Topstep Review

How Topstep works

Topstep has three stages. You pay a monthly subscription for the Trading Combine, pass it, then trade a simulated Express Funded Account (XFA) where you take real payouts. Consistent XFA traders can be called up to a Live Funded Account (LFA) that trades Topstep's own capital.

There is no time limit to pass the Combine. The subscription rebills every 30 days until you pass or cancel, and it cancels automatically once you pass.

Standard path vs No Activation Fee path

When you buy a Combine you choose one of two pricing paths, and you cannot switch later:

Topstep suggests the Standard path if you are still building consistency, and the No Activation Fee path if you expect to pass in one or two attempts. A reset costs the same as one month on your path.

Topstep rules

Topstep Trading Combine rules

The Combine has one rule (do not hit the Maximum Loss Limit) and two objectives: reach the profit target and meet the consistency target. A daily loss limit is optional: you can add a fixed one at checkout ($1,000, $2,000 or $3,000), which pauses trading for the day instead of failing the account.

Topstep consistency rule

In the Combine, your best day must stay below 55% of the profit target: under $1,650 on 50K, $3,300 on 100K and $4,950 on 150K. Going over does not fail the account, but the target rises to your best day divided by 0.55. A $1,800 best day on a 50K account, for example, lifts the target to $3,273. That means you can pass in two days at the earliest. Losing days do not reset your best day.

In the funded account, only the Consistency payout path has a consistency rule (40%, explained under payouts). The Standard path has none.

Topstep Maximum Loss Limit (drawdown)

Topstep's Maximum Loss Limit is an end-of-day trailing drawdown. It moves up when your account closes the day at a new high and never moves down, but it is monitored in real time, including open losses. In the Combine it stops trailing once it reaches your starting balance.

In the Express Funded Account your balance starts at $0, and the 50K, 100K or 150K label is your buying power. On a 50K XFA the limit starts at -$2,000 and locks at $0 once your balance reaches $2,000. After your first payout it is set to $0 for good, so your remaining balance is your cushion. See our trailing drawdown guide for how end-of-day and intraday drawdowns compare.

Topstep Scaling Plan

In the XFA the number of contracts you can hold depends on your balance. Extra contracts unlock from the next session, and micros count 10 to 1.

A payout that drops your balance below a threshold also lowers your limit. Live accounts replace the Scaling Plan with Dynamic Live Risk Expansion.

Trading hours, news and other rules

• No overnight positions: close everything by 3:10 PM CT each weekday; trading reopens at 5:00 PM CT.
• News trading is allowed, but you may not purposely trade your full maximum position size into a scheduled major news event.
• Futures only: CME, CBOT, NYMEX and COMEX products. No forex or stocks.
• No hedging across your accounts, no coordinated trading with others and no VPNs.
• Automated strategies and trade copiers are allowed in the Combine and XFA across your own accounts (up to $750K of buying power), but the API is not available on Live.
• One profile per trader and up to 5 active XFAs.

Topstep payout rules

Topstep pays 90/10 from the first dollar, with a $125 minimum. In the XFA you pick one of two payout paths at activation:

On the Standard path you also need to be net positive since your last payout. On both paths the day count resets after each payout. Under a limited-time offer, traders who add a daily loss limit when buying a new Combine get double these caps once funded.

Payout methods: Aeropay (US banks, instant after approval), ACH (US, $30 fee), wire/SWIFT ($30 fee), Wise for traders in China, Canada and the UK, and same-day transfers to a Topstep Brokerage account for US traders. Internal approval can take 1–3 business days.

Back2Funded: if you lose an XFA before your first payout, you can reactivate it up to twice within 30 days for $599 (50K), $699 (100K) or $829 (150K), without passing a new Combine.

Topstep Live Funded Account

The Risk Team calls up consistent XFA traders to Live; you cannot apply, and accepting closes all your XFAs. The Live account size is the average of your eligible XFAs, rounded up. Only 20% of the transferred balance (at least $10,000) is tradable at first; the other 80% sits in a reserve that unlocks in four steps each time you hit the profit target for your size.

Live payouts need 5 winning days of $150+ per cycle, with no dollar cap. After 30 winning days in Live you unlock daily payouts. Live traders pay their own platform license and CME professional market data ($133 per exchange per month, with one exchange covered by Topstep). The account is closed if the balance drops below $1,000.

Is Topstep legit?

Topstep launched its Trading Combine in 2012 in Chicago. Its founder, Michael Patak, started on the Chicago Board of Trade floor. Topstep says it has paid out more than $1.5 billion to traders and pays more than 7,000 traders a week. Its rules are documented in a detailed public help center, which we used for this review.

The company separates its businesses. The simulated program is run by TopstepTrader LLC and live accounts by TopstepFunded LLC. Topstep Brokerage LLC is a separate introducing broker and NFA member (NFA ID 0567079). Traders from some countries can earn XFA payouts (up to $200,000 in total) but cannot get a Live account, so check the eligibility list before buying.

Who Topstep is for

Topstep suits futures day traders who want an established firm with a low monthly entry price, an end-of-day drawdown and a genuine path to live capital. Choose the Consistency payout path if you trade steadily and want payouts after three days, or Standard if a few big days make up most of your profit. Look elsewhere if you need NinjaTrader or Tradovate, want to hold positions overnight, or want large funded payouts without waiting for a Live call-up.