Prop firm review

Topstep

Topstep is the longest-operating US-based prop firm, founded in 2012 in Chicago. Focused primarily on futures trading. Less applicable to pure forex traders, but worth knowing about for traders who also trade futures.

2012

Founded

Futures (primarily)

Markets

Up to $150K

Max account

100% on first $5K, then 90%

Profit split

What is Topstep?

Topstep is the oldest established US-based prop firm, operating since 2012. The firm focuses on futures markets (ES, NQ, CL, GC, etc.) rather than forex. Their "Trading Combine" is the evaluation process for becoming a funded trader.

Because Topstep is US-domiciled, it operates under different regulatory considerations than offshore prop firms. The firm has a long-standing reputation in the futures trading community.

Founded: 2012
Headquarters: Chicago, USA
Markets: Futures (primarily)
Evaluation type: Trading Combine
Best for: Futures traders (not pure forex)
Profit split: 100% on first $5K, then 90%

Always verify current details: Prop firms update their account sizes, profit splits, fees, and rules frequently. The numbers above are accurate as of this page's last update but can change at any time. Confirm specifics on the firm's official website before purchasing any evaluation.

Evaluation process

The Trading Combine: pay a monthly subscription fee for access to a simulated account and hit profit targets without exceeding daily-loss or max-drawdown rules. Successful completion qualifies the trader for an Express Funded Account.

Account sizes typically range from $50K to $150K. The Combine has clear rules and is well-documented on topstep.com.

Payouts

Funded traders keep 100% of the first $5,000 in profits each month, then receive 90% of profits beyond that. Payouts are processed weekly or upon request after meeting minimum thresholds.

Topstep publishes a regular leaderboard of top-performing funded traders, providing transparency on what the funded community is producing.

Pros and cons

Pros: Longest US prop-firm track record (since 2012). 100% profit split on the first $5K/month is generous. Well-documented rules. US regulatory environment.

Cons: Futures-focused, not forex — less applicable for forex-only traders. Monthly subscription model rather than one-time fee can add up over multiple qualification attempts. US-based may exclude some international traders.

See more context on my own prop-firm experience on the broker partnership disclosure page, or look up unfamiliar terms in the forex glossary.

Topstep FAQ

Does Topstep trade forex?

Topstep is primarily a futures prop firm. They offer futures trading on US exchanges (ES, NQ, CL, GC, etc.) rather than forex. Forex traders should look at FTMO, The5ers, FundedNext, or FundingPips instead.

Is Topstep legitimate?

Yes — operating since 2012, making it the oldest established US-based prop firm. They have a public leaderboard of top funded traders and a long payout history.

What is the Topstep Trading Combine?

A simulated trading evaluation. Pay a monthly fee for access, hit profit targets within drawdown limits, qualify for funding. The Combine is the central qualification process at Topstep.

What is Topstep's profit split?

100% on the first $5,000 in profits per month, then 90% on profits above that. This is one of the more generous structures in futures prop trading.

Can international traders use Topstep?

Topstep accepts traders from many countries but excludes some jurisdictions due to US regulatory rules. Check topstep.com for current eligibility.

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