Topstep Review 2025: Prop Firm Rules & Pricing

Topstep uses a single-step evaluation model called the Trading Combine, which differentiates it from the two-step challenges common among forex-focused prop firms. Traders must hit a defined profit target while staying within a daily loss limit and a maximum total drawdown threshold — both of which vary depending on the account size selected. The exact figures are published on Topstep's platform and are subject to periodic revision, so verifying current parameters directly on their site before purchasing is advisable.

The evaluation does not impose a minimum trading day requirement in the same rigid format used by some competitors, though Topstep does expect consistent, rule-compliant activity. Automated trading systems (EAs) are permitted, which opens the evaluation to algorithmic traders operating on platforms like MetaTrader 5. Passing the Combine leads to a funded account where the 90/10 profit split applies from the first dollar withdrawn. The scaling plan means account sizes can increase as traders demonstrate sustained profitability, with specific growth thresholds defined in Topstep's terms.

Topstep charges a monthly subscription fee to access the Trading Combine, with pricing tiered by account size. The challenge starts from a cost point that varies by account tier — the firm has historically offered accounts ranging from smaller starter sizes up to larger funded levels, each with a corresponding monthly fee. Discounts are periodically available, and Topstep has run promotional pricing during various periods since 2020.

The value calculation depends on pass rate and time-to-fund. Data from prop firm tracking communities suggests average evaluation periods of several weeks to a few months for traders who eventually pass. At a 90/10 split, a funded trader keeping $9,000 of every $10,000 in profits is a structurally favorable arrangement compared to the 70/30 or 80/20 splits offered by some competing firms. The subscription model does mean ongoing costs accumulate during the evaluation period, which is a material consideration for traders who take multiple attempts. The break-even point — where total fees paid equal the profit split advantage — is calculable and depends entirely on individual performance velocity.

Research aggregated from prop firm communities consistently shows that the daily loss limit, not the maximum drawdown or profit target, is the rule most frequently responsible for account terminations. This pattern holds across futures prop firms including Topstep. The daily loss limit resets each trading day, meaning a single session with outsized losses can end an otherwise progressing evaluation.

For Topstep specifically, the daily loss limit varies by account size and is denominated in dollar terms rather than percentage terms on some tiers — a structural distinction that affects position sizing calculations. A trader running a $50,000 account faces a different absolute daily loss threshold than one running a $150,000 account, and the ratio between those thresholds and typical intraday volatility in futures markets (ES, NQ, CL) determines practical risk-per-trade limits. Historically, futures contracts like the E-mini S&P 500 can move 20-40 points in a session, translating to $1,000-$2,000 per contract in P&L swings — a fact that makes position size discipline non-negotiable during the evaluation.

Protecting a funded account requires real-time awareness of both the daily loss limit and the maximum total drawdown simultaneously. Manual monitoring introduces lag and human error, particularly during fast-moving futures sessions. This is where automated risk management at the platform level becomes operationally relevant.

Pulsar Terminal's Prop Firm Protection feature addresses this directly. The tool monitors account drawdown in real time and auto-closes all open positions and pending orders the moment a user-defined loss threshold is reached — preventing a breach of Topstep's daily loss limit or maximum drawdown rules before they occur. For a Topstep funded trader, setting the auto-close threshold a defined buffer above the firm's hard limit creates a mechanical safety net that operates independently of trader attention or emotional state. Pulsar Terminal is a professional trading panel for MetaTrader 5 that also includes one-click trading, multi-level SL/TP, trailing stops, breakeven automation, grid trading, and real-time analytics — a toolset relevant to both the evaluation phase and live funded trading.

Beyond automated protection, standard risk management practices applicable to Topstep accounts include: fixed fractional position sizing (typically 1-2% risk per trade relative to the daily loss limit), avoiding news events with position sizes above baseline, and logging every trade to identify drawdown patterns before they become structural problems.

Pros:

1. 90/10 profit split — Among the higher splits available in the funded futures space as of 2025, with the trader retaining the majority share.
2. Single-step evaluation — The Trading Combine structure avoids the two-phase delay common at other firms, reducing total time and fee exposure before funding.
3. EA and algorithmic trading permitted — Opens the platform to systematic traders, a segment often restricted at other prop firms.
4. Scaling plan available — Funded account sizes can grow based on performance, increasing earning potential without requiring a new evaluation.
5. Established track record — Operating since 2012 provides a longer operational history than the majority of prop firms currently active in the market.

Cons:

1. Futures-only focus — Topstep does not offer forex or equity CFD funding, limiting the firm to traders who specifically trade CME-listed futures products.
2. Subscription cost accumulates — Monthly fees during extended evaluation periods can erode the economic benefit of passing, particularly for traders requiring multiple attempts.
3. Variable rule parameters — Daily loss limits and profit targets vary by account size and can change over time, requiring ongoing verification rather than static planning.
4. Platform dependency — Funded trading occurs through specific platforms; traders using custom MT5 setups need to verify compatibility and integration before committing.
5. Drawdown structure details — The distinction between trailing drawdown and static drawdown (which Topstep uses depending on account type and period) has material implications for position sizing and requires careful reading of current terms.