FTMO vs TopStep
A lot of people search for this comparison, so here is the honest answer up front: these two firms do not sell the same product, and choosing between them is not really a choice between firms. FTMO funds CFD and forex traders. TopStep funds futures traders. Neither can give you what the other does.
That makes the useful question a different one. Decide which market you want to trade, then compare firms inside that market, where the rules actually line up and the numbers mean the same thing.
If you want forex and CFDs
FTMO is the right shortlist, and its real competition is FundedNext, The 5%ers and Funding Pips, not TopStep.
If you want futures
TopStep is the right shortlist, and its real competition is Tradeify, MyFundedFutures, Lucid Trading and Apex, not FTMO.
FTMO scores 8.3. TopStep scores 7.2. Both are scored on the same six dimensions at the same weights, so those numbers are comparable as a measure of how good each firm is at what it does. What is not comparable is the product itself. A strong forex firm is no use to you if you want to trade the E-mini.
Why the rules cannot be compared directly
The trap in this comparison is that both firms publish numbers that look like each other. FTMO says 10% maximum drawdown. TopStep says $2,000 maximum loss. Put those side by side and you will draw a conclusion, and it will be wrong.
FTMO sizes risk as a percentage of a notional balance. Ten percent of a $100,000 account is $10,000, and your position size is set by lots and leverage the firm chooses.
TopStep sizes risk in dollars against exchange contracts. One E-mini S&P contract moves $50 per point. Your risk is set by how many contracts you hold and what the exchange charges in margin, not by a percentage the firm picked.
This is why our comparison tool refuses to put two firms from different categories side by side. Half the rows would not apply and the other half would quietly mislead.
What actually differs between the two products
| FTMO (CFD / forex) | TopStep (futures) | |
| What you actually trade | CFDs: forex pairs, indices, commodities, stocks and crypto, bought from the firm’s broker counterparty | Exchange-traded futures contracts on CME, CBOT, NYMEX and COMEX |
| How drawdown is expressed | A percentage of a notional balance. 10% maximum, 5% daily. | A fixed dollar amount tied to contract size. $2,000 on a $50,000 account, $1,000 daily. |
| How position size works | Lot sizes and leverage set by the firm | Contracts, with margin set by the exchange and a contract multiplier |
| Evaluation shape | Two steps: 10% then 5%, no time limit | One step: the Trading Combine, no time limit and no minimum days |
| Cost model | One-time challenge fee, refunded in full with your first reward | Monthly subscription until you pass, plus an activation fee on the standard path |
| Profit split | 80% by default, 90% through the Scaling Plan | 90/10 from the start |
| Payout cadence | Monthly by default | Weekly, with more than 7,000 traders paid each week |
| Platforms | MT4, MT5 and cTrader | TopstepX, NinjaTrader, TradingView and Quantower |
| Account range | $10,000 to $200,000, up to $400,000 combined | $50,000 to $150,000 |
| Where the market is regulated | CFDs are over-the-counter instruments; the prop firm itself is unregulated | The underlying futures exchanges are regulated, though the prop firm is not |
How to actually choose
Pick the market on how you want to trade, not on the firm. Futures suit traders who want exchange-traded instruments with transparent pricing, defined contract sizes and a regulated venue underneath. CFDs suit traders who want a wider instrument range in one account, smaller position granularity and the familiarity of MetaTrader.
Then compare inside the category. Once you know the market, the comparison becomes real: same rule structures, same units, same trade-offs. That is where our head-to-head pages are useful and where a genuine winner exists.
If you genuinely trade both, there is no conflict in using FTMO for forex and TopStep for futures. Several firms do run accounts in both categories if you would rather consolidate, including FundedNext, E8 and FTUK, though none is the strongest option in either category on its own.
Frequently asked questions
Is FTMO or TopStep better?
It is the wrong question, because they do not sell the same thing. FTMO funds CFD and forex traders; TopStep funds futures traders. Neither can give you what the other does. Decide which market you want to trade first, then compare firms inside that market. If you already trade both, take FTMO for forex and TopStep for futures.
Can you compare FTMO and TopStep on rules?
Not meaningfully. FTMO expresses drawdown as a percentage of a notional balance, so 10% of a $100,000 account is $10,000. TopStep expresses it as a fixed dollar amount tied to contract sizes, such as $3,000 on a $100,000 account. The numbers look comparable and are not, because the underlying instruments size risk differently.
Why does our comparison tool refuse to compare them?
Because half the rows would not apply and the other half would mislead. A spec table putting a forex percentage drawdown next to a futures dollar drawdown invites a false conclusion. The tool only compares firms within the same category for that reason.
FTMO scores 8.3 and TopStep 7.2. Does that mean FTMO is better?
It means FTMO is the stronger firm at what it does, judged on the same six dimensions and the same weights. Both scores are comparable as a measure of firm quality. What is not comparable is the product. A high-scoring forex firm is useless to you if you want to trade the E-mini.
Which is cheaper to try?
They price differently. FTMO charges a one-time challenge fee and refunds 100% of it with your first reward withdrawal. TopStep charges a monthly subscription that repeats until you pass, plus an activation fee on the standard path afterwards. Pass quickly and TopStep is cheap; take six months and it is not.
Can you trade futures with FTMO or forex with TopStep?
No. FTMO offers CFDs across forex, indices, commodities, stocks and crypto. TopStep offers exchange-traded futures on CME, CBOT, NYMEX and COMEX only. If you want one firm covering both, look at firms listed in both our CFD and futures categories, such as FundedNext, E8 or FTUK.
Compare firms in the right category
Pick your market first, then put any two firms in it side by side on rules that actually match.
Open the comparison tool