Know the drawdown mechanic before you buy: Vanquish’s 5% loss limit trails intraday from your unrealized peak, not from your closing balance. That means an open position that runs up and then gives back profit can breach the account even if you never closed a losing trade. This is the single most common complaint in trader reviews. It is disclosed by the firm, but it catches people who assume end-of-day drawdown.
Transparency capped at 5.0. Under our published scoring caps, transparency is limited to 5.0 when a trader cannot see the price before starting checkout. Here, most of its account tiers show no public price (listed only as available at checkout or not disclosed). The cap lifts if full pricing is published.
Rating Breakdown
Pros
- One of the only prop firms built specifically for options traders rather than bolting options onto a CFD product
- 100% profit split, with no firm cut advertised on funded accounts
- Daily payouts processed in minutes, $250 minimum
- No time limit on the evaluation and no profit target once funded
- No maximum daily loss limit and no daily profit goal
- Reviewers consistently praise fast, responsive customer service
- Reset is only $49 if you breach
Cons
- Long calls and long puts only. No spreads, no credit strategies, no selling to open, which rules out most professional options approaches
- Tradeable underlyings are limited to SPX, XSP, and VIX
- The 5% loss limit trails intraday from your unrealized peak, the most-cited complaint in trader reviews
- No overnight positions; everything auto-liquidates at 3:59pm EST
- 30% consistency rule means one strong trade can block a payout
- Founded May 2024, so there is limited long-term payout history
- Pricing is monthly rather than a one-time fee, so a slow evaluation costs more
Account Sizes and Pricing
Vanquish publishes the $99 monthly price on the $10,000 options account. Pricing for the larger tiers is shown at checkout. A 35% promotional discount was running through late July 2026; confirm current pricing on their site.
Evaluation Stage Rules
| Evaluation type | One-step |
| Profit target | 10% of account balance |
| Minimum trades | 10 |
| Loss limit | 5% of account, trailing intraday from unrealized peak |
| Consistency rule | 30% (best single trade divided by total profit) |
| Time limit | None |
| Reset cost | $49 |
Funded Account Rules
| Profit target | None once funded |
| Profit split | 100% |
| Loss limit | 5% trailing until the buffer is reached |
| Consistency rule | 30% |
| Minimum payout | $250 |
| Payout frequency | Daily, processed in minutes |
Trading Restrictions
| Permitted strategies | Long calls and long puts only |
| Underlyings | SPX, XSP, and VIX |
| Spreads | Not permitted |
| Selling to open | Not permitted |
| Margin | Not permitted |
| Overnight positions | Not permitted; open trades auto-liquidate at 3:59pm EST |
| Platform | DXtrade (web, iOS, Android) |
Our Verdict
Vanquish Trader fills a real gap. Almost every firm in the options prop firm category is a CFD or futures firm that added options as a side product. Vanquish was built for options from the start, and the headline terms are genuinely strong: a 100% profit split, daily payouts processed in minutes, no time limit on the evaluation, and no profit target at all once you are funded.
The rule set is where you need to be honest with yourself. Vanquish permits long calls and long puts only, on SPX, XSP, and VIX. No spreads, no credit strategies, no selling to open. If your edge comes from premium selling, defined-risk spreads, or anything beyond directional long premium, this firm cannot accommodate how you trade. That is not a flaw so much as a narrow product, but it disqualifies a large share of experienced options traders.
The drawdown mechanic is the detail that generates the most complaints, and it deserves attention. The 5% loss limit trails intraday from your unrealized peak. If an open position runs up and then retraces, the account can breach on paper profit you never banked. Vanquish does disclose this at several points, but it behaves very differently from the end-of-day drawdown most traders expect, and it punishes letting winners breathe.
Add the 30% consistency rule and the 3:59pm forced liquidation, and the practical picture is a firm suited to disciplined intraday directional traders who take profit quickly and size consistently. It is a poor fit for swing traders, premium sellers, or anyone who lets a position develop over days.
Vanquish is worth trying if you trade long SPX or VIX premium intraday and want a 100% split with daily payouts. Go in understanding that the monthly pricing means a slow evaluation costs more, and that the trailing intraday drawdown is the rule most likely to end your account. Run your numbers through our consistency calculator before requesting a payout, since one good trade can trip the 30% rule.
Frequently Asked Questions
Is Vanquish Trader a real options prop firm?
Yes. Vanquish Trader was founded in May 2024 and is headquartered in Delaware, and it is one of very few prop firms built specifically for options rather than adding options to a CFD product. It runs one-step evaluations on accounts from $10,000 to $150,000 with a 100% profit split and daily payouts.
What options strategies can I actually trade at Vanquish?
Long calls and long puts only, on SPX, XSP, and VIX. Spreads, credit strategies, selling to open, and margin are all prohibited. If your edge relies on premium selling or defined-risk spreads, Vanquish will not work for you.
How does Vanquish’s trailing drawdown work?
The 5% loss limit trails intraday from your unrealized peak, not from your closing balance. If an open position runs up and then gives back profit, the account can breach on gains you never actually realised. This is the single most common complaint in trader reviews. The firm does disclose it, but it behaves very differently from end-of-day drawdown.
Does Vanquish Trader really pay 100% of profits?
Vanquish advertises a 100% profit share on funded accounts, with a $250 minimum payout and daily processing that reviewers describe as taking minutes. Note that the firm makes its money on evaluation fees rather than a cut of trader profits, which is worth understanding as a business model.
Can I hold options positions overnight at Vanquish?
No. Overnight positions are not permitted, and any open trade is automatically liquidated at 3:59pm EST. This makes Vanquish unsuitable for swing trading or any multi-day options strategy.
Ready to try Vanquish Trader?
Options-only evaluation, 100% profit split, daily payouts. Read the trailing drawdown rule first.
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