Topstep Review

Topstep has been selling futures evaluations since 2012, long before the prop-firm boom, and its name is often the first one US day traders hear. This Topstep review looks less at the brand and more at what changed in 2026, because a newcomer signing up today faces noticeably different terms than a trader who joined two years ago.

A Veteran Firm Rewriting Its Own Playbook

Founded in Chicago by Michael Patak, Topstep built its model around a single-step test called the Trading Combine. Pass it and you receive an Express Funded Account (XFA), a simulated account that pays real profits. Strong performers may later be invited to a Live Funded Account, which remains discretionary. Like nearly every evaluation business, Topstep holds no financial licence; it sells access to a simulated assessment rather than brokerage services.

The overhaul came in stages. On 12 January 2026, new sign-ups moved to a flat 90/10 split from the first dollar, while earlier customers kept the old 100%-of-first-$10,000 arrangement. In February the XFA payout rules were split into two paths, and Live accounts funded after 10 February began with only 20% of the balance tradable and the rest held in reserve. New Combines must now run on TopstepX, the in-house platform. Topstep also acquired The Futures Desk on 1 April.

What the Combine Costs

Pricing is a monthly subscription that runs until you pass or cancel. Topstep’s help center lists two paths:

• Standard: $49, $99 or $199 per month for the $50K, $100K and $150K accounts, plus a one-off $149 activation fee when you earn an XFA.
• No Activation Fee: $95, $149 or $229 per month, with nothing to pay on passing.

Resets cost the same as one month. A Responsible Trading Discount knocks $10 to $30 off the No Activation Fee path if you add a fixed Daily Loss Limit. Level 2 depth costs $38 a month; Level 1 data is included. Cards, Apple Pay and Google Wallet are accepted, but PayPal is not. Refunds apply only within 28 days and only if you have not traded.

Rules Inside the Combine

Targets equal 6% of the account: $3,000, $6,000 and $9,000. The Maximum Loss Limit is $2,000, $3,000 or $4,500 and trails the highest end-of-day balance until it locks at the starting level, which is more forgiving than intraday trailing. Position limits are 5, 10 and 15 minis. There is no minimum number of days, but a consistency target keeps your best day below 55% of the goal, so a single lucky session cannot carry the pass.

Two Ways to Get Paid

When activating an XFA you choose a path and cannot switch mid-cycle. The Standard path asks for five winning days of at least $150 net, with caps of $2,000, $3,000 or $5,000 per request. The Consistency path needs just three trading days but limits the best day to 40% of net profit, with caps of $3,000, $4,000 or $6,000. Since late December 2025, every payout after the first also requires the account to be back in profit since the previous withdrawal. Withdrawal options include Aeropay, Wise, ACH and international wire; ACH and wire carry a $30 fee.

Where Traders Push Back

Reputation across trader communities is broadly positive, and the firm’s longevity counts for a lot in an industry where brands disappear. Still, reviewers point to reports of accounts being closed after profitable runs with thin explanations, and to the payout-cap reduction on some $50K accounts in April, which was reportedly overshadowed by a price cut announced at the same time. The compulsory move to TopstepX has also irritated NinjaTrader and Tradovate users, although existing Combines on those platforms are still honoured.

Verdict

Topstep remains a reasonable starting point for futures traders who value a long track record, end-of-day drawdown and a low entry price. The trade-offs are real: newcomers no longer get the first $10,000 free of a split, payouts are capped per request, and the platform choice has narrowed. Compare the Standard and No Activation Fee paths against how many months you expect to need before committing.

Most evaluation fees are never recovered, and leveraged futures can wipe out a simulated balance in minutes.

Topstep FAQ

Risk warning: Trading forex and CFDs on margin carries a high level of risk. Bonus terms are set by each broker and may change; always check the broker's official terms before claiming.