Let’s be real: if you’ve spent more than five minutes researching futures prop firms, you’ve heard of Topstep. They literally invented the Trading Combine model back in 2012. Every other firm you’re comparing them against? They copied the blueprint Topstep wrote out of a Chicago trading pit. That history matters—but it doesn’t mean Topstep automatically deserves your money in 2025. The firm has gone through a lot of changes recently, some genuinely good, a few that have frustrated long-term traders. So let’s dig in.
The Quick Version
Topstep is a futures-only prop firm founded in 2012 by Michael Patak, a former Dow futures floor trader at the CBOT. They offer three account sizes ($50K, $100K, $150K), a 1-step evaluation called the Trading Combine, and a funded path that starts with an Express Funded Account before potentially moving to a Live Funded Account.
As of 2025, all new Trading Combines run exclusively on TopstepX, their proprietary browser-based platform. That’s a big change from where they started, and trader reactions are… mixed.
| Feature | $50K Combine | $100K Combine | $150K Combine |
|---|---|---|---|
| Monthly Fee | $49 | $99 | $149 |
| Profit Target | $3,000 (6%) | $6,000 (6%) | $9,000 (6%) |
| Max Loss Limit | $1,500 | $3,000 | $4,500 |
| Max Contracts | 5 | 10 | 15 |
| Activation Fee | $149 (all sizes) | $149 | $149 |
| Reset Fee | $49 | $99 | $149 |
| Profit Split | 100% first $10K, then 90% | same | same |
| Platforms | TopstepX | TopstepX | TopstepX |
| Time Limit | None | None | None |
Note: As of January 12, 2026, new traders are on a flat 90/10 split. The 100% first $10K applies to legacy accounts. Confirm current terms at topstep.com.
The Evaluation Structure
Picture this: you buy the $100K Combine at $99/month. No time limit, which is one of the genuinely nice things about Topstep. You need to hit $6,000 in profit while never letting your account fall more than $3,000 below the starting balance.
The max loss limit is end-of-day trailing—not intraday. That’s important. A lot of firms calculate your drawdown based on your highest intraday balance, which can absolutely murder your account on a volatile day even if you close green. Topstep only adjusts the trailing limit at end of day based on your closing balance. If you hit $102K intraday but close at $100.5K, your new loss limit recalculates on the $100.5K. Not the $102K. This is the kind of rule that feels small until it saves your account during a choppy NQ session.
Then there’s the consistency rule. Here’s where people get frustrated.
Your best single trading day can’t account for more than 50% of your total profit target. So if you need to hit $6,000 on the $100K Combine and you make $3,200 on day one—congratulations, now you need to make another $6,200 minimum, because your best day can’t be more than half of your total profit at the end. Traders on Reddit regularly complain about this. “Made $5K in one day and now I need $10K total just to pass? Stupid.” That quote from a Trustpilot reviewer captures the frustration pretty well. Honestly, the math makes sense from a risk management perspective—Topstep doesn’t want to fund traders who get lucky one day and blow up the next—but it definitely catches people off guard.
Once you pass, you pay the $149 activation fee (same for all account sizes, which is slightly annoying for smaller accounts) and get access to your Express Funded Account. This is simulated but pays real money. To request a payout, you need 5 winning days where you clear $150 or more. Max payout from the Express Funded Account is 50% of your balance or $5,000 per request, whichever is smaller. After 5 successful payouts, you qualify for a Live Funded Account where you’re trading actual capital.
The Platform Situation (and Why It’s Complicated)
Starting July 7, 2025, all new Trading Combines must run on TopstepX. Period. No NinjaTrader, no Tradovate, no TradingView direct connection for new accounts. If you had an existing account on another platform, you can keep running it—but the moment you need a reset or start fresh, you’re on TopstepX.
This frustrated a lot of traders. Especially NinjaTrader users who’ve spent years building custom indicators and strategies on that platform. Some traders on Trustpilot said Topstep had promised no plans to discontinue Rithmic accounts, then pulled the switch anyway.
That said… I get what they’re trying to do. TopstepX is built on ProjectX technology, it’s browser-based, works on Mac and PC without installs, includes TradingView-powered charts, and has some genuinely interesting features like the Tilt Indicator (a real-time sentiment tool designed to help you recognize when you’re trading emotionally) and built-in risk management tools. Topstep’s own data claims pass rates on TopstepX are about 86% higher than on legacy platforms, and average payouts are around $1,000 larger. Take their internal data with some salt, but the directional signal probably isn’t wrong—a platform built specifically around their challenge rules probably does help traders stay compliant.
The custom indicators issue is real though. TopstepX has TradingView charts but no custom script support yet. If you’re running a specific Pine Script strategy or a NinjaTrader indicator suite, you’ll either adapt or look elsewhere.
For Live Funded Accounts, you do get more platform flexibility—NinjaTrader, Tradovate, R|Trader Pro, and others are still available at that stage.
What’s Been Going Wrong Lately
Look, I can’t write an honest Topstep review in 2025 without addressing the elephant in the room: they had a rough Q4 2025.
