TopStep Review: The Inside Scoop

I spent about 120 hours getting the TopStep experience. In this TopStep review, I'll tell you what I've found. From going through the Trader Combine, talking with their support staff, and chatting with current TopStep traders, I'll show you all I've learned so you can weigh their offering against your needs before deciding if it's worth joining.

TopStep Review: Fast Facts

• TopStep Trader's Trader Combine is designed to take you from retail trader to funded prop firm trader in as little as 8 days, trading up to 3 $150,000 accounts, without risking more than your subscription fee.
• They offer day-trading accounts from $50,000 to $150,000 to traders of any skill and experience level, while providing educational resources for those interested.
• TopStep payouts are 90% profit split to traders and over $7,200,000 in payouts sent since 2020, to traders all over the world. Only a couple firms offer the 90% split, and it's the highest currently available.
• Benefit from more trading training than with any other online prop, including live group coaching, 1-on-1 coaching (included with your evaluation for FREE).

TopStep Review: Price

TopStep Trader Combine pricing is competitive. Their lower and middle tier are priced lower than some of their close competitors, while their top tier is more expensive by comparison.  

Trader Combine Pricing:

• $50k account: $165/mo until pass
• $100k account: $325/mo until pass
• $150k account: $375/mo until pass

TopStep also offers a bonus whereby you can be refunded your last month's fee upon becoming funded and taking a withdrawal. So technically you could end up getting your account "for free".

If you blow up your account by breaking a rule, you can reset it for $100. OR you can wait until your subscription renewal date, upon which your blown account will be reset automatically.

Rating: 9/10

TopStep Review: Payout

TopStep pays 90% of a trader's profits out to them and keeps 10% as their revenue share. There are other firms that pay a 90% profit split, but I haven't seen any that pay more than that.

They also pay out 100% of your first $5k in profits, which is a nice little bonus, but keep in mind that's only $500. Great to have, but over the long term of a successful trading career, it's a tiny drop in the bucket.

Rating: 10/10

TopStep Review: Commissions

My experience with TopStep commissions has been nothing to write home about, but it's nothing to complain about, either. 

Their commissions are middle of the road. The biggest thing I don't like is that they're not exactly the same during evaluation as they are in funded accounts:

Trader Combine commissions per roundtrip, with Nasdaq 100 futures as an example:

• e-mini (NQ): $3.70
• micro e-mini (MNQ): $1.20 

Funded account commissions per roundtrip, again with Nasdaq 100 futures:

• e-mini (NQ) : 4.16-4.80 depending on the platform
• micro e-mini (MNQ) : $1.32

If I could change one thing, these would be the same from combine to funded accounts, and ideally with the same price on the e-mini as you see for the combine. As it is, the e-mini commission is a little high. But overall, still not bad.

Rating: 7/10

TopStep Review: Withdrawals

TopStep prides themselves on their withdrawal policy, and they are among the less restrictive.

You can request a withdrawal Mon-Fri, and they do their best to process it same day (but they ask you allow 2-5 business days). This is great, but there is a caveat: You have to have had 5 winning days over +$200 each since your last withdrawal.

This usually isn't a big deal. But if you did happen to have a couple of not-so-great days and/or weeks, it could get in the way of taking your regular withdrawal even when you have the profits available.

If you want to withdraw your whole balance, you should be aware of two limitations:

1. Before you accumulate 30 winning trading days of $200+, you can only withdraw 50% of your account balance with each withdrawal.
2. After that, you can withdraw up to 100%, any time. Withdrawing 100% will close the account.

Rating: 8/10

TopStep Review: Withdrawal Methods

TopStep withdrawal options include ACH transfer, Zelle, Deel, PayPal, Crypto (ERC20, Polygon, Solana, TRC20, Stellar).

I've never used crypto withdrawals, but I'm sure they work just fine. I just don't like exposing myself to the possibility that my cash becomes worth less due to some disruption in the crypto markets, before I even get my hands on it. I'd withdraw with one of the other methods to avoid that.

