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.
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. 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. Topstep charges a monthly subscription for the Trading Combine, which continues until you pass or stop. Those structural differences cascade through every comparison point: how you think about cost, how you approach the funded account, and how you plan your payout strategy.
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, and this article names both plainly.
The full comparison: Apex vs Topstep
Every figure in the table below is sourced from the official Apex and Topstep websites, verified in May 2026.
| Factor | Apex Trader Funding | Topstep |
|---|---|---|
| Founded | 2021, Austin TX | 2012, Chicago IL |
| Total paid out | $796.69M since 2022 | $1.4B+ since 2012 |
| Evaluation model | One-time fee, 30 days | Monthly subscription |
| Evaluation fee | $147 to $297 (Intraday) or $177 to $397 (EOD) (discounted with codes) | $95 to $229/month |
| Activation fee | $79 Intraday / $99 EOD (one-time) | $149 Standard path / $0 No-Activation path |
| Profit split | 100% on all approved payouts | 90% (trader keeps 90%) |
| Max payout/request | No stated cap | $6,000 per request |
| Payout qualifying days | 5 trading days | 5 winning days (Standard) / 3 days (Consistency) |
| Payout speed | 5 to 11 business days | Instant via Aeropay (US) / 3-5 days other |
| Payout fee | None stated | $30 for ACH and Wire |
| Max simultaneous accounts | 20 | 5 Express Funded + 1 Live |
| Drawdown model | EOD or Intraday trailing | Maximum Loss Limit (EOD-based) |
| Account sizes | $25K, $50K, $100K, $150K | $50K, $100K, $150K |
| Metals trading | Suspended since Feb 5, 2026 | Available |
| Platforms | NinjaTrader, Tradovate, Rithmic, TradingView, WealthCharts | TopstepX + NinjaTrader |
| Trustpilot | 4.3 / 5, 19K+ reviews | 3.4 / 5, 14,020 reviews |
| Community | r/ApexTraderFunding, Discord | 200K+ traders, Discord 174K+, YouTube 211K+ |
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.
Review current Apex evaluation pricing →The three differences that matter most
1. Fee model: one-time vs monthly
This is the most consequential structural difference between the two firms. Apex charges you once for an evaluation and once for activation. After that, there is no billing. You can take months to pass, reset as often as needed within your 30-day window, and never face a recurring charge for holding a PA.
Topstep bills monthly for the Trading Combine. A trader who takes three months to pass pays three months of subscription fees. The Standard path at $100K is $149 per month, which means a three-month evaluation costs $447 before the one-time $149 activation fee charged after passing. The No-Activation Fee path eliminates the post-pass charge but carries a higher monthly rate. Neither model is inherently more expensive. The better value depends entirely on how long you take to pass.
For traders who pass quickly, Topstep's monthly model can be competitive. For traders who take longer, Apex's one-time fee provides more predictable cost exposure.
2. Profit split: 100% vs 90%
Apex pays 100% of all approved payouts on new 4.0 accounts. Topstep pays 90%, retaining 10% on every withdrawal. On small payouts the difference is minor. On larger ones it compounds. A trader withdrawing $5,000 keeps $5,000 from Apex and $4,500 from Topstep. Over six payouts the gap widens further.
The caveat on the Apex side: each PA has a maximum of 6 payouts before the account closes and a new evaluation is required. Topstep does not operate on a payout cap structure. A Topstep Express Funded Account can continue generating payouts without a hard ceiling, though each request is capped at $6,000.
3. Scaling: 20 accounts vs 5
Apex allows up to 20 simultaneous Performance Accounts. A trader running multiple accounts can copy trades across all of them and compound payout potential significantly. Topstep allows a maximum of 5 active Express Funded Accounts simultaneously, with only 1 Live Funded Account permitted at any time.
For traders who want to scale capital exposure across multiple funded accounts, Apex's 20-account ceiling is a structural advantage that Topstep cannot match under its current model.
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 payouts
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 $796.69M 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 speed
Topstep's Aeropay integration delivers approved payouts to US traders in seconds. That is genuinely faster than Apex's 5-to-11 business day processing window. For traders who prioritise fast access to their profits, Topstep's instant payout capability is a real operational advantage.
Metals and broader instrument availability
Apex suspended all metals trading (GC, MGC, SI, HG, PL, PA) on February 5, 2026. No return date has been announced. Topstep allows metals trading. For traders whose strategy depends on gold or silver futures, Apex is not currently a viable option. Topstep is.
Three things to understand before committing
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. They must submit multiple requests over time. 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 six times in a year pays for six new evaluations. 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.
Apex or Topstep: the honest recommendation
Choose Apex if
- You want one-time fees, no recurring billing
- You plan to scale across multiple funded accounts
- You trade instruments other than metals
- You prioritise 100% profit split over payout speed
- You want a $25K account option
Choose Topstep if
- You trade metals (GC, SI, HG, PL, PA)
- You need instant payout access via Aeropay
- You prefer 15 years of operational history
- You plan to hold one account rather than scale
- You pass evaluations quickly
Before making a final decision, the Is Apex Trader Funding legit article covers Apex's full business model and community evidence. The Apex trailing drawdown explained guide covers the EOD and Intraday mechanics that determine how much room you have to trade. And the Apex Trader Funding activation fee article breaks down the full cost structure before you commit.
If Apex fits your profile and you want to review current evaluation options and pricing, the full account details are on the Apex site.
Review current Apex evaluation options and pricing →What traders also ask.
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.