Topstep vs The Concept Trading – Elite Prop Firms Comparison
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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 Facts
| Feature | Topstep | The Concept Trading |
|---|---|---|
| 
| |
| Founded | 2012 | 2021 |
| Profit Split | 100% first $10,000, then 90/10 | 50% all levels except top (90%) |
| Maximum Account Size | $150,000 | $5,000,000 |
| Evaluation Phases | 1 | — |
| Trustpilot Rating | 3.4 | 4.7 |
| Expert Grade | 9 | 9.1 |
Program Types
| Program | Topstep | The Concept Trading |
|---|---|---|
| Entry Level Program | Yes | AUD 65 |
| Advanced Program | — | AUD 19997 |
| Scaling Options | No | Yes |
| Demo Account | No | Yes |
Rules & Assessment
| Criteria | Topstep | The Concept Trading |
|---|---|---|
| Profit Target | 6% | 6-10% |
| Maximum Drawdown | Trailing MLL: $2,000-$4,500 | 3-10% static |
| Minimum Trading Days | 5 | — |
| News Trading | Yes | Yes |
Fees & Pricing
| Option | Topstep | The Concept Trading |
|---|---|---|
| CFD $5K Account | Not offered | AUD 65 / Foundation / One-time |
| CFD $10K Account | Not offered | AUD 110 / Foundation / One-time |
| CFD $25K Account | Not offered | AUD 260 / Foundation / One-time |
| Futures $50K Account | USD 49 / Trading Combine / Monthly | Not offered |
| Futures $100K Account | USD 99 / Trading Combine / Monthly | Not offered |
| Futures $150K Account | USD 149 / Trading Combine / Monthly | Not offered |
| Coupons / Discount | Topstep discount | The Concept Trading discount |
Platforms & Markets
| Feature | Topstep | The Concept Trading |
|---|---|---|
| Trading Platforms | TopstepX | MetaTrader 5, TradeLocker |
| Forex | Yes | Yes |
| Stocks | No | — |
| Indices | Yes | — |
| Commodities | Yes | — |
| Cryptocurrencies | No | Yes |
| Bonds | Yes | — |
| EA/Algo Trading | Yes | Yes |
Payout
| Feature | Topstep | The Concept Trading |
|---|---|---|
| Payout Terms | Bi-weekly via ACH, wire, or Rise; $50 minimum | Once per calendar month (Bank transfer, Crypto, Revolut, PayPal) |
| See all prop firm payouts → | ||
Verdict
| Key Element | Topstep | The Concept Trading |
|---|---|---|
| Strengths | Industry pioneer, generous first $10K profit split, no time limits, EAs permitted, no daily loss limit, $1B+ paid to traders | Static drawdown, no daily drawdown, permissive rules, EAs/HFT allowed, low entry fees |
| Weaknesses | Monthly subscription fees compound, $149 activation fee, TopstepX platform exclusive, futures-only, trailing MLL can catch intraday profit-takers | Misleading 90% marketing, one payout/month only, 30-day invoice deadline, capped profits, new discretionary clause |
| Best For | Serious futures traders seeking established firm with forgiving evaluation | Long-term scalers seeking trading freedom, not monthly income seekers |
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.