For over a decade, DailyForex has been the trusted forex broker authority, and we've extended that same rigorous approach to the evaluation of proprietary trading firms. Our prop firm listings highlight the top-performing firms in specific categories, from instant funding to firms supporting EAs and copy trading. Each recommendation is the result of detailed analysis and strict criteria, ensuring traders can find the best match for their trading goals. Learn more about our methodology and how we maintain editorial integrity here.
Retail prop trading continues to experience tremendous growth, with new prop firms competing for skilled traders. Australia has emerged as a leader among prop firms and brokers that cater to the prop trading industry, but not all prop firms are equally competitive. So, how can you ensure that you trade with a reputable Australian prop firm?
I have conducted a comprehensive review covering the best prop trading platforms, prop firm pros and cons, and how to choose a prop trading account in Australia.
Top Prop Firms in Australia
- Eightcap Challenges, .
- Funded Fast, .
- DNA Funded, .
- Axi Select, .
- Sabiotrade, daily trading signals on the Quadcode platform and full-year mentorship.
| | | | | |
Year Established | 2015 | 2024 | N/A | 2023 | 2023 |
Trading Platform(s) | Other, MetaTrader 4, MetaTrader 5+ | Other+ | Other+ | MetaTrader 4, MetaTrader 5 | Proprietary platform |
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
Eightcap Challenges
In SummaryDay traders get a unique offer: a 1-hour, 2-hour, 4-hour, and 8-hour challenge, a trading stake selection between $5 and $500, and payout ratios of 2, 5, and 10 times. The selection determines the drawdown and profit target, while all accounts start with a $10,000 balance. Traders can use MT4/MT5 and TradeLocker. This places Eightcap Challenges among the best prop firms. Qualifying traders can request payouts in Bitcoin, USDT (TRC20), or USDT (ERC20). KYC requirements are mandatory for withdrawals exceeding $1,000, in line with industry standards.
Eightcap Challenges also offers traditional one- and two-phase evaluations with five account sizes ranging from $5,000 to $200,000, with up to $600,000 in allocated capital per trader. The maximum leverage is 1:100, with a 80% profit share. The one-time evaluation fees range between $99 and $1,299. The profit target is 10% except for the second phase of the two-phase evaluation, where it decreases to 8%.
Pros & Cons
- No time limits on One-Phase and Two-Phase challenges
- Traders can complete challenges within hours and earn payouts on the same day.
- Day Trader Challenges offers a completely customizable trading experience – traders choose their own duration, stake and payout.
- Operated by the multi-regulated Eightcap Group
- Scalping is restricted; trades must be open for 60 seconds
Funded Fast
In SummaryFundedFast offers up to 30% on each referral and challenge, making it one of the best prop firms in Australia for affiliates. The FundedFast University offers four educational modules, while the Trader Success Team curates short videos with advice to improve the results of prop accounts. The two-phase evaluations are cheaper than the one-phase alternative and are the only ones that qualify for account scaling. A five-level scaling plan increases the balance by 25% each level, with profit target requirements, minimum trading day requirements to promote steady progress, and tighter drawdown limits to enhance professional trading discipline.
The best trading day cannot exceed 50% of profits to qualify for payouts. FundedFast does not permit EAs or copy trading, but news trading, scalping, account hedging, and overnight trading are accepted strategies. The profit target is 10%, except for a 5% profit target for the second phase of the two-phase challenge.
Pros & Cons
- Profit share 90%
- Free retry if rules are followed
- Low evaluation fees starting at $49
- Single-phase evaluation with no time limits
- Rewards are not always clear
DNA Funded
In SummaryI rank DNA Funded among the best Forex prop firms for its low evaluation fees. Traders pay $49 to $1,209 for portfolios between $5,000 and $200,000. Traders can choose among 16 challenges and one-phase, two-phase, and 10-day rapid evaluations. DNA Funded offers add-ons to increase the profit share up to 90% and decrease the payout frequency to seven days.
Prop traders will trade via the TradeLocker platform. The maximum daily drawdown is 5% for the one-step evaluation, 6% for the two-step alternative, and 4% for the 10-day challenge, with a maximum drawdown of 6%, 10%, and 5%, respectively.
Pros & Cons
- Maximum profit share of 90%
- Max allocation of funded accounts up to $600K
- Transparent trading conditions with TradeLocker login details
- A well-balanced asset selection of 800+ assets
- Limited operational history
Axi Select
In SummaryAxi launched its Axi Select in-house prop trading service, which sets itself apart from the industry by not requiring a fee-based evaluation, making it 100% free. Interested traders must open a live Axi trading account, fund it with at least $500, and start trading. The personalized Edge Score determines eligibility for a funded account, and Axi has a six-stage program that scales with the trader. For the initial stage, the $500 deposit grants access to a $5,000 account, and the profit share is 0%. It lasts for at least 30 trading days, has a 7% profit target, and requires 20 trades.
The second stage requires a minimum equity balance of $1,000, caps funding at $20,000, and increases the profit share to 40%. The maximum leverage is 1:100 with a maximum drawdown of 10%. The Axi Select structure is created highly professionally, making Axi one of the best prop firms.
