If improving your trading skills and using someone else’s money to fund trades is on your agenda, it might be worthwhile to evaluate FTMO vs. Topstep. The two prop trading firms – which offer you a funded account if you pass their evaluations – are considered some of the best trading platforms to help you become a better trader.
A detailed analysis of FTMO vs. Topstep can help you decide whether either of these prop firms fits your trading style and goals.
- What Is FTMO?
- Pros
- Cons
- See All 14 Items
What Is FTMO?
FTMO touts itself as the modern proprietary trading firm that can help you enhance your trading skills. Founded in Prague, Czech Republic, by Marek Vasicek and Otakar Suffner, FTMO aims to identify and fund talented traders.
FTMO uses a two-step evaluation process, the FTMO Challenge and Verification, to help traders become profitable and confident. It also assists them in developing into professional traders. FTMO offers the following features:
- An array of securities
- Account sizes ranging from €10,000 to €200,000
- Advanced trading tools
- A wealth of educational materials
The platform also provides a favorable profit split of 80:20 that can scale up to 90:10 based on your performance.
Pros
- 24/7 client support
- Multilingual support
- 80% profit split
- Refundable fee after evaluation
- Educational resources
Cons
- Two-stage evaluation
- Minimum trading days
- Strict requirements
What Is Topstep?
Topstep focuses on teaching people how to become futures traders. Founded in 2012 by Michael Patak and based in Chicago, Topstep previously offered a program in foreign exchange trading to help traders develop their skills to reach significant profits in forex markets.
The company shut down its forex program in 2022. Topstep is solely focused on trading futures. The evaluation at Topstep is called the Trading Combine, a process that assesses your ability to implement your strategy and manage risk.
The emphasis is on performing consistently while producing a profit. Once you pass the Trading Combine, you must trade consistently in a simulated account before receiving funding in a live account.
Pros
- Keep first $10,000 earned
- 90% profit split later
- Well-established
- Access to coaches
- Educational resources
Cons
- Exchange fees as a professional
- Days to payout
- Only futures available
Comparing FTMO vs. Topstep
The first thing to know about FTMO vs. Topstep is that these are two premier prop firms. While you will find similarities, your decision about where you want to trade might be in the differences between these prop trading firms.
Consider what FTMO vs. Topstep offers regarding features, pricing, trading platforms, educational resources and payment options. Doing so can help you decide whether either platform is right for you.
Features
When comparing FTMO vs. Topstep, it’s important to understand that both trading platforms have features. Starting at the top, the platforms give traders access to different financial instruments. FTMO provides you access to:
- Forex
- Contracts for difference (CFDs)
- Cryptocurrencies
- Stocks
- Currency pairs
- Stock indices
- Commodities
Topstep has chosen to focus on futures alone. FTMO is available from your desktop and through Web-based and mobile apps and TopstepX can be used on a PC, Mac or mobile device.
Pricing
FTMO and Topstep really diverge in cost. FTMO charges a one-time fee based on the account size and risk mode you choose. In normal mode, you can purchase a $10,000 challenge for €155 and up to a $200,000 challenge for €1,080.
In aggressive mode, a $10,000 challenge can cost you €250 and a $100,000 challenge can cost €1,080. If you pass your challenge and verification, FTMO will refund your charge. The platform won’t charge additional fees, but you can expect other charges when trading.
On Topstep, you must pay a recurring monthly fee for the Trading Combine. Once you reach live funding, the fee is dropped. For a $50,000 account, the fee is $49 per month. A monthly fee of $99 will get you an account of $100,000 and $149 per month will buy you an account of $150,000.
Trading Platforms
Trading platforms can play a significant role in trading. FTMO supports the following platforms, which are widely used and popular for forex trading:
- MetaTrader 4
- MetaTrader 5
- cTrader
- DXTrade
These trading platforms can accommodate diverse trading styles and preferences for accessing data.
On Topstep, traders also have access to several platforms:
- TopstepX
- NinjaTrader
- Quantower
- Tradovate
- TradingView
- T4
- R|Trader Pro
- ATAS OrderFlow Trading
- MotiveWave
- VolFix
- Bookmap
- Investor/RT
- Jigsaw Daytradr
- MultiCharts
- Sierra Chart
- Trade Navigator
Topstep recommends using TopstepX, NinjaTrader or Quantower for future trading, but it supports additional platforms that might work better for a trader’s device or preferences.
Educational Resources
FTMO and Topstep are known for educating traders and would-be traders. Both platforms offer comprehensive educational resources to teach trading from beginning to end, including financial markets, trading analysis, trading strategy and more.
Topstep’s educational offering is Futures Trading 101 and FTMO has the FTMO Academy. Each platform focuses on growing traders’ skills through comprehensive guides, tactical webinars, community forums and other skill-enhancing tools. FTMO and Topstep provide free coaching and Topstep streams live trading on its TopstepTVTM.
Payment Options
If you have a preferred online payment method, the ones that each prop firm accepts might mark a clear winner for you. FTMO and Topstep give you options, but FTMO provides a broader range of payment methods, including:
- Bank wire transfer
- Cryptocurrencies
- Google Pay
- Skrill
At Topstep, you can use PayPal or a debit or credit card from Visa, Mastercard, American Express or Discover.
Choose the Prop Trading Platform That Fits You
FTMO and Topstep are considered to be among the top proprietary trading platforms. Traders will naturally compare FTMO vs. Topstep and there are similarities between the two.
However, these platforms' differences start from the financial instruments you can trade. FTMO offers an array of securities to trade in, but no futures trading and Topstep only offers futures trading. The cost structures differ, too. Both companies also support very different trading platforms, which may make you prefer one.
From this comparison of FTMO vs. Topstep, you can see clear differences, but the goal of each platform is to help traders improve their skills. You will find great educational resources available no matter what your platform is. Now that you have all the details, you can decide which platform fits your needs.
Frequently Asked Questions
Is FTMO the best prop firm?
The best prop firm for you depends on your trading strategies and goals. However, FTMO is highly rated among prop traders.
Who is Topstep's competitor?
Many proprietary trading platforms could be considered competitors of Topstep. However, here are three top alternatives to Topstep: Take Profit Trader, My Funded Futures and Apex Trader Funding.
What is the most trusted prop firm?
Prop traders consider reviews and ratings on Trustpilot the most reliable, so you can check the reviews and number of stars out of five of a firm you want to use. On Trustpilot, FTMO and Topstep are highly trusted. FTMO has a rating of 4.8 out of five stars from 16,306 reviews and Topstep has a rating of 4.6 stars out of five from 6,663 reviews.
About Sarah Edwards
Sarah Edwards is a finance writer passionate about helping people learn more about what’s needed to achieve their financial goals. She has nearly a decade of writing experience focused on budgeting, investment strategies, retirement and industry trends. Her work has been published on NerdWallet and FinImpact.