FTMO vs Topstep: Global Forex Prop Firm vs US Futures Prop Firm
FTMO and Topstep are frequently compared but they serve almost completely different markets. FTMO is a global forex-and-CFD prop firm based in Prague. Topstep is a US-focused futures prop firm based in Chicago. The two do not really compete for the same trader.
FTMO was founded in 2015 and is one of the largest and most-established forex prop firms globally. Two-step evaluation (Challenge + Verification), broad instrument coverage across forex, indices, commodities, crypto, and stocks. Popular with international traders and forex specialists.
Topstep was founded in 2012 and focuses exclusively on US futures. Single-step evaluation, familiar CME futures products (ES, NQ, YM, RTY, CL, GC), and generally considered the most-established US futures prop firm.
If you trade forex, indices, commodities, or crypto, FTMO. If you trade US futures, Topstep. This is rarely a real trade-off — traders are typically already committed to one asset class before comparing firms. For forex specialists, FTMO is the incumbent. For US futures traders, Topstep or Apex Trader Funding are the appropriate choices.
This comparison uses first-party sources linked inline. Time-sensitive details (fees, promotions, plan limits) can shift — verify with each provider before signing up. Methodology →
Bottom Line
Higher Rated
FTMO (4.5)
More Affordable
FTMO ($155/mo)
FTMO
The most established proprietary trading firm offering funded accounts up to $200K after a two-phase evaluation, with 90% profit splits.
Topstep
Veteran futures prop firm with a structured Trading Combine evaluation, risk management coaching, and funded accounts up to $150K.
Where FTMO and Topstep Actually Differ
These are the line items that decide which tool actually fits you. Anything outside this list is close enough that it will not change the decision. Verify current numbers on the vendor sites before you commit.
| What actually matters | FTMO | Topstep |
|---|---|---|
| Primary market | Global forex + CFDs + crypto | US CME futures |
| Evaluation structure | Two-step (Challenge + Verification) | Single-step evaluation |
| Profit target (Challenge) | 10% (Phase 1) then 5% (Phase 2) | 6% flat |
| Max drawdown | 10% (5% daily loss) | $2,000 trailing (on $50k) |
| Daily loss limit | 5% (relative) | $1,000 (absolute on $50k) |
| Time limit (evaluation) | 30 days per phase (Phase 1); unlimited (Phase 2) | Unlimited |
| Instruments | Forex + indices + commodities + crypto + stocks | US futures only |
| Profit split (funded) | 80% (raises to 90% with scaling) | 100% first $10k then 90/10 |
| Payout frequency | Bi-weekly | Any time after 5 days |
| Established year | 2015 | 2012 |
Pricing and features accurate to publication; verify at vendor sites before committing.
Prop-Firm Head-to-Head
At-a-Glance Match-Up
FTMO and Topstep represent two distinct philosophies in the proprietary trading space. FTMO, rated 4.5/5, positions itself as the accessible, multi-asset gateway to funded trading with flexible platform support and high profit splits. Topstep, rated 4.2/5, appeals to futures traders who value established infrastructure, community-driven development, and rigorous risk management coaching. The choice between them hinges on three factors: what you trade, how you trade, and what type of trader development matters most to you.
Price Reality
FTMO charges $155 per month; Topstep charges $165 per month—a $10/month difference that becomes material over a multi-month evaluation period. If you take three months to pass evaluation, that's $30 extra on Topstep. However, Topstep's pricing structure includes explicit risk management coaching as part of the program, whereas FTMO positions its instruction more as supplementary content.
FTMO offers a free trial to test the platform before committing. Topstep does not. If you use FTMO's trial and fail, you haven't paid. If you use Topstep's evaluation and fail, you've paid $165 + market fees upfront with nothing refundable. FTMO refunds the challenge fee on your first payout, meaning if you pass evaluation, your initial cost is recovered. Topstep accumulates monthly fees during the evaluation period with no refund mechanism—a trader failing after four months has sunk $660 with zero recovery option.
