Updated September 29, 2026 · BrokerCue Editorial Team
OANDA vs Topstep
What sets them apart
| Compare |  OANDA |  Topstep |
|---|---|---|
| Minimum deposit | $0Lower | $49 |
| Markets | Stocks, ETFs, Forex, CFDs, Crypto, Bonds | Futures |
| Regulators | FCA, CFTC | National Futures Association (NFA) registered introducing broker, Topstep Brokerage LLC, Commodity Futures Trading Commission (CFTC) registered FCM / NFA member, Plus500US Financial Services LLC |
| Investor protection | FSCS up to GBP 85,000 | SIPC up to USD 500,000 |
| Stock trade fee | Not confirmed | $0.50 |
| Account fee | Not confirmed | $0 |
| Inactivity fee | Not confirmed | $0 |
| Retail accounts that lose money | 72% | 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 |
| Maximum retail leverage | 1:30 | Not confirmed |
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Key differences
- Regulators: only OANDA offers FCA, CFTC.
- 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 OANDA: 1996 vs 2010.
- Minimum deposit is lower at OANDA: $0 vs $49.
- Markets: only OANDA offers Stocks, ETFs, Forex.
- Markets: only Topstep offers Futures.
- Support channels: only Topstep offers Chat, Help centre, Community.
- Features: only OANDA offers Mobile app.
- Features: only Topstep offers Futures.
Our verdict on each
OANDA
OANDA fits traders who want to open an account without a minimum deposit and sit under regulators on both sides of the Atlantic. Its overall score is 8.4 with a cost score of 8.4, though the retail loss rate of 72% is a reminder that most balances do not survive the trading.
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 | OANDA | Topstep |
|---|---|---|
| Cost | 9.7Higher | 9.4Account fees are $0, the inactivity fee is $0 and the challenge costs $49, against a site median of €56.56. |
| Offer | 9.3 | 9.7Higher90% paid Every 2 weeks on a 2 step evaluation, with markets limited to futures. |
| Trust | 9.5 | 9.5 |
Where they rank in our lists
| Ranking | OANDA | Topstep |
|---|---|---|
| Prop trading firms | 6 of 37 | 7 of 37 |
Where each is licensed and available
| Country | OANDA | Topstep |
|---|---|---|
| United Kingdom | FCA 542574 | Not confirmed |
| United States | CFTC 0325821 | Not confirmed |
What we checked
OANDA
- oanda.com: 4 facts, checked September 26, 2026
- brokersway.com: 3 facts, checked September 26, 2026
- tradingpedia.com: 3 facts, checked September 26, 2026
- en.wikipedia.org: 1 fact, checked September 26, 2026
Topstep
- topstep.com: 8 facts, checked September 26, 2026
- topstepbrokerage.com: 5 facts, checked September 26, 2026
- nfa.futures.org: 2 facts, checked September 26, 2026
- help.topstepbrokerage.com: 1 fact, checked September 26, 2026
Every fact side by side
| Fact | OANDA | Topstep |
|---|---|---|
| Features | Demo account, Mobile app | Demo account, Futures |
| Pricing model | Not confirmed | Low fees |
| Audience | Not confirmed | Beginners |
| Legal entity | OANDA TMS Brokers S.A. | Topstep LLC |
| Headquarters | United States | United States |
| Founded | 1996Lower | 2010 |
| Support channels | Email, Phone | Email, Chat, Phone, Help centre, CommunityCovers more |
Prop firms
| Fact | OANDA | Topstep |
|---|---|---|
| Challenge price | Not confirmed | $49 |
| Profit split | Not confirmed | 90% |
| Evaluation steps | Not confirmed | 2 step |
| Account sizes | Not confirmed | $50K, $100K, $150K buying power |
| Payout frequency | Not confirmed | Every 2 weeks |
Where each stands against the rest
| Fact | OANDA | Topstep | Median |
|---|---|---|---|
| Minimum deposit | $0below the median | $49above the median | $10 |
| Stock trade fee | Not confirmed | $0.50highest quarter | $0 |
| Account fee | Not confirmed | $0at the median | $0 |
| Inactivity fee | Not confirmed | $0at the median | $0 |
| Retail accounts that lose money | 72%above the median | Not confirmed | 70.375% |
Median across 99 listed brokers.
Pros and cons
OANDA
Pros
- No minimum deposit: $0 means the account opens without putting money in first, and OANDA sits at the top of our minimum deposit ranking, ahead of Vantage and its $5.
- Regulated in Britain and the US: FCA and CFTC covers an FCA licence 542574 and a CFTC registration 0325821.
- UK balances sit under protection of FSCS up to GBP 85,000, which pays compensation if the firm cannot return the money.
Cons
- Support runs on email and phone only, which leaves anyone wanting a live chat desk looking at other brokers.
- A retail loss rate of 72% is no better than the site figure of 70.15%, so the risk sits at the sector norm.
- Retail leverage of 1:30 magnifies losses as quickly as gains, and a $0 entry point makes it easy to size positions too large.
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
OANDA
Who it suits
- Traders who want to open an account and start small: the minimum deposit of $0 removes the barrier to funding later.
- Anyone who checks regulators before depositing, since FCA and CFTC and protection of FSCS up to GBP 85,000 are both on record.
- Forex traders who also want shares, ETFs, CFDs, crypto and bonds under one roof: stocks, etfs and forex.
Who should look elsewhere
- Futures traders, who get a longer list at eToro, where stocks, etfs and forex adds futures to the stocks, etfs and forex on offer here.
- Traders who want nothing beyond shares, ETFs, forex, CFDs and crypto, since CFI's stocks, etfs and forex covers that core without the bonds.
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
Questions about each
OANDA
What is the minimum deposit for an OANDA account?+
OANDA lists a minimum deposit of $0, so you can open an account without funding it and add money later. On our minimum deposit ranking that places OANDA at position 1 of 213 brands, well clear of the field. Vantage, by contrast, asks for $5 before trading starts.
How is my money protected if something goes wrong?+
UK clients sit under investor protection of FSCS up to GBP 85,000, the compensation paid if the firm cannot return the balance. The regulator behind that cover is named in FCA and CFTC, and the FCA licence number is 542574. US clients fall under the CFTC registration, 0325821, which is a separate arrangement.
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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