The floor only moves based on end-of-day closing balance, not intraday equity peaks.

If your net P&L hits or exceeds the MLL at any time during the trading day, your account is permanently closed. This applies to all account types: Trading Combines, Express Funded Accounts, and Live Funded Accounts.

Daily Loss Limit (DLL)

If you exceed the Daily Loss Limit, the account is auto-liquidated for the remainder of the trading day. You can resume trading the next day at 5:00 PM CT. The DLL is not a breach; it’s a daily pause. On TopstepX, accounts created or reset after August 25, 2024, have no daily loss limit. The DLL still applies to NinjaTrader, Quantower, Tradovate, and TradingView (legacy platforms).

Live Funded Account DLL adjustment: If a $100K Live Funded Account balance drops below $10,000, the DLL tightens from $3,000 to $2,000 until the balance rises above $10,000 again.

Consistency Target (50%)

Your best trading day’s profit cannot exceed 50% of your overall profit target. This objective applies only to the Trading Combine; it does not apply to Express Funded Accounts or Live Funded Accounts.

What is the Formula? Best Day Profit ÷ Total Profit = Best Day %.

It must be below 50%. If exceeded, the profit target increases: Best Day Profit ÷ 0.50 = New Minimum Total Profit Required.

💡 For example ($50K, $3,000 target): Best day is $1,700. $1,700 ÷ 0.50 = $3,400.

You now need $3,400 total profit (not $3,000) to pass. If your best day was $1,200: $1,200 ÷ $2,800 total = 43%. It passes at $2,800 since it’s under 50%.

You can technically pass the Combine in as few as 2 days if each day is below 50% of total profits and the profit target is met.

Express Funded Account (XFA): How It Works After the Trading Combine

Once you pass the Trading Combine, Topstep sets you up with an Express Funded Account, your gateway to earning real payouts from a simulated trading environment. This is a simulated account that starts at a $0 balance with a Maximum Loss Limit based on your Combine size ($2,000 for 50K, $3,000 for 100K, $4,500 for 150K). Your balance can go below $0 to accommodate the MLL. If the MLL balance increases to $0, the account locks at $0.

Starting February 5, 2026, Topstep offers two XFA structures. You choose one when activating your account, and that choice is permanent for that account, Topstep offers two XFA types:

XFA Standard

XFA Standard follows the original payout model. You need 5 winning days, where a "winning day" means net profit of at least $150 (50K), $200 (100K), or $250 (150K) for that trading day. These days don't need to be consecutive. Once you hit 5, you're eligible to request a payout of up to $5,000 or 50% of your account balance, whichever is lower. For all subsequent payouts, you simply need to show a profit greater than $0 since your last payout.

XFA Consistency

XFA Consistency is the newer option, designed for traders whose edge comes from disciplined, repeatable execution rather than big single-day runs. It requires just 3 trading days, but introduces a 40% consistency requirement, meaning your largest single winning day can't exceed 40% of your total net profit. The payout cap is higher at $6,000 (or 50% of balance), but you must maintain the consistency threshold for every payout request, not just the first.

More details at a glance:

📌 Profit split:

Traders who joined Topstep on or after January 12, 2026 receive a 90/10 split from the first dollar, that is to say: you keep 90%. If you joined before that date, you keep 100% of your first $10,000 in cumulative payouts, then move to the 90/10 split from there.

📌 Scaling Plan and contract limits:

The XFA uses a Scaling Plan instead of a fixed Maximum Position Size. You start at the lowest contract tier and unlock higher limits as your account balance grows through $5,000 gross profit milestones. Practically, this means you won't be able to trade the full 5/10/15 contract limit right away; the plan is designed to keep risk proportional to your progress.

📌 If you lose your XFA before your first payout:

Topstep's Back2Funded program gives you up to two paid reactivations on the same account, keeping your original size and payout policy. It's a meaningful safety net for traders who run into a rough patch early, and it means a single violation doesn't necessarily mean starting over from scratch.

Live Funded Account: What to Expect When You Get Called Up

The Live Funded Account is the end goal of the Topstep program. When Topstep determines you have shown consistent success in the XFA, you receive an email invitation to move to a Live Funded Account. This is real capital trading on actual CME exchanges, not a simulated environment. Getting here means Topstep's Risk Team has reviewed your performance and determined you're ready.

How your starting balance is determined

Your Live Funded Account size is based on the average of your active, eligible XFAs: Only accounts with at least one payout are included. That average is rounded up to the nearest tier ($50K, $100K, or $150K). So if you have two $50K XFAs, one $100K, and one $150K, your average comes out to $87,500, which rounds up to a $100K Live account.

From there, your actual starting balance is calculated from the combined profits in those eligible XFAs. You begin with 20% of that combined balance available to trade (with a $10,000 floor, Topstep will transfer additional capital from your Reserve if needed to meet this minimum). The remaining 80% sits in a Reserve that unlocks in 25% increments each time you hit the same profit targets used in the Trading Combine for your account size.

