Topstep review
Topstep is a Chicago futures-trading firm best known for pioneering the "Trading Combine," a paid, simulated evaluation model now widely copied across the prop-trading industry. Traders pay a recurring monthly fee to try to hit a profit target in a simulated account without breaching a loss limit; those who pass activate an Express Funded Account (still simulated) and can eventually be called up to a Live Funded Account that trades Topstep's own capital in live futures markets, keeping 90% of profits. Topstep is not a bank or a regulated broker-dealer, and its own disclosures describe its products as simulated rather than deposit accounts. A separate affiliate, Topstep Brokerage LLC, launched in January 2026, is registered with the CFTC and NFA as an introducing broker, but that registration covers a separate brokerage product, not the Combine/funded-account program. In late 2025 Topstep faced public criticism over repeated TopstepX platform outages, and in 2026 a trader filed a federal lawsuit alleging it runs an unregistered commodity pool — an unproven allegation, not a finding against the firm.
Topstep key facts
- Website: www.topstep.com
- Category: Futures prop trading firm (funded-account / evaluation model)
- Founded: 2012 (as TopstepTrader; predecessor Patak Trading Partners founded 2010)
- Headquarters: Chicago, Illinois, United States
- Evaluation model: Trading Combine (paid simulated evaluation) → Express Funded Account → Live Funded Account
- Account sizes: $50,000 / $100,000 / $150,000 Trading Combine buying power; Live accounts scale up to $150,000
- Profit split: 90% to trader / 10% to Topstep on Express and Live funded accounts
- Platforms: TopstepX (proprietary), NinjaTrader, Tradovate
- Assets traded: Futures only, on CME, COMEX, NYMEX and CBOT — no stocks, options, spot forex, crypto or CFDs
- FYI Score: 94.8/100 (ranked #5 of the 63 prop trading firms we track)
Evaluation process
- Three Combine sizes ($50K/$100K/$150K buying power) priced from $49-$149/month under the Standard plan, with profit targets and max loss limits that scale with account size.
- A higher-monthly-rate option lets traders pay $0 activation fee on passing, versus the Standard plan's activation fee due once the Combine is passed.
- Topstep's own reported 2025 statistics: 16.8% of Trading Combines started were completed, and 51.8% of participants advanced to a funded account in at least one attempt.
- All Combine and Express-stage trading is simulated; no client money is placed in live markets until a trader is called up to a Live Funded Account.
Trading conditions
- Futures only, limited to contracts listed on CME, COMEX, NYMEX and CBOT.
- Open positions must be flattened by 3:10pm CT or the product's market close, whichever comes first.
- A Daily Loss Limit pauses trading for the rest of the session if breached; a Maximum Loss Limit permanently closes the account.
- Traders may run up to 5 active Express Funded Accounts but only one active Live Funded Account at a time.
Payouts
- 90/10 profit split in the trader's favor on both Express and Live funded accounts.
- Express payouts follow a Standard path (five winning days of $150+) or a faster Consistency path.
- Instant payouts via an Aeropay integration reach eligible US bank accounts in under 9 seconds on average; other banks settle via ACH within 1-3 business days.
- Topstep reports a 99.26% payout approval rate and more than $1.4 billion paid out to traders cumulatively — company-reported figures, not independently audited.
Platform and support
- Proprietary TopstepX platform with TradingView charts and real-time CME data; NinjaTrader and Tradovate are also supported.
- Trader Support team, a Help Center, a status page, and a public Discord community.
- TopstepX suffered a string of publicized outages in late 2025 — traders reported being unable to open or close positions — before CEO Michael Patak publicly committed to fixes in January 2026.
Markets
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Who Topstep is for
Topstep suits an individual futures trader who wants to test a strategy under realistic market conditions without committing large personal capital, and who is comfortable with a recurring subscription-style evaluation fee, strict daily/session loss limits, and a simulated-then-live progression. It's a weaker fit for anyone who expects a fast, low-friction path to live capital, or who isn't clear that the Combine and Express stages are simulated rather than real trading.
Pros
- One of the longest-operating firms in the category (predecessor dates to 2010; TopstepTrader launched 2012), with a large public review base.
- Publishes its own Combine pass-rate and payout statistics, which is more transparency than many competitors offer.
- Straightforward 90/10 profit split with a fast, near-instant payout option for US traders and a reported 99%+ payout approval rate.
- No personal trading capital is at risk during the Combine or Express stages, since both are simulated.
- Multiple platform choices (TopstepX, NinjaTrader, Tradovate) rather than a single proprietary lock-in.
Cons
- Topstep's core funded-account business is not itself a CFTC-registered or NFA-member entity; only its newer affiliate, Topstep Brokerage LLC (launched January 2026), holds that registration, and it covers a separate live-brokerage product, not the Combine/funded-account program.
- Pass rates are low by Topstep's own reporting — 16.8% of 2025 Trading Combines were completed.
- TopstepX experienced repeated, publicized outages in late 2025 that traders said cost them trades.
- A federal lawsuit filed in 2026 by a trader alleges Topstep operates as an unregistered commodity pool and uses rule changes to withhold payouts — an unproven allegation, not a finding against the firm.
- Combine subscription and activation fees are explicitly non-refundable under Topstep's terms, including for simply failing to complete the evaluation.
Topstep FAQ
Is Topstep legit?
Topstep has operated since 2012 (with a predecessor, Patak Trading Partners, dating to 2010), is based in Chicago, and reports having paid out more than $1.4 billion to traders. Its Trustpilot rating has sat in the mid-3s out of 5 across roughly 14,000 reviews, an average score for the category; recent negative reviews cluster around a late-2025 run of platform outages.
Is Topstep regulated?
The core Topstep Trading Combine and funded-account business is not itself registered with the CFTC or the NFA; Topstep describes it as a simulated evaluation and funding program, and its live accounts trade Topstep's own capital rather than holding client investment deposits. A separate affiliate, Topstep Brokerage LLC, launched in January 2026, is registered with the CFTC as an introducing broker and is an NFA member — that registration covers the brokerage product, not the prop-firm evaluation business.
How does the fee and refund policy work?
Traders pay a recurring monthly fee for a Trading Combine, from $49-$149/month depending on account size under the Standard plan. Passing the Combine and activating an Express Funded Account triggers a separate activation fee under that plan (or $0 under a higher-monthly-rate alternative). Topstep's terms state fees are not refundable if you cancel, fail to complete the Combine, or violate the terms.
How fast are Topstep payouts?
Topstep says approved payouts sent through its instant-payout integration reach eligible US bank accounts in about 9 seconds on average; payouts to banks without real-time transfer support, or for traders outside the US, go out via ACH within 1-3 business days. Topstep reports a 99.26% payout approval rate.
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