⚠️ Affiliate Disclosure: CoinCodeCap may earn a commission through links on this page. Read our full disclosure. Risk Disclaimer: Prop trading involves simulated capital. Challenge fees may be non-refundable. Past payout figures don’t guarantee your results.
📋 How We Review Prop Firms: CoinCodeCap evaluates prop trading firms across five weighted criteria: Payout Reliability (35%), Evaluation Fairness (25%), Pricing Value (20%), Platform & Tools (10%), and Support & Transparency (10%). We research payout histories, Trustpilot reviews, community feedback, and official rule documentation before scoring. All facts are verified against primary sources at time of publication.
Topstep has funded futures traders since 2012 — longer than almost any other prop firm in operation. But 2025 brought a rough patch: a Trustpilot rating drop from 4.5 to 3.4, repeated TopstepX platform outages, CEO public apology in December 2025, and a wave of rule changes that confused traders mid-challenge. The platform has since stabilized, but the question in 2026 is whether Topstep’s model still competes with newer, cheaper alternatives.
⚡ TL;DR — Topstep
Topstep is a Chicago-based futures-only prop firm founded in 2012 — one of the oldest continuously operating in the industry. Subscription-based evaluation from $49/month with no time limit and a one-step Trading Combine.
- 📅 Founded: 2012, Chicago, Illinois
- 💰 Pricing: From $49/month (Standard Path) + $129 activation fee after passing
- 📊 Account Sizes: $50K, $100K, $150K — futures only (CME products)
- 💸 Profit Split: 90% on all payouts for traders joining after Jan 12, 2026
- 🏆 Trustpilot: 3.4/5 (dropped from 4.5 in 2025 — platform outage issues)
- ⚠️ Platform: TopstepX only for new accounts as of July 7, 2025
- ✅ Best For: Disciplined CME futures traders who want a long-track-record US-based firm
- Key Takeaway 1: Futures-only — Topstep trades CME products (ES, NQ, CL, GC) exclusively. No forex, stocks, or crypto.
- Key Takeaway 2: TopstepX is now the only platform for new accounts as of July 7, 2025 — NinjaTrader/Tradovate no longer available to new traders.
- Key Takeaway 3: Trustpilot dropped from 4.5 to 3.4 in 2025 — repeated platform outages and rule changes drove negative reviews.
- Key Takeaway 4: New Jan 2026 payout policy: 90/10 split applies to all payouts for traders who joined after Jan 12, 2026.
- Key Takeaway 5: Daily payouts unlock after 30 non-consecutive winning days ($150+ net PNL each) in a Live Funded Account.
Table of Contents
Topstep at a Glance
| 📊 Feature | Details |
|---|---|
| ⭐ CoinCodeCap Rating | 3.8 / 5 |
| Founded | 2012, Chicago, USA |
| Best For | Disciplined futures-only traders — CME products |
| Markets | Futures only — ES, NQ, CL, GC, ZB and other CME products |
| Account Sizes | $50K · $100K · $150K |
| Evaluation Type | 1-Step — Trading Combine® |
| Pricing | From $49/month (Standard Path) + $129 activation fee after passing |
| Profit Split | 100% on first $10K, then 90% (for traders joining after Jan 12, 2026) |
| Daily Payouts | ✅ After 30 winning days ($150+ net PNL each) in Live Funded Account |
| Consistency Rule | No single day can exceed 50% of total profits |
| Platform | TopstepX only (new accounts from July 7, 2025) |
| News Trading | ✅ Allowed — no restrictions |
| EA / Bots | ✅ Allowed — no restrictions in evaluation or funded |
| Trustpilot | 3.4 / 5 (down from 4.5 in early 2025) |
| US-Based | ✅ Chicago, Illinois |
| 👉 Start Topstep Trading Combine → | |
⚡ Bottom Line (Up Top): Topstep is still one of the most legitimate futures prop firms in the industry — 13 years of operation, thousands of funded traders, real Chicago infrastructure. The 2025 platform issues and Trustpilot drop are concerning, but the CEO addressed them publicly and the platform has since stabilized. Main drawbacks in 2026: futures-only (no forex/crypto), TopstepX is locked-in for new accounts, and the 50% consistency rule frustrates traders who hit big days early. Best for CME futures traders who want a US-based firm with a long track record.
What Is Topstep?
Topstep is a Chicago-based futures proprietary trading firm founded in 2012 — one of the oldest continuously operating prop firms in existence. It focuses exclusively on CME-regulated futures products: equity indices (ES, NQ, YM), commodities (CL, GC, NG), interest rates (ZB, ZN), and currencies. No forex CFDs, no equities, no crypto spot or derivatives.
