Dossier · Independent review
Topstep: the dossier
Topstep is one of the most established futures evaluation firms, built around the Trading Combine with a 90% split and a detailed, publicly documented ruleset.
Short verdict
Topstep stands out for mature, well-documented program with strong payout terms; watch out for exact profit-target and trailing-drawdown dollar amounts per size were not surfaced on the parameters page.
The Prop Examiner verdict-in-brief
Mature, well-documented program with strong payout terms; minor friction from consistency rules and monthly subscription cost.
100%
Profit split (up to)
$49
Entry price (from)
$150K
Max funding (headline)
Scorecard
Five dimensions, scored 0–5
4.2
avg
- Pricing & value
- 4.0/5
- Profit split
- 4.0/5
- Payout speed
- 4.0/5
- Rules flexibility
- 4.0/5
- Transparency
- 5.0/5
Advertised vs verified
At a glance
Advertised claims vs what we could verify. “Up to” figures are maximums; rows flagged verify before launch are unconfirmed.
- Founded
- 2012 (widely cited; exact year not confirmed on pages reviewed)verified
- Headquarters
- Chicago, Illinois, USAverified
Every figure traces to the cited & dated sources below.
What actually binds you
Key trading rules
Where challenges are won or lost — sourced from Topstep’s own pages. Rules vary by product; the per-plan breakdown follows.
| Phase / model | Rule | Published value |
|---|---|---|
| Combine | Profit target | Set per account size (exact dollar figures not surfaced)verify |
| Combine | Max loss | Maximum Loss Limit (MLL) — trailing drawdown; optional Daily Loss Limit |
| Combine | Contract limits | $50K = 5 (50 micros); $100K = 10 (100); $150K = 15 (150) |
| Funded | Winning-days requirement | Express Funded needs 5 winning days of $150+; Consistency Path 3 days |
| Combine | Consistency | Best single day < 50% of Profit Target (40% on payout path) |
| All | Prohibited styles | Prohibited-practice rules published; specifics not detailed on pages reviewedverify |
Rules verified from Topstep's Trading Combine parameters and payout-policy help articles on the access date. Exact per-size profit-target and trailing-drawdown dollar figures, and the full prohibited-practices list, were not surfaced and must be confirmed before buying.
EAs, algos, bots & copy trading
Automation & AI policy
MIXED — trader-owned automation and native copy trading across your own accounts are allowed, but SIM-exploiting/HFT strategies, VPS/VPN, coordinated trading and LFA API automation are banned, and bots are unsupported.
| Policy area | What the firm states |
|---|---|
| Expert Advisors (EAs) | Limited — "Automated strategies are permitted, but Topstep cannot help set them up or troubleshoot them" and "will not make exceptions for errant trades or malfunctions." However, automated trading via the ProjectX API is prohibited in the Live Funded Account (LFA). |
| Algorithmic trading | Limited — trader-owned automated strategies allowed in evaluation/funded (not LFA); the TopstepX API ($29/mo, $14.50 for Topstep traders) lets traders build automated strategies. Software/AI/ultra-high-speed systems that "manipulate, abuse, or provide an unfair advantage" are prohibited. All activity must originate from your personal device — VPS, VPN and remote servers are prohibited by the Terms of Use and can cause suspension/removal. |
| Copy trading | Limited (own accounts only) — native copy trading is available in TopstepX (Settings → Copy Trading: select Lead account, check Follower accounts); Auto-OCO brackets copy to follower accounts. Coordinated trading "in concert with others (including unconnected accounts or third parties) to pool risk, hedge aggregate positions, or trade the same or opposite strategy simultaneously" is prohibited. |
| HFT / tick scalping | Banned — "ultra-high speed systems... that manipulate, abuse, or provide an unfair advantage" are prohibited; "scalping algorithms designed to exploit unrealistic SIM fills" and "hundreds of rapid trades to take advantage of preferential queue position" are banned. |
| Trading bots / AI | Limited — AI/software permitted only as legitimate trader-supervised automation; AI/software that manipulates or abuses the platform/SIM is prohibited. Topstep notes bots/algos are not actively supported (no setup/troubleshooting help). |
| News trading | Restricted — "purposefully trading your full Maximum Position Size directly into a scheduled major news event" is forbidden. |
| Automation platforms | TopstepX (native copy trading + Auto-OCO); TopstepX API / ProjectX API for automated strategies (API automation NOT allowed in LFA); third-party platform connectivity. VPS/VPN/remote servers banned. |
Verbatim policy from Topstep. Items flagged verifyare unconfirmed — check the firm’s terms for your product. Educational information, not trading advice.
