The phrase “proprietary trading firm” now points at two very different things, and most lists quietly mix them. One kind hires elite traders to deploy the firm’s own capital and treats a job offer as the entry ticket. The other sells retail traders a paid evaluation and a profit split on a funded account. This directory keeps them apart: first a global map of the established institutional firms by region, then the funded-trader programs a retail trader can actually buy into, with the fees and rules that decide whether each is worth it.
What Proprietary Trading Actually Is
Proprietary trading, or prop trading, is a firm trading financial instruments with its own capital to profit directly from the market rather than from client commissions. The instruments span equities, futures, options, bonds, commodities, cryptocurrencies, and derivatives. “Proprietary” is literal: the firm trades for its own account.
That single feature separates a prop firm from the institutions it gets confused with. A hedge fund manages outside money and answers to investors. An investment bank advises clients and trades on their behalf. A prop firm does neither. It takes calculated risk with its own balance sheet, keeps the upside, and bears the losses alone.
Established Institutional Prop Firms by Region
The firms below trade their own capital and recruit talent rather than selling access. A trader joins them by being hired, often through a quantitative or technical interview process. The directory is grouped by region with the largest global hubs leading each section. Firms with offices in several cities are introduced once with their footprint, then listed by name under each hub where they operate.
United States
The United States holds the deepest concentration of institutional prop trading, anchored by Chicago and New York.
Several firms recur across nearly every US hub and several international ones. Citadel Securities, headquartered in Chicago, is one of the largest global market makers, with desks in New York, Miami, Austin, London, Dublin, Singapore, Hong Kong, Shanghai, and Sydney. Jane Street, headquartered in New York, operates across London, Amsterdam, Hong Kong, and Singapore. Hudson River Trading, also New York based, runs desks in Austin, Chicago, Miami, London, Amsterdam, Dublin, Singapore, Hong Kong, Shanghai, and Mumbai. Jump Trading and DRW both grew out of Chicago and now span New York, Austin, London, Amsterdam, Singapore, Hong Kong, and beyond, with DRW also present in Dubai. Tower Research Capital, headquartered in New York, reaches London, Amsterdam, Singapore, Hong Kong, Shanghai, and India. Two Sigma and D. E. Shaw, both New York firms, sit closer to the quantitative-fund end of the spectrum and carry offices in Boston, Chicago, London, Tokyo, Singapore, and several Indian cities. Susquehanna International Group, known as SIG, is headquartered in the Philadelphia area and trades from New York, Chicago, Miami, Dublin, London, Singapore, Hong Kong, Shanghai, and Sydney. Virtu Financial spreads across Austin, Boston, Chicago, Miami, New York, London, Singapore, Hong Kong, and Sydney.
A second tier of US prop firms is no less serious, just narrower in footprint or coverage.
Chicago
