Topstep: rules, terms and fine print

Where the money is real, and where it is not

• The challenge account is simulated. The firm describes the challenge account as simulated, not as trading with the firm's capital.
• Your fee is real money, and it is spent. The evaluation fee (plus any reset, renewal or activation fee) leaves your bank account. If you fail, it is normally not refunded.
• A payout is real money, but it is a promise. Profits earned on the simulated account are paid from the firm's own funds, and every firm reserves discretion over payouts and account closure in its terms.
• Nobody independent verifies payouts. For most firms we found no certified third-party record of what was actually paid. Only the firm's own pages and trackers of unknown method.

What you are buying

Terms of Use s.1/s.7: Simulated Account trades "are not made in live markets and do not incur actual profits or losses"; Trading Combine and Express Funded Account use simulated data, funds are "fictitious". Live Funded Account (TopstepFunded LLC) trades live markets; Terms s.30: participants in Live Restricted Jurisdictions stay in a simulated Express Funded Account and never migrate to live. Official 2025 statistic: 0.71% of Express Funded participants were called up to a Live Funded Account.

Entity: Topstep LLC (Delaware LLC, parent; notice address 130 S Jefferson St, Chicago, IL 60661); operating entities TopstepTrader, LLC (simulated programs: Trading Combine, Express Funded Account, Labs), TopstepFunded LLC (Illinois LLC; live funded accounts), Topstep Brokerage LLC (introducing broker, NFA ID 0567079), ProjectX Trading LLC (TopstepX platform), TopstepTV LLC; The Futures Desk owned by affiliate TS TFD Buyer, LLC. Court filing (Rule 7.1, 2026-06-04): corporate parents Topstep Holdings LLC, FMC Holdings LLC, FMC Irrevocable Trust. source

Regulation: Official disclosures: Topstep Brokerage LLC "is registered with the U.S. Commodity Futures Trading Commission as an introducing broker" and is an NFA member, NFA ID 0567079 (brokerage for self-funded live accounts, not the prop programs). The Trading Combine and Express Funded Account are simulated programs run by TopstepTrader, LLC; Live Funded Accounts run by TopstepFunded LLC; no registration claimed for these entities on pages read. Trade Informer (2026-05-02) reported Topstep Advisory LLC approved as CTA and registered as NFA swap firm; not confirmed on an official page. NFA BASIC lookup not performed (the BASIC search page states that running a search constitutes acceptance of NFA terms).

Targets and limits as published

Percentages are of the starting balance. "n/v" = not verified. List prices are in the next section.

List prices read on 9 Oct 2026

List prices before promotions, read from the firm's own pages. Promotions change them often. Refund and reset rules differ by firm: see the fine print below.

How rewards are paid

• First payout: 3 days
• Minimum: 125
• Frequency: Express Standard: after 5 winning days of $150+ net P&L per request; Express Consistency: after 3 trading days with 40% consistency; Live: 5 Benchmark Trading Days ($150+) per request, one payout per business day after 30 Benchmark Days
• Independent proof: None independent found. Topstep official statements: "$1.5B+ paid out to prop firm traders" (all time, homepage), approves 99.26% of payout requests (instant-payouts page), payouts "under 9 seconds on average" for auto-approved US Aeropay RTP only; 2025 statistic 33.3% of funded participants received a payout. Finance Magnates (2026-01-06) Prop Firm Match 2025 tracker article gives no Topstep figure.

Official 2025 Trader Performance Statistics (topstep.com footer/disclosures): 16.8% of Trading Combines initiated were completed; 51.8% of individuals who entered one or more Combines reached the Funded Level in at least one; 33.3% of funded participants received a payout; 0.71% of Express Funded participants were called up to a Live Funded Account. Homepage: "$1.5B+" paid all time, "7,000+ traders paid weekly" (internal YTD average). Wikipedia cites Trustpilot 3.7/5 (Dec 2025) and 3.4/5 (Mar 2026) without sample method. Lawsuit/regulator searches run 2026-10-09; the only court actions found are McCrudden (2026, pending) and Footlick (2022, employment).

