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Comparison · trading-tournaments.com
FTMO and Topstep don't really compete because they cover different markets. FTMO is the industry pick for forex, CFDs, indices, and commodities CFDs. Topstep is the industry pick for regulated futures. If you already know your market, the choice makes itself. If you're market-agnostic, futures traded via Topstep have tighter spreads, deeper liquidity, and a cleaner regulatory story than CFDs — but trailing drawdown makes the survival math harder than FTMO's absolute model.
Forex and CFD prop firm. 2-step evaluation. Longest payout record in the sector.
Forex, indices, commodities, or crypto-CFD traders who want the industry benchmark rulebook.
Futures-only prop firm. Single-phase Combine. Trailing max drawdown.
Futures traders (index, energy, metals, ags, treasuries) who want the industry-standard futures prop firm.
FTMO covers spot forex, index CFDs, commodity CFDs, and crypto CFDs. Everything trades against a CFD broker with retail-style spreads. Topstep covers exchange-traded futures on CME, NYMEX, CBOT, and ICE. Real futures with real liquidity: E-mini S&P, Nasdaq, crude oil, gold, treasuries, currency futures, and grains. The markets barely overlap. A futures trader has almost no reason to consider FTMO; a spot forex trader has almost no reason to consider Topstep.
FTMO uses a 2-step evaluation (10% then 5% targets) with a 10% absolute max drawdown. Absolute means the ceiling is a fixed dollar amount below your starting balance and it doesn't move. Topstep runs a single-phase Combine with a 6% target and a trailing max drawdown that follows equity up but never back down. Trailing drawdown is more restrictive: once you're up 3% you can only lose back to +0% before failing, whereas at FTMO you always have the full 10% cushion below starting balance regardless of your peak.
FTMO charges a one-time evaluation fee ($165 to $1,155) refunded on your first payout. Topstep runs a monthly subscription ($49 to $199 depending on account size) that continues as long as you hold the Combine. If you pass in one month, Topstep is cheaper. If you take four to six months, cumulative cost overtakes an FTMO evaluation. For traders confident of a fast pass, Topstep wins on cost; for slower approaches, FTMO's one-time model is better.
FTMO pays 80% of profits monthly, scaling to 90% at higher tiers. Topstep pays 100% of profits on the first $10,000 per funded account then 90% after. On a small first-payout, Topstep is materially better. Once you scale past $10,000 in profits per account, the effective take-home converges. Both pay via wire, crypto (BTC/ETH/USDT), and standard e-wallets.
Can I trade forex on Topstep?
No. Topstep is futures-only. You get currency futures (6E, 6B, 6J) but not spot forex pairs. If you trade EURUSD or GBPUSD directly, use FTMO or another forex prop firm.
Can I trade futures on FTMO?
Not exchange-listed futures. FTMO offers index and commodity CFDs (contract-for-difference derivatives), which mirror the underlying futures price but settle against a CFD broker rather than the exchange. For actual CME/NYMEX futures, use Topstep or Apex.
Is Topstep or FTMO older?
Topstep. Topstep was founded in 2012 and predates FTMO by three years. Both are among the longest-established prop firms in the retail-facing sector and both have paid out cumulatively hundreds of millions to funded traders.
Which has a stricter drawdown rule?
Topstep. Its trailing max drawdown follows account equity up but never back down. FTMO's absolute drawdown gives you the full 10% cushion below starting balance no matter your peak. Trailing drawdown is a materially harder survival problem.
Which is cheaper to pass?
Depends on speed. Topstep's monthly subscription is cheaper if you pass within one to two months. FTMO's one-time fee wins for longer evaluations. Both refund the evaluation cost on your first funded-account payout, so effective cost equalizes once you become profitable.