Discount codes

Topstep terms and conditions: what the firm reserves

Topstep: a reading of 12 clauses from its terms and rules, quoted word for word and recorded on 17 September 2026 from its official pages. Its documents reserve the right to change its rules, deny or reduce a payout, close an account without having to give a reason and sanction a practice that is not on its list. Law governing disputes: Delaware (United States), with mandatory arbitration and a class action waiver. Evaluation fees are not refundable.

Recorded on 21 September 2026

The clauses, one by one

For each question, the status drawn from the documents, what it changes for a trader, and the firm's sentence exactly as written.

  1. Can the firm change its rules, including for an account already purchased?

    Yes

    The rules in force at purchase are not locked in: a profit target, a drawdown or a payout condition can change during the life of the account.

    Firm's wording · Section: 27. Prohibited conduct

    All use of the Site and Services, including trading in the Trading Combine®, is subject to trading rules established by Topstep (collectively, 'Trading Rules'), which are subject to change by Topstep in its sole and absolute discretion from time to time.

    Terms and conditions ↗Recorded on 17 September 2026Sentence found on the page on 21 September 2026

  2. Can the firm deny or reduce a payout at its discretion?

    Yes

    A requested payout is not secured until it is paid: the firm can deny or reduce it on the basis of its own assessment.

    Firm's wording · Section: The Do's and Don'ts of SIM Fills

    We retain the right to reject profit claims if abuse is suspected.

    Prohibited practices ↗Recorded on 17 September 2026Sentence found on the page on 21 September 2026

  3. Can the firm close an account without cause?

    Yes

    An account, funded accounts included, can be closed without the firm having to justify the decision.

    • No refund is provided for on closure.
    Firm's wording · Section: 21. Termination

    Topstep reserves the right to refuse to permit or to terminate your access to any of the Topstep Sites or Services at any time at its sole discretion.

    Terms and conditions ↗Recorded on 17 September 2026Sentence found on the page on 21 September 2026

  4. Is the list of prohibited practices open-ended?

    Yes

    The list of prohibited practices is not exhaustive: a strategy that is not on it can still be sanctioned.

    Firm's wording · Section: 27. Prohibited conduct

    Engaging in other conduct which in the sole discretion of Topstep, represents uncommercial activity, is intended to game the market, is not a viable trading strategy, or is not responsible trading, in each case as determined in the sole discretion of Topstep.

    Terms and conditions ↗Recorded on 17 September 2026Sentence found on the page on 21 September 2026

  5. Are accounts, funded ones included, simulated?

    Yes

    The documents say so: accounts are simulated. A payout is a sum paid by the firm, not the result of orders executed in the market.

    • Funded accounts are simulated as well.
    Firm's wording · Section: General Risk Disclosures

    The Trading Combine, Express Funded Accounts and Topstep Labs experiments are realistic simulations of trading under actual market conditions and are difficult to pass even for experienced traders.

    Risk disclosure ↗Recorded on 17 September 2026Sentence found on the page on 21 September 2026

  6. Are evaluation fees refundable?

    No

    Evaluation fees are not refundable, even if the account was never used.

    Firm's wording · Section: 3. Services

    You are not entitled to a refund of the fee, for example, if you cancel your Account or request the cancellation by e-mail, if you terminate the use of the Services prematurely (for example, by failing to complete the Trading Combine®), if you fail to meet the conditions of the Trading Combine®, if we suspend your Account or access to Services, or if you otherwise violate the Terms in any manner.

    Terms and conditions ↗Recorded on 17 September 2026Sentence found on the page on 21 September 2026

  7. Which law applies to a dispute?

    Specified

    A dispute is settled under this law, often far from the trader's country.

    • Designated law: Delaware (United States).
    Firm's wording · Section: 22. Jurisdiction and enforceability

    These Terms shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any principles of conflicts of law.

    Terms and conditions ↗Recorded on 17 September 2026Sentence found on the page on 21 September 2026

  8. Is arbitration mandatory?

    Yes

    A dispute does not go before a court but before an arbitrator appointed under the contract.

    • The contract includes a class action waiver.
    • Place of arbitration: Wilmington, Delaware.
    Firm's wording · Section: 22. Jurisdiction and enforceability

    Any dispute, claim, or controversy arising out of or relating to these Terms or the breach, termination, enforcement, interpretation, or validity thereof, including the determination of the scope or applicability of these Terms to arbitrate, shall be determined by arbitration in Wilmington, Delaware before one arbitrator.

