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Apex Files/Reading time · 8 min/12 July 2026
Apex vs Topstep: a verified comparison of two futures prop firms.
Fee structures, profit splits, drawdown models, payout speed, and rules compared directly from both official sources. No affiliate bias. Both firms get a fair read.
Verified 26 July 2026 · by Kevin Macia
Section 01·Overview
Two firms, the same market, different approaches.
Apex and Topstep are the two names that come up most often when futures traders research prop firm options. Both operate on CME markets, both accept traders globally, and both have paid out significant sums to funded traders. Note that Apex restricts approximately 80 or more countries from registering: the full list is in the Apex restricted countries guide. The similarities end there.
The two firms have built fundamentally different business models. Apex charges a one-time evaluation fee and a one-time activation fee, then never bills again. The full all-in breakdown at every account size is in the Apex Trader Funding total cost guide. Topstep charges a monthly subscription for the Trading Combine, which continues until you pass or stop. Those structural differences cascade through every comparison point.
This comparison uses verified data from both official sites, current as of May 2026. Neither firm is presented as the default winner. Both have genuine strengths and genuine limitations.
Apex Trader Funding
Founded 2021 · Austin, TX
Total paid out$823.6M
Trustpilot4.2 / 5, 20K+
Profit split100%
Max accounts20
Fee modelOne-time
Topstep
Founded 2012 · Chicago, IL
Total paid out$1.4B+
Trustpilot3.4 / 5, 14K+
Profit split90%
Max accounts5 + 1
Fee modelMonthly sub
Section 02·Full comparison
Every factor compared: Apex vs Topstep.
Every figure below is sourced from the official Apex and Topstep websites, verified in May 2026.
If you have reviewed the comparison and want to see current Apex evaluation pricing and account options before committing, the full details are on the Apex site.
Pay once for the evaluation and once for activation. No billing after that. A $50K Intraday account costs $246 all-in at standard pricing, or as low as $95.70 with code ONKAGNVZ. The cost is fixed and known upfront regardless of how long you take to pass.
Topstep
Monthly subscription until you pass. Standard $100K path: $149/month. A three-month evaluation costs $447 before the activation fee. Can be cheaper than Apex if you pass in one month. Compounds quickly if you take longer.
Neither model is inherently cheaper. The better value depends entirely on your realistic pass timeline.
02Profit split: 100% vs 90%
Apex
100% of all approved payouts on 4.0 accounts. No percentage retained. A $5,000 payout returns $5,000. The caveat: each PA closes after 6 payouts, requiring a new evaluation. Full payout ladder in the Apex payout cap guide.
Topstep
90% profit split on every withdrawal. Topstep retains 10%. A $5,000 payout returns $4,500. No payout cap per account, but each request is limited to $6,000. Topstep also charges $30 on ACH and Wire payouts.
Over six payouts the 10% gap compounds significantly. A $5,000 average payout across six cycles: Apex returns $30,000, Topstep returns $27,000.
03Scaling: 20 accounts vs 5
Apex
Up to 20 simultaneous Performance Accounts. A trader running multiple accounts can copy trades across all of them and compound payout potential significantly across the full payout ladder.
Topstep
Maximum 5 active Express Funded Accounts simultaneously, with only 1 Live Funded Account permitted at any time. For serious multi-account scaling, Topstep's structure is a hard ceiling.
For traders who want to scale capital exposure across multiple funded accounts, Apex's 20-account ceiling is a structural advantage Topstep cannot currently match.
Section 04·Topstep advantages
Three areas where Topstep has a genuine advantage.
An honest comparison requires acknowledging where Topstep outperforms Apex. There are three clear areas.
Operational history and total payoutsEven
Topstep was founded in 2012 and has paid out over $1.4 billion to traders across 15 years of operation. Apex was founded in 2021 and has paid out $823.6M in approximately three years. Both figures are impressive in context, but Topstep's longer track record and larger cumulative payout total carry meaningful weight for traders who prioritise firm longevity and stability.
Payout speedEven
Topstep's Aeropay integration delivers approved payouts to US traders in seconds. Apex 4.0 processes via ACH (US traders) and Plane (international), with funds typically arriving within 24-48 hours after approval. The gap is narrower than the legacy Apex model suggested, but Topstep's Aeropay is still faster for US traders. For international traders, both firms operate on similar timelines. Full Apex payout timing is in the Apex payout time guide.
