> For the complete documentation index, see [llms.txt](https://docs.acetrader.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.acetrader.com/documentation/about-acetrader/key-differences-from-exchanges.md).

# Key Differences from Exchanges

While traditional crypto exchanges like **Hyperliquid** or **Binance** serve as open markets for traders using their own capital, **AceTrader operates under a proprietary model** — providing firm-owned funds to proven traders.

| Feature                | Hyperliquid / Exchanges | AceTrader                                     |
| ---------------------- | ----------------------- | --------------------------------------------- |
| **Capital Source**     | Traders’ personal funds | Firm-provided funds after evaluation          |
| **Risk Exposure**      | 100% borne by trader    | Losses covered by AceTrader within set limits |
| **Profit**             | 100% to trader          | Up to 90% to trader (10% firm share)          |
| **Access Requirement** | Account deposit         | Passing evaluation challenge                  |
| **Focus**              | Trading infrastructure  | Trader funding, evaluation, education         |

This model gives AceTrader a **dual purpose**: protecting capital through strict risk management while giving traders a scalable, low-risk path to professional trading. The **subscription-based evaluation** replaces costly upfront fees seen in many prop firms, removing time limits and allowing traders to progress at their own pace.\
Where exchanges simply enable trades, **AceTrader enables traders** — fostering skill development, accountability, and long-term growth.


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