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Why TopStep May Want to Enter the Broker Game

Big news is brewing in the world of prop trading—Topstep, one of the largest and most established prop firms, is rumored to be launching its own brokerage. While it's not officially confirmed, this is a smart move that would mark a significant shift in the industry. Over the past year, we've seen a growing trend: prop firms evolving into brokers and brokers expanding into the prop space. The lines are blurring, and Topstep looks ready to capitalize on this emerging opportunity.

But Topstep isn't blazing this trail alone. They would join the ranks of FTMO, which acquired Oanda in early 2025, Blueberry Markets with its Blueberry Funded program, ThinkMarkets with ThinkCapital, and Axi Select, which is making waves by offering FREE capital allocation. This shift isn’t random; it’s driven by trader demand for more flexibility. Brokers have been losing business to prop firms, but they realized that traders—especially successful ones—eventually want more freedom. Enter the broker model.

Why This Makes Sense for Topstep

For Topstep, this would be about locking in their traders for the long term. Prop firms have always focused on capturing trader growth from scratch—paying for challenges, getting funded, and scaling up. But many of those same traders eventually leave for brokerage accounts where they can trade without restrictions. Prop firms like Topstep may want to close that loop and keep those traders in-house. Starting a brokerage would allow them to:

1. Boost Retention: Many Topstep traders switch to brokers once they reach a certain level of confidence and consistency. With their own brokerage, Topstep can keep them in their ecosystem, providing a seamless transition from prop to live trading.

2. Create a Trading Hub: If a trader blows their broker account, they can simply revert to Topstep's prop model to rebuild, staying entirely within Topstep's environment. This eliminates the friction of switching platforms and keeps traders connected to their brand.

Right now, Topstep is losing veteran traders and bigger XFA accounts to external brokerages. Launching its own brokerage could reverse that trend, making Topstep a one-stop shop for futures trading. The concept is simple—start with a challenge, build your skills, move to live accounts, and if you need a fresh start, just cycle back to prop trading.

Navigating Regulatory Hurdles

There's also the question of regulation. A major criticism of the prop model is that many firms pay traders from simulated funds, not real market transactions. With regulatory pressures increasing, the industry may soon be forced to ensure that funded traders are working with real capital. A brokerage model allows Topstep to adapt more easily to these changes, ensuring compliance and offering real-money trading to its users.

Global Ambitions?

Topstep's vision likely extends beyond U.S. borders. With the prop trading model gaining global traction, a brokerage could open doors for international expansion, tapping into markets that are hungry for capital access and flexible trading opportunities.

Who's Next?

If Topstep makes this move, it could ignite a wave of prop firms stepping into the brokerage arena. The roadmap for successful prop traders is becoming clearer:

1. Pay to take a prop challenge

2. Pass or fail—pay again

3. Get funded—profit or break rules, start over

4. Get consistent—open your own broker account to trade with more freedom

This is where Axi Select is already ahead of the curve. Their model allows traders to seamlessly move from prop to live trading with real—not simulated—capital, completely free of charge. No reset fees, no restrictive rules, and up to $1 million in capital allocation.

If Topstep successfully bridges this gap, it could reshape the entire industry. The only question is, how many other firms will follow? And who will be next to step into this hybrid model of prop trading and brokerage?

Want to see how it's done? Check out my Axi Select review below and trade with a company prepared for successful and scalable traders.

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