- Citadel Securities, DRW, Jump Trading, Hudson River Trading, IMC Trading, Optiver, Tower Research Capital, Two Sigma, Virtu Financial, SIG, Flow Traders, Akuna Capital, Maven Securities, WorldQuant, Old Mission Capital, Radix Trading, Geneva Trading, Headlands Technology, 3Red Partners, Belvedere Trading, Chicago Trading Company, Group One Trading, Wolverine Trading, Gelber Group, DV Trading, Eagle Seven, Five Rings, Grace Hall Trading, Great Point Capital, BlackEdge Capital, Consolidated Trading, League Trading, Marquette Partners, Matrix Executions, PEAK6, Prime Trading, SCALP Trade, Savius, Simplex Trading, Sumo, TradeLink, TransMarket Group, Valkyrie Trading, WH Trading, AlphaGrep, Aquatic, Balyasny Asset Management, Eclipse Trading, XR Trading
New York
- Jane Street, Citadel Securities, Hudson River Trading, Jump Trading, DRW, Two Sigma, D. E. Shaw, Tower Research Capital, IMC Trading, SIG, Virtu Financial, Flow Traders, Millennium, Marshall Wace, XTX Markets, Cubist (Point72), Squarepoint Capital, Old Mission Capital, Radix Trading, Five Rings, Quadeye, Quantlab, Belvedere Trading, Chicago Trading Company, Chimera Securities, Clear Street, 3Red Partners, ACT Group, AXQ Capital, Allston Trading, Ansatz Capital, Aquatic, Arrowstreet Capital, Balyasny Asset Management, DV Trading, Epoch Capital, Group One Trading, HAP Capital, Headlands Technology, Kershner Trading Group, Keyrock, Kronos Research, Maven Securities, OTC Flow, Seven Eight Capital, Seven Points Capital, Sumo, T3 Trading Group, Trillium Trading, Vatic Labs, WMC, Wolverine Trading, XR Trading, XY Capital, Xantium
Austin
- Citadel Securities, DRW, Hudson River Trading, Jump Trading, Optiver, Virtu Financial, Headlands Technology, Quantlab, 3Red Partners, All Options, Balyasny Asset Management, Great Point Capital, Kershner Trading Group, PEAK6, XR Trading
Miami
- Citadel Securities, Hudson River Trading, SIG, Virtu Financial, 3Red Partners, Balyasny Asset Management, DV Trading, Da Vinci Trading, TradeLink, Trillium Trading
Boston
- D. E. Shaw, Squarepoint Capital, Virtu Financial, Quantlab
Houston
- Two Sigma, Squarepoint Capital, DV Trading, Quantlab
Other US hubs
- Greenwich: AQR Capital Management, Balyasny Asset Management
- Stamford: Cubist (Point72), Trexquant
- Denver: Quantlab
- San Francisco: D. E. Shaw, Balyasny Asset Management
- Philadelphia: SIG
- Berkeley: The Voleon Group
A handful of names in these US lists, including T3 Trading Group, Seven Points Capital, Trillium Trading, Chimera Securities, and SCALP Trade, sit at the retail-facing edge of the institutional world. They are equities desks that take on individual traders rather than only career quants, which makes them the closest institutional firms to what a US day trader can realistically approach.
North America also extends north of the border. Toronto hosts Balyasny Asset Management, DV Trading, and Seven Points Capital. Montreal has Black Eagle Financial Group, Vancouver has Sumo, and DV Trading also runs an operation in the Bahamas.
Europe
Europe’s prop trading centers on London and Amsterdam, with Dublin and Paris close behind.
The major firms here are headquartered on the continent rather than imported. Optiver runs from Amsterdam with desks in Chicago, Austin, London, Hong Kong, Shanghai, Singapore, and Sydney. Flow Traders is headquartered in Amsterdam and trades from New York, London, Paris, Milan, Cluj-Napoca, Hong Kong, Shanghai, and Singapore. IMC Trading, also Amsterdam rooted, operates in Chicago, New York, London, Hong Kong, Mumbai, and Sydney. XTX Markets is headquartered in London as a leading algorithmic trading firm, with offices in New York, Singapore, and Mumbai. Maven Securities and Mako Trading are both London headquartered, with Maven reaching Chicago, New York, Amsterdam, Monaco, Hong Kong, and Sydney, and Mako reaching Dublin, Amsterdam, Singapore, Brisbane, Chengdu, and Sydney.
