Topstep

Topstep review: our verdict

Topstep suits futures day traders, especially in the US, who want a low entry price, an end-of-day trailing drawdown that locks at the starting balance, and fast payout rails such as Aeropay and same-day prop-to-brokerage transfers. The trade-offs are a monthly subscription that runs until you pass, a $149 activation fee on the cheaper Standard path, a single in-house platform (TopstepX) for most traders, and payout caps per request on the Express Funded Account.

Topstep scores 8.1/10 in our ratings and ranks second of the 10 futures prop firms we currently rate. Its pricing, payout speed and well-documented help center lift the score, while its 3.7 Trustpilot rating, the lowest among the futures firms we track, holds it back. See our methodology for how scores are built.

Programs and pricing

Topstep has one evaluation, the Trading Combine, in 50K, 100K and 150K sizes. Passing leads to an Express Funded Account (XFA), a simulated funded account that starts at a $0 balance, and selected traders are later called up to a Live Funded Account (LFA). Traders in jurisdictions where Topstep cannot offer live market access are moved to a simulated "Pro Account" instead.

When you buy a Combine you choose a path, which cannot be changed later. The Standard path has the lower monthly price plus a $149 activation fee per XFA earned; the No Activation Fee path costs more each month but has no activation fee. Prices below are in US dollars from topstep.com and help.topstep.com in November 2026.

Topstep's own pages disagree on the No Activation Fee prices, so confirm at checkout. Adding the optional daily loss limit at checkout ("Responsible Trading") is shown with a discount of $10, $20 or $30 by size, and a limited-time offer doubles XFA payout caps for Combines bought with it. A reset returns the Combine to its starting state and pushes your rebill date out 30 days; each monthly rebill also adds one reset credit. Level 1 market data is included; Level 2 costs $38 a month. Topstep says most fees are non-refundable.

Trading rules explained

Profit targets

The Combine targets are $3,000 (50K), $6,000 (100K) and $9,000 (150K). You must reach and maintain the target while also meeting the consistency target below. There is no published minimum number of days; Topstep says you can pass in as few as two.

Daily loss limit

In the Combine and XFA the daily loss limit is optional and fixed at purchase: $1,000 (50K), $2,000 (100K) or $3,000 (150K). If you add it and hit it, Topstep flattens positions, cancels orders and blocks trading until the next session at 5:00 pm CT; this is a pause, not a rule violation. It is measured on net P&L during the trading day, which runs from 5:00 pm CT to 3:10 pm CT. In the LFA a daily loss limit is automatic.

Maximum drawdown

The maximum loss limit (MLL) is $2,000 (50K), $3,000 (100K) or $4,500 (150K). It trails your end-of-day balance upward and never moves down, but it is monitored in real time: realized and unrealized losses both count, and touching it intraday liquidates the account. In the Combine the MLL stops trailing once it reaches the starting balance. In the XFA, which starts at $0, the MLL begins at −$2,000 (50K) and locks at $0 once the balance reaches $2,000.

Consistency rules

In the Combine, your best day should stay at or below 55% of the profit target. Breaking it does not fail the account; instead your effective target rises so that the best day is 55% of it. In the XFA, the Consistency payout path requires your largest winning day to be 40% or less of net profit in each payout window.

News trading

Topstep restricts trading for a short period around Tier 1 news events and directs traders to its high-volatility risk article for the exact window. Its prohibited-strategies page also bans deliberately trading your full maximum position size into a scheduled major release. Common releases it lists include CPI and the jobs report (7:30 am CT) and FOMC statements (1:00 pm CT).

EAs, copy trading and hedging

Automated strategies are allowed on TopstepX through its API ($29 a month, separate from the Combine), but orders must originate from your own device (no VPS or VPN), high-frequency trading is banned and the API cannot be used on live funded accounts. Topstep prohibits "unfair technology", strategies that exploit simulated fills, cross-account hedging, account stacking and trading on behalf of others.

Overnight holding and inactivity

All positions must be closed by 3:10 pm CT every weekday; Topstep does not allow holding from one session to the next, including over weekends. XFAs with no trading activity for more than 30 days may be closed and cannot be put on hold.

Worked example

A 50K Combine on the Standard path: starting balance $50,000, target $3,000, MLL $2,000 (floor $48,000), optional daily loss limit $1,000, best day capped at 55% of the target ($1,650).

1. Day 1: +$1,800. Balance $51,800; the floor rises to $49,800. Because $1,800 is above $1,650, the effective target rises to about $3,273 ($1,800 ÷ 0.55).
2. Day 2: −$600, within the $1,000 daily limit. Balance $51,200; the floor stays at $49,800.
3. Day 3: +$1,000. Balance $52,200. Trailing $2,000 would put the floor at $50,200, but it locks at the $50,000 starting balance.
4. Day 4: +$1,100. Balance $53,300, total profit $3,300. The best day is now 54.5% of total profit, so the raised target is met and the Combine is passed.