Balance expansion and the Risk Team's role

Capital expansion is reviewed every Monday after market close. If you've hit the required net profit threshold and your trading behavior supports it, additional Reserve funds are deposited within one to two business days.

One important nuance: a single outsized winning trade won't unlock multiple tiers at once. Each threshold requires net profit since the previous expansion.

Payout structure in the Live account

In the Live Funded Account, payout eligibility follows the same 5 winning days ($150+ net P&L per day) framework used in XFA Standard, but without the $5,000 per-payout cap. The real unlock comes after 30 winning days accumulated in the Live account, at that point, you gain daily payout access and can withdraw up to 100% of your unlocked balance per request. Note that winning days from the XFA don't carry over; only days earned in the Live account count toward the 30-day threshold.

The Shoulder Tap

If your Live account balance takes a significant drawdown, the Risk Team may intervene with what Topstep calls a "Shoulder Tap". It is a structured risk review process borrowed from live trading floor practices. Depending on the outcome, your account may be adjusted to a Shoulder Tap Express Funded Account, giving you a defined path to return to Live trading if you demonstrate consistency again.

Performance Bonus and contract expansion

Consistently profitable Live traders can also access the Topstep Live Performance Bonus, a ladder-based cash bonus program that unlocks new bonuses each calendar month you hit a qualifying profit target — with potential earnings exceeding $250,000 in total bonuses. Once your Live account balance reaches $100,000, you can also contact the Trade Desk to request expanded contract limits beyond the standard maximum.

Data fees and costs

Topstep covers one market data feed. If you want access to additional exchange data (NYMEX, COMEX, CBOT), those costs fall on you. There's no monthly subscription fee for the Live account, but standard trading commissions apply depending on your platform.

💡 Payout methods: Aeropay, Wise, ACH, or wire transfer depending on location. Minimum payout amount applies. Rejected payouts due to incorrect banking info may incur fees.

TopStep Payout Structure: Rates, Timing, and Methods

Understanding the payout mechanics before you start trading saves a lot of confusion later. Here's what the numbers actually look like:

Profit split: If you joined Topstep on or after January 12, 2026 receive a 90/10 split on all payouts; you keep 90%, Topstep retains 10%. This applies per trader across all accounts, not per account individually. Traders who joined before that date keep 100% of their first $10,000 in cumulative payouts, then move to the 90/10 split.

Payout caps and frequency:

Payment methods and processing times

Topstep currently supports four payout methods:

• Aeropay and Wise are the fastest options at 1–3 business days.
• ACH is available for U.S. traders only and takes 1–3 business days, though a $30 processing fee applies.
• International wire/SWIFT transfers can take up to 5–10 business days.

Remember that all times are estimates and can be affected by compliance reviews or bank holidays.

One practical note: payout requests are only accepted during CME market hours: Sunday 5 PM CT through Friday 5 PM CT, excluding designated holidays. If your banking information is submitted incorrectly, the rejected payout may incur fees, so double-check before submitting.

Pricing Summary

Knowing the cost structure upfront is half the battle. Topstep keeps pricing straightforward with two paths that trade off monthly cost against an activation fee. The right choice depends on how long you expect it to take to pass.

The Standard Path makes the most sense if you expect to spend several months working through the Combine because the lower monthly cost adds up over time, and the $149 activation fee is a one-time charge paid only after you pass.

The No Activation Fee Path, on the other hand, is the better deal if you're confident. You can pass in one or two attempts, since you avoid the activation charge entirely at the cost of a higher monthly rate.

One thing to note on resets: as of August 2025, accounts no longer reset automatically at rebill. Each monthly renewal now deposits one Reset Credit into your Reset Bank, which you can use when needed. This gives you more control over timing, but means there's no longer a guaranteed fresh account every 30 days by default.

TopstepX Platform

As of July 2025, all new Trading Combines must trade on TopstepX, Topstep’s proprietary browser-based platform. Legacy accounts started before the transition can continue on NinjaTrader, Tradovate, Quantower, or TradingView, but new signups cannot select these platforms.

TopstepX features:

• TradingView-powered charting with real-time CME data.
• Commission-free trading on funded trading accounts.
• “The Tilt” indicator is a sentiment/emotional trading management tool. Personal lockout: Lock your account for the day after hitting a target or having a bad session.
• Profit lock: Automatically lock in profits at a set threshold.
• Trade limiter: A cap on the number of daily or weekly trades to prevent overtrading.
• Built-in trade copier for managing multiple accounts.
• Performance analytics and real-time stats.
• No daily loss limit on TopstepX accounts (created/reset after August 25, 2024).

Important: Topstep reports that traders using TopstepX have an approximately 86% higher pass rate compared to third-party platforms. The platform is browser-based and works on desktop and mobile.

Tradable Instruments

Topstep trades CME Group futures exclusively across four exchanges:

CME: ES, MES, NQ, MNQ, RTY, M2K, NKD, 6A, 6B, 6C, 6E, 6J, 6S, E7, HE, LE, GE. NYMEX: CL, QM, NG, QG. COMEX: GC, SI, HG. CBOT: ZC, ZW, ZS, ZM, ZL, YM, MYM, ZT, ZF, ZN, ZB, UB, TN.