London
- XTX Markets, Optiver, Flow Traders, IMC Trading, Jane Street, Citadel Securities, Hudson River Trading, Jump Trading, DRW, Tower Research Capital, SIG, Virtu Financial, Two Sigma, Maven Securities, Mako Trading, Marshall Wace, Millennium, Akuna Capital, Cubist (Point72), D. E. Shaw, AQR Capital Management, Acadian Asset Management, Squarepoint Capital, Old Mission Capital, Geneva Trading, Five Rings, Wolverine Trading, Chicago Trading Company, 3Red Partners, Allston Trading, AlphaGrep, Amplify Trading, Aquatic, B2C2, DV Trading, Epoch Capital, G-Research, GSR, Jerpoint Capital, Keyrock, Kronos Research, Mandara, OSTC Ltd., Tibra, TradeLink, WEBB Traders, Wintermute, XR Trading, XY Capital, Xantium
Amsterdam
- Optiver, Flow Traders, IMC Trading, Jane Street, Jump Trading, DRW, Tower Research Capital, Maven Securities, Mako Trading, 3Red Partners, ACT Group, Accent Group, Algorithmic Trading Group, All Options, Barak Capital, BlockTech, Chicago Trading Company, Criterion Arbitrage & Trading, Cross Options, D2X, Da Vinci Trading, Deep Blue Capital, Eagle Seven, Five Rings, Gelber Group, Headlands Technology, Market Wizards, Mathrix, Maverick Derivatives, Nino Options, Northpool, Nyenburgh, ORA Traders, OTC Flow, Priogen Energy, Radix Trading, VivCourt Trading, WEBB Traders, WMC
Dublin
- Hudson River Trading, SIG, Geneva Trading, Mako Trading
Paris
- Flow Traders, Squarepoint Capital, KeyQuant, Keyrock, OTC Flow, WEBB Traders, Woorton
Other European hubs
- Munich: AQR Capital Management
- Monaco: Maven Securities
- Milan: Flow Traders
- Cluj-Napoca: Flow Traders
- Frankfurt: OTC Flow
- Zurich, Bratislava, and Gibraltar: Wincent
- Baar and Utrecht: UTR8 Group, with Domstad Traders also in Utrecht
- Cambridge: Quantbox Research
- Riga: Gravity Team
- Larnaca: Z.R.T.X.
Asia-Pacific and the Middle East
Asia’s prop trading hubs cluster around Singapore, Hong Kong, and India’s financial centers, with Sydney leading Australia and a growing presence across China and the UAE.
Most of the global firms already named extend into the region. Singapore and Hong Kong in particular draw the same heavyweights that dominate Chicago and London. India is the partial exception, where a strong roster of homegrown quantitative and high-frequency firms operates alongside the international names. Estee Advisors is a quantitative prop firm based in India. Quadeye runs algorithmic trading across multiple asset classes. Graviton Research Capital builds quantitative research and technology-driven strategies. iRage specializes in algorithmic and high-frequency solutions, and Dolat Group trades across several asset classes.
Singapore
- Citadel Securities, Hudson River Trading, Jump Trading, DRW, Optiver, Flow Traders, Tower Research Capital, SIG, Virtu Financial, XTX Markets, Marshall Wace, Akuna Capital, Mako Trading, AlphaGrep, D. E. Shaw, Cubist (Point72), Balyasny Asset Management, Squarepoint Capital, Old Mission Capital, Headlands Technology, Quadeye, Graviton Research Capital, NK Securities, Quantbox Research, Quantlab, Belvedere Trading, Acadian Asset Management, Amber Group, BlockTech, Genk Capital, Grasshopper, Keyrock, Kronos Research, Linitics, Mandara, Mathrix, Maverick Derivatives, Wintermute, XR Trading
Hong Kong
- Jane Street, Citadel Securities, Hudson River Trading, Jump Trading, IMC Trading, Optiver, Flow Traders, Tower Research Capital, SIG, Virtu Financial, Akuna Capital, AQR Capital Management, Maven Securities, Cubist (Point72), Eclipse Trading, Quadeye, Kronos Research, Algorithmic Trading Group, Amber Group, AXQ Capital, Balyasny Asset Management, HAP Capital, Liquid Capital Group, Tibra, UTR8 Group, VivCourt Trading, WEBB Traders, WMC, XY Capital
India (Mumbai, Gurugram, Bangalore, and other hubs)
- Estee Advisors, Quadeye, Graviton Research Capital, iRage, Dolat Group, AlphaGrep, NK Securities, Hudson River Trading, IMC Trading, XTX Markets, Tower Research Capital, Citadel Securities, D. E. Shaw, Da Vinci Trading, Quantbox Research, Trexquant, 26 Miles Capital, WorldQuant
Sydney and Australia
- Optiver, IMC Trading, Jump Trading, Citadel Securities, SIG, Virtu Financial, Akuna Capital, Maven Securities, Mako Trading, AQR Capital Management, Acadian Asset Management, Cubist (Point72), Eclipse Trading, Epoch Capital, Tibra, VivCourt Trading, Nine Mile, with Mako Trading and VivCourt also in Brisbane and VivCourt in Melbourne
China (Shanghai, Beijing, Shenzhen, Chengdu)
- Citadel Securities, Hudson River Trading, Jump Trading, Optiver, Flow Traders, Tower Research Capital, SIG, Akuna Capital, AlphaGrep, ACT Group, AXQ Capital, Bondi Tech, Eclipse Trading, Kronos Research, Marshall Wace, Nine Mile, Trexquant, Mako Trading
Tokyo
- Two Sigma, Cubist (Point72), Balyasny Asset Management
Taipei
- Kronos Research, Cubist (Point72), Amber Group
Dubai and the UAE
- DRW, Citadel Securities, Tower Research Capital, AQR Capital Management, Balyasny Asset Management, DV Trading, DWF Labs
The Two Kinds of Prop Firm
The directory above answers the question most searchers are really asking, which is who the major firms are. It does not answer a second question that matters just as much to anyone planning to actually trade: which of these is reachable, and how. The institutional firms are employers. A retail trader does not open an account with Jane Street or Citadel Securities. The path in is a hiring process that screens for quantitative and technical skill, not a sign-up form.
