Topstep Review 2026: Trading Combine, Rules and Payouts

Topstep is the oldest and most trusted prop firm for futures traders. Founded in Chicago in 2012, its Trading Combine is a one-step evaluation that funds successful traders with accounts up to $150,000. This 2026 review covers the rules, the trailing drawdown formula, the platforms supported, the payout schedule, and where Topstep beats or loses to a forex-first firm like FTMO.

Where FTMO defined the modern retail prop firm for forex, Topstep did the same for futures a full three years earlier. It predates the current wave of prop firms by nearly a decade, is a member of the National Futures Association, and has quietly become the destination of choice for the growing community of retail futures traders on micro E-mini contracts, energies and metals. If you trade futures and want a legitimate route to size, Topstep is where the conversation starts and, in most cases, where it ends.

Topstep overview

Topstep was launched in 2012 by Michael Patak in Chicago and grew out of an educational programme for aspiring futures traders. Chicago is not an accident: the CME Group headquarters sits in the same city, and Topstep's ecosystem is deeply integrated with the CME's futures products. The firm employs several hundred people, offers dedicated trader coaches, runs a daily live-market show, and produces educational content that most prop firms have never matched.

The firm is privately held, self-funded, and does not operate a broker of its own. Instead, traders route orders through partner platforms and clearing brokers. This structure means Topstep is regulated in ways that most forex prop firms are not, though the funded accounts themselves are simulated during the evaluation phase and live once you graduate.

How the Trading Combine works

Topstep uses a one-step evaluation called the Trading Combine. You pick an account size, pay a monthly subscription, and start trading a simulated account inside the platform of your choice. There are two ways to pass:

• Hit the profit target without breaching the maximum loss limit or the daily loss limit.
• Trade at least the minimum number of days (typically 2 to 5, depending on account) at the same time.

Once both are cleared, Topstep offers you an Express Funded Account, which is a live-funded account where real payouts begin. Unlike a two-step firm, there is no verification stage. Pass the Combine and you are funded.

Trading Combine profit targets

Account sizes and pricing

Topstep offers three account sizes: $50k, $100k and $150k. The Trading Combine is a monthly subscription rather than a one-off fee, which is a structural difference from most forex prop firms. Pricing typically sits in the range of $49 to $149 per month depending on account, with promotional discounts running throughout the year.

The subscription model is a double-edged sword. If you pass in the first month you effectively pay a small fee. If you take four months to pass, the total cost climbs. Topstep does not refund the subscription with your first payout, which is worth noting when comparing total cost to a firm like FTMO that refunds the evaluation fee.

Profit split and payouts

Topstep's profit split is the most generous first-payout structure in the industry. On the Express Funded Account you receive 100 percent of the first $10,000 in profits, then 90 percent of everything above that. There is no minimum profit floor for withdrawals: you can request a payout as often as monthly with as little as a few hundred dollars accrued, subject to the safety net rule.

The safety net rule is a small buffer of profits you must keep in the account before the largest withdrawals unlock. It scales with account size and is a sensible protection against blow-ups immediately after funding. Once cleared, you have full flexibility over what you withdraw.

Platforms supported

Topstep does not support MetaTrader 5 or MetaTrader 4. Trading takes place on futures-native platforms that connect to Rithmic or CQG for market data and execution. The core supported platforms are:

• NinjaTrader, the most popular retail futures platform, with advanced charting and expert advisor support.
• TradingView, for traders who want the modern browser-based charting experience with real futures order routing.
• TSTrader, Topstep's in-house web platform, fast and clean for pure discretionary trading.
• R Trader Pro, Rithmic's own platform, favoured by scalpers who want minimum latency.
• Quantower, Volumetrica, MotiveWave and other Rithmic-compatible platforms.

If MetaTrader 5 is a hard requirement for your workflow (for example because you use tools like Market Structure Pro), Topstep will not work for you. In that case, look at FundedNext or MyFundedFX.

