Topstep is a futures-focused funded-trading firm founded in 2012 and operated by TopstepTrader LLC in Chicago, Illinois. It is the oldest firm in this comparison and a member of the Futures Industry Association (FIA). Because it is futures-focused and US-based, its regulatory and platform situation differs materially from the CFD-heavy firms. We have not completed a hands-on evaluation, so we publish no account sizes, profit split, fees, payout figures or rating (reviewed June 2026).
Who runs Topstep, and how is it overseen?
Topstep is operated by TopstepTrader LLC, a US company based in Chicago, Illinois — a verifiable entity, and the longest-running of any firm we cover (founded 2012). It is a member of the Futures Industry Association, which is a trade body, not a regulator. As with every firm here, the operating company being real and FIA-affiliated does not make the funded-account product a licensed investment; it is a fee-paid evaluation.
What is genuinely different about Topstep is the asset class. It evaluates traders on exchange-traded futures rather than CFDs. In the US, futures fall under the CFTC and NFA registration framework, and futures are exchange-traded instruments rather than the over-the-counter CFDs that drew most of the 2024-2025 regulatory and platform turmoil.
Why a futures focus changes the risk picture
The 2024 MetaQuotes withdrawal that crippled CFD prop firms' US access is far less central to a futures-first model, because futures are not traded on MT4/MT5. That makes Topstep's platform-continuity risk structurally lower than a CFD firm that rents MetaTrader access. It does not eliminate counterparty risk: an evaluation fee is still at risk, and a payout still depends on the firm remaining solvent and honouring its rules.
As the oldest firm in this group (founded 2012), Topstep also has the longest continuity record of the cohort — a meaningful, though not decisive, signal in a sector defined by closures.
Payout mechanics: read these before you pay
We do not publish Topstep's account sizes, profit split, fees or payout frequency — they vary by plan and change over time. As with any prop firm, the rules that can void a payout matter more than the headline split: the daily-loss and trailing-drawdown limits, the consistency requirements, the minimum trading days, and the payout schedule and minimums. Read these on Topstep's own site before committing any money.
An evaluation fee is at risk and is not an investment. Most retail traders lose money trading leveraged products; treat any fee as money you can afford to lose.
Who Topstep suits — and who it does not
Topstep suits a futures-oriented trader, especially a US-based one, who values the longest continuity record in the cohort and exchange-traded instruments over OTC CFDs. It suits less well a forex/CFD trader looking for tight-spread currency exposure, or anyone treating the evaluation as a low-risk route to capital — it is neither.
Pros & cons
Pros
- Oldest firm in this comparison (founded 2012) with the longest continuity record.
- Futures-focused (exchange-traded instruments) and an FIA member; operated by a verifiable US entity (TopstepTrader LLC).
- Less exposed than CFD firms to the 2024 MetaQuotes platform withdrawal.
Cons
- The funded-account product is not a licensed financial product; an evaluation fee is at risk.
- Futures focus means it is not the natural choice for forex/CFD-only traders.
- We have not completed a hands-on evaluation, so we publish no fees, payout figures or rating yet.
Frequently asked questions
Is Topstep regulated?
Topstep is operated by TopstepTrader LLC, a US entity, and is a member of the Futures Industry Association (a trade body, not a regulator). The funded-account product itself is not a separately licensed or regulated financial product. Read the firm's own terms before paying any fee.
Is Topstep available to US traders?
Topstep is US-based and futures-focused, so it is far less affected than CFD-focused firms by the 2024 MetaQuotes withdrawal that restricted US access to MT4/MT5. Confirm current eligibility and the full rules on Topstep's own site before signing up.
Is Topstep futures or forex?
Topstep evaluates traders on exchange-traded futures, not CFDs. That is the key difference from most firms in this comparison and is why its US regulatory and platform situation differs. If you trade forex CFDs specifically, a CFD-focused firm may fit your strategy better.