That is why a separate category exists, and why it dominates how retail traders use the word “prop firm” today.
HFT Firms, Market Makers, and Quant Funds
Within the institutional world, the firms above fall into recognizable types. High-frequency trading firms run low-latency infrastructure, often co-located at the exchange, to execute orders in microseconds and profit from fleeting price discrepancies through latency and statistical arbitrage. Classic proprietary trading firms deploy the firm’s own capital across multiple asset classes using a blend of algorithmic and discretionary strategies built around risk-adjusted returns. Market makers, such as Citadel Securities, provide continuous buy and sell quotes and earn the spread between bid and ask, adjusting prices dynamically through automated systems on both exchanges and over-the-counter markets. Quantitative hedge funds, including names like Renaissance Technologies, Winton, and Man AHL, run model-driven strategies spanning market-neutral, arbitrage, trend-following, and mean reversion, often across both short and long horizons.
The categories blur at the edges. A single firm can run an HFT desk, make markets, and operate longer-horizon quant strategies at once. What they share is the source of capital and the route in: the firm’s own money, and a job.
Funded-Trader Programs
The funded-trader model works the other way around. A retail trader pays a fee, passes an evaluation called a challenge, and receives a funded account to trade in exchange for a share of the profits. The capital belongs to the firm, the profit split rewards performance, and access is open to anyone willing to pay the entry fee and meet the rules.
One detail defines this model more than any headline funding figure: most of these programs keep traders on demo accounts even after the funding stage, paying out real money based on simulated results. A trader evaluating these firms is, in most cases, evaluating a simulated-trading product with a payout layer, not a seat on a live institutional desk. That is not automatically a drawback, but it changes what the product is.
These programs are also overwhelmingly oriented toward forex and CFDs, with MetaTrader 4 and 5 as the common platforms and cTrader and DXtrade emerging as alternatives. A US equities day trader should confirm instrument coverage and regional availability before treating any of them as a fit.
Funded-Trader Programs Compared
The programs below represent the funded-account side of the market. Unlike the institutional firms, they publish fees, profit splits, targets, and funding ceilings, which makes them directly comparable.
| Program | Joining Fee | Profit Split | Profit Target | Maximum Funding |
|---|---|---|---|---|
| FTMO | From €155 | Up to 90% | 10% | $2,000,000 |
| The 5%ers | From $39 | Up to 100% | 6 to 10% | $4,000,000 |
| FundedNext | From $59 | Up to 95% | 8 to 25% | $4,000,000 |
| The Forex Funder | From $95 | Up to 95% | 5 to 10% | $2,500,000 |
| Funded Trading Plus | From $119 | Up to 100% | 8 to 10% | $2,500,000 |
| E8 Markets | From $33 | Up to 80% | 8 to 10% | $400,000 |
| Axi Select | Free | Up to 90% | 5% | $1,000,000 |
How Challenge Programs Work
Almost every program runs the same basic structure. A trader buys into an evaluation with a profit target to hit and a maximum drawdown not to breach, usually within one or two phases. Clear the evaluation, and the account converts to a funded account with a profit split, commonly 80% to 90% at the advanced stages. Drawdown caps cluster around 10%, though some firms run tighter limits, and the calculation can be based on balance or on equity, which materially changes how much room a trader has during an open position.
