The original futures prop firm. Strictest rules, strongest reputation, best education ecosystem.
TL;DRTopStep is the most established futures prop firm, operating since 2012 out of Chicago. A 1-step Trading Combine evaluation with end-of-day drawdown, 100% of your first $10K in profits, and an exclusive platform (TopstepX). Monthly subscription pricing at $49-$149. Best for beginners who value structure and education.
TopStep is a proprietary trading firm founded in 2012 by Michael Patak in Chicago. It was the first company to offer retail traders a structured path to trading futures with firm capital through a simulated evaluation. Before TopStep, getting access to prop firm capital required physical presence on a trading desk, personal connections, or significant personal capital.
The firm focuses exclusively on futures trading and has funded thousands of traders since launch. They've paid out millions in trader profits and remain the most recognized name in the futures prop firm space. The company rebranded from TopstepTrader to TopStep in 2020 and shifted from a 2-step to a 1-step evaluation in 2023.
TopStep uses a single-phase evaluation called the Trading Combine. You pick an account size ($50K, $100K, or $150K), pay a monthly subscription, and trade in a simulated environment. Your goal is to hit the profit target without exceeding the Maximum Loss Limit (MLL).
The MLL is a trailing drawdown calculated at end of day, not intraday. This is a critical distinction. If you're down $1,800 during the session but fight back to positive before 4:00 PM CT, the drawdown is based on your closing balance, not the intraday low. This gives traders room to manage positions through normal volatility.
There is no minimum number of trading days to pass the evaluation. You could theoretically pass in a single day if you hit the profit target. Once you pass, you pay a $149 activation fee and transition to a funded account.
TopStep offers three account sizes, all on monthly subscription pricing:
The $50K account costs $49 per month with a $3,000 profit target (6%) and a $2,000 Maximum Loss Limit. Maximum position size is 5 contracts.
The $100K account costs $99 per month with a $6,000 profit target (6%) and a $3,000 MLL. Maximum position size is 10 contracts.
The $150K account costs $149 per month with a $9,000 profit target (6%) and a $4,500 MLL. Maximum position size is 15 contracts.
All accounts include Level 1 market data and CME exchange data at no additional cost. Level 2 (DOM) data is available as an upgrade. TopStep covers the monthly data fee for one exchange (CME by default).
TopStep's rule set is relatively simple compared to competitors, but there are important details.
The MLL is a trailing drawdown. It follows your highest end-of-day balance upward but never moves back down. If your account peaks at $53,000 (starting from $50,000), your MLL is now calculated from that $53,000 high-water mark.
There is no consistency rule during the evaluation. You can have one massive winning day and several flat days, and that's acceptable. Some firms penalize this pattern.
As of July 2025, TopstepX is the only supported trading platform. The firm acquired the ProjectX technology and no longer supports NinjaTrader, TradingView, Tradovate, or other third-party platforms. This is a significant limitation if you have a workflow built around other software.
All positions must be closed by market close. No overnight or weekend holding is allowed in either the evaluation or funded phases.
Resets are available if you fail: $49 for the $50K, $99 for $100K, and $149 for $150K. A free reset is included with monthly subscription renewal if your account is in failed status.
TopStep's payout structure has evolved over time. Currently, traders keep 100% of their first $10,000 in profits with no split. After $10,000, the split moves to 90/10 in favor of the trader.
Payouts can be requested daily after meeting minimum requirements. Initially, traders must have 30 winning days before daily payout eligibility. In the early funded phase, there are payout caps that increase as you demonstrate consistency.
TopStep uses a Scaling Plan that progressively increases your buying power as your end-of-day balance grows. You don't start with the full contract allocation. The scaling is tied to your account equity, encouraging measured growth rather than maximum leverage from day one.
You can run up to 5 funded accounts simultaneously. Each account operates independently with its own drawdown and profit tracking.
| $50K | $100K | $150K | |
|---|---|---|---|
| Monthly cost | $49 | $99 | $149 |
| Profit target | $3,000 | $6,000 | $9,000 |
| Max loss limit | $2,000 | $3,000 | $4,500 |
| Max contracts | 5 | 10 | 15 |
| Activation fee | $149 | $149 | $149 |
Verify current pricing directly with TopStep. Prices change frequently.
pros
Longest operating history in the industry (since 2012)
End-of-day drawdown is the most forgiving calculation method
No consistency rule during evaluation
100% of first $10K in profits
Best education resources of any prop firm (TopstepTV, live coaching)
Free reset included with monthly subscription renewal
cons
Monthly subscription pricing adds up if you need multiple attempts
$149 activation fee after passing evaluation
TopstepX is the only platform option since late 2025
Trustpilot rating has declined (3.4) amid platform and rule changes
Scaling Plan limits initial contract size in funded accounts
No overnight or swing trading at any phase
TopStep is the safest choice for a first prop firm evaluation. The end-of-day drawdown is genuinely more forgiving than intraday trailing. The education ecosystem (TopstepTV, coaching, community) adds real value that competitors don't match. The tradeoff is the monthly subscription model (costs add up if you don't pass quickly), the $149 activation fee, and being locked into TopstepX as your only platform. If you're already committed to a specific trading platform like NinjaTrader or TradingView, this is a dealbreaker.
best for
Beginners and traders who value education, community, and a proven track record above everything else.
avoid if
You need NinjaTrader, TradingView, or any platform other than TopstepX. Or if you prefer one-time pricing over monthly subscriptions.