Rules and clauses that decide outcomes

• Consistency (Combine). Best single day must stay at or below 55% of the Profit Target; if exceeded, the Profit Target increases. Not rounded. source
• Consistency (Express Funded payout path). Consistency path: largest day at most 40% of total net profit and 3 trading days; Standard path: 5 winning days of $150+ net P&L. Calculation resets after each payout. source
• Maximum Loss Limit. Breach, including on unrealized P&L, liquidates the account immediately; cannot be adjusted. After first payout the MLL is set to $0 and account closes if balance reaches $0. source
• News. No full news ban; purposefully trading full Maximum Position Size into a scheduled major news event is prohibited. source
• Session / overnight / swing. All positions must be closed by 3:10 PM CT each weekday; trading resumes 5:00 PM CT; no swing trading; no Forex. source
• Hedging / coordinated trading / account stacking. Cross-account hedging by one user, coordinated trading with others, and account stacking are prohibited. source
• Technology, VPN, data feed. Unfair technology (software, AI, ultra-high speed, mass data entry), external or slow data feeds, spoofing, trading outside best bid/offer are prohibited; VPN, proxy, TOR and geo-location obfuscation not permitted. source
• Simulator exploitation. Scalping algorithms exploiting SIM fills, hundreds of rapid trades for queue position, reckless trades in gapped markets, tight brackets/auto-breakeven abuse; Topstep may reject profit claims if abuse suspected. source
• Price limit zone. Holding a position within 2% of a product's price lock limit is prohibited. source
• Penalties / discretion. Responses range from warning, deletion of trading day, reset, permanent closure to delay or denial of a payout request; also 'any other conduct' Topstep determines at its sole discretion is uncommercial or not responsible trading. Appeals only if Trust Team offers one; new profiles after a ban closed, no refund. source
• Excessive purchases. Excessive purchases of Trading Combines or Resets are listed as prohibited conduct. source
• Refunds / chargebacks. Refunds generally unavailable; no refund on resets, activation fees, Back2Funded; bad-faith chargebacks may lead to closure and recovery of costs. source
• Inactivity. Terms s.9: Combine must be activated within 30 calendar days or access suspended (renewal possible within 6 months, otherwise ended without refund). Express Funded: activation within 30 days of passing; no trades for more than 30 days may lead to closure; cannot be put on hold. Live: no inactivity rule stated on the Live rules page. source
• Arbitration / governing law. Terms s.22: Delaware law; binding JAMS arbitration (Comprehensive Rules, Expedited Procedures) before one arbitrator in Wilmington, Delaware; costs split initially, prevailing party may recover fees; individual basis only, no class or consolidated arbitration; class-action waiver in preamble; s.25 jury-trial waiver; Topstep may seek equitable relief in Delaware courts; no opt-out mechanism found; applies "except where prohibited by applicable law". source
• Payout denial / forfeiture (Terms). s.27: profits from exploiting the simulated environment forfeited and withdrawals from any other Topstep account denied; Topstep may remove profits, delete a trading day, reset or close an account for rule violations or suspected Prohibited Conduct. s.28: VPN/VPS use may lead to termination and forfeiture of profits. source
• Termination at sole discretion. s.21: Topstep may refuse or terminate access at any time at its sole discretion for any or no reason; s.24: restrict access without notice and without compensation or refunds; s.16: one Account per user. source
• Liability cap. s.12: liability capped at the greater of fees paid in the preceding month or $100. source
• Rules may change at any time. Express and Live rules pages: Topstep reserves the right to update rules at any time, with or without prior notice; compliance judged on actual trading activity; may close positions or disable an account at any time. source
• Eligibility exclusions (Express). No funded account for persons with felony or dishonesty-related convictions, NFA/CFTC discipline, unresolved clearing-firm debt, fraudulent card use or chargebacks; fees not refunded if found. source
• Automation / copy trading (Express). Automated strategies allowed under conditions; Topstep gives no setup help and does not cover malfunctions; copy trading across up to 5 own Express accounts (up to $750K buying power) allowed; cross-account hedging and coordinated trading prohibited. source
• Live account payout cap. Live: total payouts cannot exceed 90% of Starting Balance plus net Trading Profits; 50% of trader share per payout until 30 Benchmark Days; MLL $1,000. source

Legal, regulatory and closure events

• 2026-04-09. McCrudden v. Topstepfunded LLC et al., M.D. Fla. No. 3:26-cv-00816 (Judge Wendy W. Berger). Pro se plaintiff Vincent McCrudden sued TopstepFunded LLC, Topstep LLC, TopstepTrader LLC and five individuals (Maratea, Patak, Zeleny, Capps, Botsford); cause 28 U.S.C. s.1332 diversity; nature of suit listed as Civil Rights: Other. Forum coverage describes allegations of rule changes on live accounts, profits held in reserves, platform glitches and unregistered CPO operation. Outcome: Open as of docket retrieved 2026-06-04 (Justia): defendants waived service 2026-04-17, filed Rule 7.1 disclosure naming parents Topstep Holdings LLC, FMC Holdings LLC and FMC Irrevocable Trust; defendants announced a motion to compel arbitration and stay or dismiss; court denied their request for extra pages 2026-05-29. No merits ruling. Later docket activity not checked (PACER).. source
• late 2025. Users reported TopstepX outages, delayed executions and stop orders not working, with account closures. Outcome: Topstep issued a statement acknowledging instability; some traders said compensation later given (per Wikipedia).. source
• 2022-11-07. Footlick et al v. Topstep LLC, Patak Holdings, Inc. and Michael Patak, N.D. Ill. No. 1:22-cv-06152: six plaintiffs, employment case (cause listed as 42 U.S.C. s.2000 sex discrimination), jury demanded. Outcome: Docket on Justia shows entries only to 2023-01-05 (extension to amend complaint); disposition not shown in the source read.. source

Search done on 9 Oct 2026. An empty list means nothing found in that search.