Looking to compare automation rules across firms? See our best prop firms for AI, algo & EA trading ranking.
What you trade on & what binds the funded account
Platforms & funded-account rules
What binds a funded account: platforms, post-funding consistency, scaling, refunds, time and position limits, weekend / news rules. Each value links its ↗ source; = explainer; verify = unconfirmed.
Trading platforms provided
Payouts & timing
Payout frequency
On-demand once eligible (Express Funded Account) — no fixed cycle; requests processed during CME trading hours.
First payout
First payout requires winning days in the Express Funded Account — Standard path: 5 winning days of $150+ net P&L; Consistency path: 3 trading days with ≥1 trade.
Payout methods
Prop Payout to Brokerage (same-day, US), Aeropay, Wise, ACH ($30 fee), Wire/SWIFT ($30 fee).
Payout speed
Processed during CME trading hours (Prop Payout to Brokerage is same-day for US traders).
Profit-split scaling
90% trader / 10% Topstep up to the payout cap (XFA). Traders who joined before Jan 12, 2026 keep 100% of first $10,000 lifetime profit, then 90/10. Live Funded Account (after 30 winning days) payouts uncapped.
Payout / profit cap
Per-request payout cap on XFA (accounts opened on/after Apr 28 2026) — Standard: $2,000 ($50K) / $3,000 ($100K) / $5,000 ($150K); Consistency: $3,000 ($50K) / $4,000 ($100K) / $6,000 ($150K). Min payout $125; max per request = 50% of account balance up to the cap. Live Funded Account payouts not capped.
Funded-account rules & cost
Cost
Cheapest entry = $50K Combine, Standard path $49/mo. Monthly subscription during the Combine (futures firm). Range $49–$199/mo Standard ($50K/$100K/$150K); No-Activation-Fee path $95–$229/mo.
Payment methods (to buy)
Visa, Mastercard, American Express, and Discover. PayPal not supported; gift cards and pre-paid cards not accepted.
Time limit
No time limit to pass the Combine (can pass in as few as 2 trading days; subscription runs until passed or cancelled).
Inactivity rule
No dedicated inactivity-closure rule located on the Topstep Help Center this pass; Combine billing simply continues monthly until cancelled. verify
Max position / lot limit
Contract limits per size — $50K: 5 minis/50 micros; $100K: 10 minis/100 micros; $150K: 15 minis/150 micros (10 micros = 1 mini).
Weekend / overnight holding
No overnight/weekend holding — trading day runs 5:00 PM CT to 3:10 PM CT next day; positions must be closed/flat before the daily close (futures intraday model).
News trading
No explicit news-trading restriction located on the Help Center; review the prohibited-practices/rules-of-engagement article before publishing. verify
3 plans · per-plan detail
Rules by account plan
Every plan’s model, rules and size/price matrix. = explainer · ↗ source = firm’s page · verify = unconfirmed. Compare against other firms →
$50K Trading Combine
Futures evaluation with up to 100% profit split — suited to futures traders who prefer contract-based sizing on a dedicated platform.
Sizes & price
| Account size | Entry price |
|---|---|
| $50K | Standard Path $49/mo; No Activation Fee Path $95/mo |
Contract limits: 5 minis / 50 micros (minis and micros counted at 10:1). Funded stage is the Express Funded Account (simulated). "Responsible Trading" discount $10–$30 off when a DLL is added at purchase on No-Activation-Fee Combines; no general coupon listed at access.
Rules sourced from official pages — $50K Trading Combine rules hub. Promo terms change; confirm at checkout.
$100K Trading Combine
Futures evaluation — suited to futures traders who prefer contract-based sizing on a dedicated platform.
Sizes & price
| Account size | Entry price |
|---|---|
| $100K | Standard Path $99/mo; No Activation Fee Path $149/mo |
Contract limits: 10 minis / 100 micros (minis and micros counted at 10:1). Simulated Express Funded Account on pass.
Rules sourced from official pages — $100K Trading Combine rules hub. Promo terms change; confirm at checkout.
$150K Trading Combine
Futures evaluation — suited to futures traders who prefer contract-based sizing on a dedicated platform.
