FTMO vs Topstep

FTMO and Topstep are two of the most recognized prop firms available to retail traders in 2026, but they are not direct competitors in any meaningful sense — they serve fundamentally different trader profiles. FTMO dominates the forex and CFD space with a one-time evaluation fee model, while Topstep built its entire product around CME futures traders using platforms like NinjaTrader and Sierra Chart. The single most important question when choosing between them is not cost or profit split — it is which instruments you trade.

Quick Comparison

FTMO Overview

FTMO is a Czech-based proprietary trading firm founded in 2015. It evaluates traders through a two-phase process — the Challenge and Verification — before granting access to a funded account. The firm focuses on forex pairs, equity indices as CFDs (SPX, DAX, NASDAQ), commodities, and cryptocurrency pairs.

Key features:

• Two-phase evaluation with clearly defined profit targets and risk rules
• One-time fee per challenge, fully refundable on first funded account payout
• Funded accounts from $10K to $200K; scaling plan to $2M
• Trading on MT4, MT5, and cTrader
• Free challenge retry if specific loss conditions are met within 30 days
• Account performance analysis dashboard provided to all traders

Pricing: $155 ($10K account), $250 ($25K), $345 ($50K), $540 ($100K), $1,080 ($200K) — all one-time fees.

Pros:

• Refundable fee eliminates long-term cost if you pass
• Static drawdown rules are predictable and do not tighten mid-evaluation
• Largest scaling ceiling among major prop firms ($2M aggregate)
• No time limit on completing the challenge phases

Cons:

• Does not support actual exchange-traded futures (CME, CBOT, NYMEX)
• MT4/MT5 are aging platforms with limited native analytics
• Phase 1 requires a 10% profit target, which is demanding for conservative strategies

Topstep Overview

Topstep is a US-based prop firm founded in 2012, purpose-built for CME futures traders. The evaluation model is a Trading Combine — a subscription-based assessment where traders pay monthly until they hit the profit target and satisfy all rules. Topstep is the default choice for traders working ES, NQ, CL, and GC futures.

Key features:

• Futures-native platforms: NinjaTrader, TopstepX, Sierra Chart, Tradovate
• Three account sizes: $50K ($49/month), $100K ($99/month), $150K ($149/month)
• 90% profit split on first $10K withdrawn; 100% beyond that milestone
• No minimum trading day requirement to pass the combine
• Trailing max drawdown model — buffer adjusts with your equity high-water mark

Pricing: $49/month ($50K combine), $99/month ($100K), $149/month ($150K).

Pros:

• Best-in-class platform support for US futures traders
• Favorable profit split (90–100%) on funded accounts
• No minimum days requirement — pass as fast as your strategy allows
• Strong community and educational resources for futures traders

Cons:

• Monthly subscription model is expensive if evaluation takes multiple months
• Trailing drawdown creates hidden risk as profits grow
• Maximum funded capital of $150K with no formal scaling structure

Feature-by-Feature Comparison

Instruments and Asset Classes

This is the decision point. Topstep supports only CME-listed futures: ES (S&P 500), NQ (Nasdaq 100), CL (crude oil), GC (gold), and a handful of others. If you trade these instruments, Topstep’s rules, platforms, and risk parameters are designed specifically for you.

FTMO covers a broader universe — major and minor forex pairs, equity indices as CFDs, commodities, and select crypto pairs. The SPX on FTMO is a CFD tracking the index, not the ES futures contract. These behave differently: different margin, different tick structure, different overnight rules. Traders who need actual CME futures cannot substitute FTMO’s CFD equivalents.

Evaluation Cost Model

FTMO charges a one-time fee per challenge attempt. A $100K account costs $540, and that fee is returned on the first funded account payout. If you fail and retry, you pay again — but each attempt has a defined, capped cost.

Topstep charges $99/month for the $100K combine with no cap. A trader who takes 4 months to pass pays $396 total — less than FTMO’s $540. But a trader who takes 6 months pays $594, and one who takes 12 months pays $1,188 for the same account size. The longer the evaluation, the more expensive Topstep becomes relative to FTMO.

For traders with consistent strategies who expect to pass within 2–3 months, Topstep can be cheaper. For traders who anticipate a longer runway or multiple failed attempts, FTMO’s per-attempt model carries less financial risk.

Drawdown Rules

FTMO uses a static drawdown: 10% max loss from the initial account balance, and 5% daily loss limit. A $100K FTMO account has a $10,000 total drawdown buffer throughout the evaluation. That buffer never shrinks — a profitable week does not reduce it.

Topstep’s trailing drawdown works differently. The max drawdown level follows your equity high-water mark upward, but it never moves down. If you start a $100K combine and your account rises to $104,000, your trailing drawdown threshold rises accordingly — and your effective buffer shrinks from $2,000 (the $100K combine’s daily loss limit) to whatever gap remains between your current equity and the trailing floor.

The practical consequence: a strong early week can make a Topstep combine harder to complete, not easier. A trader who earns $4,000 in week one suddenly has a narrower daily loss buffer for the rest of the evaluation.

Profit Split and Payouts

FTMO’s standard funded account pays 80% to the trader. An optional upgrade (paid, not free) unlocks 90%. Payouts are available on a request basis after the minimum period.

Topstep pays 90% on the first $10K withdrawn from a funded account, then 100% on all profits beyond that milestone. For the first payout cycle, Topstep’s split is slightly better. For high-volume traders making consistent monthly withdrawals, the 100% threshold represents a meaningful long-term advantage.