The firm’s evaluation pathway — the Trading Combine® — is a single-phase assessment where traders prove they can manage risk and hit profit targets before receiving a funded account. Over 10,000 traders advanced to live accounts in 2024. That’s an established pipeline, though the 2025 platform turbulence slowed momentum and dented the Trustpilot score significantly.
The Trading Combine: How It Works
The Trading Combine is Topstep’s one-step evaluation. Traders pay a monthly subscription, hit a profit target within the risk rules, and graduate to an Express Funded Account (XFA). After five payouts from the XFA, they advance to a Live Funded Account with daily payout eligibility.
| Account Size | Profit Target | Max Loss Limit | Daily Loss Limit | Consistency Rule | Contract Limit |
|---|---|---|---|---|---|
| $50K | $3,000 | $2,000 | Trailing (eval) | 50% rule | 5 contracts |
| $100K | $6,000 | $3,000 | Trailing (eval) | 50% rule | 10 contracts |
| $150K | $9,000 | $4,500 | Trailing (eval) | 50% rule | 15 contracts |
The 50% consistency rule is the most debated feature: no single trading day can account for more than 50% of your total profits. If you hit $5,000 in one session and your total is $5,000, you need another $5,000 before you can pass. It forces consistency — which is the point — but frustrates traders who run high-conviction setups.
⚡ Expert Tip: Topstep offers a “free reset” trick: if you fail near your subscription renewal date, wait for the rebill and you get a free reset instead of paying the reset fee. This only works if you’re not in a hurry to restart.
Topstep Pricing
| Path | $50K/month | $100K/month | $150K/month | Activation Fee |
|---|---|---|---|---|
| Standard Path | ~$49 | ~$99 | ~$149 | $129 after passing |
| No Activation Fee Path | Higher monthly | Higher monthly | Higher monthly | None |
Topstep uses a subscription model — you pay monthly, not a one-time fee. The Standard Path costs less per month but charges a $129 activation fee when you pass and get funded. The No Activation Fee Path costs more per month but has zero upfront cost at funding. As of January 2026, Topstep also covers CME data fees for one exchange (your choice: CME, NYMEX, COMEX, or CBOT) on Live Funded Accounts.
TopstepX Platform
TopstepX is Topstep’s proprietary browser-based trading platform, built on the ProjectX technology stack (which Topstep acquired outright in late 2025 — no other prop firm uses it). It integrates TradingView charts, sentiment tools (“The Tilt™” showing what other Topstep traders are positioning), built-in risk management, and full mobile browser access.
All new Trading Combines as of July 7, 2025 run exclusively on TopstepX. Legacy accounts on NinjaTrader or Tradovate can continue, but new registrations no longer have platform choice. The platform had significant outages in late 2025 — Topstep acknowledged 11 confirmed incidents in a 3-month span, with the CEO committing to fixes by January 2026. Reviews since then show improvement, though some traders remain cautious.
⚠️ Platform History: TopstepX had 11 confirmed outages between September–December 2025, some of which voided trades or caused account locks. Topstep’s CEO publicly acknowledged the failures in December 2025 and committed to resolution by January 2026. This contributed to the Trustpilot drop from 4.5 to 3.4. Platform stability has improved in 2026, but traders should monitor community Discord/Reddit before committing.
Payout Structure
For traders who joined after January 12, 2026: all payouts follow a 90/10 split (trader keeps 90%, Topstep retains 10%). Traders who joined before that date retain the old structure — 100% of the first $10,000 in profits, then 90/10 thereafter. Express Funded Account payouts are capped at 50% of the balance per request (up to $5,000 for $50K accounts). Daily payouts unlock after 30 non-consecutive winning days (each with $150+ net PNL) in a Live Funded Account — a genuinely useful feature for active traders.
