Last verified: August 26, 2026. Topstep is a futures-only prop firm (founded 2012) with a three-stage path: you pay a monthly subscription to trade the Trading Combine (a single-phase evaluation), pass it to receive an Express Funded Account (XFA) — a simulated funded account that pays real cash on your profits — and, if the Risk Team calls you up after consistent XFA performance, you graduate to a Live Funded Account (LFA) that trades genuine exchange capital. Every figure below comes from Topstep’s official help center, with source links at the point of use.
Topstep suits futures day traders who want a low upfront cost and an actual route to live exchange capital, not just a permanent simulator. Its standout is exactly that: the Live Funded Account is the only genuine live-capital stage among the firms we track, and automated trading is explicitly permitted (within fair-technology limits) — a hard “no” at some competitors. The biggest catch is the trailing Maximum Loss Limit: it tightens as your end-of-day balance climbs and is enforced in real time on unrealized P&L, so a single bad intraday spike can close the account. You also trade CME-group futures only — no spot forex, no CFDs — and pay commissions and data fees on top of the subscription.
$49 for a 50K Trading Combine; no active discount code today.
Start with Topstep →Trading Combine at a glance
The Combine is a single-phase evaluation billed as a monthly subscription that auto-renews until you pass or cancel — there is no time limit, and Topstep states you can pass “in as few as two days.” Pricing runs on two paths: the standard path (lower monthly fee, then a $149 activation fee when you earn each Express Funded Account) or the no-activation-fee path (higher monthly fee, $0 to activate). The table shows the standard path.
| Size | Monthly (standard path) | Profit Target | Max Loss Limit | Optional Daily Loss | Contract Limit | Reset Fee |
|---|---|---|---|---|---|---|
| 50K | $49 | $3,000 | $2,000 | $1,000 | 5 minis / 50 micros | $49 |
| 100K | $99 | $6,000 | $3,000 | $2,000 | 10 minis / 100 micros | $99 |
| 150K | $199 | $9,000 | $4,500 | $3,000 | 15 minis / 150 micros | $199 |
The no-activation-fee path costs $95 / $149 / $229 per month for 50K / 100K / 150K respectively. Micros count toward the contract limit at 10:1 versus minis. Adding the optional Daily Loss Limit at checkout earns a “Responsible Trading” discount of $10 / $20 / $30 off the 50K / 100K / 150K subscription (and $50 off a reactivation). A reset after a Max Loss Limit breach costs the same as one month’s subscription and is available anytime.
What it actually costs to get funded
Your true cost to a funded account is subscription × months in the Combine + activation fee. On the standard path for a 50K account: if you pass in your first month, that is $49 + $149 = $198; if it takes three billing cycles, $49 × 3 + $149 = $296. For a 100K account passing in two months: $99 × 2 + $149 = $347. Compare against the no-activation-fee path, which front-loads the cost into the monthly fee: a 50K no-activation subscription is $95/month with $0 to activate, so it only wins if you expect to burn through several billing cycles before passing.
Worked example — where the trailing floor locks at breakeven. On a 50K Combine, your balance starts at $50,000 and the Max Loss Limit sits $2,000 below it, at a $48,000 floor. The floor trails your end-of-day balance highs dollar-for-dollar upward and never moves down. Once your end-of-day balance reaches $52,000 (i.e., you have banked $2,000 of gains — the size of the MLL itself), the floor reaches your $50,000 starting balance and locks there permanently. From that point you cannot lose more than your own profits: the account is effectively risk-locked at breakeven. The distance you must climb for that lock equals the MLL for your tier — $2,000 / $3,000 / $4,500 on 50K / 100K / 150K.
How the drawdown works
The Maximum Loss Limit (MLL) is a trailing hard-breach limit with a timing quirk that trips people up. The floor itself updates only at the end of each trading day — intraday gains do not push it higher until the day closes. But the breach is monitored in real time, including on unrealized P&L: Topstep’s rule is that “if your balance hits it at any point during the trading day, including on unrealized P&L, your account is liquidated immediately.” So an open position that spikes against you can close the account before you ever realize the loss. The floor rises with end-of-day balance highs, never falls, and “once it reaches your starting balance, it locks permanently.” Source: What is the Maximum Loss Limit.
