TOPSTEP
FULL REVIEW 2026
Overview
Topstep invented the funded-trader evaluation. Operating from Chicago since 2012, it is the longest-running futures prop firm in existence and the model every other firm copied. It runs exclusively on regulated CME-group futures — no forex CFDs, no MetaTrader.
The path has three stages: the Trading Combine (a one-step evaluation billed as a monthly subscription from about $49/month), the Express Funded Account (a simulated funded account that pays real cash), and — at Topstep's discretion after consistent performance — a Live Funded Account on genuine exchange capital.
Be aware before you compare: Topstep overhauled its rules through 2026. New traders since January 12, 2026 get a 90/10 split from day one (the old "100% of your first $10K" applies only to grandfathered accounts), the Express Funded Account split into Standard and Consistency payout paths in February, and per-payout caps were revised again in April. Any Topstep review older than a few months is describing a different firm.
Challenge Types
Topstep bills monthly. A $149 activation fee applies once you pass.
| Field | Trading Combine |
|---|---|
| Phases | 1 |
| Account type | Combine → Express Funded → Live Funded |
| Leverage | N/A — contract limits: 5/50, 10/100, 15/150 mini/micro |
| US traders | Accepted — OFAC restrictions only |
| Overnight & weekend | Not allowed — flat by the daily session cutoff |
| News (funded) | — |
| Profit target | 6% of buying power · $3,000 / $6,000 / $9,000 |
| Max loss | EOD-trailing, breached live. Locks at starting balance. Resets to $0 after your first payout |
| Max daily loss | Optional in Combine and Express Funded · automatic in Live Funded |
| Best Day / consistency | Standard path: none · Consistency path: 40% |
| Min trading days | Standard: 5 winning days ≥$150 · Consistency: 3 days |
| Trading period | Unlimited — monthly subscription until you pass or cancel |
| Reward split | 100% of the first $10,000, then 90% |
| Fee refund | 14-day guarantee only — first-ever purchase, one renewal, and only if not passed |
| Payout caps | Standard $2k/$3k/$5k · Consistency $3k/$4k/$6k |
| Fee · USD · captured 3 Aug 2026 | |
| $50K | $49 |
| $100K | $99 |
| $150K | $199 |
Prices move with promotions and currency selection — the checkout figure is the only real one. A dash means the firm does not offer that size on that plan.
Key Information
The firm
The challenge
Money & access
The Rules That Matter
Futures only, in every sense. Topstep has no MT5, no spot forex and no CFDs. Everything trades as CME-group contracts (ES/MES, YM/MYM, NQ/MNQ, GC/MGC), which quote differently from spot and CFD prices and settle on exchange rules. Anyone coming from an MT5 background is learning a different instrument set, not just a different firm.
Positions must be flat by the daily session cutoff. There is no overnight or weekend holding — a structural rule of the programme, and the single biggest difference from FTMO-style evaluation accounts.
The trailing drawdown changes the math. The Maximum Loss Limit ratchets up with your best end-of-day balance, so a fixed stop distance consumes a growing share of your remaining room as the account climbs. Size smaller than you would on a static-drawdown firm.
Topstep is a futures prop firm with fifteen years of operation behind it. The constraints above are structural to the futures model, not defects in the firm.
Payouts & Trust
TrustFifteen years of continuous operation from a US headquarters, over $1.4 billion reported paid to traders with a 99%+ payout-approval rate, and no credible pattern of payout disputes. On longevity, nothing in futures prop touches it.
The 2026 frictionthe payout side got more complex, not less. New traders lost the 100%-of-first-$10K policy, per-payout caps were reduced on some account types in April 2026, and repeat payouts require both winning-day counts and a minimum balance since the last withdrawal. The money is real; extracting it takes patience and rule-reading.
