Topstep's prop challenges are known as the «Trading Combine», a stage in which the trader demonstrates their futures trading ability in a simulated account. To pass this evaluation, you must reach the profit target and meet the consistency rule while keeping the account within the permitted loss limits. Passing this stage gives you access to an «Express Funded» account, which is also simulated, but under Topstep's terms you can receive a profit share from it. Below we take a closer look at these challenges:

Topstep 50K Challenge

The Topstep 50K challenge is the smallest evaluation account in the Trading Combine program. In this challenge, you start trading with a simulated balance of $50,000 and must reach $3,000 in profit while following the rules. However, the account size does not mean you can absorb $50,000 in losses; your initial loss buffer is only $2,000. Passing the evaluation lets you activate an Express Funded account.
 

Challenge rules and conditions

To pass, reaching the profit target must go hand in hand with respecting the loss limit and the consistency rule. The main conditions of this challenge are:

• Maximum loss limit: At the start, the account's minimum allowed level is $48,000. If the balance reaches this level or falls below it, even due to losses on open trades, the account no longer qualifies for passing until it is reset.
• Trailing loss floor: As the end-of-day balance increases, the account's minimum allowed level rises and does not come down with losses; once it reaches $50,000, it becomes fixed.
• Consistency rule: Your best day's profit must not exceed 55% of total profit. To pass with the initial $3,000 target, your best day's profit must not exceed $1,650; Topstep recommends keeping it below this figure. 
• Minimum time to pass: If all conditions are met, the challenge can be passed in a minimum of 2 trading days.
• Maximum open position size: The limit for simultaneous positions is 5 mini contracts or the equivalent, 50 micro contracts.
• Optional daily loss limit: When purchasing, you can choose a $1,000 daily loss limit. Triggering this limit halts trading until the next session and does not on its own mean failing the challenge.
• Closing trades before the session ends: All positions must be closed by 15:10 US Central Time (CT) at the latest; for instruments that close earlier, the exit deadline is earlier. Holding trades between sessions or over the weekend is not allowed.
• Challenge deadline and renewal: There is no time limit for passing, but the subscription renews every 30 days and its fee continues until you pass or cancel.

Topstep 100K Challenge

In the Topstep 100K challenge, the account size doubles compared with the 50K model, but the loss tolerance does not increase in the same proportion. This $100,000 simulated account has a $6,000 profit target and an initial maximum loss of $3,000; that is, compared with the 50K challenge, you need to make twice the profit while having only $1,000 more loss buffer. The open position limit also rises to 10 mini contracts or the equivalent in micro contracts, a capacity whose use must be aligned with this same loss limit.
 

Topstep 100K challenge rules and conditions

The evaluation framework of this account is the same as the 50K challenge; the main differences are the profit target, trading capacity and permitted loss range. To manage the 100K account, keep these figures in mind:

• The account's initial floor is $97,000: The account balance, including losses on open trades, must not reach or fall below this figure; otherwise, continuing toward passing requires an account reset. This floor rises as the end-of-day balance grows and becomes fixed once it reaches $100,000.
• The $6,000 profit must also meet the consistency rule: The share of your best trading day must not exceed 55% of total profit. Therefore, to pass with the initial target, your best day's profit must not exceed $3,300. A higher daily profit increases the profit target required to pass.
• Simultaneous trading capacity reaches 10 minis: You can have a maximum of 10 mini contracts or the equivalent, 100 micro contracts, open. When combining the two, every 10 micros count as one mini.
• The optional daily loss limit is $2,000: If you enable this option when purchasing, reaching this daily loss closes your positions, cancels pending orders and halts trading until the next session. This does not on its own cause a failure, but the requirement to respect the overall loss floor still applies.
• Passing in fewer than 2 days is not possible: There is no time limit for completing the evaluation, but the subscription renews every 30 days until you pass or cancel.
• The trade holding restriction does not change: As with the 50K account, you must close positions by 15:10 US Central Time (CT) at the latest, or before the instrument's earlier close. Carrying a trade into the next session or holding it over the weekend is not allowed.