    Terms and conditions ↗Recorded on 17 September 2026Sentence found on the page on 21 September 2026

  9. Is the firm's liability capped?

    Yes

    What a trader can claim if the firm is at fault is limited by the contract.

    • Cap: the amounts paid to the firm over the last month.
    Firm's wording · Section: 12. Limitation of liabilities

    IN NO EVENT WILL OUR LIABILITY FOR ANY CLAIM OF ANY KIND, WHETHER BASED IN CONTRACT, WARRANTY, TORT, STRICT LIABILITY, OR OTHERWISE, FOR ANY LOSSES OR DAMAGES ARISING OUT OF, CONNECTED WITH, OR RESULTING FROM, THESE TERMS OR THE PERFORMANCE OR BREACH THEREOF, OR ANY PRODUCT OR SERVICE OR THE USE OR PERFORMANCE THEREOF, EXCEED THE GREATER OF (a) THE AMOUNT PAID BY YOU TO TOPSTEP IN THE IMMEDIATELY PRECEDING MONTH FOR TOPSTEP'S PRODUCTS OR SERVICES OR (b) $100.

    Terms and conditions ↗Recorded on 17 September 2026Sentence found on the page on 21 September 2026

  10. Does the contract set a time limit to bring a claim?

    Not addressed

    No contractual time limit to act was found in the documents read.

    Terms and conditions ↗Recorded on 17 September 2026

  11. Who must check that the offer is legal in your country?

    Yes

    Checking that the offer is legal in the country of residence is the trader's responsibility, not the firm's.

    Firm's wording · Section: 4. Eligibility

    You are solely responsible for ensuring that these Terms are in compliance with all laws, rules and regulations applicable to you.

    Terms and conditions ↗Recorded on 17 September 2026Sentence found on the page on 21 September 2026

  12. What does the contract provide for a payment dispute?

    Yes

    ⚠ The document was changed on this subject on 21 September 2026. This reading is under review.

    Disputing a payment with your bank exposes you to a sanction set by the contract, such as the closure of your accounts.

    Firm's wording

    If you do not pay or cause Topstep not to be paid any Fee or portion of a Fee that is due (including by disputing, reversing, or terminating your payment for a Fee), then Topstep may, at its sole discretion, suspend or terminate your access to any Services.

    Terms and conditions ↗Recorded on 17 September 2026

Monitored documents

Each document is reread by our watcher. Every change is dated, and each version is kept with the capture that proves it.

Between the last date of one version and the first date of the next, we do not know which text was online, and we do not assume.

Changes to these documents

When a sentence that touches a clause changes, it is quoted before and after. When the document moves without us being able to pin it to a sentence, the entry says so.

  1. Prohibited practices · page edited, change not quotable

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  2. Terms and conditions · page edited, change not quotable

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  3. Simulated accounts

    added

    TopstepFunded offers live funded proprietary trading firm for individuals demonstrating proficiency in TopstepTrader’s simulated trading evaluation program.

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  4. Governing lawWhen you initiate or execute a transaction on a CME Group Inc. exchange, you consent to the exchange’s jurisdiction and agree to be bound by and comply with exchange rules.

    removed

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  5. Account closureAdditionally, in its sole discretion, Topstep may suspend or ban the trader from using all or a portion of the Site and Services.

    removed

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  6. Account closureIf Topstep identifies trading activity that, in its sole discretion, relates to Prohibited Conduct, Topstep reserves the right to delete the trading day and all profits (in a simulated environment), restart the account, or close the account.

    removed

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  7. Open-ended prohibitionsProhibited Conduct: To promote responsible trading and mitigate Prohibited Conduct (as such term is defined in the Terms of Use , such as exploiting the simulated environment, trading activity will be subject to review by our Risk and Compliance Teams.

    removed

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  8. Simulated accountsYou should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets.

    removed

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  9. Open-ended prohibitionsTopstep traders are prohibited from trading Stocks, Options, Forex, Spot Cryptocurrency, and CFDs; these products are not available in Topstep’s program or platforms.

    removed

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  10. Simulated accountsTopstepTrader, Topstep, Trading Combine, and Funded Account are all trademarks of TopstepTechnologies LLC.Simulated trading program services , comprising the Trading Combine, and the Express Funded Account, and Topstep Labs experiments are operated by TopstepTrader, LLC (“TopstepTrader”).