Topstep: common questions

Is Topstep a real-money account?

Terms of Use s.1/s.7: Simulated Account trades "are not made in live markets and do not incur actual profits or losses"; Trading Combine and Express Funded Account use simulated data, funds are "fictitious". Live Funded Account (TopstepFunded LLC) trades live markets; Terms s.30: participants in Live Restricted Jurisdictions stay in a simulated Express Funded Account and never migrate to live. Official 2025 statistic: 0.71% of Express Funded participants were called up to a Live Funded Account.

Is Topstep regulated?

Official disclosures: Topstep Brokerage LLC "is registered with the U.S. Commodity Futures Trading Commission as an introducing broker" and is an NFA member, NFA ID 0567079 (brokerage for self-funded live accounts, not the prop programs). The Trading Combine and Express Funded Account are simulated programs run by TopstepTrader, LLC; Live Funded Accounts run by TopstepFunded LLC; no registration claimed for these entities on pages read. Trade Informer (2026-05-02) reported Topstep Advisory LLC a

Is Topstep available in Italy?

Italy is not listed on the restricted list we read. Italy is not on the ineligible list nor on the XFA-only (no Live) list. XFA-only includes Germany, Iceland, Monaco, Serbia, Albania, Bosnia, Hong Kong, Vietnam and others. Ineligible includes Turkey, Ukraine, Russia, Belarus, Kosovo, Nigeria, Kenya, Pakistan, Iran, Cuba, Venezuela, Morocco, Algeria and others. Eligibility is by citizenship and residency; list can change at any time. VPN use prohib

What we read, and what is missing

• Topstep Terms of Use open
• Topstep FAQ open
• Topstep Help: payout and MLL parameters open
• Topstep Help: Eligibility FAQ open
• Tanto: Topstep Rules (updated 2026-06-28) open
• TradersPost: Topstep pricing guide (2026-02-10) open
• NexusFi: lawsuit against Topstep open
• Trade Informer: Topstep CTA approval, NFA swap firm open
• Wikipedia: Topstep open
• Topstep Help: Trading Combine Parameters open
• Topstep Help: Pricing and Payment Questions open
• Topstep Help: Consistency at Topstep open
• Topstep Help: Maximum Loss Limit open
• Topstep Help: Daily Loss Limit open
• Topstep Help: Refund Policies open
• Topstep Help: Payout Policy open
• Topstep Help: Prohibited Conduct open
• Topstep Help: Prohibited Trading Strategies open
• Topstep Help: When and What Products Can I Trade open
• Topstep Help: Eligibility (browser read) open
• Topstep homepage (2025 statistics, payout claims) open
• Topstep disclosures and notices open
• Topstep About us open
• Topstep Our Team open
• Topstep Express Funded Account rules open
• Topstep Live Funded Account rules open
• Topstep instant payouts page open
• Topstep Help: Express Funded Account Parameters open
• Topstep Help: XFA and LFA FAQ open
• Topstep Help: Multiple Express Funded Accounts open
• Topstep Help: XFA Activation open
• Justia docket: McCrudden v. Topstepfunded LLC et al (3:26-cv-00816) open
• Justia docket: Footlick v. Topstep LLC (1:22-cv-06152) open
• Finance Magnates: Prop Firm Match 2025 tracker (no Topstep figure) open

Not verified: Primary sources read 2026-10-09: topstep.com (now reachable; Terms of Use incl. s.22 arbitration, entity list, disclosures with 2025 statistics, About/Team, Express and Live rules pages, instant-payouts page) and help.topstep.com / intercom.help articles (Combine parameters, prices, MLL, DLL, consistency, refunds, payout policy, prohibited conduct, products, eligibility, XFA parameters/FAQ/activation/multiple accounts). Court dockets read on Justia (McCrudden 3:26-cv-00816 to 2026-06-04; Footlick 1:22-cv-06152 to 2023-01-05); later PACER entries not checked. Still open: no independent payout aggregator record for Topstep found; NFA BASIC registration not verified directly (BASIC search requires accepting NFA terms); Topstep Advisory LLC CTA/swap-firm registration only from Trade Informer; Live DLL dollar amounts and contract limits not stated on the Live rules page; Express Scaling Plan contract limits are in an image not read; Combine automation policy only stated for Express accounts; dollar amounts of Combine prices are current list prices and may carry limited-time offers.

Rules change. Confirm on the firm's site before you pay. Education only, not investment advice. How we check · Corrections