TopStep Prop Trading Firm Review: Is this futures prop firm any good (2024)

Pros

• 100% profit split on your first $10,000
• Profit withdrawals processed daily
• Maximum account loss is the only trading rule
• No time limit to complete the audition
• 1-step audition process

Cons

• Only futures markets available
• $150K in maximum funding
• Account closes after 30 days of inactivity results
• Expensive monthly fees for data on the live account
• Can’t hold positions overnight or over weekend

Commissions and Fees

Unlike many other prop firms, given TopStep exclusively operates within the futures markets space, there are no spreads when trading the available products. There are however several commissions and fees which you need to be aware of and depending on the platform, exchange and data feed selected, they will vary.

Generally speaking, commissions range from $0.72 – $2.04 round-turn while the exchange fees range from $2.46 – $4.30. Additionally, clearing and data fees are typically $0.30 and $0.50 per round-turn.

Our Verdict on Spreads and Commissions

We gave TopStep a neutral ranking for spreads and commissions because the various exchange, data feed and platform fees which you need to pay aren’t comparable to CFD broker fees.

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TopStep Qualification and Rules

We like that TopStep only has the one hard rule which you need to follow to avoid being disqualified from the trading combine, or a closure of your funded account.

Specifically, this rule is the maximum account loss limit which varies based on the size of your account funding level.

While there are several other ‘objectives’ including avoiding hitting a daily loss limit and managing risk/exposures, failing to meet these as a TopStep trader won’t see you fail. Rather, your account will be suspended for the day and you’ll have access again when the next trading day starts.

While there’s just a 1-step challenge phase called the Trading Combine, you don’t go straight to a Live Funded Account. Rather, you’ll first get an Express Funded Account which like the Trading Combine is a simulated environment, although this time you do get to keep the profit you make, according to the profit split rules.

From here, if you can demonstrate risk management and profitability as a TopStep funded trader, you will likely be invited to access a Live Funded Account.

1. Trading Combine

As mentioned, TopStep’s audition or challenge period is called the Trading Combine. It’s a 1-step challenge with no time limits and all you need to do to keep your audition going is avoid hitting or exceeding the maximum account loss limit.

Rules:

• Avoid hitting or exceeding the maximum loss limit

Objectives:

• Reach the profit target
• Follow the consistency objective
• Do not hit or exceed the daily loss limit

Maximum Loss Limit

For the $50K account, the maximum loss limit is $2,000 while it’s $3,000 and $4,500 for the $100K and $150K accounts respectively.

Importantly, the maximum loss limit is determined by the end of day balance rather than the intraday fluctuations in account profit and loss.

Profit Target

The profit target for the 50K account is $3,000 while for the $100K and $150K accounts it’s $6,000 and $9,000 respectively.

Consistency Objective

TopStep has a consistency objective which you need to follow to get a funded account. The rule only applies to the Trading Combine and specifies that 50% or more of your total profits must not be generated from a single day.

The rule is calculated as follows: Best Day Profit ÷ Overall Profit = Best Day % of Total Profit.

Daily Loss Limit

You will also need to avoid incurring a certain daily loss limit which varies depending on the funding level you select. For example, a $150K Trading Combine has a Daily Loss Limit of $3,000.

If at any point during the trading day your net P&L hits or exceeds -$3,000, the daily loss limit will trigger account suspension. Your account will be activated again at the start of the next trading session at 5:00 PM Central Time (CT).

Overnight and Weekend Trading

Another role you need to be aware of is that during the Trading Combine, you won’t be able to hold positions overnight or into the weekend close.

TopStep requires positions to be closed by 3:10:00 PM CT Monday through Friday. After the weekend, you can then begin trading again on Sunday at 5:00:00 PM CT.

Account Resets

In the Trading Combine, if you break the trading rule of hitting or exceeding your maximum account loss, your account becomes temporarily suspended. If you want to start again you can wait until your monthly subscription renews, or you can pay for an account reset to resit the audition immediately.

Reset prices vary per account size.

• 50K = $49
• 100K = $99
• 150K = $149

2. Express Funded Account

Once you pass the Trading Combine you will get an Express Funded Account where you can start earning profit from your trading.

The Account begins with a $0 balance and just like the Trading Combine, the maximum loss limit is the only rule which you need to follow to avoid closure of your account. If you do hit it, then you will need to resit the audition.