Rating: 10/10

TopStep Review: Max Account Size

TopStep's Trader Combine offers accounts up to $150,000. That account gives you drawdown risk of $4500.

This is a little below the average compared to other companies, but if it's enough for you, then that wouldn't matter. 

Rating: 7/10

TopStep Review: Multiple Accounts

TopStep allows you to have multiple Trader Combine accounts, and you can now have up to three Express Funded Accounts™ traded simultaneously.

You can use the three accounts to trade different styles, timeframes, instruments, or to scale up a winning strategy. If/when your risk manager upgrades you to a Live Account, the three EF accounts would be combined into one larger account.

Rating: 8/10

TopStep Review: Trader Combine Profit Target

TopStep has now done away with the second phase of their evaluations! This makes their profit targets much easier to achieve than before.

The profit target specifies how much you have to earn to pass and get funded, while following all the rules. The dollar amount is calculated based on your starting balance.

*in evaluation, no single day can account for more than 30% of your profit target. So if your profit target is $3,000, that's $900. If you make more than $900 in a day, let's say $1,500, your profit target will increase so that $1,500 is less than 30% of it. In this case, that would be a total of $5,000. So, it's important to avoid going over 30% of your total profit target on any given day.

Rating: 8/10

TopStep Review: Trader Combine Drawdown Limits

TopStep's Trader Combine (evaluation period) drawdown limits are on the conservative end of the spectrum. Your daily loss limit is 2% of starting value. Your max trailing drawdown is 3-4% of starting value depending on your account tier.

Breaking the Daily Loss Limit does not blow your account on its own. It just means you have to call it a day until at least the next session, which you should do anyway.

The trailing max drawdown level is decided by your highest End-of-Day balance, so you can subtract the dollar amount shown below from that highest balance to see where your cushion runs out:

• $50k account: $2,000
• $100k account: $3,000
• $150k account: $4,500

For example: In the $100k account, you start with a loss threshold of $97,000 (100,000-3,000):

• Day1: You make $1,000. Your balance is now $101,000 and your loss threshold is now $98,000 (101,000-3,000).
• Day2: You lose $1,500. Your balance is now $99,500. Your loss threshold is still $98,000

These are pretty tight limits, but they're not unreasonable. However, if you trade the max contracts, you could easily blow them up. Make sure you manage your risk accordingly. Trade small enough that you make progress without risking blowups.

Rating: 7/10

TopStep Review: Funded Account Drawdown Limits

The TopStep funded account has one difference in drawdown limits from the Trading Combine. When you make enough profit to bring your threshold up to the starting account value, it stops trailing.

So, in a $150,000 account with a $4,500 trailing drawdown limit, when the funded account balance reaches $154,500, your new "forever drawdown limit" is $150,000. You still have the daily drawdown limit, so don't forget about that. 

This is a pretty common feature, so it's good that TopStep does it, too. It allows you to build up more cushion between your balance and your max loss limit, but you have to be willing to leave some profits in there to do that.

Rating: 8/10

TopStep Review: Platforms

TopStep platform options are many. You can use their own software TST (TSTrader), powered by Tradovate. You can also use Tradingview, connected to Tradovate. Both of these options are free to you in the Trading Combine and in Funded Accounts. TST is available on mobile.

NinjaTrader 8, T4, and ATAS can be used for free during Trading Combine, but you'll have to purchase a license to use any of these with your funded account.

Beyond that, you can use anything that connects to Rithmic, which is over 50 platforms. Favorites include Sierra Chart, Jigsaw, Bookmap, MotiveWave, Multicharts, VolFix, Trade Navigator, Overcharts, and more.

Mac users: TSTrader, TradingView, Motivewave, and the web version can all be connected to on Mac. Otherwise you'll have to use a vps, virtual windows installation, or remote-connect to a windows machine.

Personally I used TSTrader with TopStep, because I run other brokers on my NinjaTrader and Overcharts platforms. It works, and it's included, so it was all I needed, but your mileage may vary.

