Topstep has been a leader in the funded trader program space since 2012. Based in Chicago, they’ve made a name for themselves as an innovative company that provides funded accounts to traders. You may have seen the recent hype about funded accounts in prop trading and know how important it is to choose a reputable company that delivers on their promises.
With over $40 million paid out to traders in the last 4 years alone, Topstep has proven they are committed to helping aspiring traders. Their express funded account feature allows you to move from simulated trading to live trading in a snap and manage multiple accounts with ease. As you dig into Topstep’s offerings including their new 1-Step program and multiple platform options you’ll see why many traders consider it a real and worthwhile opportunity in the world of futures trading.
What is Topstep?
Topstep is a futures trading firm that offers funded trader programs. Founded in 2012 they’ve quickly become one of the fastest growing companies in America. Topstep provides you with a simulated trading environment and the opportunity to get funded.
Here are some of their stats:
- $16 million in trader payouts since 2020
- 9,000 accounts funded monthly
- Average payout processing time of 7 hours
Topstep supports 14 trading platforms, TopstepX, NinjaTrader and Quantower are their top 3 recommendations. You can access Topstep from 143 countries around the world making it a global platform for aspiring traders.
How Topstep Works
Topstep gives you the opportunity to trade with their funded futures accounts. You can trade with their money without making a deposit. To qualify you must pass the Trading Combine, a simulated account evaluation process.
Once you pass you get a funded account. The profit structure is designed to reward your success. You can withdraw the first $10,000 in profits straight to your bank account. After that you get 90% of additional profits.
For example:
- Initial funded account: $50,000
- Your net profit: $15,000
- New account value: $65,000
- Your withdrawal: $10,000 + (90% of $5,000) = $14,500
This way you can trade with big capital and keep a big chunk of your profits.
Topstep’s New 1-Step Evaluation
Topstep changed their Trading Combine in summer 2023 with the 1 Step 1 Rule program. This single step process replaces the 2 step evaluation process and allows you to get funded faster. They were so popular that they had to pause new sign-ups for a bit.
1 Step 1 Rule benefits:
- Faster way to funded trading
- Simpler evaluation process
- More accessible for aspiring traders
Topstep is offering big discounts to celebrate this launch. You can use these to start your journey to a funded account with less upfront cost.
The single step evaluation sets Topstep apart from many other prop firms and could give you an edge in your trading career.
Trading Combine: Get Funded
The Trading Combine is a simple way to get funded as a futures trader. This evaluation program tests your trading skills in a simulated environment that mimics real time market conditions. You’ll trade with paper money and need to show profitability and risk management.
The evaluation period is a minimum of 2 days where you need to meet specific performance targets. This condensed timeframe allows you to prove your trading skills and get funded fast.
Trading Combine details:
- Real time market data
- Paper trading to test performance
- Minimum 2 day evaluation period
- Profitability and risk management focus
Once you pass the Trading Combine you’ll get a funded trading account. This account is with real money and your orders will be sent to the futures exchanges. As you make profits you can withdraw actual cash to your bank account.
This process is simple and open to traders of all levels. You can showcase your skills and get from simulated trading to managing real capital in a short period of time.
Topstep Pricing
Topstep offers three account sizes for the Trading Combine program, each with its own monthly fee:
- $50,000 account: $165/month
- $100,000 account: $325/month
- $150,000 account: $375/month
These fees will continue until you cancel or get funded.
Current Discount
You can get 70% off all account sizes:
- $50,000 account: $49/month
- $100,000 account: $99/month
- $150,000 account: $149/month
Account Reset
If you need to restart your Trading Combine due to rule violations you can reset your account balance. The fees are:
- $50,000 account: $49
- $100,000 account: $99
- $150,000 account: $149
Trial Program
During the current promotion Topstep has replaced the free trial with a discounted entry point. You can now start a $50,000 Trading Combine for $49 and try the program at a lower cost.
Topstep Trading Rules
Follow Your System
The foundation of Topstep’s program is not to hit the max loss. Hitting the max loss will disqualify you from the Trading Combine. You need to preserve capital while pursuing your trading goals.