Topstep $150,000 Challenge

The Topstep $150,000 challenge (Topstep 150K Combine) is a professional evaluation program for futures traders, allowing them to prove their skills in risk managementand receive permission to trade a funded account worth $150,000. This challenge lets traders trade in real markets without risking personal capital and withdraw the majority of the resulting profit.
 

Main challenge rules and objectives 

According to the latest updates on the Topstep website, to pass this challenge you must follow one main rule and reach two specific objectives:

• Main rule and red line (Maximum Loss Limit): Your account balance must under no circumstances reach or fall below the maximum allowed loss. For the $150,000 account, this limit is set at $4,500.
• Profit Target: You must be able to increase your account balance by $9,000.
• Consistency Target: To prove that your profit was not the result of one day of luck, the profit of your best trading day must not exceed 55 percent of total profit earned. If your profit on one day exceeds this amount, you must continue trading until your total profit reaches a level that corrects this ratio.
• Max Position Size: In this account you may hold a maximum of 15 mini (standard) contracts or 150 micro contracts open at the same time (the micro-to-mini ratio is calculated as 10 to 1).
• Daily Loss Limit: The daily loss limit for this account is $3,000. Under Topstep's new rules, setting a daily loss limit in the Combine stage is optional, but it is a very useful tool for avoiding hitting the overall maximum loss limit (MLL).
  
  

According to the official, up-to-date data on the Topstep website, these three challenges differ in buying power, profit targets, loss limits and subscription fees. The table below shows a detailed comparison of each account's parameters:
 

(Note: Rules such as keeping your best trading day below 55% of the total profit earned in your account are common to all of these.)

What is the difference between the Standard Path and the No Activation Fee Path?

Topstep offers traders two different payment structures for taking part in the evaluation stage (Trading Combine). According to the documentation in Topstep's billing help section, the two paths have the following terms:

Standard Path:

• Lower monthly fee: While taking the challenge, you pay a lower monthly subscription fee ($49, $99 or $199).
• Activation Fee: After successfully passing the challenge, to open the funded account (Express Funded Account, or XFA), you are required to pay a $149 fee (one-time).
• Target audience: As Topstep recommends, this path is better suited to traders who are still building consistency in their trading and may take several months to pass the challenge. Paying a lower fee each month reduces long-term financial risk.

No Activation Fee Path:

• Higher monthly fee: The monthly subscription is more expensive with this option ($95, $149 or $229, depending on the account type).
• No activation fee: As the name suggests, if you pass the challenge, the activation fee for the funded account will be $0 and you pay nothing.
• Target audience: This path is meant for traders who are fully confident in their skills and sure they will pass the challenge within their first 1 to 2 attempts (1 or 2 months); despite paying a higher subscription, they end up exempt from paying the final $149.
• Special discount: On this path, if a trader voluntarily enables the «Daily Loss Limit» (DLL) when purchasing the account, they qualify for the «Responsible Trading Discount» and get $10, $20 or $30 off their monthly subscription (depending on account size).

To pass the Topstep evaluation stage (the Trading Combine) and receive a funded account, traders must demonstrate a combination of profitability and risk management skills. Under the platform's official rules, passing this challenge depends on strictly meeting the following targets and limits:

Reaching the Profit Target

The first and most important goal for passing the challenge is reaching the set profit target. As mentioned earlier, this figure varies depending on the size of the account you purchased:

• $50K account: $3,000 profit
• $100K account: $6,000 profit
• $150K account: $9,000 profit

You must bring your account balance (after commissions) to at least these amounts. Reaching this target alone is not enough; it must also comply with the consistency rule (explained below).

Meeting the Consistency Target

To make sure your profit comes from a sustained strategy rather than a one-off stroke of luck or a gamble on a single position, Topstep has set a «consistency» rule. Under this rule, the profit of your best trading day must not exceed 55% of your total profit earned toward the target.