Rating: 9/10

TopStep Review: Rules

TopStep Trading Combine rules are fair, but there are more of them than with most programs:

• Both Phases:
  • Don't hit drawdowns with net loss (including commissions)
  • Don't exceed max contract size
  • See overnight, weekend, holiday, news trading (below)
  • Simulation gaming (tight stops, etc, see screenshot below)
  • Trade the front-month contract (as TS defines it, the one with the most volume)
• Phase 1:
  • Trade 5 days minimum
• Phase 2:
  • Trade 3 days minimum
  • Consistency target - best day below 40% of total profits (doesn't fail account, just have to meet it to pass)

TopStep Funded account rules are similar, without the phase 1 and phase 2 stuff:

•  Don't hit drawdowns with net loss (including commissions)
• Don't exceed max contract size
• See overnight, weekend, holiday, news trading (below)
• Simulation gaming - this applies to Express Funded (LiveSim) accounts still (tight stops, etc, see screenshot below) 
• Trade the front-month contract (as TS defines it, the one with the most volume)

Rating: 7/10

TopStep Review: Pro vs Funded

Topstep has simplified things by removing the "Pro Account" and "Premium Funded" accounts. I'll leave that info up a bit longer since people still ask about it. But here's the new deal

Now there are two funded-level accounts where you get paid out on your earnings: The "Express Funded Account™", and the Live Account. You may have up to three Express Funded Accounts™. If/when you get upgraded to be live, they would be combined into one larger Live Account.

The rules for the Express Funded Account™ will match the same rules that you had in the Trading Combine® Step 2. There is no Profit Target in the Express Funded Account™

TopStep "Pro Account" is like adding another step to your Trading Combine, except when you hit the profit goal you get to carry it over into a live account. That's the only benefit, really. This is a point of discussion in the TopStep community, so here's a handy chart on TopStep Pro vs Funded:

This is something you don't have to decide on until you pass your Trader Combine. For the purposes of keeping this review focused, I'll just say, I don't think the Pro Account option adds much value.

Rating: No rating, just included for awareness

TopStep Review: Sizing & Scaling

TopStep sizing and scaling is a factor you need to consider in terms of your strategy. I'll cover the highlights you need and give you my take on it. 

TopStep treats micros the same as one e-mini contract. This warrants its own consideration. Depending on your strategy, this may or may not be a deal-breaker for you. 

For example, if you're an ultra-short-term scalper using a few e-mini contracts at a time, and your r/r on a trade is only a few ticks, it probably won't hurt you. With 2 NQ contracts at 5ticks:10ticks for example, you're risking $200 to make $400. That's still not a tiny trade, but you can lose several times in a row without coming close to blowing up your account.

On the other hand, if your intraday trade r/r is 40points:80pts, you may find yourself in a tight spot quickly. With ONE NQ contract at that r/r, you risk $800 to make $1600. That's great if it works out, but if you lose three trades in a row, you're down $2400. Depending on your account tier, you've either blown your max drawdown threshold or are in danger of doing so.

That's where micros are important. Micros, worth 1/10 of an e-mini, allow you to size the risk on that trade anywhere between $80 and $800.

TopStep does allow you to trade minis, but since they're subject to the same contract number limit, rather than the same risk limit, you can't use them properly - especially when you go through their Scaling Plan, pictured below:

TopStep Scaling Plan:

In short, if you trade e-minis with small R/R, their sizing and scaling rules shouldn't cause problems for you. You should be able to take on the necessary risk most of the time. If your trades play out over wider ranges, or if you trade micros for risk management, you might find yourself limited by this policy.

Your max contract size for Phase 1 of Trading Combine is specified when you sign up, based on the account tier.

I have spoken with the TopStep team about this policy, and from that conversation, I'd say it's unlikely to change.

Rating: 5/10

TopStep Review: Trading News

TopStep allows you to trade during the news. They don't necessarily allow you to trade on the news.

According to their rules, you are free to trade your usual strategies regardless of what news may be happening or what data releases are scheduled. Note: it wasn't always this way, this is an updated policy.