Topstep calculates the max loss at the end of each trading day based on the previous day’s account balance. This end of day calculation works in your favor as it doesn’t penalize intraday fluctuations.
For example if you’re in a $50,000 Trading Combine with a $2,000 max loss and your account balance was $7,520 at Monday’s close, your Tuesday limit would be $5,520. This limit will stay until you get back to $7,520 at the end of the day.
Loss Boundaries
The max loss limit is a protection for your account. It’s calculated by subtracting a fixed amount from your previous day’s close. This allows for flexibility as your account grows.
Here are the max loss limits by account size:
Account Size Max Loss $50,000 $2,000 $100,000 $4,000 $150,000 $6,000
You must stay within these boundaries to progress through the program and get funded.
Performance Targets
To get funded you must meet three of these:
- Profit Target: This is a fixed amount based on your chosen Trading Combine size.
- $50,000 account: $3,000
- $100,000 account: $6,000
- $150,000 account: $9,000
- Consistency Requirement: Topstep values steady performance over single large trades. Profits from any single trade exceeding 50% of your profit target won’t count towards your goal. For example in a $50,000 account with a $3,000 profit target you should close trades before they reach $1,500 in profit.
- Daily Loss Limit: This rule enforces disciplined risk management. Hitting this limit will end your Trading Combine.Daily loss limits:
- $50,000 account: $1,000
- $100,000 account: $2,000
- $150,000 account: $3,000
Use Topstep’s Consistency Target Calculator to track your progress and plan your trades.
Unacceptable Trading Practices
While the Trading Combine is a simulation, Topstep will actively monitor for any attempts to manipulate the system. Actions that will get you disqualified are:
- Connecting multiple accounts
- Using slow external data feeds to get an unfair advantage
- Using scalping algorithms to exploit the simulation
- Taking advantage of the reduced slippage in the simulation
Topstep’s integrity measures will ensure a fair process for all participants. Honest trading practices are not only expected but required to be successful in the program.
Remember these rules are designed to help you develop disciplined trading habits and get you ready to manage real money. By following these guidelines you’ll develop skills that will serve you well for long term success in the futures markets.
Trading Platform Options
Topstep has 16 trading platforms to choose from. 8 of them are free during the Trading Combine. These free platforms are: NinjaTrader, Quantower, TopstepX, TradingView, Tradovate, T4, R|Trader Pro, and ATAS OrderFlow Trading.
If you want more advanced features you might consider platforms like MotiveWave, VolFlx, Bookmap or MultiCharts. Keep in mind these come with additional cost. Your choice of platform can greatly impact your trading experience so take your time to explore the options and find the one that fits your trading style and needs.
Available Trading Instruments
Topstep offers funded futures trading accounts with access to a wide range of contracts across major exchanges. You can trade E-mini S&P 500, Nasdaq-100, and Russell 2000 futures on the CME. Currency futures like Euro, British Pound and Japanese Yen are also available.
The NYMEX offers energy futures for crude oil, natural gas and gasoline. COMEX offers precious metals futures for gold, silver and copper.
Agricultural commodities like corn, soybeans and wheat can be traded through CBOT futures. Treasury futures for various maturities are also available.
This wide range of instruments allows you to trade financial, energy, metal and agricultural markets with Topstep’s funded account program.
TopstepTrader Review – Your Path to Funded Trading
Funded Account Fees
When you become a funded trader with TopstepTrader you’ll encounter fees. Exchange data fees are your responsibility and range from $116 to $132 per month per exchange. These are for CME, CBOT, NYMEX and COMEX. As a funded trader you are considered a professional so you’ll pay more.
Platform fees vary. Quantower and T4 are free for funded accounts. Other platforms require separate subscriptions which you’ll need to pay yourself.
Commissions in funded accounts are different from the simulation phase. You’ll pay between $2.46 and $4.30 per round turn depending on the product traded. These will be deducted from your account balance.
Trading Rules
Live account rules are different from the simulation. The max loss limit is calculated intraday based on net P&L not at days end. To increase your contract allowance you’ll need to contact TopstepTrader directly.