The Daily Loss Limit (DLL) is different in kind. In the Combine and XFA it is optional (you add it at checkout for the discount), and — importantly — triggering it is not a rule violation. Topstep describes it as “a forced break for the rest of that session”: open positions auto-close, pending orders cancel, and trading resumes next session at 5 PM CT, with the account still “eligible for funding.” It is measured on Net P&L (realized + unrealized). In the Live Funded Account the DLL becomes automatic. Source: Daily Loss Limit. Separately, a Consistency Target requires your best single day to stay at or below 50% of the Profit Target; exceeding it does not fail you — it increases your Profit Target.
Funded phase: XFA, payouts, and the path to live capital
Passing the Combine earns an Express Funded Account — a simulated funded account that starts at a $0 balance and grows from your trading profits, with a 90/10 profit split in your favor and no further monthly subscription. You can run up to 5 XFAs at once. The trailing MLL carries over but starts negative (e.g., −$2,000 on a 50K) and locks at $0 once reached — permanently $0 after your first payout. Source: Express Funded Account parameters.
There are two payout paths. The standard path needs 5 winning days of $150+ Net P&L (non-consecutive) per payout, with net profit above $0 since your last payout. The consistency path needs only 3 trading days (at least one trade each) but requires your largest single-day net profit to be at or below 40% of total net profit. The minimum payout is $125, and each payout can be up to 50% of your balance. XFA carries a stated lifetime cap of up to $200,000 in payouts.
Unconfirmed — XFA per-payout dollar caps. Topstep’s own pages disagree on the caps, so we flag rather than assert them. The payout policy page lists standard-path caps of $2,000 / $3,000 / $5,000 (50K / 100K / 150K) and consistency-path caps of $3,000 / $4,000 / $6,000, while the XFA parameters page states “up to $5,000” and “up to $6,000.” Treat the exact per-payout ceiling as unconfirmed until Topstep reconciles the two pages.
The Live Funded Account is what sets Topstep apart: it trades real exchange capital, not sim. Promotion is discretionary and invite-based — you are “called up by the Risk Team after consistent XFA performance,” with no fixed number of payouts published. The LFA size equals the average of your active eligible XFAs (generally only those with at least one payout), rounded up to the nearest $50K / $100K / $150K tier, with a $10,000 minimum that Topstep supplements from Reserve. Capital unlocks in stages: 20% is available immediately, 80% held in Reserve and released in four 25% increments each time you hit the profit target. The split stays 90/10, LFA payouts have no dollar cap (up to 50% of unlocked balance), and daily payouts unlock after 30 non-consecutive $150+ winning days. Source: Live Funded Account parameters.
Payouts are fast and mostly free: Prop-to-Brokerage (US only) is same-day and free, Aeropay is instant after approval and free, Wise is 1–3 business days and free, while ACH and wire/SWIFT carry a $30 fee (1–3 days and 5–10 days respectively).
Who Topstep suits, and who should look elsewhere
A good fit if you are a futures day trader who wants low upfront cost, tolerates a trailing drawdown, and specifically values two things competitors often lack: an actual path to live exchange capital and permission to run automated strategies. The optional, non-failing Daily Loss Limit also appeals to traders who want a circuit breaker without a hard fail attached.
Look elsewhere if you trade spot forex or CFDs — Topstep is CME-group futures only. Also reconsider if you dislike trailing drawdowns (the real-time unrealized-P&L enforcement is unforgiving), if you need a TradingView or third-party charting connection (you can’t connect external platforms; TopstepX or Quantower only), or if you require certainty on XFA payout ceilings today given the unresolved page discrepancy above. Note also that eligibility is checked on both citizenship and residency, and some countries qualify for XFA but not LFA due to brokerage restrictions.