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  11. Simulated accountsTrader Combine Disclaimer: The Trading Combine is a realistic simulation of trading under actual market conditions and is difficult to pass even for experienced traders.The Trading Combine, Express Funded Accounts and Topstep Labs experiments are realistic simulations of trading under actual market conditions and are difficult to pass even for experienced traders.

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  12. Risk disclosure · page edited, change not quotable

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  13. Simulated accounts

    added

    TopstepFunded offers live funded proprietary trading firm for individuals demonstrating proficiency in TopstepTrader’s simulated trading evaluation program.

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  14. Open-ended prohibitions

    added

    Prohibited Conduct Notice

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  15. Simulated accountsTopstepTrader, Topstep, Trading Combine, and Funded Account are all trademarks of TopstepTechnologies LLC.Simulated trading program services , comprising the Trading Combine, and the Express Funded Account, and Topstep Labs experiments are operated by TopstepTrader, LLC (“TopstepTrader”).

    Version before ↗Version after ↗

  16. Simulated accountsTrader Combine Disclaimer: The Trading Combine is a realistic simulation of trading under actual market conditions and is difficult to pass even for experienced traders.The Trading Combine, Express Funded Accounts and Topstep Labs experiments are realistic simulations of trading under actual market conditions and are difficult to pass even for experienced traders.

    Version before ↗Version after ↗

  17. Open-ended prohibitionsProhibited Conduct: To promote responsible trading and mitigate Prohibited Conduct (as such term is defined in the Terms of Use , such as exploiting the simulated environment, trading activity will be subject to review by our Risk and Compliance Teams.To promote responsible trading and mitigate Prohibited Conduct (as such term is defined in the Terms of Use, such as exploiting the simulated environment, trading activity will be subject to review by our Risk and Compliance Teams.

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  18. Risk disclosure · page edited, change not quotable

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  19. Terms and conditions · page edited, change not quotable

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  20. Prohibited practices · page edited, change not quotable

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  21. Prohibited practices · page edited, change not quotable

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  22. Simulated accounts

    added

    Examples of exploiting or manipulating the Topstep simulator include, but are not limited to:

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  23. Open-ended prohibitions

    added

    Topstep prohibits using the simulated environment to gain an unfair edge.

    Version before ↗Version after ↗

  24. Simulated accounts

    added

    Exploiting the simulator will get you removed from the program.

    Version before ↗Version after ↗

  25. Open-ended prohibitions

    added

    Topstep prohibits specific trading behaviors that exploit program structure, contradict real-market discipline, or create financial risk for the firm.

    Version before ↗Version after ↗

  26. Open-ended prohibitions

    added

    From account stacking to SIM exploitation: what's not allowed

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  27. Open-ended prohibitionsPlease review this list of prohibited trading activities to stay informed and ensure your trading remains within our guidelines.

    removed

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  28. Open-ended prohibitionsTo maintain the integrity of our trading programs and protect the community, certain trading styles and strategies are prohibited.

    removed

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  29. Open-ended prohibitionsThis practice is not allowed as it exploits risk parameters and violates our trading guidelines.This exploits risk parameters and is not permitted.

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  30. Terms and conditions · page edited, change not quotable

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  31. Prohibited practices · page edited, change not quotable

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  32. Risk disclosure · page edited, change not quotable

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  33. Terms and conditions · page edited, change not quotable

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  34. Open-ended prohibitionsThese restrictions apply to all individuals residing in Live Restricted Jurisdictions (each, a “ Restricted Participant ”).These restrictions apply to all individuals residing in Live Restricted Jurisdictions (each, a “Restricted Participant”).

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  35. Open-ended prohibitionsNotwithstanding anything to the contrary, if you reside in a jurisdiction where (a) Topstep does not maintain an active relationship with a futures commission merchant partner who accepts live traders resident in your country, and/or (b) Topstep determines that providing access to a live trading account would be inconsistent with internal practices to comply with applicable laws and regulations (a “ Live Restricted Jurisdiction ”), then the following shall apply:Notwithstanding anything to the contrary, if you reside in a jurisdiction where (a) Topstep does not maintain an active relationship with a futures commission merchant partner who accepts live traders resident in your country, and/or (b) Topstep determines that providing access to a live trading account would be inconsistent with internal practices to comply with applicable laws and regulations (a “Live Restricted Jurisdiction”), then the following shall apply:

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  36. Terms and conditions · page edited, change not quotable

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  37. Open-ended prohibitions

    added

    Topstep reserves the right, in its sole discretion, to reject, modify, or remove any Profile Audio, with or without notice and without compensation or refund.

