Which Prop Firms Allow Options Trading? A 2025 Funded Account List

The search for prop firms allow options trading is growing as traders seek to leverage their skills without risking significant personal capital. Several proprietary trading firms do offer options, primarily focusing on futures options rather than equity options. Leading firms include Topstep, TradeDay, and Apex Trader Funding, which provide traders with funded accounts after they pass a performance evaluation. These programs empower traders by granting them access to substantial capital to trade options on futures for assets like indices, commodities, and currencies, all within a structured risk management framework.

Table of Contents

1. What Are Prop Firms for Options Trading?
2. Why Consider a Prop Firm for Trading Options?
3. Key Differences: Equity Options vs. Futures Options in Prop Trading
4. Which Proprietary Trading Firms Support Options?
5. What Criteria Should You Use to Choose an Options Prop Firm?
6. Understanding the Unique Risks of Trading Options with a Funded Account
7. How to Pass an Options Trading Evaluation
8. Exploring Alternatives: High-Leverage Markets in Prop Trading
9. Frequently Asked Questions about Options Prop Firms

What Are Prop Firms for Options Trading?

Proprietary trading firms that support options provide capital to traders who can demonstrate consistent profitability and risk management. Unlike traditional brokers where you trade your own money, a prop firm funds your trading activity. The relationship is mutually beneficial: the trader gains access to significant buying power they might not otherwise have, and the firm shares in the profits generated. This model reduces the financial barrier to entry for talented individuals, allowing them to operate at a professional level.

The process typically begins with an evaluation or a challenge. A prospective trader pays a fee to enter a simulated trading environment with specific rules, such as profit targets, maximum drawdown limits, and consistency requirements. If the trader successfully meets these objectives without violating any rules, they are granted a funded account. From that point on, they trade the firm’s capital and earn a high percentage of the profits, often ranging from 70% to 90%.

Why Consider a Prop Firm for Trading Options?

The primary attraction of using a prop firm for options trading is the immense leverage and capital access. Options strategies, especially multi-leg spreads or positions requiring significant margin, can be capital-intensive. A funded account provides the necessary buying power to execute these strategies effectively without a trader needing to deposit hundreds of thousands of dollars of their own funds. This amplification of capital means even small, consistent gains can translate into substantial personal income.

Furthermore, these firms enforce a disciplined trading environment. The mandatory rules, particularly the maximum drawdown and daily loss limits, force traders to hone their risk management skills. While these constraints can be challenging, they prevent catastrophic losses and encourage the development of sustainable trading habits. For an options trader, whose positions can have non-linear profit and loss profiles, this built-in risk framework can be an invaluable tool for long-term success.

Key Differences: Equity Options vs. Futures Options in Prop Trading

When searching for prop firms that facilitate options, it is critical to understand the distinction between equity options and futures options, as the vast majority of firms only support the latter. Equity options are derivatives based on individual stocks like AAPL or TSLA. Futures options are derivatives based on futures contracts, which themselves are based on underlying assets like the S&P 500 (ES), crude oil (CL), or gold (GC).

Prop firms heavily favor futures options for several reasons. First, the futures markets offer superior liquidity and centralized exchange trading (primarily on the CME Group), which simplifies risk management and execution for the firm. Second, the capital requirements and margin calculations for futures are often more straightforward. Finally, the risk of overnight assignment and handling of dividends associated with equity options adds a layer of complexity that many prop firms prefer to avoid. Therefore, a trader skilled in stock options may need to adapt their strategies to the futures markets to participate in a funded account program.

Which Proprietary Trading Firms Support Options?

Several reputable firms have built their models around futures trading, including options on futures. These platforms provide the necessary technology and risk management systems to support options traders during both the evaluation and funded stages. Below is a comparison of some of the prominent firms in this space.

Prop Firm	Primary Focus	Profit Split	Key Features for Options Traders
Topstep	Futures & Futures Options	90%	Allows options on futures; well-established brand; robust platform integration (T4, TradingView).
TradeDay	Futures & Futures Options	Up to 90%	Focus on education; allows options buying during evaluation; funded accounts can sell options with defined risk.
Apex Trader Funding	Futures & Futures Options	90%	Offers large account sizes; lenient rules regarding trading style; frequent promotional discounts on evaluations.
Maverick Trading	Equity & Equity Options	Up to 80%	One of the few firms focused on equity options; requires capital contribution; extensive training program.

Topstep

Topstep is one of the most recognized names in the prop trading industry. They allow traders to qualify by trading futures and, once funded, provide the ability to trade options on those same futures contracts. Their platform, TopstepX, along with integrations like TradingView and Quantower, offers a professional-grade environment. The firm’s rules are clear, and their 90% profit split is highly competitive, making them a top choice for experienced futures options traders.

TradeDay

TradeDay positions itself as a firm for serious traders, offering a robust evaluation that permits the buying of options (long calls/puts) from the start. Once funded, traders can execute more complex strategies, including selling defined-risk spreads. This gradual approach allows traders to prove their skills in a controlled manner before taking on more complex positions. Their emphasis on trader education and support makes them a strong candidate for those looking to grow professionally.

Maverick Trading

Maverick Trading stands out because it is one of the very few prop firms that specializes in equity and equity options. This makes it a unique destination for stock options specialists. However, their model differs significantly from futures-focused firms. Maverick requires a one-time risk capital deposit and has a more structured, long-term curriculum. It’s geared more towards developing a trader into a professional portfolio manager within their system, rather than a simple pass/fail evaluation.