Pros & Cons
| What works | |
|---|---|
| ✓ | The longest track record in futures prop — operating since 2012 |
| ✓ | One-step evaluation with no time limit |
| ✓ | Regulated CME markets, US-based company |
| ✓ | Low monthly entry ($49 at $50K) — cancel any time |
| ✓ | Strong education, coaching and community (TopstepTV) |
| ✓ | Native multi-account copier for your own accounts, at no cost |
| What to watch | |
|---|---|
| ✗ | Futures only — no MT5, no spot forex, no CFDs |
| ✗ | Trailing Max Loss Limit is unforgiving vs static drawdowns |
| ✗ | No overnight or weekend holding — flat by the daily session cutoff |
| ✗ | 2026 payout policy is more complex: caps, dual paths, split downgrade for new traders |
| ✗ | Subscription renews monthly until you pass or cancel |
| ✗ | VPS, VPN and third-party copiers banned |
All 9 Prop Firms Compared
Every prop firm we review, side by side. Trustpilot ratings checked 5 November 2026; other figures checked August 2026. Entry fee is the cheapest account on the cheapest plan a firm offers — that is not always its headline product. The $100K column is the tier most traders actually buy.
| Firm | Steps | Entry | $100K | Max loss | Daily | Split | Refund | US | EU | Code |
|---|---|---|---|---|---|---|---|---|---|---|
 FTMOCFD · ★4.8 | 123⚡ | $92.18 | $512.28 | 10% static | 5% / 3% | 80–90% | 2-Step only | Yes | Yes | — |
 FundedNextCFD+FUT · ★4.5 | 123⚡ | $44.99 | $549.99 | 10% / 6% | 5% / 3% | 80–95% | Yes | Restr. | Yes | — |
 FundingPipsCFD · ★4.5 | 123⚡ | $29 | $422 | 6–12% ▲ | 3–5% | 60–100% | 4th payout | Yes | Yes | — |
 The5ersCFD+FUT · ★4.7 | 123⚡ | $22 ▲ | $491 | 6% / 10% | 3–5% | 75–100% | 70% partial | Fut. only | Yes | — |
 Alpha CapitalCFD · ★n/a | 123⚡ | $27 | $397 | 6–10% | 3–5% | 80% | None | Yes | Yes | — |
 E8 MarketsCFD · ★n/a | 123⚡ | $44 | $440 | 6% dynamic | 4% | 80–100% | Pre-trade | Yes | Yes | — |
 FXIFYCFD+FUT · ★4.3 | 123⚡ | $31.20 | $319.20 ▲ | 5–10% | 3–5% | 75–100% | 100% ▲ | No | Yes | — |
| Topstep FUTURES · ● HERE | 123⚡ | $49/mo | $99/mo | EOD trail | optional | 90–100% | 14-day only | Yes | Yes | — |
 My Funded FuturesFUTURES · ★4.9 | 123⚡ | $53/mo | $134/mo | EOD trail | none ▲ | 80–90% | Untraded only | Yes | Yes | — |
Steps: 1 / 2 / 3 phase · ⚡ instant funding. A lit chip means the route is offered, not that it is better. ▲ marks the best figure in that column among comparable plans. Futures firms bill monthly, so their fees are not compared against one-time CFD fees. Topstep shows no rating because their Trustpilot profile was merged and the two live figures disagree. EU is derived from each firm’s own published restricted-country list — no EU member state appears on any of the nine. Codes are the firm’s own, verified at checkout — we do not list third-party affiliate codes. A dash means no code is published, not that no discount exists.
As a futures prop firm, Topstep is the benchmark: the oldest, the most educational, and the most likely to still exist in five years. If you are a futures trader on your own strategies, it deserves its reputation despite the tighter 2026 payout rules.
For a trader already working in CME futures, Topstep is a solid choice with a long track record and a clean payout reputation. For anyone coming from an MT5 or CFD background, the instrument set, the pricing basis and the flat-by-close rule all make it the wrong starting point.
TRADING FUTURES ANYWAY?
Topstep is the most established name in the space. Verify the current 2026 rules before subscribing.
