Updated September 28, 2026 · BrokerCue Editorial Team
Fidelity vs Topstep
Where Fidelity and Topstep differ
| Compare |  Fidelity |  Topstep |
|---|---|---|
| Minimum deposit | $0Lower | $49 |
| Stock trade fee | $0Lower | $0.50 |
| Markets | Stocks, ETFs, Options, Bonds, Funds, Futures, ForexCovers more | Futures |
| Regulators | SEC, FINRA, SIPC | National Futures Association (NFA) registered introducing broker, Topstep Brokerage LLC, Commodity Futures Trading Commission (CFTC) registered FCM / NFA member, Plus500US Financial Services LLC |
| Margin rate | 12.375% | Not confirmed |
| Options contract fee | $0.65 | Not confirmed |
| Deposit and withdrawal fees | Not confirmed | 1% processing fee on debit card deposits and withdrawals; wire fee $10 outbound, $0 inbound |
| Platforms | Not confirmed | TopstepX |
| Account types | IRA, Roth IRA, Joint | Not confirmed |
Same on both: Account fee ($0), Inactivity fee ($0), Investor protection (SIPC up to USD 500,000).
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Key differences
- Regulators: only Fidelity offers SEC, FINRA, SIPC.
- Regulators: only Topstep offers National Futures Association (NFA) registered introducing broker, Topstep Brokerage LLC, Commodity Futures Trading Commission (CFTC) registered FCM / NFA member, Plus500US Financial Services LLC.
- Founded is lower at Fidelity: 1946 vs 2010.
- Minimum deposit is lower at Fidelity: $0 vs $49.
- Stock trade fee is lower at Fidelity: $0 vs $0.50.
- Markets: only Fidelity offers Stocks, ETFs, Options.
- Support channels: only Topstep offers Email, Chat, Help centre.
- Features: only Fidelity offers Fractional shares, Mobile app, Crypto.
- Pricing model: only Fidelity offers Commission free.
- Pricing model: only Topstep offers Low fees.
Our verdict on each
Fidelity
Fidelity is a US brokerage that suits investors who want to hold and trade without a standing charge: its minimum deposit, account fee and inactivity fee all sit at $0, $0 and $0. Stock dealing is commission-free, with SIPC protection recorded as SIPC up to USD 500,000.
Topstep
Topstep suits beginners who want a low-cost route into futures prop trading, pairing a challenge price of $49 with a profit split of 90% that is competitive without topping the table. The brokerage account adds an account fee of $0 and payouts Every 2 weeks, so it suits a funded account you plan to grow.
Score breakdown
| Area | Fidelity | Topstep |
|---|---|---|
| Cost | 9.1Site ranks it 1 of 138 on account fee and 1 of 161 on stock trade fee. | 9.4HigherAccount fees are $0, the inactivity fee is $0 and the challenge costs $49, against a site median of €56.56. |
| Offer | 9.5 | 9.7Higher90% paid Every 2 weeks on a 2 step evaluation, with markets limited to futures. |
| Trust | 9.8Higher | 9.5 |
Which one suits you
Pick Fidelity if trust, minimum deposit, stock trade fee, and markets matter most.
Pick Topstep if cost matter most.
Cost in a real example
A year: 5,000 invested, 4 US stock trades a month
Fidelity
$0
48 × $0 + 1 × $0
Topstep
$24
48 × $0.50 + 1 × $0
Fidelity costs $24 less.
Worked out from the stated prices and rates; your own total depends on how you use it. Facts checked September 26, 2026.
Licences and countries
| Country | Fidelity | Topstep |
|---|---|---|
| United States | SIPC SIPC member 23292 | Not confirmed |
How they place
| Ranking | Fidelity | Topstep |
|---|---|---|
| Futures trading platforms | 10 of 83 | 12 of 83 |
| Brokers for beginners | 12 of 88 | 17 of 88 |
Every fact side by side
| Fact | Fidelity | Topstep |
|---|---|---|
| Features | Fractional shares, Demo account, Mobile app, Crypto, Options, FuturesCovers more | Demo account, Futures |
| Pricing model | Commission free | Low fees |
| Audience | Beginners, ExperiencedCovers more | Beginners |
| Legal entity | FIDELITY BROKERAGE SERVICES LLC | Topstep LLC |
| Headquarters | United States | United States |
| Founded | 1946Lower | 2010 |
| Support channels | Phone, Community | Email, Chat, Phone, Help centre, CommunityCovers more |
Robo-advisors
| Fact | Fidelity | Topstep |
|---|---|---|
| Portfolio types | ETF, ESG, Crypto | Not confirmed |
Where each stands against the rest
| Fact | Fidelity | Topstep | Median |
|---|---|---|---|
| Minimum deposit | $0below the median | $49above the median | $10 |
| Stock trade fee | $0at the median | $0.50highest quarter | $0 |
| Account fee | $0at the median | $0at the median | $0 |
| Inactivity fee | $0at the median | $0at the median | $0 |
| Margin rate | 12.375%highest quarter | Not confirmed | 8.79% |
| Options contract fee | $0.65above the median | Not confirmed | $0.59 |
Median across 99 listed brokers.