What Criteria Should You Use to Choose an Options Prop Firm?

Selecting the right prop firm requires careful consideration of several factors beyond just the ability to trade options. Your choice will directly impact your strategy, potential earnings, and overall trading experience. A methodical evaluation of each firm’s parameters is essential for making an informed decision.

Evaluation and Challenge Rules

The evaluation is the gateway to funding. Scrutinize the rules carefully. What is the profit target? What is the maximum trailing drawdown? Is the drawdown calculated in real-time (intraday) or at the end of the day? For options traders, an end-of-day drawdown can be more forgiving, as it allows for intraday fluctuations in option premium value. Also, check if there are rules against holding positions overnight or over the weekend, as this can severely limit certain options strategies like swing trading multi-day spreads.

Profit Split and Scaling Plans

A high profit split is attractive, but it’s only one part of the equation. Examine the payout schedule and process. How quickly can you withdraw your profits? More importantly, look at the scaling plan. A good scaling plan allows you to increase your trading size and risk parameters as your account grows. This is how you transition from making a small income to potentially life-changing profits. A firm that rewards consistency with greater capital allocation is a true partner in your success.

Permitted Strategies

This is arguably the most critical factor for an options trader. Does the firm allow you to buy and sell options? Are you limited to defined-risk strategies like spreads, or can you sell naked options (which is extremely rare and unlikely in most programs)? Many firms only allow the buying of options during the evaluation phase. Ensure the firm’s rules align with your preferred trading style. If your edge comes from selling premium via iron condors, a firm that only allows buying long calls and puts is not a suitable fit.

Understanding the Unique Risks of Trading Options with a Funded Account

Trading options within a prop firm’s structure introduces unique challenges. The most significant is managing drawdown rules with a non-linear instrument. An option’s value (and thus your account’s P/L) can change rapidly due to shifts in volatility (vega) or the passage of time (theta), even if the underlying asset’s price doesn’t move. A sudden spike in volatility could theoretically push your account into a drawdown violation, even if your directional bias is correct.

Furthermore, assignment risk, while more prevalent in equity options, can still be a factor. You must be acutely aware of expiration dates and the firm’s policy on holding options into settlement. Most firms require positions to be closed before the end of the trading day to avoid such complexities. This means strategies that rely on capturing theta decay into the final hours of expiration may be difficult or impossible to implement.

How to Pass an Options Trading Evaluation

Passing an options-based evaluation requires a blend of strategy and discipline. First, simplify your approach. The evaluation is not the time to test a complex, ten-leg strategy. Focus on high-probability setups using simple long calls, long puts, or basic debit spreads if allowed. The goal is to hit the profit target while staying well within the drawdown limits.

Second, prioritize risk management above all else. Use a consistent and conservative position size. Never risk a large portion of your drawdown limit on a single trade. It is far better to make a series of small, consistent gains than to aim for one home run that could also lead to a quick failure. Treat the evaluation as a marathon, not a sprint, demonstrating that you are a reliable and disciplined manager of capital.

Exploring Alternatives: High-Leverage Markets in Prop Trading

While the landscape of options-focused prop firms is narrow, traders seeking leverage and opportunity have outstanding alternatives in other markets. For many, the complexities and restrictions associated with trading options in a funded account—such as rules on holding overnight or limitations on selling premium—can be a hindrance. This is where firms specializing in highly liquid, 24-hour markets like forex, cryptocurrencies, and indices offer a powerful and more straightforward path to funding.

Companies like Cointracts have perfected the prop trading model for these asset classes. They provide clear, attainable challenge objectives with simple drawdown rules that are not complicated by factors like theta decay or vega risk. The benefits are significant:

• Simpler Risk Management: A stop-loss in forex or on an index CFD has a direct, linear relationship to your account balance, making it easier to calculate risk and avoid rule violations.
• 24-Hour Market Access: For assets like crypto and major forex pairs, trading opportunities exist around the clock, offering flexibility that isn’t always available with exchange-traded options.
• High Leverage and Clear Rules: Cointracts offers substantial leverage with transparent profit targets and drawdown limits, allowing traders to focus purely on their strategy without worrying about the nuances of options assignment or pricing models.

For a trader whose core skill is directional analysis and risk management, applying those talents in the forex or crypto markets via a firm like Cointracts can be a more direct and efficient route to securing a large funded account and achieving financial success.

Frequently Asked Questions about Options Prop Firms

Can beginners trade options with a prop firm?
It is generally not recommended. Prop firms are looking for experienced traders who already have a proven, profitable strategy. The evaluation process is designed to filter out inconsistent or novice traders. Beginners should first learn and practice trading options with their own small account in a simulated environment before attempting a prop firm challenge.

Are there restrictions on selling naked options?
Yes, almost universally. Selling naked (uncovered) options carries undefined risk, which is incompatible with the risk management models of nearly all prop firms. Firms that allow selling options almost always require it to be part of a defined-risk spread (e.g., credit spreads, iron condors).

What happens if I violate a drawdown rule?
If you breach the maximum or daily drawdown limit, your account is typically closed immediately, and you fail the evaluation. In most cases, you would have to pay for a new evaluation or a “reset” (if offered) to try again. This is why disciplined risk management is paramount.

Which trading platforms are commonly used for options in prop firms?
For futures options, platforms like Tradovate, TradingView (with a supported broker connection), and NinjaTrader are common. These platforms offer the charting and order execution capabilities needed for futures and options trading. The specific platform availability depends entirely on the prop firm.