How We Rate Topstep
| Criteria | Weight | Score | Notes |
|---|---|---|---|
| Payout Reliability | 35% | 3.5 / 5 | Track record is real, but 2025 platform outages and payout structure changes hurt trust. |
| Evaluation Fairness | 25% | 3.5 / 5 | One-step is simple. 50% consistency rule is divisive but functionally defensible. |
| Pricing Value | 20% | 4.0 / 5 | Monthly subscription from $49 is accessible. Activation fee and data costs add up. |
| Platform & Tools | 10% | 3.5 / 5 | TopstepX is capable and now stable, but 2025 outage history warrants caution. |
| Support & Transparency | 10% | 4.0 / 5 | CEO actively communicates on Discord/X. KYC issues reported mid-cycle are a gap. |
| Overall: 3.8 / 5 | |||
Pros and Cons
| ✅ Pros | ❌ Cons |
|---|---|
|
|
Topstep vs FTMO vs Apex Trader Funding vs Earn2Trade
| Feature | Topstep | FTMO | Apex Trader Funding | Earn2Trade |
|---|---|---|---|---|
| Markets | Futures only | Forex, indices, metals | Futures only | Futures only |
| Eval Steps | 1-step | 2-step (or 1-step) | 1-step | 1-step (Gauntlet) |
| Entry Price | $49/mo | ~$183 one-time | ~$167/mo | ~$150/mo |
| Profit Split | 90% (post Jan 2026) | Up to 90% | 90% | 80% |
| Daily Payouts | ✅ After 30 wins | ❌ Biweekly | ✅ | ❌ |
| News Trading | ✅ Allowed | ⚠️ Restricted | ✅ Allowed | ✅ Allowed |
| Platform | TopstepX only | MetaTrader + FTMO apps | Multiple platforms | Multiple platforms |
| Trustpilot | 3.4 / 5 | 4.8 / 5 | 4.5 / 5 | 4.3 / 5 |
| US-Based | ✅ Chicago | ❌ Prague | ✅ US | ✅ US |
Who Should Use Topstep?
Topstep suits you if: You trade CME futures exclusively and want a firm with 13 years of track record. You prefer a subscription model over a large one-time fee. You want news and EA trading with no restrictions. You trade consistently rather than in large single-day bursts (the 50% rule won’t affect you). You want daily payouts as an end-goal once fully funded.
Look elsewhere if: You trade forex, equities, or crypto — Topstep is futures-only. You want platform choice beyond TopstepX (try Apex Trader Funding which supports NinjaTrader and Tradovate). You’re nervous about the 2025 outage history and need maximum platform stability. You want the highest Trustpilot-rated firm (FTMO at 4.8/5).
⚡ Bottom Line: Topstep’s 13-year track record and Chicago infrastructure give it legitimacy that few prop firms can match. The 2025 platform problems were real — the Trustpilot drop from 4.5 to 3.4 reflects genuine trader frustration — but the CEO’s public accountability and stabilization in 2026 are positive signals. The subscription model ($49/month) keeps the barrier low, news/EA trading is unrestricted, and daily payouts are a genuine differentiator. For CME futures traders who can tolerate the 50% consistency rule and TopstepX lock-in, it remains a top-tier choice.
📝 Reviewed by the CoinCodeCap Editorial Team — Our prop firm reviews are researched and written by analysts with direct experience evaluating funded trading programs, payout structures, and challenge rule sets across 20+ firms. All scores and comparisons are updated quarterly or when firms announce material changes.
FAQs
Is Topstep legit?
Yes. Topstep has operated since 2012 and funded thousands of traders with real CME futures capital. It’s a US-based firm based in Chicago with transparent rules and an active public-facing CEO. The 2025 platform issues affected trust but not the fundamental legitimacy of the funding model.
What markets can I trade on Topstep?
CME-regulated futures only — equity indices (ES, NQ, YM, RTY), commodities (CL, GC, NG), interest rates (ZB, ZN), and currencies. No forex CFDs, equities, crypto, or options. Topstep is strictly a futures prop firm.
What platform does Topstep use?
TopstepX — a browser-based platform with integrated TradingView charts, risk controls, and sentiment tools. As of July 7, 2025, all new Trading Combines run exclusively on TopstepX. Legacy accounts on NinjaTrader or Tradovate can continue, but new registrations have no platform choice.
What is the 50% consistency rule?
No single trading day can account for more than 50% of your total profits during the Trading Combine. If you’ve made $6,000 total and $4,000 came from one day, that day exceeds 50% — you won’t pass until the remaining days bring the ratio into compliance. It’s designed to prevent traders from YOLO-ing their way to the target in a single session.
How does the Topstep payout work?
Traders who joined after January 12, 2026 receive 90% of all payouts (Topstep retains 10%). Traders before that date received 100% of the first $10K, then 90/10 after. Express Funded Account payouts cap at 50% of balance per request. Daily payouts unlock in a Live Funded Account after 30 non-consecutive winning days ($150+ net PNL each). Payout methods: ACH (1–3 days), Wise, international wire (up to 10 days).
Related articles: FTMO Review | Apex Trader Funding Review | Earn2Trade Review | FundedNext Review