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  38. Account closure

    added

    You agree to indemnify and hold Topstep harmless from any claims arising from Topstep’s suspension or termination of your access to any Services for nonpayment.

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  39. Account closure

    added

    If you do not pay or cause Topstep not to be paid any Fee or portion of a Fee that is due (including by disputing, reversing, or terminating your payment for a Fee), then Topstep may, at its sole discretion, suspend or terminate your access to any Services with or without notice.

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  40. RefundsIf you lodge an unjustifiable complaint regarding the paid fee or disputes the paid fee with your bank or payment service Topstep (e.g., through chargeback services, dispute services, or other similar services), on the basis of which an annulment, cancellation or refund of the fee or any part thereof is requested, Topstep is entitled, at its own discretion, to stop providing to you any Services and refuse any future provision of any Services.

    removed

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  41. Open-ended prohibitionsSuch termination may result from a violation of the Terms or other referenced agreements, unauthorized use or reproduction of any publication or information, or any or no reason, all determined in Topstep’s sole discretion.Such termination may result from a violation of the Terms or other referenced agreements, unauthorized use or reproduction of any publication or information, nonpayment of any Fee or portion of a Fee, or any or no reason, all determined in Topstep’s sole discretion.

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  42. Account closureYou are not entitled to a refund of the fee, for example, if you cancel your Account or request the cancellation by e-mail, if you terminate the use of the Services prematurely (for example, by failing to complete the Trading Combine®), you fail to meet the conditions of the Trading Combine®, or if you violate the Terms in any manner.You are not entitled to a refund of the fee, for example, if you cancel your Account or request the cancellation by e-mail, if you terminate the use of the Services prematurely (for example, by failing to complete the Trading Combine®), if you fail to meet the conditions of the Trading Combine®, if we suspend your Account or access to Services, or if you otherwise violate the Terms in any manner.

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  43. Account closureWe may, in our sole discretion, elect to suspend or terminate access to, or use of, the Topstep Products and Content by anyone who violates these Terms.We may, in our sole discretion, elect to suspend or terminate access to, or use of, the Topstep Products and Content by anyone who violates these Terms, including but not limited to failure to pay any required Fee.

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  44. Prohibited practices · page edited, change not quotable

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  45. Risk disclosure · page edited, change not quotable

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  46. Risk disclosure · page edited, change not quotable

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  47. Prohibited practices · page edited, change not quotable

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  48. Risk disclosure · page edited, change not quotable

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  49. Prohibited practices · page edited, change not quotable

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  50. Terms and conditions · page edited, change not quotable

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Frequently asked questions about the terms of Topstep

Can Topstep deny or reduce a payout?

Yes, according to the documents published by Topstep. A requested payout is not secured until it is paid: the firm can deny or reduce it on the basis of its own assessment.

Can Topstep change its rules for an account already purchased?

Yes, according to the documents published by Topstep. The rules in force at purchase are not locked in: a profit target, a drawdown or a payout condition can change during the life of the account.

Are evaluation fees at Topstep refundable?

No, according to the documents published by Topstep. Evaluation fees are not refundable, even if the account was never used.

Does a dispute with Topstep go to mandatory arbitration?

Yes, according to the documents published by Topstep. A dispute does not go before a court but before an arbitrator appointed under the contract. The contract includes a class action waiver. Place of arbitration: Wilmington, Delaware.

How these terms are read

We read the terms and conditions, trading rules and disclosures that each firm publishes on its own website, and only there. Every document goes through the same twelve-question grid. An answer is only published once the sentence it rests on has been found word for word in the page our watcher recorded itself, and then reviewed. We quote the text as written, without paraphrasing it, so that anyone can check it. When a document does not address a question, we say so, without inferring a yes or a no.

This page describes what documents say at a given date. It is not legal advice, it does not say whether a clause is valid under your national law, and it does not replace reading the full contract before a purchase.

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