TopStep Review 2025 – Prop Firm Features, Rules & Payout Explained

Founded in 2012 and headquartered in Chicago, TopStep has grown into one of the most recognisable names in futures prop trading. Its flagship Trading Combine® lets traders prove they can manage risk and hit profit targets in a simulated environment before graduating to real capital. Three subscription‑based account sizes keep the barrier to entry low (from just $49/month), and a uniquely flexible payout policy lets disciplined traders withdraw profits up to four times per month or even daily once certain milestones are met. Backed by an active coaching community, robust analytics and fast funding (as little as two days), TopStep remains a compelling springboard for aspiring futures traders in 2025.

TopStep Prop Firm  At a Glance

TopStep Pros & Cons - Quick Comparison

Topstep is one of the most established futures prop trading firms in the industry, known for its streamlined evaluation and fast-track funding. With an emphasis on coaching and trader development, it caters to serious futures traders looking for a structured path to live capital. Here's a quick look at its strengths and limitations:

Topstep Challenge Types, Profit Split, Fees and More

Topstep offers a unique and fast-tracked approach to funded futures trading. With a one-step evaluation process, daily payouts, and no hidden rules, it’s a strong contender among proprietary trading firms. Traders can choose from multiple account sizes based on their risk appetite and profit goals. The firm is tailored exclusively for futures traders, and while it doesn't cater to spot FX or equities, it delivers exceptional coaching tools, flexible funding, and generous profit-sharing. Below, we break down the challenge types, profit split structure, key fees, and what makes Topstep stand out.

Topstep Account Types – Quick Comparison Table

Topstep Account Types Explained – In Brief

$50,000 Account

• Entry-level option ideal for conservative or beginner traders.
• Modest $3,000 profit target and manageable risk with 5 contracts.
• Best for testing strategies or low-risk trading with a smaller footprint.

$100,000 Account

• Most popular account size, striking a balance between risk and reward.
• A solid $6,000 profit target with up to 10 contracts offers good flexibility.
• Suitable for intermediate traders ready to scale.

$150,000 Account

• Designed for advanced traders with higher risk tolerance.
• High $9,000 profit target but allows 15 contracts and wider loss room.
• Ideal for high-frequency, active futures traders who need more room to perform.

Topstep Profit Split Structure

• 100% of first $10,000 in payouts goes to the trader.
• After that, the profit is shared 90/10, with the trader receiving 90%.
• This applies cumulatively across all Funded Accounts.
• Payouts can be requested daily, with a 2-day average processing time.

Topstep Funded Account Fees Breakdown

No refund or free trial

You cannot trade spot FX, stocks, or CFDs futures only

Why Choose Topstep?

• Simplified one-phase evaluation – no hidden milestones or rules
• Daily payout options – fast withdrawals with no delays
• Strong trader support – tools like TraderIQ™ and Coach T™ for performance analytics
• Up to 5 Express Funded Accounts per trader – more earning potential
• Excellent for futures traders – especially those who value structure and coaching
   

Our Take on Topstep Challenge Types, Profit Split & Fees

Topstep delivers a solid, no-nonsense path to futures funding. Its standout features are the simple evaluation, daily payout system, and 100% initial profit split, making it a trader-first firm. The activation and monthly fees are slightly higher compared to some competitors, and the lack of asset variety may limit some traders. However, if you're focused on futures, appreciate transparency, and want strong trading analytics and coaching, Topstep is easily one of the most reputable options available.

Topstep Account Scaling Plan – A Complete Breakdown

Topstep’s Scaling Plan is a key part of both the Express Funded Account and the Live Funded Account. It helps traders grow their buying power responsibly as they build equity over time. Instead of allowing unrestricted trading sizes right away, Topstep introduces a smart, progressive contract limit system based on the end-of-day balance. This approach encourages disciplined risk management and longevity in the market.
Although Step 2 is no longer part of the Topstep evaluation process, the Scaling Plan continues to play a vital role in the funded phases to prepare traders for live conditions and prevent over-leveraging one of the main reasons traders fail.

What Is the Scaling Plan?

• It determines how many contracts (lots) you are allowed to trade based on your daily closing account balance.
• Your contract limit adjusts daily after your Trade Report is updated at 5 PM CT.
• The purpose is to ease traders into real-money trading and protect them from taking oversized risks too soon.
• In the Live Funded Account, once you make $10,000 in cumulative profit, you may request relaxed risk parameters.

❗️ Important: Even if you earn enough mid-session to qualify for the next tier, you must wait until the next day to trade the increased position size.

How It Works – Example Scaling Table

(Exact values may vary by account type, but here’s a general format)

• The same logic applies to $100K and $150K accounts, with larger lot allowances.
• Micros (MES, MNQ, etc.) count the same as minis (ES, NQ, etc.) for scaling purposes.

Note: The TopstepX platform calculates micros and minis differently – refer to TopstepX-specific documentation.

Key Rules & Exceptions

• Position size does NOT increase intraday only after the daily update.
• Trading platforms like Tradovate, NinjaTrader, and Rithmic-based platforms may block excess lot submissions, but not always guaranteed.
• T4 platform does not restrict contract size manual diligence required.

Exceeding the Scaling Plan

• If you exceed the max contract size for less than 10 seconds, it won’t count as a violation.
• More than 10 seconds? Your account may be flagged for review.
• Topstep is lenient with honest mistakes, but frequent violations risk disqualification.

