Best Options Prop Trading Firms: Trade Legit & Safe in 2024

An options prop trading firm allows trading with options and stands out with a good overall package.

Which is the best options prop trading firm?

Our top pick among the best options prop trading firms is Apex Trader Funding.

In our comparison, we present our evaluation criteria and our top 3 rankings and show you how to find the best prop trading firm for options.

Note: Currently, there are no recommended prop trading firms that offer options trading. As an alternative, we have included prop trading firms that offer futures trading in the table.

The Best Options Prop Trading Firms (Top 3)
Firm	Evaluation	Profit Split	Accounts	Registration
Apex Trader Funding	7 days	90%	up to $300,000	Sign up now!
OneUp Trader	15 days	90%	up to $250,000	Sign up now!
City Traders Imperium	0 days	50% to 100%	up to $100,000	Sign up now!

Key Takeaways

In options prop trading, speculation revolves around the future purchase or sale price of a trading product, specifically for a certain date. Options prop trading is generally possible for all trading products, such as currency pairs, commodities, or stocks
Since options trading is only possible on futures exchanges, the top options proprietary trading firms must provide corresponding access or have the offerings on their trading platforms. Leverage availability is essential for prop traders
Read the following sections for all the important details on the best options prop trading firms. I will introduce the evaluation criteria based on which I selected the top prop trading firms. Additionally, I will discuss the advantages and disadvantages of options trading

Top 3: Options Prop Trading Firms

I want to start the review directly with the three best options prop trading firms. Based on my thorough testing, I highly recommend registering with these three companies.

I should note that all three firms currently only offer futures trades, not options trades. However, the trading opportunity is almost the same. Also, all three prop trading firms already fulfill the key requirement for a top-notch options provider by offering leverage.

You can find the firms with the best overall offerings on our “Best Prop Trading Firms” page.

Apex Trader Funding

In my opinion, the best prop trading firm for options is Apex Trader Funding. This US-based company has a proven track record and many years of experience in the market. Founded by Darell Martin in 2008, Apex Trader Funding has established itself as a leader in the prop trading industry.

A key factor contributing to Apex Trader Funding’s top ranking among options prop trading firms is its generous profit distribution. Profits are split 90/10 in favor of the trader, and the first $25,000 earned is paid out entirely to the prop trader. Apex customer service is accessible via live chat, phone, email, and a ticket system.

OneUp Trader

OneUp Trader is among the prop trading specialists for options. The advantage of OneUp Trader is that almost all major trading platforms are available, ranging from Ninjatrader, R | Trader, and R | Trader Pro to Bookmap, Quantower, and Sierra Chart.

At the prop trading firm from the US, there is no daily drawdown. OneUp Trader can be tried for free and without obligation. New prop traders can opt for a 7-day trial account to start. At OneUp Trader, account sizes up to $250,000 can be chosen.

City Traders Imperium

With impressive business figures, City Traders Imperium can make a strong case. The provider from Dubai has only been in the market since 2018 but already collaborates with over 21,000 funded prop traders who contribute to revenue and profits daily.

A significant advantage of City Traders Imperium is that, as a prospective trader, you can (and should) undergo an evaluation, but it’s not mandatory. You can also choose the direct entry into trading at City Traders Imperium, which comes with slightly higher costs. The leverage set by this options prop trading firm is 1:33.

The Offer: Options Trading

The basic concept of options trading is relatively simple to understand. Options give the holder the right, but not the obligation, to buy or sell a predetermined number of underlying assets (e.g., stocks) at a set price, known as the strike price.

In option prop trading, a distinction is made between call and put options. A call option means the customer has the right to buy the underlying asset at the predetermined price. The put option allows the sale of the traded share at the targeted time. Buying options are often referred to as taking long positions, while selling is referred to as taking short positions.