There is no profit target or consistency rule, but instead you need to follow the scaling plan while also being profitable on 5 separate trading days.

Rules:

• Do not allow your account balance to exceed the maximum loss limit

Objectives:

• 5 winning days of $200 or more
• Follow the scaling plan
• Do not hit or exceed the daily loss limit

Winning Days

With the Express Funded Account you need to ensure that you meet the winning days objective. To do this, you’ll need to make a profit of $200 or more on 5 separate trading days which will demonstrate to TopStep that you can be consistently profitable as a funded trader.

Scaling Plan

Another objective you need to follow is TopStep’s scaling plan, which is essentially a risk management plan. If trading with a $50K account you can’t exceed 5 lots-worth of exposure. If you’re trading with an $100K account the max is 10 lots, and with an $150K it’s 15 lots.

As your account increases/decreases in value, so will the number of lots you can open. It’s important to note however that your new balance is only calculated at the beginning of the next trading day.

For example, if your balance is below $1,500 but during the trading day increases above this threshold, you’ll only be able to up your maximum lot size from 2 lots to 3 lots when the next trading session commences at 5:00pm CST.

If you make an error with this rule by opening too many lots, it can result in your account being suspended, although if you correct the mistake within 10 seconds, then TopStep won’t take any action.

3. Live Funded Account

If you’re able to demonstrate consistency and profitability in the Express Trading Account then you will likely receive an invitation for a live funded account, but this isn’t guaranteed.

With this account, you will have direct access to futures markets and you will have all the normal responsibilities as with any live trading account. Again, the maximum loss limit is the only rule which you need to follow to avoid loss of your account. If you do hit it, then you will need to resit the audition.

Rules:

• Do not allow your account balance to exceed the maximum loss limit

Objectives:

• 5 winning day of $200 or more
• Do not hit or exceed the daily loss limit
• Follow the scaling plan

Our Verdict on TopStep Qualification and Rules

We think TopStep has a very good offering when it comes to qualification and rules. There are no time limits to complete the audition and the only ‘hard rule’ is the maximum account loss amount. This makes things nice and simple.

As mentioned, if you’re in the Trading Combine phase and you do hit the maximum account loss, you’ll need to pay to try again, but the fee is fairly small given TopStep operates with a monthly subscription model.

We also think the 6% profit target which is required in the Trading Combine is fairly achievable, although the maximum loss limit of 4% for the $50K account and 3.5% for the $100K and $150K don’t leave much room for error.

Overall, we like what we see here and scored TopStep well for this section as a result.

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TopStep Accounts

Overall, we think TopStep has a pretty decent offering when it comes to accounts. When signing on with TopStep, from the outset you will have the choice of selecting 1 of 3 account sizes; $50K, $100K and $150K.

1. Trading Combine

To access any of these accounts you will need to pay an ongoing subscription fee for the duration of the audition.

Trading Combine Subscription fees here

If you fail the audition because you breached the maximum loss rule, then you can pay to get your account reinstated immediately. Alternatively, you can wait until your monthly billing cycle starts and you will get reinstated free of charge.

2. Express Funded Account

Unlike the Trading Combine there is no monthly charge, but you will need to pay a one-off activation fee of $149 which is the same for all account sizes. Additionally, TopStep continues to pay for the live market data feed, so this won’t be an additional cost.

It’s important to flag that you need to pay the set up fee within 30 days of passing the Trading Combine, otherwise you will need to resit the challenge. TopStep states that you should receive your sign up link to the Express Funded Account within 1-2 days, so you have just less than a month to pay.
Once you’re set up and ready to go, your account starts with a $0 balance.

3. Live Funded Account

If you get invited to use a Live Funded Account then you will carry your Express Funded Account balance over. The Live Funded Account is identical to the Express apart from the fact that you are trading with real money.

Additionally, you will also be required to pay for the various data feeds which the exchanges provide, and you will also need to pay for certain subscriptions fees for the trading platform you use.

Our Verdict on Accounts

There is a lot to like about TopStep’s accounts and their current pricing – current being the key word. At the time of writing this TopStep review, the monthly fees for the $50K, $100K and $150K are $49, $99 and $149 per month respectively.

For a typical $100K funded account with most funded trader programs, you would pay anywhere from $550 – $700, making $99 per month seem cheap given you would have at least 5 months to pass the audition before breaking even with an upfront audition payment.

