In 2026, FTMO and Topstep are the two undisputed leaders among prop trading firms, but they target fundamentally different trader profiles. FTMO dominates forex and CFD trading with profit splits of 80 to 90 percent since 2015, while Topstep holds the longevity record for CME futures with 13 uninterrupted years of payouts. This comparison helps you identify which platform matches your proven trading edge before spending on a challenge fee.
FTMO and Topstep: profiles and track records
FTMO: forex and CFDs, operating since 2015
FTMO was founded in 2015 in Prague by Otakar Suffner. The platform has become the global benchmark for forex and CFD prop trading, with hundreds of thousands of traders registered across more than 180 countries. FTMO offers evaluated accounts from $10,000 to $200,000, with a two-phase evaluation process followed by a verification step.
FTMO's business model relies on one-time challenge fees (from $155 for a 10K account to approximately $1,080 for a 200K account). Fees are fully refunded on the first payout if you pass, which aligns the platform's interests with those of its users.
FTMO key figures
More than $230 million paid out to traders since 2015. Over 180 countries represented in the trader base. Most popular account: $100,000 at approximately $540 in challenge fees. Source: FTMO official site.
Topstep: CME futures only, operating since 2012
Topstep was founded in 2012 in Chicago, making it the oldest prop firm still in operation with an uninterrupted 13-year payout history. Unlike FTMO, Topstep focuses exclusively on CME-regulated futures contracts: E-mini S&P 500 (ES), NASDAQ (NQ), gold (GC), crude oil (CL), and other CME instruments.
Topstep's monthly subscription model differs fundamentally from FTMO's one-time fee approach: you pay between $99 and $165 per month depending on account size. This model can become expensive if the evaluation stretches over multiple months.
Topstep key figures
More than 14,000 funded traders since 2012. The only prop firm with 13 consecutive years of uninterrupted CME futures payouts. Available instruments: ES, NQ, YM, RTY, GC, CL, ZB, 6E, and 20+ other CME contracts. Source: Topstep official site.
Evaluation rules compared side by side
The most critical difference between FTMO and Topstep lies in their evaluation rules. These rules directly determine which strategies pass or fail a challenge. Understanding these constraints before committing prevents unnecessary challenge fee spending.
| Criterion | FTMO | Topstep |
|---|---|---|
| Available markets | Forex, indices, metals, crypto (CFD) | CME futures only (ES, NQ, GC, CL...) |
| Phase 1 profit target | 10% of capital | 6% of capital |
| Phase 2 profit target | 5% of capital | Not applicable |
| Maximum total drawdown | 10% (static, based on starting balance) | 6% trailing then 6% static |
| Maximum daily loss | 5% of starting balance | 3% of active balance |
| Minimum trading days | 10 trading days (Phase 1) | No minimum |
| Consistency rule | Not mandatory | Yes: no single day exceeds 30% of total profit |
| Winning day cap | No | Yes: revised April 2026 |
| EAs/robots allowed | Yes (no HFT) | Yes (specific conditions) |
| News trading | Allowed (caution recommended) | Allowed (high risk) |
FTMO: 10% profit target, static 5%/10% drawdown
The FTMO Phase 1 challenge requires a 10% profit target with a maximum total drawdown of 10% and a maximum daily loss of 5%. Phase 2 (verification) requires 5% profit with the same drawdown limits. There is no mandatory consistency rule, which accommodates traders with more volatile daily profit distributions.
FTMO's drawdown calculation uses a static method based on the starting balance: if your account begins at $100,000, the absolute floor is $90,000 regardless of any profit growth during the evaluation. This is a predictable constraint you can simulate precisely with backtesting prop firm rules.
Topstep: profit target, consistency rule, and winning day cap
Topstep's evaluation structure is more complex with three simultaneous rule layers:
- Profit target: 6% of account (e.g., $3,000 on a $50,000 account)
- Consistency rule: no single trading day can represent more than 30% of your total cumulative profit. If you make $3,000 in one day and your target is $3,000, that day is disqualified from fully counting toward the objective.