For a trader planning a three-month evaluation timeline: FTMO costs $465 total (refunded on first payout, so net cost = platform fees only). Topstep costs $495 with no refund. FTMO wins on cost structure.
The Toolkit
Asset Class & Platform Support
FTMO supports MT4, MT5, and cTrader—covering forex, equities, indices, and cryptocurrencies. Topstep is futures-only (ES, NQ, YM, etc.), which means traders of stock indices, forex, or commodities cannot use Topstep at all. If you trade anything beyond microcontracts and E-minis, FTMO is your only option.
Profit Split Structure
This is where the comparison gets nuanced. FTMO offers a consistent 90% split on all profits. Topstep offers 100% profit split, but only on the first $5,000 of monthly profits—after that, it reverts to a lower percentage (typically 50-70%, depending on account size). For a trader averaging $3K/month profit, Topstep's 100% tier is attractive. For a trader averaging $8K/month, FTMO's flat 90% becomes superior ($7,200 vs $5,000 + 50% of $3,000 = $6,500). FTMO is better for profitable traders; Topstep benefits the developing trader.
Maximum Funded Account Size
FTMO offers $200K accounts after passing evaluation. Topstep maxes out at $150K. For swing traders or position traders needing larger allocation sizes, FTMO's extra $50K makes a tangible difference in position sizing and capital efficiency.
Evaluation Process
FTMO uses a two-phase evaluation model: pass Phase 1, then Phase 2, then access to funding. Topstep uses the "Trading Combine," a single-stage evaluation with embedded coaching checkpoints. FTMO's two-phase system creates psychological pressure (pass one, then immediately face another); Topstep's single evaluation is less stressful structurally but includes stricter consistency rules. FTMO allows faster evaluation paths; Topstep requires more trading days to prove consistency.
Community & Live Coaching
Topstep includes active live trading rooms, regular webinars with experienced traders, and an explicit risk management curriculum. FTMO has a community forum and educational content but less structured mentorship. If you're a trader who learns through live interaction, Topstep's ecosystem has depth. If you're self-directed, FTMO's content library suffices.
Automated Trading
FTMO permits EA (Expert Advisors) and bot trading. Topstep explicitly prohibits automated trading. If your strategy relies on backtested algorithms or Ninjatrader's Strategy Builder, Topstep is disqualified.
Who Should Choose FTMO
- Multi-asset traders: You trade forex, equities, indices, or cryptos. Topstep's futures-only limitation eliminates it.
- High-frequency or algorithmic traders: You rely on EAs, bots, or automated strategies. Topstep bans them outright.
- Traders targeting $150K+: You need the full $200K account size. Topstep caps at $150K.
- Self-directed learners: You prefer community forums and written resources over live coaching. FTMO's structure supports this.
- Cost-conscious traders: The free trial and challenge-fee refund reduce your financial risk during evaluation.
Who Should Choose Topstep
- Futures traders exclusively: You trade E-minis (ES, NQ, YM) or microcontracts. This is your only viable option.
- Traders seeking structured mentorship: You want live trading rooms, risk management coaching, and direct interaction with experienced traders.
- Newer traders building discipline: Topstep's emphasis on consistency and risk management enforces good habits before you trade large capital.
- Community-oriented traders: You benefit from active forums, live market analysis, and peer accountability. Topstep's culture is built on this.
- Traders betting on reputation: Topstep has been in business since 2011 with a track record of consistent payouts. For risk-averse traders, the established brand carries weight.
The Recommendation
Choose FTMO if you trade anything beyond futures, need accounts larger than $150K, or use automated strategies. FTMO's $155 monthly fee, refundable challenge cost, free trial, and multi-asset platform support create a lower barrier to entry for traders with diverse strategies. The 90% profit split is competitive for profitable traders.
Choose Topstep if you're a futures-only trader who values live coaching, community structure, and a single-stage evaluation. The $165 monthly premium is justified only if you actively use their trading rooms and risk management curriculum. If you're a self-taught trader looking to avoid monthly mentorship fees, Topstep's cost advantage disappears.