However, TopStep’s normal rates for these plans are actually $165 per month, $325 per month and $375 per month, which makes them quite expensive. You also then need to factor in the set up costs for the Express Funded Account which is $149 (for all levels) and then any data, platform and other costs like clearing fees with the Live Funded Account.

In short, while TopStep’s current audition fees are very attractive, we think the subscription at normal rates combined with the other costs we’ve mentioned are quite prohibitive.

As such, we scored TopStep moderately for this section.

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Profit Split, Withdrawals and Funding

We’re fans of TopStep’s profit split system where you get to receive 100% of the profits you generate for the first $10,000. After you reach this threshold, the profit split reverts to 90/10 which is still very high by industry standards.

Profit Withdrawals

We’re also quite impressed with TopStep’s profit withdrawal system which processes them every few days rather than fortnightly or monthly which is typical. This means you can get your profits paid into your bank sooner than with many other competitors.

To be eligible for a profit withdrawal, you need to be trading with a profitable account and have achieved 5 winning trading days where you’ve made $200 or more. If this is the case, you can request a payout of up to 50% of your account balance.

If you want to withdraw further profit, then you’ll need to have another 5 profitable trading days.

Increased Payout Percentage

If you can reach 30 non-consecutive winning trading days of more than $200, then you can request 100% of the account balance per payout.

Automatic Loss of Profits

It’s important to highlight that if you are inactive for 30 days then your account will be closed and any profits you have made will be lost. The only exception is if you have met the profitability test we just mentioned above.If you have, then you will be eligible to receive 50% of the profits in your account before closure.

Funding Options

TopStep offers you with a diverse range of funding options including via Deel, visa and mastercard, local bank transfer, and various e-wallets and cryptocurrency exchanges.

Our Verdict on Profit Split, Withdrawals and Funding

We think TopStep performs pretty well in this department given they have a huge 100% profit split for the first $10,000 and then 90% for all profit thereafter.

They also have very fast withdrawal processing times which means you get your money sooner, and their funding options are diverse, including various cryptocurrency and e-wallet providers.

The only major issue we have is that if you are inactive for 30 days, your profit gets wiped away unless you’ve fulfilled the 5 winning day rule. Also, if you’ve made good profit but haven’t made it consistently, then you won’t be able to withdraw it until you have 5 profitable trading days under you belt.

Overall however, we scored TopStep will for this section.

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TopStep Trading Platforms

TopStep is connected with various futures trading platforms including NinjaTrader, Quantower, Sierra Chart and others. Depending on which platform you choose, different fees will likely apply.

The two main platforms recommended by TopStep are Ninjatrader and Quantower. Both use a Rithmic data feed to route orders to futures markets, providing you with accurate market pricing.

We also like that TopStep allows you to make use of various copier and automated trading platforms including Rithmic Trade Copier, Quantower Copy Trading, and NinjaTrader’s automated trading systems.

Data

TopStep offers you the choice of upgrading from Level 1 Data to Level 2 ‘Depth of Market’ data for $39 per month. This provides you with more insight into the bid and ask prices within the order book. If you use depth of market (DOM) trading or matrix trading, then you will likely need to pay for this Level 2 data.

Our Verdict on Trading Platforms

TopStep is connected with various futures trading platforms including NinjaTrader which is arguably theindustry leader. Overall, we think the diversity of their offering is impressive which includes both free and paid options with the Live Funded Account. As such, we consequently scored TopStep well for Trading Platforms.

TopStep Markets and Leverage

TopStep offers a range of futures markets including equity market indices, forex, bonds and commodities, but depending on which stage of the audition process you’re in, you won’t necessarily have access to them all.

For example, in the Trading Combine stage, you’ll have access to just a subset of CME Futures markets.

If you’re trading with a Live Funded Account, you get more flexibility and can connect with any of the futures exchanges which TopStep is linked with including CME, NYMEX, COMEX and CBOT.

While all of these exchanges are now owned by CME Group, you still need to subscribe (and pay) to access the various range of markets offered by each. To access all of them, the cost is approximately up to $488 per month.

Leverage

TopStep doesn’t quote a specific leverage cap however, the maximum market exposure you can have at any given time on the $150K account is 15 contracts.

