Topstep
Topstep is a Chicago-based futures proprietary-trading firm that runs the Trading Combine simulation on its TopstepX platform, enabling individual retail traders in 140+ countries to earn funded live accounts and keep up to 90% of profits, and now extends into regulated brokerage via a Plus500 clearing partnership.
- Company typePrivate
- Founded2010
- HeadquartersChicago, United States
- Headcount51–100
- GTM typeB2C
- OfferingServices
What Topstep does
Topstep is a privately-held US financial services company founded around 2010 by Michael Patak and headquartered in Chicago, Illinois, that operates a futures proprietary-trading platform serving individual retail traders in 140+ countries. Its core product is the Trading Combine, a simulated futures trading evaluation program built on the proprietary TopstepX platform in which traders pay a non-refundable fee to demonstrate skill against profit targets, daily-loss limits, and rule-based criteria; successful participants advance to Express Funded Accounts (simulated capital) and, in a small minority of cases, to Live Funded Accounts backed by TopstepFunded LLC. Funded traders keep 70–90% of profits, with Topstep retaining the balance.
The company's underlying technology stack comprises the TopstepX cloud-based trading platform (execution, risk rules, and account management), the Trading Combine simulation environment, and integrations with CME Group exchange markets. In late 2025 / early 2026, Topstep entered an exclusive clearing and technology infrastructure partnership with London-listed Plus500 to launch Topstep Brokerage LLC — a CFTC-registered introducing broker and NFA member (NFA ID 0567079) — enabling traders to transition from simulation to live-capital futures trading. In April 2026, Topstep acquired The Futures Desk (TFD), absorbing its technology and personnel (Josh Schwartzberg, Brian Ford) into TopstepX. The company also operates TopstepTV, a YouTube live-market-day content brand, and runs the largest futures trading community on Discord with 174,000+ members.
Topstep monetizes through three streams: (1) one-time, non-refundable Trading Combine evaluation fees that vary by buying power and parameters, (2) profit splits of 10–30% retained from funded traders' earnings on Express and Live Funded Accounts, and (3) brokerage commissions from Topstep Brokerage on self-directed live trading. Go-to-market is predominantly product-led growth through topstep.com self-serve registration, supplemented by content-driven acquisition via TopstepTV and the Discord community, with an enterprise field-sales motion limited to the Plus500 infrastructure relationship. As of 2025, Topstep reports 16.8% Trading Combine completion, 51.8% of participants advancing to Funded Level, 33.3% of funded traders receiving payouts, and 0.71% advancing from Express to Live Funded Accounts, with 7,000+ traders paid weekly and $1.4B+ paid to traders cumulatively.
Topstep firmographics
Firmographics- Name
- Topstep
- Legal name
- Topstep LLC
- Website
- https://topstep.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Topstep is a Chicago-based futures proprietary-trading firm that runs the Trading Combine simulation on its TopstepX platform, enabling individual retail traders in 140+ countries to earn funded live accounts and keep up to 90% of profits, and now extends into regulated brokerage via a Plus500 clearing partnership.
- Ownership category
- akta.pro rank
Topstep industry classification
Industry- Product category
- Funded Futures Trading Services
- NAICS
- Commodity Contracts Intermediation (52316), Commodity Contracts Intermediation (523160)
- SIC
- Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Derivatives & Futures Brokerage (FSAEACAL)
Keywords
Where Topstep is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Topstep business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure
Revenue model
- Trading Combine Evaluation Fees: Traders pay fees to access the Trading Combine evaluation program. The fee varies based on the option selected and depends on buying powers and parameters. Fees are non-refundable regardless of outcome.
- Profit Splits from Funded Accounts: Topstep retains a portion of profits from funded accounts while traders keep up to 90% of profits. Revenue derived from successful trading performance by funded traders.
- Topstep Brokerage: Full-service futures brokerage for traders ready to trade live markets with their own capital. Revenue generated from brokerage commissions and fees on live trading accounts.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Pay-as-you-go | Trading Combine evaluation program with varying fee tiers |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels4 records
Topstep product offering
Product offeringCore offering
Topstep operates a futures proprietary trading firm that enables aspiring and experienced traders to access funded futures trading accounts. Traders pay an evaluation fee to participate in the Trading Combine simulation program; upon meeting performance targets, they progress to Express Funded Accounts and ultimately Live Funded Accounts with real capital, keeping up to 90% of profits. The company also operates Topstep Brokerage, a CFTC-registered futures brokerage for self-directed traders trading their own capital.
Product overview
Topstep is a futures trading education and funded trading platform that operates as a platform-plus-modules architecture. The core offering centers on the Topstep Prop Firm with its flagship Trading Combine evaluation program, through which traders demonstrate skills to earn funded accounts. The ecosystem includes TopstepX as the primary trading platform technology, Topstep Brokerage for live market execution, and TopstepTV for educational streaming content. Funded traders can progress from simulated Express Funded Accounts to Live Funded Accounts with real capital. Supporting modules include Instant Payouts for profit distribution and the Responsible Trading Program for risk management. The company also operates a community platform on Discord with over 174,000 futures traders.
Differentiator
Problem solved
Functional benefit
Brands
- Trading Combine: A simulated account program where user performance is evaluated for the opportunity to get funded with trading capital.
- Express Funded Account
- Live Funded Account
Products and services
- Topstep Prop Firm Proprietary trading firm providing funded futures trading accounts. Traders pay a fee to access simulated capital through evaluation programs, with profit splits typically ranging from 70% to 90% favoring the trader.
- Trading Combine Simulated account program for experiential learning where trader performance is evaluated for the opportunity to receive funded trading capital. A realistic simulation of trading under actual market conditions across CME, COMEX, NYMEX, and CBOT futures exchanges.