Instrument availabilityEven
Apex suspended metals trading earlier in 2026 and reinstated it in May 2026. Gold (GC), Silver (SI), Copper (HG), Platinum (PL), and Palladium (PA) are tradeable again across all Apex accounts. Topstep has offered metals throughout. Both firms now support metals, so instrument access is no longer a point of difference. Compare them on fees, profit split, payout speed, and scaling instead.
Section 05·Honest read
Three things to understand before committing.
The honest read
Neither firm is regulated as a financial institution
Both Apex and Topstep are prop firms, not regulated brokers. Neither holds trader funds in segregated accounts, and neither is covered by investor protection schemes like SIPC. This is standard across the industry. It means your recourse in a genuine dispute is limited to each firm's internal process and community pressure, not a regulatory body. Topstep Brokerage LLC is separately registered with the CFTC as an introducing broker, but this applies to their brokerage arm, not the prop firm program itself.
Topstep's $6,000 per-request cap limits large single withdrawals
Topstep's maximum payout per request is $6,000. A trader who builds a $20,000 profit buffer cannot withdraw it in one transaction. Multiple requests over time are required. Apex does not state a per-request cap on payouts. For traders managing large funded account profits, this structural difference in withdrawal flexibility is worth factoring into account planning.
Apex's 6-payout cap means ongoing evaluation costs for active scalers
Each Apex PA closes after six payouts, requiring a new evaluation to continue. A trader running one account who reaches the cap must buy a new evaluation each time. At discounted evaluation prices this cost is manageable, but it is a recurring cost structure that does not exist at Topstep. Traders who scale to multiple accounts and reach caps frequently need to factor evaluation repurchase costs into their income model.
Section 06·The verdict
Apex or Topstep: the honest recommendation.
Apex Trader Funding
Choose Apex if
You want one-time fees with no recurring billing
You plan to scale across multiple funded accounts
You want a 100% profit split with no recurring fees
You prioritise 100% profit split over payout speed
For most futures traders, Apex offers stronger economics: 100% profit split, one-time fees with no recurring billing, and up to 20 simultaneous accounts. Topstep's advantages are specific: instant Aeropay payouts for US traders and 15 years of operational history. If those specific features are not central to your approach, Apex's fee model, profit split, and scaling capacity give it the stronger overall value proposition for disciplined futures traders.
The most fundamental difference is the fee model. Apex charges a one-time evaluation fee and a one-time activation fee, with no recurring billing. Topstep charges a monthly subscription for the Trading Combine until you pass or stop. Beyond fees, Apex pays 100% of profits while Topstep pays 90%, and Apex allows up to 20 simultaneous accounts versus Topstep's 5.
Topstep's Aeropay integration delivers approved payouts to US traders in seconds, which is faster than Apex's 24-48 hour processing window on 4.0 accounts. Both firms require qualifying trading days before a request can be submitted: 5 days for Apex, and 5 winning days of $150+ for Topstep's Standard path. The full Apex qualifying day requirements are in the Apex minimum payout guide.
Apex pays 100% of all approved payouts on 4.0 accounts. Topstep pays 90%, retaining 10% on every withdrawal. However, Apex caps each PA at 6 payouts before the account closes. Topstep has no payout cap per account, but each request is limited to $6,000. The better structure depends on your payout frequency and withdrawal amounts.
Yes, on both. Apex suspended metals earlier in 2026 and reinstated them in May 2026, so GC, MGC, SI, HG, PL, and PA are tradeable again across all Apex accounts. Topstep has offered metals throughout. Both firms now support metals, so the choice comes down to fees, profit split, payout speed, and scaling rather than instrument access.
Apex allows up to 20 simultaneous Performance Accounts. Topstep allows a maximum of 5 active Express Funded Accounts at once, plus 1 Live Funded Account. For traders who want to scale capital exposure across multiple funded accounts simultaneously, Apex's 20-account ceiling is a structural advantage that Topstep cannot currently match.
It depends on how long you take to pass. Apex's one-time evaluation fee runs $147 to $297 (Intraday) or $177 to $397 (EOD). Topstep's monthly subscription runs $95 to $229 per month. A trader who passes Apex in one attempt at a discounted price may pay significantly less than a Topstep trader who takes three months. Calculate your realistic pass timeline before comparing costs.
Both firms support day trading on CME futures. Apex suits day traders who want no recurring fees, 100% profit split, and multiple account scaling. Topstep suits day traders who prioritise instant payouts, proprietary platform tools via TopstepX, and a firm with longer operational history. Review current Apex evaluation options before committing.
Choosing a prop firm is the easy part. Trading profitably within its rules is where most funded accounts end. Pick the firm that fits how you actually trade, not how you plan to trade.