- Winning day cap: since April 2026, Topstep revised its payout structure with limits on how much daily profit counts toward withdrawals.
Our detailed guide on the prop firm 30% consistency rule explains how to simulate this constraint through backtesting before committing to a challenge, a step the majority of candidates skip.
For the trailing drawdown mechanics specific to Topstep, see our dedicated article on trailing drawdown at prop firms.
Fees and cost structures
| Fee | FTMO | Topstep |
|---|---|---|
| Billing model | One-time challenge fee | Monthly subscription |
| $25,000 account | $155 one-time | $99 per month |
| $50,000 account | $345 one-time | $149 per month |
| $100,000 account | $540 one-time | Not available |
| Fee refund | Yes, on first payout | No |
| Funded account activation fee | Included | $149 additional |
| Cost if evaluation = 3 months | $155 to $1,080 (fixed) | $297 to $447 (variable) |
| Cost if evaluation = 6 months | $155 to $1,080 (fixed) | $594 to $894 (variable) |
FTMO: approximately $540 one-time for a 100K account
FTMO's one-time fee model with full refund on first payout makes it cost-effective for traders who pass the evaluation quickly. At $540 for a $100,000 account (0.54% of capital), the fee is competitive. There is no time penalty as long as you stay within drawdown rules, and there is no second chance at a reduced price if you fail.
Topstep: $99 per month and $149 activation fee
Topstep charges a monthly subscription of $99 (standard $50K account) or $165 ($150K account). If the evaluation extends to six months, you will have paid $594 before accessing a funded account, plus $149 in activation fees. On failure, you restart with the same monthly subscription.
The advantage of this model: you face no strict time pressure. Traders who take two to three setups per week can progress at their own pace, reducing errors caused by rushing. This makes the monthly model better suited to lower-frequency traders with a disciplined approach.
Payouts and profit splits
Topstep changes in 2026
Since April 2026, Topstep has revised its payout structure with updated caps on daily and monthly withdrawals. Always verify current conditions on the Topstep official site before signing up, as these rules may change with limited advance notice.
| Profit split | FTMO | Topstep |
|---|---|---|
| Initial split | 80% | 90% |
| Maximum split | 90% (via scaling plan) | 90% maintained under conditions |
| Scaling plan available | Yes (up to $2 million) | Yes (2026 conditions apply) |
| Payment frequency | Monthly (on request) | Weekly |
| Payment methods | Bank transfer, crypto, Wise | ACH, wire, crypto |
| Paying since | 2015 ($230 million total paid) | 2012 (13 consecutive years) |
FTMO: 80% starting split, scaling to 90%
Funded traders at FTMO start with an 80% profit split. Through the scaling plan, traders can reach 90% by generating 10% profit over two consecutive trading cycles while maintaining drawdown compliance. The account can scale up to $2 million in total capital, making FTMO well-suited for traders with consistently high returns.
For a detailed comparison of profit split structures across multiple prop firms, see our analysis of prop firm payout structures and profit splits.
Topstep: 90% split with revised caps since April 2026
Topstep historically offered a 90% profit split. Since the April 2026 revisions, the daily and monthly withdrawal cap structure has changed. The headline percentage remains competitive, but the complete current terms require direct verification on their official site before any financial commitment.
Which prop firm suits your profile?
Forex and CFD traders vs futures traders
The primary selection criterion is your preferred market:
If you trade forex (EUR/USD, GBP/USD), CFD indices, metals, or crypto: FTMO is the natural choice. Its instrument range covers more than 180 pairs and assets. Backtest your strategy against FTMO's exact drawdown constraints (static 10%, daily loss 5%) using Backtrex before paying any challenge fees. Our guide on passing the FTMO challenge details the preparation steps.