• Example: On a $50K account (with a $3,000 target), your best trading day must not have more than $1,650 in profit.
• What to do if you break it: If your profit on one day goes beyond the 55% limit, your challenge does not fail; you simply need to keep trading and raise your overall total profit until that exceptional day falls below 55% of your total profits.

Respecting the Maximum Loss Limit

This rule is Topstep's most important red line. The «Maximum Loss Limit» (MLL) is the level your account balance must never reach or fall below under any circumstances.

• $50K account: $2,000 allowed loss
• $100K account: $3,000 allowed loss
• $150K account: $4,500 allowed loss. This limit is calculated on an end-of-day basis (EOD Trailing Drawdown) . This means that as your balance increases at the end of each profitable day, this loss limit also moves up until it reaches the account's starting balance (e.g. $150,000), where it locks. Touching this level results in a definitive failure of the challenge and requires a reset (paying again).

Is there a time limit for passing?

No, there is no minimum or maximum time limit for passing the Trading Combine challenge. You are not limited to 30 or 60 days. While respecting the consistency rule (55%), you can finish the challenge in just a few days, or spend months reaching the target. However, keep in mind that until you have passed the challenge (or, if you fail, cancelled the account), your subscription fee will be automatically renewed and charged every 30 days.

The «Maximum Loss Limit» (MLL) rule is the most important and strictest rule on the Topstep platform. It marks the lowest level your account balance (including open and closed positions) is allowed to reach. If your account balance reaches or falls below this figure at any moment, the rule is breached and your challenge is failed. This limit is $2,000 for the $50K account, $3,000 for the $100K account and $4,500 for the $150K account.

How the MLL Moves

At Topstep, the loss limit is calculated as an «End of Day Trailing Drawdown» . This means your loss red line is not fixed and rises along with your profits, but this rise has a stopping point:
 

• Start: On a $150K account (with an MLL of $4,500), your red line sits at $145,500 on day one.
• Upward movement: If your account balance closes in profit at the end of the trading day (for example, reaching $151,000), your MLL rises by the same amount (to $146,500).
• No movement on losing days: If you end the trading day with a loss, your MLL does not move down and stays at its previous highest recorded level.
• MLL lock: Once the MLL red line rises with your profits and reaches the initial account balance (e.g. the same $150,000), it is permanently locked at that point. From then on, no matter how much profit you make, your red line will not go above $150,000, which lets you comfortably build yourself a large safety margin (Buffer).

Impact of Open Profit and Loss on the MLL

One of Topstep's biggest advantages over many prop firmsis how it handles floating profits (Open PnL).

• Impact of open profit (Floating Profit): At Topstep, the MLL line is calculated and moved only based on the closed balance at the end of the trading day (5 PM US time) . This means that if during the day you have an open position that goes thousands of dollars into profit, but that profit shrinks before the position is closed, your MLL is notpulled up because of that temporary open profit. (Unlike the Intraday Trailing system, which counts temporary profits and pulls the loss line up).
• Impact of open loss (Floating Loss): Although the MLL line is only updated at the end of the day, whether this line is touched is checked instantly and live (Real-time) . That is, if the floating (open) loss of a running position causes your account's live equity (Live Equity) to hit the MLL line, your account is closed at that very moment and you lose the challenge.

The consistency rule, or Consistency Target is one of the main objectives in the evaluation phase (Trading Combine). Under this rule, the profit of your best trading day must not exceed 55% of the total profit earned in your account . Topstep's aim with this rule is to prevent passing by luck and relying on a single high-volume or gamble-like trade.

• What happens if we break this rule? A single day's profit going over the 55% limit does not fail your challenge. In this case, your profit target is automatically raised until that exceptional day's profit is no longer more than 55% of your total profits. Put simply, you just need to keep trading and make more profit until the 55% ratio is restored.

