Topstep

Topstep effectively invented retail futures funding in 2012 and remains the most transparent operator in the niche: it is an FIA member, publishes cohort statistics (16.8% Combine pass rate; 33% of funded traders receive a payout), and runs a genuine live-funded progression backed by the FCM Plus500US — something sim-only competitors cannot claim. New sign-ups now trade on the proprietary TopstepX platform with built-in TradingView charting; NinjaTrader and Tradovate are honored on legacy accounts only.

The 2026 story, however, is a thinner deal. In January the profit split changed from "100% of your first $10K, then 90%" to a flat 90/10 for new traders. Per-payout caps on new $50K accounts were cut in April, and Live Funded Accounts created since February start with only 20% of the balance tradable, the rest unlocking in milestones. The community noticed: Topstep's Trustpilot slid from ~4.5 to 3.4 within a year.

The Combine itself is unchanged and fair — one step, $49/month entry with a reset credit on each renewal — but the Maximum Loss Limit trails intraday on open equity, punishing unrealized give-backs. Topstep is still the discipline-first, most-legitimate path to live futures capital; it is just no longer the most generous one.

Trading Combine (one step): $50K — $3,000 target, $2,000 Maximum Loss Limit, $1,000 Daily Loss Limit, 5 minis ($49/mo). $100K — $6,000 / $3,000 / $2,000 ($99/mo). $150K — $9,000 / $4,500 / $3,000 ($149/mo).

The MLL trails intraday on open equity until locked at starting balance +$100. Best day must stay under 50% of cumulative profit. Passing requires a one-time $149 activation fee, or choose the No-Activation-Fee path at a higher monthly rate.

Sign-ups from January 12, 2026 receive a flat 90/10 split (earlier traders are grandfathered at 100% of the first $10K). Payout eligibility: 5 winning days of $150+ (Standard) or 3 (Consistency path, with stricter caps), and you must remain profitable since the last payout. Per-payout caps apply by account size and path ($2,000–$5,000 on a $50K). Funds go out next business day via Wise, wire or ACH.

Up to 5 simultaneous Express Funded Accounts (~$750K combined at 5×$150K), with copy trading between your own accounts allowed. Live Funded Accounts created on/after February 10, 2026 start with 20% of the balance tradable, unlocking in 25% milestones — the full balance requires 30 winning live days of $150+.