The rules attached to each program are where the real cost lives. Restrictions on news trading, on holding positions overnight, or on carrying them over the weekend can quietly rule out an entire strategy. Breaking a rule usually means failing the challenge and losing the fee.
FTMO
FTMO is among the most established firms in the funded space, based in Prague and operating since 2015. The path runs from the FTMO Challenge through a verification step to an FTMO account, which still trades as a demo account but pays out real money on the profits made. Traders who pass the challenge and verification get their joining fee reimbursed after the first profit split, which lowers the effective cost of entry for those who succeed.
The track record and the upfront fee transparency are the draw. The constraints are real, though.
Pros
- A long operating history and broad recognition among traders, which matters in a market full of new and short-lived operators.
- Joining fee reimbursed after the first profit split for traders who pass.
- Profit share up to 90%.
Cons
- The account stays a demo even after funding, so no trade ever reaches a live order book.
- The 10% profit target during the challenge is steep relative to several competitors.
- Restrictions on news-based trading and on holding positions overnight or over the weekend rule out some strategies outright.
The 5%ers
Established in 2016 and based in Israel, The 5%ers runs three separate funding routes: Hyper Growth as a one-step program, High Stakes as a two-step program, and Bootcamp as a low-cost entry. It uses MetaTrader 5 and allows the trading styles many competitors restrict, including algorithmic trading, news-based trading, and holding positions overnight or over the weekend. The firm charges a one-time fee with no recurring cost, and funding can scale to $4 million with a profit share reaching 100%.
The flexibility on trading style is the standout. The structure asks something of the trader in return.
Pros
- Funding up to $4 million and a profit share up to 100%.
- Few restrictions on trading style, including algo and news trading and weekend holds.
- A transparent one-time fee and a lower-cost Bootcamp route for traders who want to start small.
Cons
- Three different program structures make it harder for a newer trader to pick the right entry.
- The leverage on some routes is low, at 10:1 for Bootcamp and 30:1 for Hyper Growth, which constrains certain strategies.
- The Bootcamp route is demo based, and the higher-leverage High Stakes program carries a steep joining fee.
FundedNext
Founded in 2021 and based in the UAE, FundedNext offers four models under its Stellar line: 2-Step, 1-Step, Lite, and Instant. Funding reaches $4 million with a profit share up to 95% after the challenge phase, and the firm lets traders earn a 15% share during the challenge itself, which is unusual. It runs balance-based drawdown and advertises a 24-hour payout guarantee.
The payout terms and challenge-phase share are genuinely competitive. The youth of the firm is the asterisk.
Pros
- Funding up to $4 million and a profit share up to 95%.
- A 15% profit share during the challenge phase, before funding is granted.
- No time limits on challenges and a stated 24-hour payout guarantee.
Cons
- The account remains a demo even at the funding stage.
- A short operating history relative to the longest-running firms.
- The four-model structure can confuse newer traders, even with a simplified-rules option available.
The Forex Funder
The Forex Funder is a UK-based program offering a choice between a one-step and a two-step evaluation, which lets a trader match the path to their experience. It runs on MetaTrader 4 and 5, charges an evaluation fee without a recurring membership cost, and allows expert advisors and news-based trading. Funding scales to $2.5 million with a profit share up to 95%, among the highest available, and there is no time limit to clear the evaluation.
Pros
- Profit share up to 95% and funding up to $2.5 million.
- Allows expert advisors and news trading, with a choice of faster or slower evaluation.
- No time limit on the evaluation phase.
Cons
- A relatively expensive entry compared with the cheaper programs.
- Drawdown is calculated on equity, which does not suit every trading approach.
- Trading runs on demo accounts even at the funding stage.
Funded Trading Plus
Funded Trading Plus is UK based and grew out of Trade Rooms Plus, founded in 2013, giving it deeper roots than most. It offers several routes: an Experienced Trader Program with a single assessment phase, an Advanced Trader Program with two phases, and a Master Trader Program that grants instant funding without an evaluation. Costs scale with funding size, from $119 for $12,500 up to $949 for $200,000 on the assessment routes, and from $225 to $4,500 on the instant-funding route. Payouts are weekly, and there are no minimum or maximum trading-day requirements.