Sizes & price
| Account size | Entry price |
|---|---|
| $150K | Standard Path $199/mo; No Activation Fee Path $229/mo |
Contract limits: 15 minis / 150 micros (minis and micros counted at 10:1). Simulated Express Funded Account on pass.
Rules sourced from official pages — $150K Trading Combine rules hub. Promo terms change; confirm at checkout.
Rule glossaryEvery term on this page, in plain English
- Profit target
- The percentage gain a trader must achieve on a challenge or evaluation account to advance to the next phase or become funded. It is usually measured against the starting balance and must be met without breaching any loss limit.
- Max daily loss
- A cap on how much an account may fall within one trading day, measured from either the day's starting balance or starting equity. Breaching it typically fails the account, even if the overall loss limit is untouched.
- Max overall loss
- Also called maximum total loss or overall drawdown — the furthest an account may fall from its baseline before it is failed. Whether the baseline is fixed or moves with profits depends on the drawdown type.
- Static drawdown
- A maximum-loss level calculated once from the starting balance and held fixed for the life of the account. Profits do not raise it, so the buffer below your equity grows as you gain.
- Trailing drawdown
- A maximum-loss level that follows the account upward as it reaches new equity or balance highs, locking in some gains. Once it ratchets up it usually does not fall back, so giving back profits can still breach it.
- End-of-day (EOD) drawdown
- A trailing drawdown that recalculates from the highest end-of-day balance rather than intraday peaks. Open-trade spikes during the day do not move the limit — only the closing figure does.
- Minimum trading days
- A requirement to place trades on a set number of distinct days before an account can pass a phase or request a payout. It discourages passing on a single lucky trade.
- Consistency rule
- A limit on how concentrated profits may be — for example, no single day may account for more than a set percentage of total profit. It is meant to reward steady performance over one-off windfalls; breaching it can delay a payout or block a pass.
- Profit split
- The percentage of profits a funded trader keeps, with the rest retained by the firm (e.g. an 80% split means the trader keeps 80%). Advertised "up to" splits are usually ceilings reached only at higher tiers or after scaling.
- Scaling plan
- A structured path that increases a funded trader's account size (and sometimes profit split) after meeting performance and consistency conditions. Terms and timelines vary widely between firms.
- Leverage
- The ratio between position size and the capital backing it (e.g. 1:100 means $1 controls $100 of exposure). Higher leverage amplifies both gains and losses against your drawdown limits.
- Evaluation / challenge
- A simulated trading test — sometimes called a challenge — where a trader must hit a profit target without breaking the rules to earn a funded (or simulated-funded) account. It usually carries a one-time fee.
- Instant funding
- A product that skips the evaluation and grants a funded account immediately, typically for a higher upfront fee and often with stricter rules, lower initial splits, or tighter drawdown than evaluation paths.
- 1-step
- An evaluation that funds a trader after one phase, requiring a single profit target to be hit within the loss limits. Fewer phases can mean a tighter target or drawdown.
- 2-step
- An evaluation split into two phases, each with its own profit target, before funding. The two-phase structure is the most common model across the industry.
- 3-step
- An evaluation with three sequential phases before funding, usually with lower per-phase targets spread across the stages. More phases can mean a longer path but gentler individual targets.
- Payout / withdrawal cycle
- The schedule and conditions for withdrawing funded profits — for example, on-demand, bi-weekly, or monthly, sometimes after a minimum profit or a set number of trading days. Early-payout terms and minimums vary by firm.
- Prohibited strategies
- Approaches a firm bans in its rules — breaching them can void profits or fail an account. Commonly restricted styles include martingale, grid, certain hedging or arbitrage, high-frequency or tick scalping, news trading, copy trading, and all-in gambling-style bets.
- Martingale
- A strategy that raises trade size after each loss in an attempt to recover prior losses with one win. Firms often prohibit it because it concentrates risk and can blow through drawdown limits quickly.
- Grid trading
- A system that places a ladder of buy and sell orders at fixed intervals regardless of direction. It is frequently restricted because it can build large, correlated exposure that strains risk limits.
- Hedging
- Opening opposing positions in the same or correlated instruments to offset risk. Some firms allow internal hedging but prohibit hedging across accounts or between traders to game evaluations.
- Arbitrage
- Profiting from price discrepancies between brokers, feeds, or instruments, including latency arbitrage. It is commonly banned because it can exploit a firm's simulated pricing rather than reflect genuine market skill.
