FTMO and Topstep are two of the most trusted prop firms in the industry, but they serve completely different markets. FTMO is a forex and CFD firm. Topstep is a futures firm. Comparing them directly is a bit like comparing a tennis racket to a golf club. Both are excellent at what they do, but they're built for different games.
That said, plenty of traders are deciding between forex and futures prop trading, and this comparison helps clarify which path and which firm fits your goals.
Quick answer: Choose FTMO if you trade forex, indices, or crypto CFDs. Choose Topstep if you trade CME futures (ES, NQ, crude oil, etc.). If you're open to either market, read on for the full breakdown.
Side-by-Side Comparison
| Feature | FTMO | Topstep |
|---|---|---|
| Founded | 2015 | 2012 |
| Headquarters | Prague, Czech Republic | Chicago, USA |
| Markets | Forex, indices, commodities, crypto | CME futures only |
| Trustpilot | 4.8/5 (40,000+ reviews) | 4.4/5 |
| Total Payouts | $200M+ | Not publicly disclosed |
| Evaluation | Two-step (Challenge + Verification) | Trading Combine (dual path since Feb 2026) |
| Entry Price | From €89 (one-time, refundable) | From $49/month (subscription) |
| Profit Split | 80%, scaling to 90% | 90% (100% of first $10K) |
| Max Scaling | $400,000 | $150,000 accounts |
| Payout Cycle | Bi-weekly, ~8 hours | Varies by path |
| Drawdown Type | Static (5% daily / 10% max) | EOD trailing |
| Platforms | MT4, MT5, cTrader, DXTrade | NinjaTrader, Tradovate, TradingView |
| News Trading | Unrestricted | Unrestricted |
| Education | Performance dashboard, analytics | Coaching, daily analysis, community |
The Fundamental Difference: Markets
This is the deciding factor for most traders. FTMO doesn't offer futures. Topstep doesn't offer forex or CFDs. If you already know which market you trade, the choice is made.
For US-based traders, there's a regulatory wrinkle. CFD trading is restricted under Dodd-Frank rules, which means many US traders default to futures. If you're in the US and want prop firm funding, Topstep is the more natural fit. FTMO does accept US traders, but your instrument selection is more limited.
If you trade forex pairs like EUR/USD or GBP/JPY, FTMO is your firm. If you trade E-mini S&P 500, Nasdaq futures, or crude oil, Topstep is your firm.
Pricing: One-Time Fee vs Subscription
FTMO charges a one-time fee that gets refunded with your first profit split. Pay €540 for a $100K account, pass the evaluation, and you get that €540 back with your first payout. If you pass on the first attempt, the evaluation is effectively free.
Topstep uses a subscription model. You pay $49-$149 per month until you pass or cancel. The Standard Path also charges a $129 activation fee after passing. Over a two-month evaluation on the Standard Path, you'd spend roughly $227 ($49 x 2 + $129). That's less than FTMO's $100K fee upfront, but the fee doesn't come back.
For fast evaluators, Topstep can be cheaper. For traders who pass on the first attempt, FTMO's refund makes it effectively free. For traders who need several months, Topstep's subscription adds up.
Cost for a 2-month evaluation:
- FTMO $100K: €540 (~$580), refunded after passing
- Topstep $100K Standard: ~$227, not refunded
- Topstep $100K Consistency: Higher monthly, no activation fee
Winner: FTMO long-term (refundable), Topstep short-term (lower upfront).
Evaluation Structure
FTMO runs a two-phase process. Phase 1 (the Challenge) requires 10% profit in 30 days. Phase 2 (Verification) requires 5% in 60 days. Same risk rules throughout. Minimum 4 trading days per phase.
Since February 2026, Topstep offers two paths:
- Standard Path: Lower monthly fee, $129 activation, 5 winning days (>$150 each) needed for first payout
- Consistency Path: Higher monthly fee, no activation, 3 trading days with 40% consistency target
FTMO's approach is straightforward and hasn't changed much in years. You know what to expect. Topstep's dual-path system adds a decision point, but also gives you flexibility to pick the approach that matches how you trade.
Winner: Tie. FTMO is simpler; Topstep gives more options.
Drawdown Rules
This is where the two firms differ significantly.