Pros & Cons
- Unrestrictive Rules: There are no time limits to qualify; EAs are permitted.
- Scale up to $1 Million
- Backed by a Broker: Run by Axi (founded 2007)
- No Registration Fees: A unique model where you do not pay for an evaluation; the entry cost is zero.
- Regional Restrictions: Program is not available to the US, UK, EU, or Australia.
Sabiotrade
In Summary daily trading signals on the Quadcode platform and full-year mentorshipSabioTrade is one of the newer nest prop trading firms, headquartered in Ireland but owned by well-known Cypriot FinTech company Quadcode, which also operates the brokerage IQ Option. It makes SabioTrade an exciting entry into prop trading, as it offers the user-friendly proprietary Quadcode-powered trading platform with 100+ built-in indicators, widgets, and alerts. Traders also get trading signals and a three-step educational course.
SabioTrade’s maximum leverage is 1:30, and potential prop traders must complete a two-day rapid training and comprehension check. A 7-day free trial is available, and SabioTrade offers three funded account options.
Pros & Cons
- Dashboard-integrated trading platform by QuadCode Markets
- Quick 1-step assessment
- Funded accounts $10,000-$200,000
- Profit share between 70% and 90%
- No weekend positions
Is Forex Prop Trading a Good Idea in Australia?
Prop trading firms offer access to capital, but all prop firms have strict risk management rules. Some add consistency rules, and many prop firms restrict select strategies or have uncompetitive trading rules. Therefore, every prop trader must decide if this type of trading, even if it is with the best prop firms in Australia, is a good idea based on their skill set and strategy.
Pros and Cons of Prop Trading in Australia
Before paying for an evaluation or subscribing to a monthly fee with top prop firms in Australia, I recommend prop traders consider the pros and cons of prop trading.
The Pros of Prop Trading
- Access to trading capital
- A generous profit split
- Well-established prop firm partnerships with trusted brokers
The Cons of Prop Trading
- Unregulated business
- Tight risk management rules
- Some consistency rules make select trading strategies uncompetitive
- Not all prop firms allow algorithmic trading
- Performance pressure
- Inexperienced traders rush to prop firms offering educational content
How Do You Get Paid Prop Trading?
Prop traders must generate profits and trade within strict trading rules while complying with other conditions where applicable. While bank wires are the go-to payment processor, the best prop firms in Australia support cryptocurrency withdrawals. Prop traders must check the minimum withdrawal amounts, and consider third-party follow-on costs, as well as withdrawal windows at their chosen prop firms.
Should traders use payment processors other than cryptocurrencies, the name on the prop trading account and the payment processors must match, to comply with AML rules and regulations.
How to Choose a Prop Trading Account in Australia
The best prop firms in Australia offer similar core trading conditions to ensure prop traders have a competitive edge and support profitable trading.
Prop traders should ensure their prop firms excel in the following aspects:
1. Reputation - Since prop firms are unregulated but duly registered businesses, I recommend traders avoid newly established prop firms. Reviews may help, but traders should approach them cautiously and avoid reviewers without a history.
2. Trading Costs - US-based prop firms charge monthly subscription fees, and traders should consider these recurring costs. Non-US prop firms provide a significant cost advantage, as they have one-time evaluation fees. The trading costs are reasonable but differ between prop firms, while trading fees depend on the broker of prop firms, which transparent firms provide.
3. Trading Platform - The best prop firms in Australia offer MT4, MT5, TradeLocker, and DXtrade. Proprietary trading platforms or alternative third-party providers exist at some prop firms.
4. Profit Share - I recommend traders ignore all prop firms with a profit split below 80% and favor 90%+.
5. Asset Selection - The asset selection depends on the prop firm and their partner broker but usually includes Forex, cryptocurrencies, commodities, and equities.
6. Trading Strategies - Traders must verify that their prop firms allow the trading style they wish to execute. Some prop firms have no restrictions, while others restrict or prefer select strategies.
7. Support - Trading with legitimate prop firms involves a contract and receiving payouts. Therefore, I only recommend prop firms with fast, responsive customer support available 24/5.
8. Payouts - The best prop firms in Australia allow cryptocurrency transactions with fast internal processing times and low minimum payout amounts, but bank wires remain the go-to payment processor.
What Can You Trade with a Prop Firm in Australia?
The best prop firms in Australia offer a combination of Forex, cryptocurrencies, commodities, metals, equities, ETFs, and futures. The asset selection always depends on the prop firms and their partner broker.
What Trading Platforms are Available in Australia for Prop Trading? H2
The best prop firms in Australia offer MT4, MT5, and TradeLocker, as they support algorithmic trading and DXtrade for manual traders. A few prop firms feature alternative third-party providers or deploy proprietary solutions.
Bottom Line
Trading with the best prop firms in Australia can provide profitable traders the necessary capital to succeed as full-time traders, but only if the trading conditions support the trader. While most prop firms present themselves as an excellent choice, prop traders must evaluate and understand the trading rules and restrictions, which can restrict the successful execution of trading strategies.
Another fact to consider is that despite the best marketing offers, most prop firms rely on evaluation fees or monthly subscriptions for their income and not on trading. Therefore, Australian prop traders must carefully evaluate prop firms before paying the evaluation fee.
