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Comparison · trading-tournaments.com

FTMOvsTopstep

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.

FTMO

Since 2015

Forex and CFD prop firm. 2-step evaluation. Longest payout record in the sector.

Key facts
Markets
Forex, indices, commodities, crypto CFDs
Evaluation
2-step (10% then 5% targets)
Max drawdown
10% absolute
Profit split
80% (up to 90% at higher tiers)
Cost range
$165 to $1,155 by tier
Pros
  • Broadest tradeable market coverage of any major prop firm.
  • Longest payout history in the retail-facing prop firm sector.
  • Absolute (not trailing) max drawdown keeps challenge math simple.
Cons
  • Not for futures traders — you need CME/NYMEX/ICE access via Topstep or similar.
  • Strict 30-day Phase 1 time limit.
  • Higher fees than many competitors at each tier.
Best for

Forex, indices, commodities, or crypto-CFD traders who want the industry benchmark rulebook.

Topstep

Since 2012

Futures-only prop firm. Single-phase Combine. Trailing max drawdown.

Key facts
Markets
Futures only (CME, NYMEX, CBOT, ICE)
Evaluation
1-step Combine (6% target)
Max drawdown
Trailing, ~5% of account size
Profit split
100% on first $10K, 90% after
Cost range
$49 to $199 by account size (monthly subscription)
Pros
  • Only major prop firm covering regulated futures markets (S&P, Nasdaq, crude, gold, treasuries).
  • 100% profit split on the first $10,000 in profits per funded account.
  • Single-phase Combine means faster path to funded than two-step firms.
  • Founded 2012 — even longer sector history than FTMO.
Cons
  • Trailing max drawdown is a fundamentally different survival problem than FTMO's absolute model.
  • Futures-only means no forex, crypto, or CFDs — narrow market fit.
  • Monthly subscription instead of one-time challenge fee compounds cost over time.
Best for

Futures traders (index, energy, metals, ags, treasuries) who want the industry-standard futures prop firm.

Market coverage

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.

Rule structure and drawdown

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.

Cost model

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.

Payout mechanics

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.

Frequently asked questions

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.

Further reading

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