According to Topstep's latest updates, the answer to this question depends on which stage you are in:

• In the evaluation stage (Combine) and the Express Funded account: The Daily Loss Limit is not mandatory and is not treated as a red line that would cause you to fail the challenge. However, Topstep has a feature called the «Responsible Trading Program» in which you can set a daily loss limit for yourself on an optional and voluntary basis . If you enable this limit (and get a discount on the subscription fee for it), when you reach that amount your account is simply locked until the end of that trading day and will reopen the next day.
• In the Live Funded account (the actual live account): At this stage, a Daily Loss Limit (DLL) does apply. If you hit this limit, your account is disabled for the rest of that trading day, but you don't necessarily lose the account entirely (unless you hit the MLL).

To develop disciplined traders and control capital risk, Topstep has set strict frameworks for trading style and timing. Since the platform is designed exclusively for day traders in the futures market, knowing and strictly following the rules on market hours and permitted assets is essential to avoid rule violations and losing your account.

Day Trading

As mentioned, the Topstep platform is designed exclusively for day traders . All of the firm's strategies and risk rules are based on opening and closing positions within a single trading day, and you are not allowed to hold trades long term.

Swing Trading Ban

At Topstep, any swing trading that requires keeping positions open overnight or over the weekend is prohibited. Holding positions through the daily market close counts as a rule violation.

Forex Trading Ban

At Topstep, you are not allowedto trade the traditional «spot forex» (Spot Forex - CFD) market. The Topstep platform is connected to the Chicago Mercantile Exchange (CME Group). That said, if you are interested in trading currency pairs, you can trade currency futures (FX Futures) such as euro (6E) or pound (6B) futures, but there is no MetaTrader and no standard forex accounts.

Permitted Markets and Products

Traders are only allowed to trade approved products on CME Group covering the four exchanges CME, CBOT, NYMEX and COMEX. These assets include the following:

• Stock indices: such as S&P 500 (ES), Nasdaq 100 (NQ), Dow Jones (YM).
• Commodities and energy: such as crude oil (CL), gold (GC), natural gas (NG).
• Interest rates and bonds: such as 10-year notes (ZN).
• Currency futures (Futures FX).

Trading Hours

The permitted trading hours at Topstep are as follows (times are in US Central Time - CT):

• Trading day starts: 5:00 PM (5:00 PM CT)
• Trading day ends: 3:10 PM the next day (3:10 PM CT) Critical rule: All open positions must be closed before 3:10 PM (CT). Trading or holding positions between 3:10 PM and 5:00 PM is prohibited. (These hours may change on US public holidays.)

Maximum Trading Size

The limit on the number of contracts you may hold open at the same time (Max Position Size) is a fixed number in the Combine stage and depends on your account size (each 1 mini contract counts as 10 micro contracts):

• $50K account: Maximum 5 standard (mini) contracts or 50 micros
• $100K account: Maximum 10 standard (mini) contracts or 100 micros
• $150K account: Maximum 15 standard (mini) contracts or 150 micros

(Note: you are not required to use the maximum size and can always trade with smaller, safer sizes.)

One of Topstep's big advantages over many other prop firms is that it has no restrictions on trading during the release of major economic news (News Trading). You are allowed to keep your positions open or even trade during major events such as NFP (the US jobs report), FOMC meetings (interest rate decisions) and CPI (inflation) releases. However, Topstep warns traders that because of extreme volatility, price gaps and slippage during news, they should trade with great caution and keep in mind the risk of hitting the Maximum Loss Limit (MLL).

To maintain a healthy trading environment and prevent abuse of the Simulated Environment, Topstep has defined the following behaviors as Prohibited Conduct , engaging in which results in permanent account closure:
 

• Use of malicious bots and HFT: High-Frequency Trading strategies designed solely to exploit data delays (Latency Arbitrage) or to put load on the servers.
• Exploiting pricing errors (Data Feed Exploitation): Profiting from temporary chart freezes or errors in the platform's price feed.
• Hedging between accounts: Opening a buy (Long) position in one account and at the same time a sell (Short) position on the same symbol in another account to get around risk.
• Account Management services: Sharing login details with third parties, using a proxy/VPN to hide the trader's identity, or copy trading from another person's account. (Using copy-trading tools is only allowed for copying a person's own trades across accounts that belong to them).