Check: $1,800 − $600 + $1,000 + $1,100 = $3,300. After paying the $149 activation fee, the XFA starts at $0 with a floor of −$2,000. On the Standard payout path, after five winning days of at least $150 and a balance of, say, $2,400, you could request up to 50% of the balance ($1,200), paid at 90% ($1,080). The request is below the $2,000 cap for a 50K XFA.

Payouts

XFA payouts have no fixed schedule. On the Standard path you qualify after five winning days of $150 or more (not necessarily consecutive); on the Consistency path after three traded days with your best day at 40% or less of net profit. Each request can be up to 50% of the balance, with a $125 minimum and caps of $2,000, $3,000 and $5,000 (Standard) or $3,000, $4,000 and $6,000 (Consistency) by size. The split is 90/10. LFA payouts are not capped, and daily payouts unlock after 30 winning days of $150 or more in the live account.

US traders can use prop-to-brokerage (same day if requested by 12 pm CT, no fee), Aeropay (instant after approval, no Topstep fee) or ACH ($30, 1 to 3 business days). Wise is available in China, Canada and the UK, and international wire costs $30 and takes 5 to 10 business days. Internal approval can take 1 to 3 business days. See our Topstep payout guide for a step-by-step walkthrough.

Platforms and instruments

Topstep's main page names only TopstepX, its in-house platform, which cannot connect to external charting such as TradingView. Its help center references Quantower connection instructions, but we could not confirm which third-party platforms are open to new accounts. Permitted products cover CME equity index and FX futures, NYMEX energy, CBOT grains, Treasuries and Dow futures, and COMEX metals, including micros; some micro and crypto contracts carry extra restrictions, and spot forex is not offered. Contract limits are 5, 10 and 15 minis (50, 100 and 150 micros) in the Combine, with an XFA scaling plan based on balance.

Who can join

US traders are accepted. You must be 18 or older, and eligibility depends on both citizenship and permanent residency. Topstep lists ineligible countries including Afghanistan, Algeria, Belarus, Cuba, Iran, Kenya, Lebanon, Morocco, Nigeria, North Korea, Pakistan, Russia, Turkey, Ukraine, Venezuela and others, and about 25 further countries can earn XFAs but not live accounts. Citizens of an ineligible country who live elsewhere can submit government photo ID to prove residency. We checked this in Topstep's eligibility article; the list can change.

Reputation and trader feedback

In November 2026 Topstep had a Trustpilot score of 3.7 ("Average") from 15,022 reviews, with 70% five-star and 19% one-star ratings. Positive reviewers often mention quick chat support, fast payouts, TopstepTV and the community. Some reviewers report disputes over how drawdown rules were applied, feeling pushed into different programs once profitable, and account closures or failed appeals after technical problems. Trustpilot shows Topstep replying to about 5% of negative reviews. Topstep's own disclosures say 33.3% of funded participants received a payout in 2025 and 0.71% of XFA traders were called up to a live account. Its marketing figures vary between pages (for example "$1.5B+" and "more than $1.4 billion" paid out).

Alternatives to Topstep

• My Funded Futures: one-time pricing with no activation fee and a daily-payout Rapid plan at 90%.
• Alpha Futures: EOD drawdown on all plans, no activation fee and up to four payouts a month.
• TradeDay: low sale prices, no activation fee and a Quick Pay account with no payout buffer.
• Earn2Trade: a structured route to a real live account with EOD drawdown.

Compare head to head in Topstep vs My Funded Futures, Topstep vs Alpha Futures, Earn2Trade vs Topstep and Topstep vs Apex Trader Funding.

How we verified this review

Checked November 2026. We reviewed topstep.com (the Topstep Prop and No Activation Fee pages) and help-center articles on pricing, Combine and XFA parameters, the maximum and daily loss limits, consistency, resets, payouts, live and Pro accounts, eligibility, trading hours, prohibited conduct and API access, plus Trustpilot. Unverified or conflicting: No Activation Fee prices (two sets published), which third-party platforms are open to new traders, and the exact Tier 1 news window. Most traders fail evaluations and fees are at risk; this is not financial advice.

Frequently asked questions

Is Topstep legit?

Topstep is a long-running US futures prop firm with a detailed public help center and published payout statistics. Its Trustpilot score is 3.7 from more than 15,000 reviews, lower than most futures peers.

Does Topstep have an activation fee?

On the Standard path, yes: $149 per Express Funded Account. The No Activation Fee path removes it in exchange for a higher monthly price.

How long does Topstep take to pay out?

You can request after five qualifying winning days (Standard) or three traded days (Consistency). US traders using Aeropay can be paid almost instantly after approval; other methods take 1 to 10 business days.

Does Topstep allow news trading?

Trading is restricted briefly around Tier 1 releases, and deliberately trading full size into major news is prohibited. Other news is not restricted.

Is Topstep's drawdown trailing?

Yes, it trails your end-of-day balance but is enforced in real time, and it locks at the starting balance in the Combine (or $0 in the XFA).

Can I hold trades overnight with Topstep?

No. All positions must be closed by 3:10 pm CT each weekday.