Platforms and Tooling

FTMO traders use MT4, MT5, or cTrader. These platforms are the industry standard for forex — deep broker integrations, extensive indicator libraries, and broad third-party EA support. They are not designed for exchange-traded futures.

Topstep traders use NinjaTrader, Sierra Chart, Tradovate, or TopstepX. NinjaTrader in particular is the dominant platform for US futures day traders, with tick-level data, DOM (Depth of Market) tools, and direct CME connectivity. If you already use NinjaTrader or Sierra Chart, Topstep’s infrastructure requires no workflow change.

To track performance across either platform, dedicated journaling tools — such as JournalPlus for NinjaTrader users or JournalPlus for MetaTrader users — provide trade-by-trade analytics that neither prop firm’s dashboard offers natively.

Pricing Breakdown

Costs below assume a $100K evaluation account and a single pass (no retries).

The break-even point is approximately 5.5 months. Traders who pass the Topstep combine in fewer than 6 months pay less than FTMO’s $540. Traders who take longer — or fail and restart — pay more.

Note: FTMO refunds the $540 fee on the first funded account payout, making the net cost $0 for traders who eventually pass. Topstep subscription fees are not refunded under any circumstance.

Who Should Choose FTMO vs Topstep

Choose FTMO if:

You trade forex pairs (EUR/USD, GBP/USD, USD/JPY, or others) or equity indices and commodities as CFDs. You prefer predictable, static risk rules that do not change as your equity grows. You want the option to scale to $200K or pursue the $2M scaling plan. Your strategy has a defined edge and you expect to pass an evaluation within a set number of attempts — the refundable fee structure rewards traders who pass.

Choose Topstep if:

You trade CME-listed futures — ES, NQ, CL, or GC. You already use NinjaTrader, Sierra Chart, or Tradovate and do not want to change your platform workflow. You can pass a combine within 2–3 months, keeping your subscription cost below FTMO’s one-time fee. You value the 90–100% profit split on funded account payouts.

The scenario in practice: Consider two traders evaluating a $100K account. Trader A scalps the ES. She signs up for Topstep at $99/month. Her daily loss limit is $2,000 — roughly 4 ES points on a 1-lot position. After a strong first week earning $4,000, her trailing drawdown tightens significantly. On a volatile FOMC day, she breaches her max loss and blows the combine. Month 2 costs another $99. Topstep is still the right platform for her — FTMO does not offer ES futures.

Trader B swings EUR/USD. He pays $540 once for FTMO’s $100K Challenge. He needs 10% ($10,000) profit in Phase 1, with no time deadline. His 5% daily loss limit ($5,000) gives more breathing room on a volatile London session. He passes in 6 weeks, gets funded, and earns 80% of all profits — with the $540 fee refunded on first payout. FTMO was the correct instrument-first decision.

Our Verdict

FTMO and Topstep are not interchangeable — they are designed for different asset classes and different trading workflows. Start with your instruments: if you trade CME futures, Topstep is the only viable choice of the two. If you trade forex or CFD indices, FTMO is the standard.

On cost, FTMO’s one-time refundable fee model is structurally less risky than Topstep’s open-ended monthly subscription — but only matters if your instrument choice is flexible. On rules, FTMO’s static drawdown is more forgiving than Topstep’s trailing model, which punishes profitable early performance with a tighter buffer.

If neither platform fits your workflow — for example, you want a trading journal that aggregates performance across prop firm accounts — JournalPlus offers trade tracking compatible with both MT4/MT5 exports and NinjaTrader data, with P&L analytics that neither prop firm’s dashboard provides. For prop firm traders managing multiple funded accounts, see the prop trader use case guide.

Frequently Asked Questions

Is FTMO or Topstep better for beginners? FTMO’s one-time fee model limits downside if you fail — you lose $540, not an ongoing monthly charge. Topstep’s subscription model can cost more if evaluation takes several months. For futures beginners, Topstep’s native platform support gives a better onboarding experience; for forex beginners, FTMO is the standard starting point.

Can you trade futures on FTMO? FTMO does not offer CME futures contracts like ES or NQ. It supports indices as CFDs (e.g., SPX500), which track similar instruments but are not exchange-traded futures. If you need actual CME futures, Topstep is the correct choice.

What happens to Topstep’s drawdown as you make money? Topstep uses a trailing max drawdown. If you start a $100K combine and earn $4,000, your trailing drawdown level rises with your high-water mark, permanently reducing your buffer. A volatile day can then breach your drawdown even though you were profitable overall — a mechanic that catches many traders off guard.

Does FTMO refund the challenge fee? Yes. FTMO refunds the one-time challenge fee on the first profit payout from the funded account. A $540 challenge for a $100K account is effectively free if you pass and make your first withdrawal.

How large can a funded account get on each platform? FTMO allows up to $200K per single funded account and offers a formal scaling plan that can reach $2M in aggregate capital. Topstep’s maximum funded account is $150K, with additional accounts available but no structured scaling program.

What platforms does Topstep support? Topstep supports NinjaTrader, TopstepX (its proprietary platform), Sierra Chart, and Tradovate. All are futures-native platforms. FTMO supports MT4, MT5, and cTrader — standard platforms for forex and CFD trading.

How does the profit split compare between FTMO and Topstep? FTMO pays 80% by default, with an option to upgrade to 90%. Topstep pays 90% on the first $10K withdrawn, then 100% beyond that threshold. For early-stage funded traders, Topstep’s split is slightly more favorable on initial payouts.