If you trade CME futures (ES, NQ, YM, GC, CL): Topstep is the reference. Liquidity and spreads on E-mini contracts are often superior to equivalent CFDs, and Topstep has 13 years of experience with these specific markets. See our detailed guide on Topstep futures evaluation rules.
Budget and risk tolerance considerations
| Trader profile | Choose FTMO if | Choose Topstep if |
|---|---|---|
| Trading pace | You have a 60-day proven profitable history | You take 2-3 setups per week at a slow pace |
| Budget | You have $540 available upfront (100K account) | You prefer spreading costs monthly |
| Market | Forex, CFD, metals, indices, crypto | CME futures only |
| Consistency rule | Your daily profits are irregular | Your profit is distributed evenly across trading days |
| Robots and EAs | You use algorithmic strategies (EAs allowed at FTMO) | You trade primarily manually |
Whichever platform you choose, systematic preparation through backtesting is the most controllable variable. According to the European Securities and Markets Authority (ESMA), between 74% and 89% of retail CFD accounts lose money. Rigorous backtesting before any challenge is the objective method to avoid joining this statistic.
Backtrex allows you to simulate FTMO's exact rules (static drawdown, daily loss limit) and Topstep's rules (trailing drawdown, 30% consistency rule) on your target instruments side by side. Explore Backtrex features to validate your strategy before committing a single dollar to challenge fees.
Our complete guide on how to pass a prop firm challenge outlines the full preparation sequence, from backtesting to live phase risk management.
Important Risk Warning
Conclusion
In 2026, the choice between FTMO and Topstep comes down to your target market and your preferred fee structure. FTMO is optimal for forex and CFD traders seeking a one-time refundable fee and a broad instrument range. Topstep is the reference for CME futures traders who value a flexible monthly subscription and a 13-year payout track record.
In both cases, backtesting with Backtrex lets you simulate each firm's exact constraints and make a data-driven choice rather than guessing. For beginners evaluating their first prop firm, see our selection of best prop firms for beginners in 2026.
FTMO is better for forex and CFD traders seeking a one-time refundable challenge fee and an 80 to 90 percent profit split. Topstep is better for CME futures traders who prefer a monthly subscription model and benefit from 13 years of uninterrupted payout history. They serve fundamentally different markets and are not direct substitutes.
FTMO focuses on forex and CFDs with one-time challenge fees ($155 to $1,080) and a static drawdown based on the starting balance. Topstep focuses exclusively on CME futures with a monthly subscription ($99 to $165 per month) and a trailing drawdown. The instruments, evaluation rules, and cost structures are fundamentally different.
FTMO is cheaper if you pass quickly: $540 one-time for a $100K account, fully refunded on first payout. Topstep becomes more expensive if the evaluation lasts more than 4 to 5 months ($99 x 5 = $495, plus the $149 activation fee = $644). Total cost depends on your execution speed and consistency.
Yes, FTMO allows expert advisors (EAs) and algorithmic strategies, provided they are not HFT systems and comply with drawdown rules. Topstep also allows automated strategies under specific conditions. In both cases, backtest your EA against the exact prop firm constraints before live deployment.
Topstep holds the longevity record with 13 consecutive years of CME futures payouts since 2012. FTMO has paid out more than $230 million since 2015. Both platforms have solid reputations, but Topstep has the longest historical track record in the industry.
Yes. With Backtrex, you can configure FTMO's drawdown constraints (static 10%, daily loss 5%) and Topstep's constraints (trailing 6%, 30% consistency rule) on your target instruments and compare the results. This objective approach tells you which prop firm best matches your proven edge before you spend a single dollar.
For a beginner, FTMO is generally recommended for forex because the instrument range is broader and the rules are simpler (no mandatory consistency rule). Topstep suits beginners already familiar with CME futures. In both cases, consult our guide on best prop firms for beginners and prepare systematically through backtesting before any challenge commitment.