Why the Scaling Plan Matters

• Builds disciplined trading habits
• Prevents over-leveraging, the top reason traders blow accounts
• Aligns risk exposure with account growth
• Promotes long-term consistency over fast, reckless profits

Tips to Stay Within Scaling Limits

• Use a trading platform that displays open positions clearly
• Turn on Order Confirmations to double-check your entries
• Review your Trade Report at 5 PM CT daily to track updated limits
• Know your net position size especially when trading multiple contracts or products

Our Take on the Topstep Scaling Plan

The Scaling Plan is one of Topstep’s most thoughtful and protective features. While it may feel restrictive for aggressive traders, it’s an essential structure for success in the funded environment. It rewards consistency, discourages emotional overtrading, and gives traders a realistic growth path especially for those transitioning from demo to live capital. We see it as a net positive, especially for traders committed to building a sustainable career in futures trading.

Topstep: Spreads, Commissions & Drawdown Policy Explained

Can You Trade Forex with Topstep?

No, Topstep does not support traditional Forex (spot) trading.
Topstep focuses exclusively on Futures trading. However, traders with a background in Forex can still participate by trading Foreign Exchange Futures contracts, which are similar but traded on a centralized exchange.

Recommended Foreign Exchange Futures Products:

For Forex-style trading, Topstep offers access to several currency futures contracts, including:

• Euro FX (6E)
• British Pound (6B)
• Japanese Yen (6J)
• Canadian Dollar (6C)
• Australian Dollar (6A)
• Swiss Franc (6S)
• Micro FX Contracts (e.g., M6A, M6B, M6E)

These futures allow traders to benefit from centralized pricing, standardized contract sizes, and tight bid/offer spreads.

Spreads and Commissions in Futures vs. Forex

Futures trading with Topstep has key advantages over Forex:

No Hidden Spreads

• In Futures, the price you see is what the market is offering there is no broker-determined spread.
• Trades happen on a centralized exchange where all participants see the same prices.

Tight Bid/Offer Spreads

• Most Futures products trade with minimal spreads (often 1 tick).
• Traders often enter at the bid and exit at the offer, unlike Forex, where you buy at the offer and sell at the bid.

Transparent Commissions

• Futures have fixed commission costs built into the contract or displayed clearly per trade.
• This ensures full transparency and helps reduce unpredictable costs.

Leverage in Topstep Accounts

Topstep doesn't define leverage in traditional terms. Instead, it allows trading a fixed number of contracts based on your account size:

This indirect leverage is controlled through position size limits and the Scaling Plan, which increases buying power as your account grows in equity.

Drawdown & Risk Management - Maximum Loss Limit

Topstep uses a Trailing Drawdown, also called the Maximum Loss Limit (MLL), to help traders protect capital and profits.

How It Works:

• MLL is calculated based on your end-of-day balance highs.
• In a $50K account, the drawdown buffer is $2,000.

Example:

• You make $500 on Day 1 → Account is at $50,500
• New MLL = $48,500 (account high minus $2,000)
• If you lose $500 the next day, balance = $50,000, but MLL stays at $48,500
• Once MLL hits your starting balance ($50,000), it stays fixed and no longer trails

Violation Consequence: If your intra-day balance drops below the MLL, your account is liquidated and disqualified.
MLL is updated daily after the session ends, so it does not adjust in real-time as you trade.

Why Topstep Doesn’t Support Spot Forex

• Futures = Transparency: Prices are exchange-set, not broker-controlled
• Centralized Market: All orders meet in one location, unlike decentralized Forex
• Better for Risk Management: Fixed lot sizes, centralized regulation, and tighter spreads

Platforms & Commissions

TopStep connects natively to NinjaTrader, Quantower, Tradovate, and R Trader Pro, giving access to CME, CBOT, NYMEX and COMEX products. 

Commissions are competitive and passed through at cost; real‑time data fees apply per exchange.

Payout Policy (2025 update)

• Express Funded Account – withdraw up to $5 000 or 50 % of balance after 5 non‑consecutive winning days (≥ $200 net PNL each).
• Live Funded Account – same 5‑day rule, cap is 50 % of balance.
• Daily Payouts unlock once you log 30 total winning days across Express + Live; after that you may request up to 100 % of balance once per day (min $125).
• Processing is daily; arrival typically 1‑3 business days for ACH/Wise and up to 10 days for international wires.

Payments & Withdrawals

• Deposits: major credit/debit cards, PayPal.
• Payouts: Wise, ACH (US), domestic & international wire. $20 processing fee on ACH/Wise payouts is deducted automatically.

Restricted Jurisdictions

Traders from more than 60 countries including Afghanistan, Cuba, Iran, Nigeria, Russia, Turkey, and Venezuela cannot currently receive funding or payouts due to regulatory constraints. Always verify eligibility before subscribing.

Verdict: Is TopStep Worth It in 2025?

For futures‑focused traders who value speed to funding, flexible payouts and a vibrant coaching community, TopStep remains a top contender. The single‑phase Combine keeps rule‑tracking straightforward; the ability to scale to five funded accounts and withdraw profits daily after 30 winning days is industry‑leading. Drawbacks futures‑only product set and the $149 activation fee are outweighed by low monthly costs and an excellent first‑$10 k 100 % profit share. If your goal for 2025 is to turn disciplined futures trading into a funded career, TopStep is still one of the most trader‑friendly paths to capital.