In prop trading with options, various settlement and profit opportunities exist due to the different combinations of options:

Long: Benefits from rising prices with calls and benefits from falling prices with puts
Short: Benefits from sideways and falling prices with calls and benefits from sideways and rising prices with puts

It’s important to understand that the top options prop trading firms must offer access to the buying and selling opportunities on futures exchanges through their trading platforms. This is because options are traded exclusively on futures exchanges. Some of the most renowned futures exchanges include:

Chicago Mercantile Exchange (CME): Eurodollar, S&P 500, currency futures (Euro, Yen, Swiss Franc, British Pound)
Chicago Board of Trade (CBOT): US Treasury Bonds/Notes
Eurex: Futures and options on stocks, stock indices, and bonds
London International Financial Futures Exchange (Euronext.LIFFE): Euribor, 3M-Sterling, Long Gilt, Financial Times Index
Marché à Terme International de France (MATIF), Euronext
Singapore Exchange
EEX: Electricity, CO2 emissions, coal, gas

Can Options be traded at all Prop Trading Firms?

From my experience, there are quite a few options prop trading firms in the market. However, to answer the question accurately, the answer is “No.” Not all prop trading firms in the market offer options trading.

In my view, it is crucial that the top options prop trading firms offer leverage for trading to their customers. There are no successful traders who engages in options trading without utilizing leverage. When trading solely with personal capital and not firm’s capital, profit margins in options trading tend to be comparatively low.

Our Evaluation Criteria at a Glance

The basic requirement for prop trading firms to be included in the list of best providers for options trading is, of course, that a corresponding offer is available. Additionally, I have included the following quality criteria in my test. Ultimately, it is always important that all evaluation features provide a coherent overall picture for options trading.

Application Process: Is there an evaluation, or does the firm allow you to engage in trading activities with real money immediately? How many stages are in the application process? Is a quick qualification within a few days possible?
Account Sizes: What account sizes are available? Some providers start at $10,000, but high trading accounts up to $400,000 are not uncommon.
Costs: What fees are incurred during the evaluation phase and later with the live funded account?
Challenge Rules: Are all rules and restrictions clearly communicated?
Trading Platforms: Which trading platforms can be used, such as NinjaTrader, Rithmic, MT4, or MT5?
Trading Instruments: What instruments can professional traders trade? Is trading limited to futures trading, or are there other products like Forex trading?
Broker: Which broker does the prop firm partner with for executing proprietary trades on the exchanges?
Customer Support: How and when you can contact customer service?
Payment Methods: What payment methods are accepted for the one-time payment or monthly costs?
Payout: How quickly is your share of the profits paid out? Are there deadlines, or does the prop trading firm pay the commission immediately upon request?
Training Programs: What assistance is available to professional traders worldwide to improve their performance?
Mobile App: Is there a mobile trader app?

For the challenge rules, we examined the following criteria:

Profit Target: What profit amount and percentage of the initial account balance must the prop trader gain during the qualification phase?
Profit Split: How is the profit divided between the trader and the firm? Is there an initial amount paid out exclusively to the prop traders without a split? Top firms work with a 95:5 ratio.
Trading Period: Is there a specified number of days within which the evaluation must be completed?
Minimum Trading Days: What is the minimum number of trading days required to complete the evaluation? When are successful prop traders granted access to funded accounts?
Maximum Daily Loss: Is there a maximum daily drawdown, and what is it?
Maximum Loss: What is the maximum drawdown that cannot be exceeded during the qualification phase?
Maximum Position Size: How many trades can be executed simultaneously? Does this limit increase as the account size grows?
Maximum Capital Allocation and Multiple Accounts: How many accounts can a trader have with the prop trading firm? What is the maximum capital that can be traded?
Types of Trading: Is only day trading allowed, or are other types of trading permitted? Which trading strategies are strictly prohibited?
Leverage: Is there leverage to increase the capital used for trades?
Trading Style: What additional regulations does the prop trading firm have regarding permitted or prohibited trading styles?
Trading Hours: What is the timeframe within which trading is allowed?
News Trading: Are trades allowed shortly before, during, or after a news event? Is trading based on news permitted?
Weekend and Overnight Trading: Can trades be held overnight or over the weekend? Are long-term trading systems allowed?
Expert Advisor: Can expert advisor programs, bots, or algorithms be used to execute trades?
Copy Trading: Is copy trading permitted on personal accounts or by emulating professional traders?

Prop Trading Firms by Categories

Not everyone will choose a prop trading options strategy. It is no secret that the majority of prop traders focus on other areas. You can find the top providers in the following categories on my website:

Advantages of Prop Trading with Options

The advantage of prop trading with options is that you practically have four strategy options: Short, Long, Call, and Put. If you want to prove yourself during the evaluation phase at an options prop trading firm, you should specialize in one trading strategy. Constantly switching between trades, such as between Call and Put, rarely brings the desired success in my experience.