However, strategies for taking advantage of news volatility are prohibited. In their words: 

If you want to trade a news-based strategy, you'll want to have an account elsewhere for that. See my Earn2Trade review for a good option that allows news trading without restrictions. If you have some news-based strategies with high win rate and great r/r, you could simply trade them there, or with your personal account.

Rating: 8/10

TopStep Review: Holding Overnight, on Weekends, & Over Holidays

TopStep's regular Trading Combine and Pro/Funded accounts don't allow any of these holds. All trades and orders must be closed by a cutoff time that varies based on the contracts traded:

• All positions and working orders must be closed by 3:10pm CT until 5pm CT.
• For products that close before 3:10pm CT, all positions and working orders must be closed before that product's daily close.

Although you can't hold when the market is closed, you can hold all through the Globex session, which is often referred to as "overnight" by traders in the Americas.

Rating: 6/10

TopStep Review: Education

TopStep offers live group coaching and FREE 1:1 group coaching with their Trader Combine, the only online-only prop firm to do so.

They also offer a large collection of educational resources including videos, podcasts, and a blog. These resources cover a variety of topics. The videos can be filtered by:

• Trading Education
• Trading for Beginners
• Trading Psychology
• Trading Strategies

There are over 350 videos, but some of those also cover current market news, trader success stories, and other non-educational content. 

I've watched enough of these to see that the quality is good, and most of the lessons come from trading professionals who know what they're talking about. Nobody can guarantee it will make you a better trader, but it's helpful content, with principles gathered from real experience.

All of the above can be found on their site without you having to purchase a trader combine to access their resources library

Their free group coaching webinar with Q&A is every Monday and Wednesday; you can register here. Most of their coaches have professional trading experience. I've sat in on some of the sessions, and there's some good common-sense info there. I've spoken with other traders who get a lot of help from it, so it's worth checking out.

Paid one-on-one coaching is also available, but I'm not covering that here.

Rating: 9/10

TopStep Review: Markets Traded

Markets traded on TopStep include the CME, NYMEX, COMEX, &CBOT. Tradable assets are futures on indices, metals, oil, crypto, treasuries and bonds, and currencies.

This is pretty standard across the futures trading prop firms, so there's not much to cover here.

Rating: 9/10

TopStep Review: Support

TopStep support is helpful and responsive. You have several options for live support:

TopStep offers phone support, which is rare these days. Traders who have had the privilege to be trade on a trade desk will know the value of being able to call for help with an order. Stuff happens, and sometimes we need help placing an order. With TopStep, you have that.

You can call in to get flat when your connection drops, or to place a trade when you can't be at the computer.

In addition to phone support and phone-in trade desk, TopStep offers two other options:

• Contact the help desk through the web site.
• From their discord channel you can type "/support" to get quick help.

Rating: 10/10

TopStep Review: Signup & Setup

Topstep's onboarding process is smooth and easy. Pick between a trial or a trading combine, choose an account level, choose your trading platform, enter your information, and checkout. You'll receive your login and setup information automatically, along with setup instructions. 

Follow the instructions closely, and you can be setup and ready to trade in less than 10 minutes. When I went through this I was ready and trading in five minutes.

1. You'll choose between a free trial or a trading combine (you can't earn funding in a trial).

2. You'll choose your trading platform. There are several more available than what is shown here, click "see all available platforms" to see them.

3. Take the trading pledge.

4. Checkout, and you're in. You'll get a setup email instantly that will give you credentials to connect your account.

Rating: 10/10

TopStep Review: Final Verdict

I like a lot of things about TopStep. They have a good program with a lot of positives, and from what I've seen, they have good people on their team. There are a few things I'd change, but maybe those don't matter to you.

It's a good program for day-trading if all of these are true about you:

• You want to earn a 90% profit split and don't like the other 90% options available for whatever reason.
• You're ok with a total profit-target requirement of 12% (double what most firms require).
• You don't need a lot of micros to manage your risk.
• You don't want to scale up with multiple accounts trading simultaneously (or if you want to trade with TopStep but use another company to scale up).

Overall Rating: 7.15/10

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