FTMO vs Topstep (2026): Forex CFDs or Futures — Which Fits You?

FTMO and Topstep are two of the best-known names in prop trading, but they barely compete on the same ground. Choosing between them is really choosing an asset class before you ever compare a single rule. This is an honest side-by-side — not a ranking — so you can match the firm to how you actually trade.

Start with the only question that matters: futures or forex?

The single most important line in the table above is the first one.

• If you trade forex, indices, gold, oil, stocks or crypto, FTMO is built for you and Topstep simply can’t fund those markets.
• If you trade CME futures (ES, NQ, CL, GC), Topstep is built for you and FTMO doesn’t offer futures at all.

Answer that first and most of the decision is already made. Everything below only matters once you’ve picked your market.

How the costs really compare

FTMO uses a one-time challenge fee tied to account size. Pass the 2-Step Challenge and your fee is refunded in full with your first payout — so the effective cost to a successful trader can be zero. The newer 1-Step Challenge fee, however, is not refunded.

Topstep runs on a monthly subscription for the Trading Combine, plus a one-time $149 activation fee when you convert to a funded account. That lowers the barrier to start, but the subscription keeps running while you’re evaluating, and there’s no refund. For a fair comparison, add up your total spend from sign-up to first payout rather than looking at the sticker price.

Drawdown: the rule that fails the most traders

FTMO’s 2-Step Challenge uses a static loss floor that doesn’t move — predictable and beginner-friendly. Its 1-Step Challenge uses a trailing model. Topstep uses intraday trailing drawdown during the Combine and end-of-day trailing on funded accounts.

If you’re not sure how these differ, that gap is exactly where most traders blow evaluations — read EOD vs trailing drawdown explained and static vs trailing drawdown firms before you pay for either.

Profit split and payouts

Both are competitive on split: Topstep is a flat 90/10 for all traders, and FTMO pays up to 90% (rising from 80% on the 2-Step, and 90% on the 1-Step). Payout mechanics differ and both firms have adjusted terms in 2026, so confirm minimum trading days, first-payout waiting periods and cycle timing on each official site. For the general mechanics, see how long prop firm payouts take.

The bottom line

This isn’t FTMO beating Topstep or vice versa — it’s futures against everything else. Pick your market, then use the table to weigh fee model, drawdown and refund terms. Whatever you choose, verify the current rules on the official site before paying; prop firms change terms often.

Want the full breakdown on either firm? Read our FTMO review and Topstep review for the fees, drawdown mechanics and payout catches in detail. If futures is the direction you’re leaning, see our ranking of the best futures prop firms for how Topstep stacks up against Apex and MyFundedFutures.