When you reach the profit target while respecting the consistency rule (55%) and without touching the MLL red line, your challenge is passed successfully. The process after passing works like this:
 

• Your evaluation stage (Combine) account is closed immediately and your monthly subscription is canceled so that no further charges are deducted from your card.
• You receive a confirmation email containing the activation link for the funded account.
• If you signed up on the Standard Path, you must pay an Activation Fee of $149 . (If you were on the No Activation Fee path, this step is skipped).
• After payment, your funded account, known as Express Funded Account (XFA) is activated in the dashboard. In general, preparing and delivering the XFA account usually takes 1 to 2 business days. For example, if you pass on a Friday, the XFA account will be available to start trading at 5 PM on Sunday (when the market opens).

The XFA account is your funded account, where you can withdraw your profits. The rules of this account are slightly different from the Combine stage:
 

• Starting from zero: Your account balance initially starts at zero dollars ($0), and figures such as 50K or 100K only represent your «buying power» and margin. (Profits from the challenge period are not transferred to this account).
• MLL rule in XFA: The maximum loss limit (MLL) in this account starts below zero (for example, minus $2,000 for a 50K account) and moves upward with your end-of-day profits (Trailing). Once your balance grows by the amount of the MLL, the MLL locks at zero ($0) and from then on your balance must not reach zero or go below it.
• Scaling Plan: In the XFA account, you are not allowed to trade with the maximum size from day one. The number of contracts you are allowed to trade increases step by step based on the amount of profit you accumulate in the account.

Withdrawals from the Express Funded Account, or XFA, have two paths:

• Standard: Complete 5 non-consecutive days with a daily net profit of at least $150; from the second withdrawal onward, the net profit for the period since the previous withdrawal must also be positive.
• Consistency: At least 3 trading days, with one trade each day; the best day's profit must not exceed 40% of the total net profit for the period. For example, a $2,000 best day requires at least $5,000 in net profit for the period.
   

Per request, up to 50% of the balance can be withdrawn, up to the following cap:
 

A temporary offer for buying a challenge with DLL doubles these caps under specific conditions.

The current profit split is 90% to the trader. Keeping 100% of the first $10,000 applies only to eligible traders who joined the new dashboard before January 12, 2026.

After the first withdrawal, the XFA account's MLL locks at zero; the day count and the period consistency calculation also reset after a withdrawal.

In the Live, after 5 winning days you can withdraw 50% with no dollar cap; after 30 winning days, daily withdrawals of up to the full unlocked balance become possible.

The account Live Funded Account (LFA) is the highest level in the Topstep program. At this stage, you no longer trade in a simulated environment; instead, Topstep connects its own real cash capital directly to the live market and takes on the risk of your trades in the real market.

• How do you get to LFA? There is no direct challenge or button for entering this account. It is given to traders exclusively by «invitation». Topstep's risk management team (Risk Team) monitors your performance in the XFA account. If you show consistency, professional risk management and steady profitability, this team upgrades your account and moves you to LFA.

Profit withdrawals in the LFA account are very similar to the XFA account, with a few differences and stricter rules:

• 5 winning days rule: Here too, you need 5 winning trading days (each with a profit of at least $150) to request each withdrawal.
• Daily Loss Limit (DLL): Unlike the Combine stage and XFA, where this is optional, in the live account the daily loss limit is fully active and mandatory. If you hit the DLL, the account is deactivated for that day.
• Maximum Loss Limit (MLL): The red line for the LFA account is always zero ($0). If your balance reaches zero, the live account is closed.
• The profit split policy in the live account is also exactly the same as XFA (100% for the first $10,000 and a 90/10 split after that).