Multiple platform outages hit TopstepX in December 2025. Traders reported being locked out during trading sessions, stop-loss orders not executing, positions liquidating because the platform went down mid-trade. BBB complaints piled up. Trustpilot saw an influx of negative reviews from traders who blew accounts during confirmed outages but couldn’t get resolution from support. One BBB complaint described a trader who submitted a position during Topstep’s stated remediation window (8:45-9:15 AM CST on December 17) but still had the account closure stand.
Trustpilot reviewers weren’t gentle: “Instead of focusing on platform issues, they wanna run SuperBowl ads.” That’s a direct quote, and it’s harsh, but it reflects real frustration from traders who’ve been with the firm for years.
To be fair, Topstep did issue public acknowledgments of the outages and stated they would address affected accounts. Some traders reported getting resolution, others are still waiting. The situation appears to have stabilized heading into early 2026, and more recent reviews are more positive—but the December 2025 period was genuinely bad, and long-term traders noticed.
Payout delays also came up repeatedly in late 2025 reviews. Wire transfers to international traders taking longer than expected, some traders reporting missing funds through Wise without adequate transaction proof from support.
The Community and Education Angle
Here’s something Topstep genuinely does better than most competitors: TopstepTV and coaching.
They stream live coaching sessions Monday through Thursday, 12-1 PM CT, with performance coaches who’ve actually traded futures. The Discord community is one of the largest in the futures prop trading space. CEO Michael Patak is known for being accessible and engaged with the community—unusual for a firm this size.
For newer traders, this stuff matters. Having access to daily coaching, real-time market commentary, and a community to discuss your trades with is legitimately valuable. Traders mention it in positive reviews consistently. “Great community” and “the coaching actually helped me pass” show up frequently on Trustpilot.
If you’re coming in with less than a year of futures experience, Topstep’s educational ecosystem is genuinely one of its strongest differentiators. Most other firms just hand you a ruleset and say good luck.
News Trading and Overnight Positions
One thing Topstep gets right: no news event restrictions. They let you trade through economic data releases without forcing you to flatten positions. This is a real advantage over firms that make you close out before FOMC announcements or CPI prints—because if you’re trading ES or NQ, those are often your best opportunities.
The flip side is overnight and weekend holds. During the Trading Combine, you can’t hold positions overnight or through the weekend. Day trading only. If you’re a swing trader, this is a dealbreaker—plain and simple. Topstep was designed for day traders, and the rules reflect that clearly.
Instruments available include the full CME Group product lineup: ES, NQ, MES, MNQ (the micros), CL (crude), GC (gold), ZB, ZN (treasuries), and others. Solid selection. Starting July 22, 2025, Topstep also started covering the CME data fee for Live Funded traders, which saves around $133/month. NYMEX, COMEX, and CBOT data fees still apply separately if you need them.
The Pricing Reality Check
The monthly subscription model is Topstep’s most criticized aspect. It’s not a one-time fee like some competitors—you pay $49/$99/$149 every single month until you pass or cancel. If you take three months to pass the $100K Combine, that’s $297 in subscription fees before you even see the $149 activation fee.
And if you blow the account, resets cost the same as the monthly fee: $49 for $50K, $99 for $100K, $149 for $150K. Though Topstep does include one free reset when you renew your monthly subscription, which helps.
Compare this to firms with one-time challenge fees in the $150-$300 range and it gets expensive fast if you’re not consistent. But here’s the other side: no time limit. You’re not racing against a 30-day clock while trying to manage risk properly. For traders who need a few months to find their footing within the rules, the monthly model can actually be more economical than paying for repeated one-time challenges.
The 12.4% pass rate Topstep reportedly sees is worth keeping in mind. Most people don’t pass quickly. Budget accordingly.
Who Should Actually Use Topstep
Topstep makes the most sense if you’re:
- A futures trader exclusively (obviously—they don’t offer anything else)
- A day trader who doesn’t need overnight holds
- Newer to prop trading and want solid educational support (TopstepTV, coaching, Discord)
- Comfortable with the monthly subscription model and have a realistic timeline to pass
- Trading primarily on TopstepX or willing to adapt to their platform
Skip Topstep if:
- You’re a swing trader who needs to hold positions overnight—the rules will kill you
- You depend on custom NinjaTrader indicators or algorithmic trading (bots are not supported on TopstepX)
- You’re on a tight budget and can’t afford multiple months of subscription fees if you struggle
- You primarily trade Forex, stocks, or crypto—Topstep is futures only, full stop
Bottom Line
Topstep invented this whole industry, and that pedigree still shows in their structure, community, and rule clarity. The end-of-day trailing drawdown is one of the fairest evaluation structures in the prop firm space. The coaching and community are legitimately useful.
But 2025 has been complicated. The forced migration to TopstepX, a rocky Q4 with platform outages, payout complaints, and an activation fee that didn’t budge despite the turmoil—these are real concerns. Traders who’ve been with the firm for years expressed genuine frustration. Some left.
The firm is still paying traders, still legitimate, still one of the most established names in the space. If you go in with clear expectations—futures day trading only, monthly subscription costs, TopstepX platform required—Topstep remains a solid choice. Just know what you’re signing up for before you hit the subscribe button.