FTMO uses a static drawdown model. Your 5% daily loss limit and 10% max loss are calculated from your starting balance and never move. If you grow your $100K account to $110K, your max loss floor is still $90K. That extra $10K in profit gives you more breathing room, not less.
Topstep uses an EOD trailing drawdown. Your drawdown floor moves up based on your highest end-of-day balance. If your account closes the day at $55K (from a $50K start), your floor rises accordingly. A string of good days followed by a pullback can still end your evaluation, even if you're net profitable from the start.
FTMO's static model is more forgiving for traders who build profits then experience a drawdown. Topstep's trailing model requires you to protect gains more carefully. Neither is objectively "better," but they reward different trading approaches.
Winner: FTMO's static drawdown is more forgiving for most trading styles.
Profit Splits and Payouts
FTMO starts at 80% and reaches 90% through the Scaling Plan (10% net profit over four consecutive months). Payouts process bi-weekly in roughly 8 hours. No withdrawal fees.
Topstep gives you 100% of your first $10,000 in profits, then switches to 90/10. The first payout has initial caps depending on your path. Daily payouts become available after 30 winning days.
The 100% of first $10K from Topstep is a strong perk that FTMO doesn't match. But FTMO's faster processing (8 hours vs standard) and lack of initial payout caps give it an edge on ongoing withdrawals.
Winner: Topstep for the first $10K. FTMO for ongoing payout simplicity.
Platform and Tools
FTMO supports four platforms: MT4, MT5, cTrader, and DXTrade. That's the broadest selection among CFD prop firms. The performance analytics dashboard and Account MetriX tool are genuine value-adds.
Topstep supports NinjaTrader, Tradovate, TradingView, and others. The educational ecosystem includes daily coaching, market analysis, and a trading community. No other futures firm offers this level of learning support.
Both firms give you strong tools. FTMO's analytics help you improve your trading. Topstep's education helps you learn the craft. Different strengths for different needs.
Winner: Tie. Excellent tools on both sides, just different types.
Trust and Track Record
FTMO has operated since 2015 with $200M+ in verified payouts and 40,000+ Trustpilot reviews at 4.8/5. It's the most documented payout history in prop trading.
Topstep has operated since 2012, making it two years older than FTMO. It's based in Chicago with a physical office and public leadership. Total payout figures aren't publicly disclosed, but the firm has funded thousands of traders over 14 years.
Both firms have survived market crashes, industry disruptions, and intense competition. Neither has had a major payout scandal. You can trust either firm with your money and your time.
Winner: Slight edge to Topstep for longevity (14 years vs 10). FTMO for transparency on payout totals.
Who Should Choose FTMO?
- Forex and CFD traders
- Traders who want cTrader or MT4
- Traders who prefer static drawdown (the most forgiving model)
- Traders who want their evaluation fee refunded
- International traders with access to CFD markets
Read our full FTMO review for more detail.
Who Should Choose Topstep?
- Futures traders (ES, NQ, crude, etc.)
- US-based traders who prefer futures over restricted CFDs
- Traders who value education and coaching
- Traders who want to keep 100% of their first $10K
- Traders who prefer a lower monthly cost over a one-time fee
Read our full Topstep review for more detail.
Can You Use Both?
Yes. Some traders maintain accounts at both firms, trading forex through FTMO and futures through Topstep. There's no conflict or exclusivity requirement. If you trade both markets, using both firms lets you access funded capital in each.
FAQ
Is FTMO or Topstep cheaper?
Topstep's $49/month is lower upfront, but FTMO refunds its one-time fee (€89-€1,080) with your first payout. Over time, FTMO is effectively free for successful traders.
Which has stricter drawdown rules?
Topstep's trailing drawdown is stricter because your floor moves up with profits. FTMO's static drawdown stays fixed, giving you more room after winning streaks.
Can US traders use both?
Yes. Both accept US traders. FTMO's CFD instruments may be limited for US residents, while Topstep's futures are fully accessible.
Which has paid out more money?
FTMO claims $200M+. Topstep doesn't publicly disclose totals but has 14 years of consistent payouts.
Should I choose based on market or firm?
Market first. If you trade forex, FTMO. If you trade futures, Topstep. The firm features are secondary to whether they offer the instruments you actually trade.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Trading involves risk of loss.