Plus500 (LSE: PLUS) has signed an exclusive agreement with Topstep that will see the London-listed broker handle all clearing and technology infrastructure for the Chicago prop firm's brokerage arm and wider operations.

Plus500 Strikes Deal With Prop Firm

Under the arrangement, Topstep traders will access live CME Group markets through Plus500's clearing platform, order routing technology, and risk management infrastructure. The deal supports Topstep's shift from purely prop trading services toward full brokerage operations.

However, we need to remember that Topstep Brokerage is registered only as an introducing broker with the Commodity Futures Trading Commission and holds membership in the National Futures Association. It means, traders interact with Topstep Brokerage as their broker, but all trades flow through Plus500's clearing platform and CME Group market access.

Plus500 CEO David Zruia said the partnership “marks another significant step in Plus500's expansion across the US futures market” and called Topstep's customer base and brand presence “a major opportunity for Plus500 to expand its US footprint.”

“By leveraging our institutional-grade infrastructure, we aim to drive stronger customer acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term, unlock new revenue streams, and deliver sustainable growth for both companies,” he added.

According to an official statement from Plus500, this does not signal a move toward prop challenges for retail clients of the publicly listed broker. Instead, it refers to providing technological support for TopStep.

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Plus500 Futures Business Crosses $1 Billion Threshold

The Topstep deal follows Plus500's disclosure last week that customer funds in its US futures operation exceeded $1 billion for the first time in September. Those segregated funds reached approximately $1.2 billion by the end of the third quarter, up from roughly $350 million at year-end 2024.

Plus500 acquired its futures business in 2021 when customer funds stood at around $70 million. The company secured clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term memberships with ICE Clear Europe and ICE Clear U.S. earlier this year as part of its expansion in the derivatives space.

The broker reported third-quarter revenue of $182.7 million, down 2% from the prior year, while nine-month revenue rose 2% to $597.8 million. EBITDA margins held at 45% for both periods.

Topstep Builds Brokerage Arm

Topstep, founded in 2012, operates an evaluation platform that allows futures traders to qualify for funded accounts without risking personal capital. The company runs a rules-based assessment system where participants trade simulated accounts before gaining access to live capital.

Michael Patak, founder and CEO of Topstep, said the exclusive partnership with Plus500 ensures “we can offer our customers a best-in-class brokerage experience backed by world-class technology.”

“Together, we're expanding opportunities for active traders and strengthening the foundations for sustainable growth,” he shared.

As a registered introducing broker (IB), Topstep Brokerage operates as an intermediary that maintains customer relationships and solicits trades but does not hold client funds or execute transactions directly. Instead, Plus500 functions as the Futures Commission Merchant (FCM) in this arrangement, handling all trade execution, clearing, and back-office operations.

The prop firm charges monthly evaluation fees ranging from $49 to $149 depending on account size.

in the meantime, Plus500 joined ICE Clear Europe, allowing the company to provide its global clients with regulated access to European futures markets. The membership covers a range of instruments, including energy and carbon derivatives such as power, gas, and carbon futures and options.