- HFT / tick scalping
- High-frequency trading and tick scalping involve large numbers of trades held for seconds or less, often automated. Firms frequently restrict them, sometimes via minimum hold-time rules, because they can exploit feed latency.
- News trading
- Opening or holding positions through scheduled high-impact news events to capture volatility. Some firms restrict trading within a window around major releases on evaluation or funded accounts.
- Copy trading
- Automatically replicating one account's trades onto others, or copying signals from a third party. Firms often limit it to a trader's own accounts and prohibit copying between unrelated traders.
- Expert Advisors (EAs)
- Algorithms or robots — often MetaTrader Expert Advisors — that place trades automatically. Policies range from fully allowed to banned; many firms permit personal EAs but forbid shared or exploit-oriented bots.
- Gambling / all-in
- Staking an outsized share of the account on a single trade in hope of a fast pass. Firms restrict it because it relies on luck rather than risk management and undermines consistency rules.
Educational definitions only — not trading advice, and no outcome is guaranteed. The exact meaning of any rule depends on the firm’s own terms for your specific product; always verify there before relying on it.
Want the full reference? See the prop-firm rule glossary.
The field, in bars
How the profit split compares
Headline (“up to”) maximum vs the field — ceilings gated behind tiers or scaling, not what every trader gets.
Profit split — headline maximum (%)
Higher is betterBalanced view
Pros, cons & open risks
Strengths
- Long-established firm (since ~2012) with a detailed, publicly documented ruleset and help center.
- 90% split with a relatively low $125 minimum payout and multiple withdrawal methods.
- Clear, published contract limits and consistency targets reduce ambiguity about what passes.
- 'No Activation Fee' path lets traders avoid a separate activation cost after passing.
Cons & open risks
- Exact profit-target and trailing-drawdown dollar amounts per size were not surfaced on the parameters page.
- Consistency rules (50% in the Combine, 40% on payout) can slow withdrawals after one large day.
- It is a monthly subscription during the Combine, so costs accrue until you pass.
- Payouts process only during CME market hours; some methods carry $30 fees or multi-day delays.
Do this first
What to verify before buying
Confirm each of these for your exact product:
- 01The exact Profit Target and Maximum Loss Limit dollar figures for your chosen account size.
- 02The choice between Standard and No Activation Fee paths and the total cost to funding.
- 03The full payout policy, including the winning-days requirement and 40% consistency target.
- 04The current supported trading platforms and any data fees.
- 05The prohibited-practices list to ensure your strategy is allowed.
The Prop Examiner
Our verdict
Topstep is one of the most established futures evaluation firms, with a transparent help center and a 90% split backed by a low minimum payout. The trailing Maximum Loss Limit and consistency targets demand disciplined trading, and a few exact figures should be confirmed at checkout. The Prop Examiner has no affiliate relationship with Topstep at this time.
Reference link
Go to Topstep
Common questions
Topstep FAQ
- What is Topstep's profit split?
- 90% to trader / 10% to Topstep, up to the payout cap (first $10K at 100% for pre-Jan-2026 joiners). Confirm the split for the exact product you buy, as it can vary by model and tier.
- How fast does Topstep pay out?
- Processed during CME hours; same-day via Prop Payout/Aeropay; $125 minimum per request. Payout speed and eligibility depend on the product and on meeting the firm's rules; no payout is guaranteed.
- What account sizes does Topstep offer?
- $50K, $100K, $150K Trading Combine accounts. Headline maximums are ceilings reached via scaling, not the size you start with.
- Does Topstep have a discount code?
- The Prop Examiner has no affiliate relationship with Topstep at this time. Check Topstep's own site for any current promotions and confirm the total at checkout.
- Is Topstep worth it?
- Mature, well-documented program with strong payout terms; minor friction from consistency rules and monthly subscription cost. Read the rules for your exact product, treat headline numbers as ceilings, and start with the smallest suitable plan — prop challenges are simulated/educational products and most buyers do not reach a payout.
Cited & dated
Sources
Every figure traces to a Topstep source below, accessed on the date shown. Re-verify before relying on any number — pricing and promos change.
- 1.Topstep — Trading Combine parameters (Help Center)· accessed 2026-06-17
- 2.Topstep — payout policy (Help Center)· accessed 2026-06-17
- 3.Topstep — pricing and payment questions (Help Center)· accessed 2026-06-17
- 4.Topstep — Our Program· accessed 2026-06-17
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