Key rules and costs to know
- Day trading only. The trading day runs 5:00 PM CT to 3:10 PM CT; all open positions and pending orders are auto-flattened at 3:10 PM CT daily. No overnight or swing holds. (CBOT grains and CME agriculture have narrower product-specific windows.)
- Automation allowed — “with no support provided” and no exceptions for malfunctions. It is banned only when it becomes “unfair technology” (HFT, SIM-exploit algorithms, mass data entry for unfair advantage).
- News trading is allowed, except purposefully trading your full max position size directly into a scheduled major news event.
- Platform: TopstepX (proprietary, web-based; trade copier, multi-chart, hotkeys, API access; no dedicated mobile app). Quantower is supported; external platforms like TradingView are not.
- Commissions apply in all stages: minis $0.50/side ($1.00 round turn), micros $0.25/side ($0.50 RT), plus a $0.01 NFA fee and exchange fees — e.g., ES totals $3.80 RT, MES $1.24 RT. Source: commissions and fees.
- Data fees: Level 1 (top of book) is free; Level 2 depth of market is a $38/month add-on, billed on the 28th and not prorated. LFA traders are additionally subject to Professional Data fees (amount not published — unconfirmed).
- Payment for purchase: Visa, Mastercard, Amex, Discover; PayPal not supported; sales tax applies by location.
Is Topstep legit? What we verified — and what we didn’t
Topstep is a real, operating prop firm, and the terms it advertises matched its own official documentation when we last checked (14 August 2026). But “is Topstep legit” usually bundles two different questions: does the firm operate as advertised, and does it actually pay? The first is verifiable from primary sources, and we verify it on a fixed cadence. The second cannot be promised by any comparison site — including this one. Here is exactly where that line sits.
What we verified ourselves
- Its pricing matched its own help center on 14 August 2026: $49/month for a 50K Trading Combine, $99 for 100K, $199 for 150K, plus a $149 activation fee.
- Its risk parameters matched: Max Loss Limits of $2,000 (50K), $3,000 (100K) and $4,500 (150K), with EOD trailing drawdown.
- Its payout terms are documented: a 90/10 split in the trader’s favour and a $125 minimum payout on an Express Funded Account.
- It documents a route to trading real firm capital (the Live Funded Account) rather than simulated accounts only — uncommon among the firms we track.
What we have not verified
The gaps matter as much as the figures, so we list them:
- We have not personally taken a payout from Topstep.
- We do not repeat unconfirmed claims about Topstep circulating on trading forums and social media. We looked for primary sources — court records or regulatory filings — and did not find them, so we report nothing rather than amplify a rumour.
- We do not track complaint volumes or aggregate review scores.
How to check Topstep’s reputation yourself
Our data tells you what Topstep promises. Trader reports tell you how those promises land in practice — so read both, and read the reports properly:
- Sort by recent, not by rating. Prop-firm terms change fast; a glowing review of a rule set that no longer exists tells you nothing about today.
- Read specific complaints, not the star average. A report naming an account size, a date and a payout amount carries far more information than a one-line rating — in either direction.
- Weight payout-delay reports heaviest. Delays and denials at withdrawal time are the failure mode that actually costs traders money.
- Discount both extremes. Prop firms run incentives for positive reviews, and affiliates of competing firms amplify negative ones. The specific, boring, mid-range reports are usually the honest ones.
- Useful places to look: Trustpilot for volume, and trading communities on Reddit and Discord for detail. We deliberately do not aggregate those into a score of our own — that would just be a number we cannot verify.
Topstep Labs: what it is, and what it costs
Topstep Labs is Topstep’s experimental product line, released as limited “drops” rather than as a permanent account type. Topstep describes it as testing bold ideas for real: each Labs release is limited, and when the allocation is gone the experiment closes. Accounts bought through a Labs drop are tradeable and can earn payouts and work toward Live — they are not demos.