- TopstepX Cloud-based trading platform and integrated technology solution providing applications, software, and interfaces for traders to execute simulated and live futures trading within Topstep's ecosystem.
- Topstep Brokerage Full-service futures brokerage for traders ready to trade live markets with their own capital, registered with the CFTC as an introducing broker and member of the National Futures Association.
- TopstepTV Educational streaming platform featuring live market day trading content where coaches and special guests trade live and break down markets in real time.
Quantifiable outcome
- 16.8% Trading Combine completion rate; 51.8% of participants advance to Funded Level; 33.3% of Funded traders receive payouts
Companies that use Topstep
Customer profileSegments2 records
Ideal customer profiles2 records
Topstep technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature4 records
Topstep partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered major and core.
- The Futures Desk (TFD)majorTopstep acquired The Futures Desk (TFD), integrating its technology and expertise to enhance the TopstepX platform. Key figures Josh Schwartzberg and Brian Ford joined Topstep. The move aims to develop traders from simulation to live trading.
- Plus500corePlus500 partnered with Topstep as exclusive provider of clearing and technology infrastructure. This collaboration supports Topstep's transition from an educational platform to a full-service brokerage and expands Plus500's presence in the US futures market. Plus500 is a London-listed brokerage providing brokerage execution and clearing services.
- Plus500coreExclusive clearing relationship with Topstep. Plus500 expanded its US futures business through this major strategic partnership, being appointed as exclusive provider of clearing infrastructure for Topstep Brokerage.
- Plus500coreStrategic partnership to provide clearing and technology infrastructure for Topstep Brokerage and its enterprise, facilitating access to CME Group exchange markets.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
Topstep competitors and assessment
Company assessmentOthers
- NinjaTrader: NinjaTrader is a leading futures trading platform used by retail and prop traders globally. Comparable as the underlying technology layer for futures trading that TopstepX competes with, and serves an overlapping trader audience.
Direct peers
- Surge Trading: Surge Trading is a futures prop firm with evaluation and funded programs. Operates in the same space as Topstep with similar trader acquisition funnels.
- Leeloo Trading: Leeloo Trading is a futures prop firm offering evaluation accounts for retail traders. Comparable to Topstep on the Trading Combine model and CME-listed futures focus.
- FTMO: FTMO is the largest retail prop firm globally and offers nearly identical evaluation-to-funded futures/FX trader programs. It is the most direct head-to-head competitor for Topstep's Trading Combine, including similar profit-split economics and global reach.
- The5ers: The5ers is a multi-asset prop firm offering both evaluation and instant funding programs. Overlaps with Topstep on evaluation-driven capital allocation to retail traders and profit-split revenue model.
- Apex Trader Funding: Apex Trader Funding is a leading US-based futures prop firm offering evaluation accounts and funded trading with aggressive pricing. Direct competitor for the same target customer (individual US futures traders) with overlapping CME/CBOT/NYMEX product scope.
- MyFundedFX: MyFundedFX is a futures-focused prop firm operating a comparable evaluation-to-funded program with trader-friendly profit splits. Direct competitor for the same retail futures trader segment.
- Earn2Trade: Earn2Trade runs the Gauntlet evaluation program that funds futures traders, very similar to Topstep's Trading Combine. Targets the same aspiring futures trader persona with a simulated-to-funded pathway.
- Take Profit Trader: Take Profit Trader is a futures-only prop firm with a single-step evaluation model. Direct competitor in the same retail futures evaluation/funding category.
Broad incumbents
- Plus500: Plus500 is Topstep's exclusive clearing/technology infrastructure partner and a London-listed multi-asset retail broker. While not a direct prop firm competitor, Plus500's brokerage business overlaps with Topstep Brokerage's customer base and is structurally linked via partnership.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Topstep social profiles
Digital presenceTopstep compliance and trust
Trust signalCompliance1 record
Topstep financial estimates
Financial estimateRevenue estimate
Valuation estimate
Topstep leadership team
Management profileNumber of profiles
Profiles3 records
Topstep subsidiaries and ownership
Company hierarchySubsidiaries1 record
Topstep funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Topstep M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Topstep
What does Topstep do?
Topstep operates a futures proprietary trading firm that enables aspiring and experienced traders to access funded futures trading accounts. Traders pay an evaluation fee to participate in the Trading Combine simulation program; upon meeting performance targets, they progress to Express Funded Accounts and ultimately Live Funded Accounts with real capital, keeping up to 90% of profits. The company also operates Topstep Brokerage, a CFTC-registered futures brokerage for self-directed traders trading their own capital.
Is Topstep a public or private company?
Topstep is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Topstep founded?
Topstep was founded in 2010. It employs 51 to 100 people.
Where is Topstep based?
Topstep is headquartered in Chicago, United States, in the North America region.
How does Topstep make money?
Three revenue lines are on record. Trading Combine Evaluation Fees are the primary driver. The others are profit Splits from Funded Accounts and topstep Brokerage.
Who are Topstep's main competitors?
NinjaTrader is listed as an others. Direct peers are Surge Trading, Leeloo Trading, FTMO, The5ers, Apex Trader Funding, MyFundedFX, Earn2Trade and Take Profit Trader. Plus500 is listed as a broad incumbent.
Does Topstep have an API?
No public API is recorded for Topstep.
What industry is Topstep in?
Topstep's product category is Funded Futures Trading Services. Its primary akta.pro industry code is FSAEACAL, Derivatives & Futures Brokerage. Its NAICS code is 52316 and its SIC code is 6221.