Profit Withdrawals
To withdraw your payout you need 5 profitable days with at least $200 profit each. These don’t need to be consecutive. At this point you can withdraw 50% of your account balance. After 30 winning days you can withdraw all profits.
Payout processing is fast, usually within 7 hours. Funds will arrive in 1-2 business days.
Learning Resources
TopstepTrader has a lot of educational resources to help you improve your trading:
- Live Q&A sessions
- Trading coach consultations
- 1600+ member Discord community
- Blog with market analysis and trading tips
- Video tutorials and webinars on futures trading
These resources are to help you become a prop trader. You’ll have the opportunity to connect with other traders, share ideas and learn from each other.
Profit Structure
As a funded trader you can withdraw your first $10,000 in profits. After that you’ll receive 90% of additional profits. This way you can benefit a lot from your trading success while minimizing your personal risk as you’re trading with TopstepTrader’s capital.
Who is Topstep for?
Topstep is for traders who want to use external capital without risking their own. This prop firm is perfect for you if you have limited personal capital but have the skills and discipline to trade futures markets.
As a new trader or professional trader Topstep offers a structured way to prove yourself. You’ll face tough rules and performance metrics just like real trading. This will help you develop skills like risk management and consistency.
For experienced traders Topstep is a way to showcase your skills and potentially get access to bigger trading accounts. But be prepared for a tough evaluation process that will test your patience and adaptability.
Topstep traders:
- Risk tolerance: You must be comfortable with trading rules
- Discipline: You must stick to the parameters
- Persistence: You may need to try multiple times
- Learning mindset: View it as a learning experience
Remember if you can’t meet Topstep’s requirements consistently it may be a sign you need to re-evaluate your trading approach or consider other strategies.
Topstep Evaluation
Pros
Topstep is a top prop firm for futures trading. Since 2012 they have been in business for over 10 years.
Their pricing is transparent and varied to suit different traders. You’ll find different account sizes to choose from so you can pick the one that fits your trading style and goals.
One of Topstep’s best features is their profit-sharing model. You keep 100% of your first $10,000 in profits and 90% after that. This way you’re incentivized to succeed and rewarded for your trading skills.
Cons
- Cost calculation is complicated and requires reviewing all fees and expenses.
- As a funded trader you’re considered a professional so you’ll pay higher data feed costs.
- You need to have 5 profitable trading days to start getting paid.
- Platform is now only for futures trading as TopstepFX is no longer available.
Topstep’s trader feedback is overall positive with many liking the company’s long history and trader friendly policies. But some find the qualification process tough.
When compared to other prop firms Topstep’s history and clear rules give them an advantage. But newer firms may offer more flexibility in some areas so it’s worth exploring your options based on your trading needs.
Real Trading Scenarios
Let’s look at some real world examples of how Topstep’s Trading Combine program would work financially. These scenarios are based on different trading approaches and results.
Scenario 1: Unsuccessful Trading Attempt
- 3-month Trading Combine membership ($50K account)
- 2 resets used
- No profits made
- Total invested: $245
- Net result: -$245 loss
This is what happens when you don’t meet your trading goals. You pay for the membership and resets and get nothing in return.
Scenario 2: Moderate Success
- 3-month Trading Combine membership ($50K account)
- 3 resets used
- $3,000 profit in 2 months (CME futures only)
- Total invested: $558
- Payout: $3,000
- Net: $2,442
Here you see a profit despite the initial costs and exchange fees. Your trading skills were profitable enough to overcome the expenses.
Scenario 3: Big Success
- 2-month Trading Combine + 4 months as funded trader
- $50K starting balance
- 6 resets used
- $12,700 profit (CME and CBOT futures, using NinjaTrader)
- Total invested: $2,438
- Payout: $12,430
- Net: $9,992
This is a big profit from trading multiple exchanges. Despite the higher costs (lifetime NinjaTrader license) your profits are way more than the expenses.
Points to note:
- Costs are based on membership duration, resets and trading activity.
- Exchange fees and platform costs will eat into your profits.
- Successful trading can still give you big returns even after all expenses.
Remember these are examples. Your results may vary based on your trading, market conditions and the choices you make within the Topstep program.