Current status (checked 26 August 2026): no Labs drop is open. The page shows 0 accounts available and states that the experiment has ended, with the next drop unannounced. If you are searching for Labs pricing or rules, that is why you cannot find a live offer — terms are specific to each drop rather than published as a standing rule set, so check topstep.com/labs when a drop is running and read that drop’s own terms before buying.
Quick answers
What is Topstep Labs?
Topstep Labs is Topstep’s experimental product line, released as limited drops rather than as a permanent account type. Each release is limited and closes when the allocation is gone. Labs accounts are tradeable and can earn payouts and progress toward Live. As of 26 August 2026 no drop is open – the page shows 0 accounts available and states the experiment has ended. Terms are specific to each drop, so read that drop’s own rules rather than assuming standard Topstep terms.
What is happening to Topstep in 2026?
As of our 14 August 2026 check, nothing about Topstep’s published terms has changed: pricing held at $49/$99/$199 per month for the 50K/100K/150K Trading Combine, the $149 activation fee, Max Loss Limits of $2,000/$3,000/$4,500, a 90/10 split and no active promo code. There are claims circulating on trading forums and social media about Topstep. We searched for primary sources — court records, regulatory filings or mainstream reporting — and did not find them, so we do not repeat those claims here. If that changes and a primary source appears, it will show up in our dated change log.
Is Topstep legit?
Topstep is a real, operating prop firm: Topstep is among the longest-running US futures firms in this comparison, its pricing and risk parameters are published in its own help center, and every figure we checked on 14 August 2026 matched. We have not tested a payout ourselves, and our profile states plainly which figures we could not verify.
Does Topstep really pay?
Topstep documents a 90/10 split in the trader’s favour and a $125 minimum payout on Express Funded Accounts, plus a documented route to a Live Funded Account trading real firm capital. We re-verified those published terms on 14 August 2026; we have not tested a withdrawal ourselves.
Is Topstep available to traders in the USA?
Yes. Topstep accepts US traders — it is a Chicago-based futures firm and one of the more straightforward options for US residents in this comparison.
Does Topstep offer real live-capital trading?
Yes. After consistent performance in the simulated Express Funded Account, the Risk Team can invite you to a Live Funded Account that trades real exchange capital. Promotion is discretionary and invite-based — there is no fixed number of payouts published — and 20% of capital is available immediately while 80% sits in Reserve, released in four 25% steps as you hit profit targets.
How does Topstep’s drawdown work?
The Maximum Loss Limit trails your end-of-day balance highs and never moves down, but breaches are enforced in real time on unrealized P&L — an intraday spike can liquidate you before you close the trade. Once the floor reaches your starting balance it locks permanently at breakeven. The separate Daily Loss Limit is optional in the Combine and XFA and only pauses trading for the session; triggering it is not a failure.
What does Topstep cost to get funded?
On the standard path, cost equals the monthly subscription times the number of billing cycles plus a $149 activation fee per funded account. A 50K account passed in one month is $49 + $149 = $198; passed in three months it is $296. The no-activation-fee path charges a higher monthly fee ($95 on 50K) with $0 to activate, which only pays off if you expect many billing cycles.
How and when do payouts work?
In the Express Funded Account you qualify via 5 non-consecutive winning days of $150+ Net P&L (standard path) or 3 trading days meeting a 40% consistency rule (consistency path), with a $125 minimum and up to 50% of balance per payout. Prop-to-Brokerage (US), Aeropay, and Wise are free; ACH and wire cost $30. Note that Topstep’s own pages disagree on the exact per-payout dollar caps, so treat those ceilings as unconfirmed.
Can I use automated trading and what can I trade?
Automated trading is permitted with no support provided, banned only when it crosses into “unfair technology” like HFT or SIM-exploit algorithms. You trade CME-group futures only — equity index, FX futures, energy, metals, rates, and agriculture — as day trades that flatten at 3:10 PM CT. There is no spot forex and no CFDs.
Full payout detail: the Standard vs Consistency paths, caps by account size, payout-method fees and the permanent MLL reset are on our Topstep payout rules page.