Pros
- A range of programs covering beginner through advanced traders, including an instant-funding option.
- Weekly payouts and no minimum or maximum trading days.
- Profit sharing ranging from 80% to 100%.
Cons
- The Advanced Trader Program bars holding positions over the weekend.
- Maximum leverage of 30:1, which limits some strategies, and profit targets that run high relative to that leverage.
- Trading is done on demo accounts.
E8 Markets
E8 Markets, formerly E8 Funding, is a US-based firm operating since 2021. It offers preset two- and three-step evaluations and a custom option that lets a trader set their own initial balance, drawdown, and payout share for a higher fee. The preset two-step path runs an 8% target in phase one and 4% in phase two, with an 8% maximum drawdown across both. The low entry fee is the headline.
Pros
- A low joining fee that makes it accessible to most traders.
- A conservative profit target on the preset path.
- No time limit, plus the option to customize evaluation objectives.
Cons
- The preset programs cap the profit share at 80%, below most competitors.
- The conservative target comes with a tighter drawdown limit than rival programs allow.
- The custom program carries a steep entry fee, and the firm is still relatively new.
Axi Select
Axi Select is the structural outlier in this group. Joining is free, the program runs through six stages, and the seed stage uses a live trading account funded with a deposit of at least $500. After 30 days, a trader who meets the requirements can progress. Funding reaches $1 million with a profit share up to 90%, and the 5% profit target is lower than most. The defining difference is the live account: where most programs keep traders in simulation, this one puts real orders in the market from the start.
Pros
- Free to join, with no evaluation fee.
- Live trading accounts from the first stage rather than demo simulation.
- A low 5% profit target and up to three attempts.
Cons
- The Edge score formula that determines funding eligibility is not disclosed publicly.
- The $500 minimum deposit is a real upfront cost, even though it funds a live account.
- Availability is restricted and excludes residents of several regions, so eligibility has to be checked first.
How to Judge a Funded Firm Before Paying
Choosing a funded program is mostly an exercise in managing risk against the firm rather than against the market. A few checks separate a program built to develop traders from one built to sell challenges.
Reputation and payout history come first. A firm that has honored profit-sharing agreements over several years carries more weight than headline funding numbers from an operator with a few months of history. Trader feedback and the firm’s track record on actually paying out are the signal worth chasing.
Fee transparency is the next filter. The full cost, including the evaluation fee and any recurring charges, should be clear before purchase. Opaque or surprise billing points toward a business model built on fees rather than trader success.
The demo-versus-live question deserves a direct answer. Most programs simulate even at the funding stage, which is acceptable as long as a trader knows it going in. Treating a simulated payout product as a live institutional seat is the mistake to avoid.
Rule restrictiveness is where good strategies go to die. Limits on news trading, overnight holds, and weekend carry can be incompatible with how a trader actually operates, and breaching them forfeits the fee. The terms should be read in full before any payment.
The last test is a judgment call: does the program read like it is investing in its traders’ success, or like it is built to harvest subscription fees? Performance-based splits, real educational support, and clear terms point one way. Unrealistic promises and excessive fees point the other.
Bottom Line
The most useful thing a trader can take from any prop firm list is knowing which list they belong on. The institutional firms, from Jane Street and Citadel Securities to Optiver and Jump Trading, are career destinations reached through a hiring process, not accounts a retail trader opens. The funded-trader programs are the accessible side, and they are products to be bought with eyes open.
Among the funded programs, the longest-running operator is the safer default. FTMO’s decade of history, fee reimbursement for traders who pass, and upfront transparency make it the steadiest entry point, with the trade-off that it never reaches a live order book. For a trader who specifically wants real execution rather than simulation, Axi Select is the genuine structural standout in this group, as the one program here that trades live accounts from the start and charges no joining fee, provided the trader is in an eligible region and accepts the $500 deposit. For scaling ambition, the $4 million ceilings and high splits at The 5%ers and FundedNext are the numbers to weigh.
One caveat sits over the entire funded category for this audience: it is built around forex and CFDs. A US equities day trader should confirm that a program covers the right instruments and accepts traders from their region before paying for a single challenge.