Topstep vs The Concept Trading – Elite Prop Firms Comparison
Introduction
Topstep and The Concept Trading are positioned for very different trader profiles. Topstep, founded in Chicago in 2012, invented the modern prop-firm evaluation model and has paid out more than $1 billion to funded CME futures traders – single-phase Trading Combine®, monthly subscription, mandatory TopstepX platform for new accounts since July 2025. The Concept Trading (TCT) is an Australian firm founded in 2021 and run by CEO David Long under an ASIC-regulated CAR structure (Vested Equities AFSL 478987). TCT offers a one-rule philosophy – don’t hit the static drawdown – across five multi-asset programs (Foundation, Traditional, Premier, Empire, Xtreme) scaling up to $50,000,000, with optional Instant Funded entry on three of them. The two firms differ on instruments (futures-only vs multi-asset), evaluation structure (single-phase Combine vs program-by-program), and ruleset (one-rule TCT vs Topstep’s trailing MLL + consistency rule), so the right pick depends on which trade-offs match your style.
Quick Comparison |
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| Feature | Topstep | The Concept Trading |
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| Founded | 2012 (Chicago, IL) | 2021 (Maroochydore QLD, Australia); ASIC-regulated structure |
| Trustpilot Rating | 3.4/5 (13,872+ reviews, April 2026) | 4.6/5 (443 reviews, April 2026) |
| Account Sizes | $50K / $100K / $150K Trading Combine® | Foundation entry up to $50,000,000 via Xtreme scaling |
| Profit Split | 100% on first $10K, 90/10 thereafter | 50% – 90% depending on program and level; 90% Lock Rule available |
| Evaluation Style | Single-phase Trading Combine® | Two-stage Foundation; one-step Traditional, Premier, Empire, Xtreme; Instant Funded option |
| Review | Read full review | Read full review |
Program Types – Which experience fits your goals? |
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|---|---|---|
| Program | Topstep | The Concept Trading |
| Standard Evaluation | Trading Combine® at $50K, $100K or $150K | Traditional one-step – 6% target, 4% static drawdown, scales to $2M |
| Express / Single-Step | Combine is single-phase by default | Premier, Empire, and Xtreme are one-step; Foundation is two-stage |
| Practice / Demo | Not offered separately | Instant Funded option on Traditional, Premier, and Xtreme – skip the assessment entirely |
| Educational Support | Discord (150,000+ traders), live trading rooms, daily sessions | Trading courses, blog, and market analysis content |
| Account Scaling | Limited beyond the largest Combine size | Up to $50M across 11 Xtreme levels; ~70% per Traditional/Premier level, 80% per Xtreme level |
Assessment Criteria – How can you pass the test? |
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| Criteria | Topstep | The Concept Trading |
| Profit Target (Phase 1) | 6% – $3,000 / $6,000 / $9,000 (Small / Medium / Large) | 6% (Traditional / Xtreme) up to 10% (Empire) per level |
| Profit Target (Phase 2) | N/A – single phase | N/A on one-step programs; Foundation uses a two-stage structure |
| Maximum Daily Loss | None – no daily loss limit | None – no daily drawdown limit on any program |
| Maximum Trailing Drawdown | End-of-day trailing MLL: $2,000 / $3,000 / $4,500; stops trailing at starting balance | Static drawdown (not trailing): 4% Traditional, 5% Premier, 10% Empire, 3% Xtreme, 6% Foundation |
| Minimum Trading Days | 5 trading days | None on Traditional, Premier, Empire, Xtreme; 3 days on Foundation |
| Time Limit | None – trade at your own pace | None – no time limit on any TCT program |
| Consistency Rule | Best day cannot exceed 50% of total profits at payout | One primary rule – do not breach the static drawdown |
Fees and Pricing – How much will you pay? |
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|---|---|---|
| Option | Topstep | The Concept Trading |
| Entry Level | $50K Combine: $49/month + $149 activation, or $109/month no-activation | Foundation from $65; Traditional from $97 |
| Mid Tier | $100K Combine: $99/month + $149 activation, or $159/month no-activation | Premier from $297; Xtreme from $300 |
| Premium | $150K Combine: $149/month + $149 activation, or $209/month no-activation | Empire from $997; Instant Funded available on Traditional, Premier and Xtreme |
| Reset Fee | One free reset credit earned per monthly renewal | No separate reset fee – purchase a new challenge at the standard program cost |
| Refundable? | Activation-fee path or no-activation path; subscription is non-refundable | One-time fee model; refund policy applies at firm discretion |
| Coupons | See discounts | Coupon Code |
| Review | Read full review | Read full review |
Platforms/Tools – What can you use? |
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|---|---|---|
| Platform | Topstep | The Concept Trading |
| Trading Platforms | TopstepX only (mandatory for new accounts since July 2025) | Multi-asset platform tied to TCT’s group broker infrastructure |
| Data Feed | Bundled with TopstepX | Pro Spreads option for tighter FX spreads; Normal Spreads option without commission |
| Mobile Trading | Mobile-browser support | Mobile access supported via the trading platform |
| Custom Indicators | Integrated TradingView charting plus the proprietary Tilt™ risk indicator | Standard indicator support available via the trading platform |
| Automated Trading | EAs fully permitted, no restrictions | Algorithmic trading and EAs permitted across all programs |
| News Feed | Integrated within TopstepX | News trading permitted with no restrictions on high-impact releases |
Available Markets/Products |
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|---|---|---|
| Market | Topstep | The Concept Trading |
| Forex | Not offered | Available on the Pro Spreads option with a $6 round-turn commission |
| Index Futures / Indices | ES, NQ and the full CME index suite | Indices available with variable spreads |
| Energy / Commodities | CL and full CME energy and commodity complex | Commodities available with variable spreads |