Pros and cons
Fidelity
Pros
- Costs sit at the floor: stock trade fee $0, account fee $0, inactivity fee $0 and minimum deposit $0
- The client entity is listed on the SIPC register as SIPC member 23292, with protection recorded at SIPC up to USD 500,000
- Account types cover retirement and shared holdings: ira, roth ira and joint
Cons
- Support runs on phone and community only, so that list carries no chat or email channel
- Options contracts cost $0.65 each, the main charge where stock dealing is free
- Margin borrowing is priced at 12.375%, a cost on top of the free equity dealing
Topstep
Pros
- Entry is priced at $49 for a 2 step evaluation, with a profit split of 90%.
- The brokerage account fee is $0 and the inactivity fee is $0, so an account left open does not slowly bleed money.
- Payouts arrive Every 2 weeks, a steadier rhythm than a single monthly cycle.
Cons
- The split of 90% leaves a share of profits with the firm, where Apex Trader Funding shares 100%.
- Markets are futures only, against 80.6% of the brands here that cover stocks.
- Topstep ranks 7 of 21 on challenge price, and Alpha Capital Group lists $27 for its own challenge.
Who each suits
Fidelity
Who it suits
- Retirement savers, since ira, roth ira and joint are all listed as account types
- Buyers investing small amounts, as fractional shares sit in fractional shares, demo account and mobile app
- Traders who want stocks, bonds, funds, options, futures and forex in one place, as stocks, etfs and options shows
Who should look elsewhere
- Traders who want CFDs, since stocks, etfs and options leaves them out and CFI lists stocks, etfs and forex
- Anyone who prefers a required opening deposit, since $0 sets none where Vantage asks $5
Topstep
Who it suits
- Beginners testing futures prop trading, since beginners lists beginners and demo account and futures includes a demo account.
- Traders who want low running costs on a funded account: an account fee of $0, an inactivity fee of $0 and 90% kept of profits.
- Anyone weighing entry price against share, since Funding Pips runs challenge prices of $29 to $555, a different price point to Topstep's $49.
Who should look elsewhere
- Traders who want the whole profit, since Apex Trader Funding shares 100% against the 90% kept here.
- Anyone trading stocks, ETFs or crypto, because the market list is futures.
- Budget-first buyers, since Alpha Capital Group lists $27 for its challenge.
Current offers
Topstep
Current offer
Discount code
Responsible Trading Advantage discounts: Up to $30/month
Add a Daily Loss Limit to unlock exclusive benefits, including larger payout caps and discounts on eligible accounts; listed as -$10 / -$20 / -$30 on the $50K / $100K / $150K accounts
Source, checked September 26, 2026
Discount code
Topstep Trading Combine monthly discount: -$10 to -$30
One-time activation fee paid after passing the Trading Combine; discount is shown alongside the eligible account price
Source, checked September 26, 2026
Country by country
| Country | Fidelity | Topstep |
|---|---|---|
| United States | Yes | No |
Questions about each
Fidelity
What does it cost to trade stocks at Fidelity?+
Stock dealing is commission-free, with a stock trade fee of $0. The account fee is $0 and the minimum deposit is $0, so there is no standing charge to hold the account. Options contracts are the exception, at $0.65 each.
Is there an inactivity fee if I stop trading?+
The inactivity fee is $0, so an idle account is not charged for sitting still. On the site it ranks 1 of 56 brands measured for that fee. With the account fee at $0, a dormant account carries no listed running cost.
Topstep
How much does the Topstep challenge cost?+
The evaluation fee is $49, and the same figure is listed as the minimum deposit, so that is the outlay before any trading. For context, the median challenge price across the brands here is €56.56. A failed attempt means paying the fee again to try, so treat it as a cost of repeated attempts rather than a single ticket.
What profit do I keep and how quickly are payouts made?+
Once funded, you keep 90% of the profit, and payouts go out Every 2 weeks. The split is a percentage of profit rather than a flat fee, so a thin month does not eat into it. The cadence matters as much as the percentage for cash flow, since a good month reaches your account sooner with a frequent schedule.
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