No stocks, options, spot forex, spot cryptocurrency, or CFDs. Topstep may temporarily restrict specific instruments (e.g., gold) during periods of extreme volatility.

Trading Rules

✅ Day Trading Only: All positions must be closed by 3:10 PM CT daily. No overnight or weekend holding. Positions left open will be auto-liquidated. This applies to all account types.

✅ News Trading: News trading is allowed. You can hold positions through high-impact events. However, normal market risk applies — volatility around news can cause significant slippage.

✅ Automated Trading: Topstep explicitly supports automated trading through the TopstepX API. Legitimate automated strategies are permitted. However, external data feeds, AI-based trading algorithms designed to exploit the simulated environment, HFT, mass data entry, and exploitative automation are prohibited. All automated trading must run from a personal device — VPS and VPN usage is prohibited.

✅ Copy Trading: Copy trading is allowed between your own Express Funded Accounts. Copy trading into Live Funded Accounts is not permitted. If an XFA has a payout request processing, copy trading is automatically disabled on that account until the payout is complete.

✅ Contract Limits and Scaling

Trading Combine: Full contract access (5/10/15 minis by size). Express Funded Account: Starts at the lowest Scaling Plan level; contract limits increase with account balance growth. This means you do NOT get full contract access on day one of the XFA. Live Funded Account: Contract limits unlock progressively with balance milestones. At $100K balance, traders can request higher limits from the Trade Desk.

❌ Prohibited Practices:

Market manipulation, spoofing, or exploiting platform errors. Pooling or hedging risk across multiple accounts. Holding positions within 2% of a product’s lock limit. Using external data feeds or exploitative AI algorithms. Exploiting the simulated environment (XFA). VPS or VPN usage. Stockpiling discounted evaluations to cycle through accounts. Opening and closing trades without genuine market intent.

Education and Community

TopstepTV: Live trading sessions Monday–Friday, 8 AM–3 PM CT. Free daily group coaching with performance coaches who have decades of market experience. Coach T offers AI-driven trading performance insights. Discord community — the largest futures trading Discord, with live interaction between funded traders, mentors, and staff. Trading psychology resources, performance analytics, and weekly sessions with funded traders and industry experts. Interactive learning series (“Trade School”) on TopstepX with short, tailored lessons on trading fundamentals.

Topstep's Training Camp

One of the favorite experiences of signing up for Topstep account is the Training Camp. Training Camp is currently in BETA version but is looking very promising. You can finding inside of your dashboard view in the left vertical menu. It is marked by its name Training Camp and it's a very cool lesson sequence with an actual live market graph to your left, and the video lesson to your right.

What is really exciting about this section of the dashboard is that if you are a new trader, you have a lot of questions and many things are unclear to you. Topstep team does a fenomenal job explaining difficult to grasp concepts while you have a live market chart running along side you. Currently there are 13 sections available for you:

1. Orientation
2. Futures 101
3. Using The Charts
4. Trading Basics
5. Trade Management
6. Market Structure
7. Risk First
8. When Not To Trade
9. Putting It All Together
10. The Trading Combine
11. The Express Funded Account
12. The Live Funded Account
13. You'r ReadyTo Trade

Company Information and Customer Support

Here's a summary if you need more details about the firm or just need to contact them:

More details about TopStep:

Competitor Comparison: How Does TopStep Compare to Other Firms?

You can read more about Topstep vs Apex Trader Funding comparison here.

Final Verdict: Is TopStep Worth It?

Topstep's core value proposition is hard to argue with: a structured, low-cost entry into futures prop trading with a clear progression from evaluation to simulated funding to real capital. In addition to this, it is backed by over a decade of operational history and a CFTC-registered brokerage arm.

The EOD trailing drawdown, commission-free trading on TopstepX, and integrated TradingView charting are advantages over most competitors. For futures day traders who need structure and accountability, or who want to develop consistency before committing personal capital, the program delivers what it promises.

The honest counterweight is the funnel. Topstep's own 2025 data shows 16.8% of Trading Combines are completed, only 33.3% of funded traders ever receive a payout, and just 0.71% of all traders who start reach Live Funded Account status. Getting to real capital requires clearing the Combine, building the XFA under a Scaling Plan that restricts contract access early, and then waiting to be invited to Live, a process that's entirely at Topstep's discretion. Traders who pass but trade inconsistently in the XFA may never receive that invitation.

The platform transition to TopstepX is the most polarizing recent change. New accounts are locked into a proprietary platform, removing the NinjaTrader and Tradovate options that many experienced traders relied on. TopstepX had documented stability issues in late 2025, and the community response has been visible: a notable drop in Trustpilot ratings. 

Topstep remains one of the strongest options in futures prop trading if you value structure, education, and longevity over flexibility and platform choice. The subscription model, mandatory TopstepX, tight early scaling, and selective Live invitations are real constraints, not dealbreakers for the right trader, but reasons to look elsewhere if any of them are non-negotiable for you.