Our Verdict on Markets and Leverage

TopStep offers a fairly substantial range of futures markets given it is connected with numerous exchanges including CME, NYMEX, COMEX and CBOT. You will need to pay to access these markets however so this is a cost which you need to be aware of. Overall, we scored TopStep moderately well for this section.

TopStep Customer Service

TopStep can be contacted via multiple channels including online chat, email, WhatsApp and by calling their helpline. They also have an active Discord community where you can ask other traders for help, or contact the TopStep community managers directly.

Online chat

We tested the online chat support and in the first instance, a bot will attempt to answer your questions. We asked it a simple question about the Live Funded Account but it retrieved information about the Trading Combine and Express Funded Account – so it’s not super intuitive.

We were then able to get quickly connected to a real person who answered the question, so it wasn’t a huge imposition – until it was.

When we tried to speak to them again, we were left waiting for many hours to get a response as we were still in a ‘live’ conversation with the support agent and couldn’t end it to reconnect. This led to a fairly average user experience, especially when compared to some other firms.

Our Verdict on Customer Service

Despite TopStep support being contactable via various channels, we scored them modestly for this section given their live chat doesn’t work very well.

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TopStep Education

TopStep offers educational materials in various formats including blogs, a weekly newsletter, a podcast and via YouTube. The content material ranges from trading psychology to deep-dives into prop firm payout structures and market analysis.

Their YouTube channel has over 24,000 followers with videos frequently receiving anywhere between 1,000 – 5,000 views. They also have a 30,000 strong Facebook following, 24,000 on Instagram, and over 18,000 on Twitter with posts on all both platforms garnering decent engagement, which is reflective of a strong community.

Our Verdict on Education

After thoroughly reviewing TopStep’s content, we can say with confidence that they know their stuff. From trading psychology to strategy and market analysis, we’re impressed with the insights they offer and as such, we scored them well for this section.

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TopStep Trust and Community

While TopStep is verified on Trustpilot and has an ‘Excellent’ ranking, there appears to be a lot of ongoing issues at the time of writing this review.

From what we can ascertain, the issues are due to several reasons including an influx of new account signups and disruptions to some of the platforms they are connected with.

Regardless, most of the reviews still seem to be positive and it appears their support is doing a good job at placating their existing customers.

Community

TopStep has a decent-sized community with over 1,600 active users. There’s plenty of channels to sink your teeth into and they host live Q&A sessions and trading coach sessions, so it’s clear there is a big focus on education and training.

Our Verdict on Trust and Community Education

It’s clear that TopStep is currently enduring a bit of a crisis at the moment with technical issues being regularly reported in reviews.

Despite this however, it seems the TopStep team are doing a good job at mitigating most of the fallout given reviews still seem overwhelmingly positive, and sentiment within the community appears to be fine as well.

Due to this, in addition to their great education materials, we scored TopStep well for this section.

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How to Sign Up with TopStep

While you can’t currently sign up with TopStep due to the ongoing issues, we have outlined what the normal procedure is below:

1. Register account
2. Select account
3. Select trading platform
4. Review details
5. Pay
6. Start trading

Our Final Verdict

TopStep is designed specifically for futures traders so if you’re primarily a forex trader, then they’re probably not for you – but there’s penty of other firms around the world to choose from.

With that being said, TopStep still offers forex futures along with various other markets, but as we have mentioned throughout this review of TopStep, you will need to pay for the market data yourself when you’re on a Live Funded Account.

Overall, we were most impressed with the high profit split they offer you, starting at 100% for the first $10,000, and then moving to 90% thereafter. We were also equally impressed with their fast profit withdrawal processing which gets done in as little as a day (or less).

In terms of their rules and audition process, we think the simplicity is great as you only need to focus on one key rule, and there’s only one step with no time limits to get a funded account, although it’s not technically a ‘live’ account.

The big issue for us is TopStep’s pricing and subscription model. At the time of writing, we think they are positioned well from a cost perspective, however when their subscription rates do eventually revert to their nirmal pricing, we think TopStep will become an expensive choice for obtaining a funded account.

Overall, we were impressed with the offering and scored TopStep an 8.5 out of 10

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About the author: Noam Korbl

Noam Korbl is the co-founder and has been a trader since 2014. He has Finance degree at Monash University and is an investor in shares and equities and successfully started and sold the online business Hearing Choices.