Another plus point of trading with options is that you can focus on different trading instruments based on your risk tolerance and trading style. For example, those who want to trade highly volatile options might choose forex currencies. Stocks and commodity prices, on the other hand, are more stable with fewer fluctuations.

Disadvantages of Prop Trading with Options

The downside of prop trading with options is that you have to speculate about future price movements. Options trades are settled even if the price trend doesn’t align with your prediction. The longer-term a buy or sell option is, the higher the risk, especially in a rapidly changing trading environment.

If multiple option positions result in losses, you can quickly reach the drawdown limits in prop trading. Often, there might be no opportunities to reverse the trend and recover the losses.

Who should choose an Options Prop Trading Firm?

In my experience, options prop trading can be accessible to everyone. Both new traders and seasoned options traders can choose options trading. The key is having the ability to anticipate future market movements. For me, options prop trading is very speculative. Even traders with the resources like advanced tools, support and mentorship can struggle.

I see options trading as a secondary strategy alongside regular day trading. For example, you can place your trades daily on the Forex market and simultaneously set long-term positions on currency pairs’ options.

How to find the Best Firm for Options

Finding the best options prop trading firm is not really difficult. I’ve already outlined the most important quality criteria in detail. You should answer the following questions one by one to find the best options prop trading firm that aligns with your trading goals.

Are options offered as a trading opportunity by the prop trading firm? If so, which options can be traded exactly and on which futures exchanges?
What other trading variants are offered?
Must options be traded as a day trading variant, or can open positions be held longer, specifically overnight or over the weekend?
How is the evaluation conducted at the options prop trading firm, single or multi-stage? Do these firms have a rigorous evaluation process and also offer directly funded trading accounts?
What profit targets must be achieved in the evaluation? How are the loss limits structured?
What account sizes can be chosen? Is swing trading allowed, or are specific swing accounts offered?
What is the maximum leverage for trading? Does it increase during the scaling phase? What is the maximum capital that can be traded? What limits exist for individual positions?
What are the challenge fees at the start? Are costs reimbursed after the evaluation phase? What fees are charged for a possible account reset during the qualification?
How are the profits split, and when are payouts possible? Within what timeframe after a payout request are trading profits transferred, and through what methods?
What support or training programs are offered to new prop traders? Are free demo accounts available at the start?

Conclusion

Relatively few traders exclusively focus on prop trading with options as a sole strategy due to certain constraints, particularly the limited selection of exchanges. However, since the best options prop trading firms offer quite generous leverage, trading can be profitable for you.

To our Top 3

My tests have shown that there are several excellent prop trading firms in the options market. You can choose from several reputable companies. When choosing the best fit for you, consider factors like challenge costs, profit sharing, and the type of support provided.

Frequently Asked Questions

Finally, here I’ve answered some of the most common questions about prop trading with options and the online providers in the market.

Do all Prop Trading Firms allow Options Trading?

No, not all prop trading firms offer options trading. However, there’s still a wide range of reputable providers to choose from. You can find a list of the best options prop trading firms under “Best Options Prop Trading Firms“.

What evaluation criteria are important for the best Prop Trading Options Providers?

The most important point in the evaluation is whether the prop trading firm offers options trading. You can read about all other important quality criteria under “Our Evaluation Criteria at a Glance“.

Which Prop Trading Options firm is the best Provider in the market?

Apex Trader Funding has proven to be the best options prop trading firm in the market. You can find out why this is so and get more information about the company in the section “Apex Trader Funding“.

What are the disadvantages of Options Prop Trading Firms?

Options in prop trading are speculative, and the success of your trades will only be visible in the future. For beginners, the trading possibilities of short, long, call, and put are not always easy to understand. Read more under “Disadvantages of Prop Trading with Options“.

Where can I find the best Options Prop Trading Firms?

You can find the best options prop trading providers on my website. I continuously monitor the market and adjust my ranking accordingly. You can find the currently best firms under “Best Options Prop Trading Firms“.

Liam Matthews

Having more than eight years of trading experience, I know how hard it is to find a good and reliable Prop Trading Firm and not to choose the wrong one. With PropTradingScam.com I want to help you to pick the right one, stay safe, and share your experience.