| Metals | GC and CME metals | Metals available within the commodity coverage |
| Crypto | Not offered | Crypto available with variable spreads |
| Stocks | Not offered | Not specified – no individual stock CFDs advertised |
| Total Coverage | CME Group futures only | Forex, indices, commodities, metals, and crypto; up to 1:200 leverage on Traditional, 1:30 on Xtreme |
Technical Capabilities/Performance |
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|---|---|---|
| Feature | Topstep | The Concept Trading |
| Execution Speed | Direct via TopstepX infrastructure | Routed through TCT’s group broker liquidity stack |
| Automated Trading | EAs permitted with no specific restrictions | EAs and algorithmic strategies permitted across all programs |
| Order Types | Standard futures order set (Market, Limit, Stop, OCO) | Standard CFD order types via the trading platform |
| Platform Reliability | Established since 2012; $1B+ in cumulative payouts | Founded 2021; ASIC-regulated structure under AFSL 478987 |
| Data Feed Quality | TopstepX-bundled CME data | Pro Spreads for tighter FX pricing; Normal Spreads as the no-commission option |
| Trading Hours | Standard CME futures sessions | Standard CFD trading hours; overnight and weekend holds permitted |
Support and Community |
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|---|---|---|
| Support Feature | Topstep | The Concept Trading |
| Customer Support Hours | Live chat, email, phone, SMS, WhatsApp | Monday to Friday, 9am–5pm AEST |
| Response Time | Same-day during business hours | Not specified |
| Live Coaching | Daily live trading sessions and webinars | Trading courses and market analysis content via the firm’s education hub |
| Trading Community | 150,000+ Discord members | Australian, UK, and Indonesia presence; community details not published |
| Educational Resources | Multiple tracks, courses, podcasts | Trading courses, blog, and market analysis content |
| Success Stories | $1B+ in cumulative payouts | Scaling pathway to $50,000,000 across the Xtreme program |
Conclusion and Final Recommendation |
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|---|---|---|
| Key Element | Topstep | The Concept Trading |
| Strengths | Longest live track record in futures, no daily loss limit, EAs permitted, $1B+ payouts, deep education ecosystem | ASIC-regulated structure, one-rule philosophy, no daily drawdown, scaling to $50M, Instant Funded option, 90% Lock Rule, 4.6/5 Trustpilot |
| Weaknesses | Monthly subscription compounds; TopstepX-only platform; CME futures only | Profit-split floor at 50% on lower tiers; weekly payouts only at top level or with 90% Lock; static drawdown means a single bad sequence can end the account |
| Best For | Futures traders who want pedigree and the most established US-futures evaluation experience | Multi-asset discretionary traders who want maximum freedom, aggressive scaling, and a regulated firm with a simple ruleset |
| Final Grade | 4.4/5 | 4.5/5 |
| Discount Codes | – | Coupon Code |
| Review | Read full review | Read full review |
FAQ
Do Topstep and The Concept Trading offer the same instruments?
No. Topstep is CME Group futures only – index, energy, metals, and currency futures (ES, NQ, CL, GC and similar). The Concept Trading is a multi-asset CFD firm covering forex, indices, commodities, metals, and crypto with up to 1:200 leverage on Traditional and 1:30 on Xtreme. The two firms barely overlap on tradable products.
How are the rules structured at each firm?
Topstep uses a single-phase Trading Combine® with a 6% profit target and a trailing maximum loss limit (no daily loss limit, but the trailing MLL is the main constraint). The Concept Trading has one core rule across most of its programs: do not breach the static drawdown. There are no daily drawdown limits, no minimum trading days on Traditional, Premier, Empire, or Xtreme, no time limits, and no restrictions on trading style – scalping, news trading, hedging, and EAs are all permitted.
How do payouts compare?
At Topstep, the first payout is available after a minimum holding period in the funded account (around 8–10 trading days), with subsequent payouts every 14 days; daily payouts unlock after 30 consecutive winning days. At The Concept Trading, weekly payouts are available at top-tier programs or with the 90% Lock Rule; otherwise traders are paid at each scaling target with one additional withdrawal per month. Payment rails include bank transfer, crypto, Revolut, and PayPal.
What is the 90% Lock Rule?
The 90% Lock Rule is a TCT feature that lets you lock your account at a funded level and retain 90% of all future profits from that point. It rewards consistent long-term performers and is one of the main scaling levers on the platform. Topstep has no direct equivalent; its profit split is 100% of the first $10,000 and 90/10 thereafter, applied across all funded accounts combined.
Which firm is more regulated?
The Concept Trading. The firm operates through The Concept AU/NZ Pty Ltd as a Corporate Authorised Representative of Vested Equities Pty Ltd, which holds Australian Financial Services Licence (AFSL) No. 478987 from ASIC. Topstep is a US prop firm – the funded accounts are simulated until profits are paid, and the firm is not a regulated brokerage.
How was this 2 companies Comparison Created?
1. We Collect
We pull each firm’s public-facing rules, fees, drawdown parameters, profit splits, platforms, and supported markets from their official documentation and our own JoinProp reviews.
2. We Examine
Each criterion is normalised so the two firms are compared on the same axis – for example, “drawdown” is broken down into trailing vs static, intraday vs end-of-day, and any reset conditions.
3. We Score
Where one firm offers a meaningfully better term – lower fees, broader markets, more permissive rules – we identify it and explain the trade-off.
4. You Choose
The conclusion is written so you can match a firm to your trading style: instrument coverage, evaluation tolerance, and payout cadence are the three filters most traders should care about.