Trading rules to know

• Trailing maximum loss: follows your highest end-of-day balance upward and locks at breakeven once you exceed starting balance plus the trailing amount.
• Daily loss limit: a hard stop that resets each trading day at the start of the CME session.
• News trading: permitted, no restrictions on holding through data.
• Overnight and weekend holding: not permitted on funded accounts. All positions must be flat before the daily close.
• Position limits: capped per account size to prevent over-leveraging on the last day of the Combine.
• Consistency rule: Topstep applies a soft consistency check during payout, favouring traders whose profits are distributed across multiple sessions.

The no-overnight rule is worth calling out. If you are a swing trader by nature, Topstep will not fit your style. If you are a day trader who is flat by the close every session, the rule is a non-issue and actually simplifies risk.

Topstep pros

• Oldest futures prop firm with a payout track record dating to 2012.
• 100 percent of first $10,000 in profits is the best entry-level split in the industry.
• Monthly payouts with no minimum floor, subject to safety net rule.
• One-step evaluation is faster than the two-step model used by most forex firms.
• Regulated by the NFA, unlike most retail forex prop firms.
• Excellent educational content, coaching and live daily shows.

Topstep cons

• No MetaTrader 5 or MetaTrader 4 support. Deal-breaker for MT5-first workflows.
• Trailing maximum loss is harder to manage than a static drawdown.
• Monthly subscription rather than one-off fee, which raises total cost for slow passers.
• No overnight or weekend holding on funded accounts.
• Subscription is not refunded on first payout.
• Futures only. Cannot be used for forex, crypto, or shares.

Who Topstep suits best

Topstep is the right firm if you are a futures day trader who trades micro or mini E-mini contracts, energies (crude oil, natural gas) or metals (gold, silver). The rule set is designed around traders who are flat by the close, which describes the vast majority of successful futures traders anyway. If you use one of the supported platforms already, the transition is nearly frictionless.

It is a poor fit for swing traders, forex traders, and anyone who trades outside CME futures products. The trailing drawdown catches out traders who scale in and out of positions with big open profits, then give it all back on the next trade. If your edge involves running large open profits, look elsewhere.

How to pass the Trading Combine

The key to passing Topstep is understanding the trailing drawdown before you enter a single trade. Model it in a spreadsheet. Every time you close a trade above the previous high-water mark, the drawdown moves up. Every time you close below it, the drawdown stays put. Once you exceed starting balance plus the trailing amount, the drawdown locks at breakeven and never moves again. Nearly every Combine failure is a trader who did not internalise this mechanic and blew up on the way to the target.

The practical strategy is to build profits in small, quick trades early, do not chase moves that require holding through significant drawdown, and stop trading immediately at daily loss minus 40 percent as a soft rule. This keeps you inside the daily loss limit with headroom for one recovery trade the next session.

Time-box the Combine to at least 10 trading days regardless of the minimum. A slower pass looks better on the audit and builds habits you will need on the funded account.

Topstep vs the alternatives

If Topstep's no-overnight rule is a problem, Apex Trader Funding is the closest futures alternative and allows a wider position size. If you want to trade forex on MT5 instead of futures, FTMO or FundedNext are the top picks. For a direct comparison of the three biggest names, see FTMO vs Topstep vs FundedNext.

Final verdict

Topstep is the futures prop firm to beat in 2026. Its longevity, generous first-payout split, monthly withdrawal cadence, and coaching layer make it the safest and most complete home for a serious futures day trader. The trailing drawdown is a hurdle, but a fair one once you understand it. The absence of MetaTrader 5 is a limitation for anyone tied to that platform, but for the audience Topstep actually serves, futures traders on NinjaTrader and TradingView, it is close to ideal.

If you trade forex on MT5, Topstep is not your firm. If you trade futures and want a decade-old, NFA-registered home for your prop career, it is the default answer.

Keep exploring: the best prop firms of 2026, our FTMO vs Topstep vs FundedNext head-to-head, or the full Learn hub.