In practical terms: FTMO wins on flexibility, cost structure, and asset diversity. Topstep wins on community, coaching, and reputation within the futures space. A forex trader has no choice—FTMO. A futures day trader without mentorship needs has no choice—Topstep makes sense only if you'll use the live rooms, otherwise you're paying $10/month for restrictions.
Head-to-Head: Where Each Wins and Loses
FTMO wins on...
- + Global instrument coverage. Forex, indices, commodities, crypto, stocks. Topstep is US futures only. For anyone trading anything other than US futures, FTMO is the appropriate choice.
- + Higher profit split at scale. 80% base rising to 90% with scaling plan. Topstep's split is 100% first $10k then 90/10 — mathematically similar for small accounts, FTMO better at very large volumes.
- + International accessibility. Better established outside the US. Fewer regulatory friction points for non-US traders. Payment methods more varied.
- + Well-defined scaling plan. Explicit path to larger account sizes and higher profit splits. Topstep has scaling but less structured.
...but Topstep answers with
- - Single-step evaluation. Topstep's evaluation is one step vs FTMO's two-step (Challenge + Verification). Faster path from signup to funded account.
- - Lower profit target. Topstep's 6% flat vs FTMO's 10% then 5%. Easier to hit consistently.
- - US futures focus with familiar products. ES, NQ, YM, RTY, CL, GC — the products US traders actually trade. FTMO does not offer traditional US futures.
- - Longer track record. Founded 2012 vs FTMO's 2015. Both are established but Topstep is the more mature firm in its category.
Where they're equally imperfect
Both are prop firms — you trade firm capital under strict rules, not your own money without constraints. Both earn most revenue from evaluation fees, not from trader profit splits, creating structural incentive misalignment. Both have complex rulesets that change over time — verify current terms directly. Statistical pass rates are low (5-15% typical) at both firms. Neither replaces having your own trading capital long-term.
The Actual Trade-Off
Distilled: FTMO if you trade forex/CFDs/crypto; Topstep if you trade US futures. They serve different markets and are almost never a real either/or comparison. For forex traders, FTMO is the incumbent choice with the broadest instrument coverage. For US futures traders, Topstep is the most-established US-focused firm. Comparing them directly usually means the trader has not yet decided which asset class to specialize in — that decision matters more than the firm choice.
Onboarding & Funding Reality
FTMO
- Signup and payment ~5 min; instant Challenge access.
- Complete Phase 1 (10% target, 30 days) then Phase 2 (5% target, unlimited time).
- Funded account processed within 5-10 business days after passing both phases.
- Gotcha: Two-step evaluation means longer path to funded account vs single-step firms.
Topstep
- Signup and payment ~5 min; instant evaluation account.
- Single evaluation (6% target, unlimited time) — hit target or trigger daily/max loss.
- Funded account processed within 3-7 business days after passing.
- Gotcha: Daily loss limit enforced strictly; one bad day fails evaluation.
Support Reality
FTMO offers 24/5 chat support in multiple languages plus email. Response times generally within 24 hours during business days. Topstep offers email and chat support during US business hours with generally fast response times. FTMO's international-facing support is a real advantage for non-US traders. For US-based futures traders, Topstep's support is generally responsive and clear on rule interpretations.
Verdict
Forex or CFD trader — FTMO. Largest global forex prop firm, broadest instrument coverage.
US futures trader — Topstep. Most-established US futures prop firm with 12+ year track record.
International trader (non-US) — FTMO. Better international payment methods and regulatory positioning.
Fastest path to funded account — Topstep. Single-step evaluation vs FTMO's two-step Challenge + Verification.
For US futures, {L("apex-trader-funding","Apex Trader Funding")} is worth comparing to Topstep for cheaper evaluations. Prop-firm trading is high-risk — statistical pass rates are 5-15% at both firms. Only pursue with a demonstrated edge on your own trading first.