Founded
2012 Chicago, USA
The longest-running futures prop firm — CME markets only, with a forgiving end-of-day trailing limit.
Status: Active. Active with a 13+ year track record and over US$1.4B reported paid. New sign-ups moved to a flat 90/10 split (Jan 2026) and new-account payout caps were reduced (Apr 2026); the TopstepX platform had notable outages in late 2025.
Topstep is the most established name in futures prop trading — trading since 2012, CME-regulated instruments only, a forgiving end-of-day trailing limit, and over US$1.4B reported paid. Its 2026 terms tightened (a flat 90/10 for new traders, reduced payout caps), and late-2025 platform outages dented confidence.
The score, by criterion
Topstep uses a one-step Trading Combine evaluation on a monthly subscription — hit a 6% target within the trailing-loss limit, with no minimum days and no time limit, then trade a funded account. Account sizes are $50,000–$150,000, and resets are free within the subscription. New traders keep 90% of profit.
Topstep's headline rule is its end-of-day trailing maximum loss — it follows your highest closing balance (not intraday equity) and stops trailing once it reaches your starting balance, which most traders find more forgiving than intraday-equity trails. Terms tightened in 2026, so confirm the current objectives on topstep.com.
| Rule | Detail |
|---|---|
| Profit target | 6% ($3k / $6k / $9k by size) |
| Max loss | $2,000 / $3,000 / $4,500 — end-of-day trailing |
| Drawdown type | Trails your highest closing balance; locks at the start balance |
| Minimum trading days | None to pass; 5 winning days ($200+) to withdraw |
| Consistency rule | No single day > 50% of total profit |
| Time limit | None (monthly subscription) |
| Markets | CME futures only — no forex, CFDs or crypto |
Topstep's payout record is the deepest in futures — over US$1.4B reported paid, with roughly 7,000 traders paid weekly. First withdrawals require five winning days of $200 or more; processing is weekly. Note that accounts opened after April 2026 carry lower per-request payout caps.
A natural choice for futures traders who value stability, a clean CME-only instrument set and reliable payouts over rock-bottom cost — provided they can pass before monthly fees accumulate. Cost-focused traders may prefer a one-time-fee firm.
Topstep is not regulated as a broker (it is an evaluation firm), though it trades only CME-group regulated futures and launched a brokerage arm in 2026. Accounts are simulated, subscription fees are at risk, and most participants do not pass the Combine.
A proprietary trading firm evaluation is a paid product, not employment or guaranteed income — most participants do not pass, and challenge fees are at risk. Prop firms are generally unregulated and can change rules or cease operating at short notice; details were verified as of August 2026 and may change. This is independent editorial analysis, not financial advice or a recommendation to trade.