Our Verdict
The longest-running futures prop firm with real exchange execution — but 2025 was rough. The forced TopstepX migration and platform outages dropped trust significantly. The trailing drawdown is the hardest in the industry. If they stabilize the platform and stop changing rules every quarter, the 7.0 goes higher. For now, it's a "good with caveats" rating.
Topstep has been around since 2012 — before "prop firm" was even a category. Founded by Michael Patak out of Chicago after he blew $90K of his own money and rebuilt on simulators, it started as a way to give futures traders a second chance without risking personal capital. The name comes from the Chicago trading pits: the best traders stood on the top step for better visibility and pricing.
That origin story matters because Topstep is fundamentally different from the forex prop firms that dominate this space. Everything here trades on regulated CME exchanges — E-mini S&P, crude oil, gold, treasuries, micro Bitcoin. No CFDs, no synthetic instruments, no dealing desk. When a Topstep trader executes, that order hits a real exchange.
Single-step evaluation called the Trading Combine. Pick your account size ($50K, $100K, or $150K), pay a monthly subscription, and hit the profit target without blowing through the trailing drawdown. No time limit — your subscription just keeps running until you pass or quit.
The catch is the trailing drawdown. Unlike FTMO's fixed 10% from your starting balance, Topstep's max loss trails your highest end-of-day equity. So if your $50K account peaks at $52K, your drawdown floor moves up to $50K. You can't give back all your gains. This is the hardest rule in the industry and the one that eliminates most traders.
Pass the Combine and you move to an Express Funded Account. Hit 5 winning days (Standard Path) or 3 days with 40% consistency (Consistency Path), and you qualify for payouts. Eventually, consistent performers get invited to a Live Funded Account with real capital.
Here's where it gets complicated. In mid-2025, Topstep forced all new accounts onto TopstepX, their proprietary platform built on ProjectX technology. They dropped NinjaTrader, Tradovate, and TradingView support for new signups.
The platform wasn't ready. October through December 2025 saw 11 confirmed outages. Trustpilot dropped from 4.5 to 3.4 stars. Traders were furious — and rightfully so. CEO Michael Patak publicly set a January 2026 deadline to fix it.
Stability has improved since early 2026, but the trust deficit is real. Forcing traders onto an unproven platform while simultaneously changing the profit split (from 100% on first $10K to 90/10 from dollar one) created the worst PR period in Topstep's 14-year history.
Futures day traders who want regulated exchange execution and don't mind the hardest drawdown rules in the business. If you trade ES, NQ, crude, or gold on the CME, Topstep is the most established option. If you trade forex or want platform choice, look elsewhere.
| Account | Profit Target | Trailing Max Loss | Daily Loss Limit | Max Contracts |
|---|---|---|---|---|
| $50K | $3,000 | $2,000 | $1,000 | 5 |
| $100K | $6,000 | $3,000 | $2,000 | 10 |
| $150K | $9,000 | $4,500 | $3,000 | 15 |
No time limit. Monthly subscription until you pass.
Standard Path (lower monthly + $149 activation fee):
No Activation Fee Path (higher monthly):
Free monthly resets on blown accounts.
The industry leader for a reason — and the OANDA acquisition widens the gap. $200M+ in verified payouts, a decade of operation, and regulated infrastructure no competitor can match. The rating is 8.4 and not higher because of one persistent issue: the gap between what support tells traders and what compliance enforces. The 1% risk expectation and one-sided betting rules need clearer documentation. For disciplined traders who match the profile, FTMO remains the strongest choice in 2026.
The broker-backed model is FXIFY's real edge — FXPIG execution on a prop firm account is genuinely different from the demo-server standard. $30M+ paid across 200K+ payouts in two years is a strong track record for a young firm. The add-on pricing gets expensive and the Rise KYC issues need solving, but the fundamentals are solid. A 7.8 that could climb to 8+ if they fix the payment pipeline.
A genuinely trader-friendly futures prop firm with the best drawdown mechanics in the space — daily balance-based trailing instead of equity-peak. The 4.9 Trustpilot from 2,500+ reviews is earned, not manufactured. But the KYC interview gate, the 70% starting split on Standard, and the connection to Alpha Capital Group keep it from the top tier. The Zero plan at 90% with no activation fee is the sweet spot.