The short answer
Topstep vs FTMO, side by side
| Feature |  Topstep |  FTMO |
|---|---|---|
| Asset class | Futures (e.g. ES, NQ, CL, GC) — exchange-traded | Forex and CFDs (currencies, indices, metals, etc.) |
| US clients accepted | Yes — US-friendly futures prop firm | No — FTMO does NOT accept US-based clients |
| Evaluation model | Trading Combine — single-phase evaluation, then funded | Two-step: FTMO Challenge then Verification, then funded |
| Headline pricing | Monthly subscription per account size; occasional discounts | One-time challenge fee per account size (refunded on first payout) |
| Profit split | Keep 100% of the first portion, then 90% thereafter | Up to 90% profit split (scaling can increase it) |
| Payout speed/reliability | Established payout process; strong long-standing track record | Long-established, highly reputable global payout track record |
| Drawdown type | Trailing (end-of-day style) max loss limit on the funded account | Static daily loss limit + overall max loss limit |
| Platforms | TopstepX, plus NinjaTrader, Tradovate, Quantower and similar | MetaTrader 4/5, cTrader, DXtrade and similar forex/CFD platforms |
| Regulation context | US futures markets are CFTC/exchange-regulated | Forex/CFD prop model; restricted in some jurisdictions incl. the US |
| Best for | Futures traders, and any trader based in the United States | Forex/CFD traders located outside the United States |
The big distinction: market and US eligibility
Before anything else, settle two questions: what do you trade, and are you a US resident? Topstep is a futures prop firm and is open to US traders. FTMO is a forex and CFD prop firm and, critically, does not accept clients based in the United States due to the regulatory treatment of CFDs there.
This single distinction resolves most of the decision. A US-based trader cannot use FTMO regardless of how good it is, and a dedicated forex trader will find futures-only Topstep a poor fit. Everything else — price, split, drawdown — only matters once you have confirmed you are eligible and trading the right market.
Evaluation and pricing differences
Topstep uses a single-phase Trading Combine: hit the profit target while respecting the rules and you are funded, paying a monthly subscription during the evaluation.
FTMO uses a two-step process — the FTMO Challenge followed by Verification — before you are funded, and charges a one-time challenge fee that is typically refunded with your first payout. Neither model is strictly better; the monthly-vs-one-time structure simply suits different cash-flow preferences. Always check current pricing, as both firms adjust fees and promotions.
Rules and drawdown: trailing vs static
The drawdown mechanics differ in a way that matters. Topstep uses a trailing max-loss on the funded account that moves up as your balance grows — powerful but easy to misjudge.
FTMO uses a static daily loss limit plus an overall max loss limit, which many traders find more predictable because the levels do not trail your equity in the same way. Misunderstanding the drawdown is the top reason traders fail at either firm, so read the exact rules for the plan you buy. As of our last test these mechanics were as described, but confirm the current rules directly.
Reputation and payouts
Both firms are highly reputable in their respective markets. Topstep has a long, stable history in US futures; FTMO is one of the most established names in global forex/CFD prop trading with a strong, well-documented payout record.
Profit splits are comparable (up to ~90%), so the split is not a deciding factor. As always, follow the payout and consistency rules precisely — process discipline, not the split percentage, is what keeps you eligible at either firm.