South Africa continues the rapid development of its financial sector with a focus on Forex trading. The lack of capital makes retail prop trading an option more South African traders favor, but not all prop firms are equally competitive. So, how can you ensure you are dealing with reputable prop firms in South Africa?
I have conducted a comprehensive review of South African prop firms, covering the pros and cons, what happens if you lose money trading for a prop firm, and how to choose a prop trading account in South Africa.
- Goat Funded Trader, The best prop firm for a monthly salary.
- Rebels Funding, The best prop firm for fast withdrawals.
- FundedNext, 15% profit share of the profits during the evaluation period.
- Funded Fast, .
- Sabiotrade, daily trading signals on the Quadcode platform and full-year mentorship.
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Year Established | 2022 | 2023 | 2022 | 2024 | 2023 |
Trading Platform(s) | Other, MetaTrader 5+ | Proprietary platform, Trading View | MetaTrader 4, MetaTrader 5 | Other+ | Proprietary platform |
| Visit Website | Visit Website | Visit Website | Visit Website | Read Review |
Goat Funded Trader
In Summary The best prop firm for a monthly salaryGoat Funded Trader is a unique prop trading firm offering qualifying traders a monthly salary between $300 and $500. It also ranks among the prop firms with the lowest evaluation fees, with a maximum profit share of 100%. Other benefits include instant funding, no hidden rules, and a reward guarantee. The profit targets range between 6% and 10% with daily drawdowns between 3% and 4%, and maximum drawdown between 6% and 8%. Therefore, I rank Goat Funded Trader among the best prop firms.
Traders can use MT5, TradeLocker, or Match Trader with commission-free trading on select assets.
Pros & Cons
- 100% in-house technology
- $9.1M+ paid out to traders
- 111K+ active accounts from 98K+ traders
- Processes 36K+ traders daily
- No equity trading
Rebels Funding
In Summary The best prop firm for fast withdrawalsI rank Rebels Funding among the best prop firms, as it offers the most evaluation choices. They include a four-step evaluation with a low 5% profit target. Rebels Funding has no time limits on achieving profit targets, but it has a minimum trade requirement. Traders can also enroll in competitions and win funded accounts with a cash prize. Another unique feature is that Rebels Funding has a refund fee of up to 200%.
The daily drawdown ranges from 0% to 5%, with a maximum drawdown between 6% and 10%. Traders receive a profit split of up to 90%.
Pros & Cons
- No time limit on evaluations
- High profit share
- Wide range of program options
- Some platform lag issues reported
FundedNext
In Summary 15% profit share of the profits during the evaluation periodPros & Cons
- Six account options, a refundable evaluation fee, and a 10% reset discount
- MT4 and MT5 trading platforms with algorithmic trading enabled
- 15% profit share during the evaluation process
- 60% to 90% profit share with ultra-fast withdrawal of five hours
- Limited asset selection
Funded Fast
In SummaryTraders can opt for a lower-priced two-phase evaluation and a more expensive one-phase alternative. For example, the minimum evaluation fee is $49 for the two-phase $5,000 account or $109 for the one-phase option. The maximum evaluation fee at FundedFast is $2,999 for the one-phase $400,000 account. The FundedFast University offers four educational modules, with a total of 20 lessons. Therefore, FundedFast ranks among the best prop firms in South Africa.
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. FundedFast has a 10% profit target, except for a 5% profit target for the second phase of the two-phase challenge. The maximum daily loss limit is 5% with a maximum drawdown of 10%. The maximum leverage is 1:50, 1:100, and 1:200, depending on the account and add-on.
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
Sabiotrade
In Summary daily trading signals on the Quadcode platform and full-year mentorshipSabioTrade provides five accounts, from $20,000 to $650,000 for a one-time evaluation fee between $119 and $2,989, refundable for funded traders. The profit target is 10%, with a 5% daily maximum drawdown, and a 6% maximum drawdown. Prop traders get maximum leverage of 1:30. This makes SabioTrade one of the best prop firms in South Africa for conservative traders.
Traders can access the Quadcode-powered trading platform as a desktop, web-based alternative, or mobile app, but it does not support algorithmic trading. SabioTrade also offers daily trading signals and full-year mentorship, setting itself apart from other retail prop trading firms.
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 South Africa?
Prop firms in South Africa provide capital but enforce strict risk management rules, trading strategy restrictions, potential consistency rules, and uncompetitive trading rules. Therefore, every trader must answer the viability of prop trading based on their preferences, skills, and strategy.
Pros and Cons of Prop Trading in South Africa
Prop traders should evaluate 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 some of the best South African 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 to Withdraw Money from a Prop Trading Account
Prop firms in South Africa use bank wires and cryptocurrencies to send profit shares to prop traders. Traders must pass KYC/AML regulations before requesting withdrawals. They must also generate profits and trade within strict trading rules while complying with other conditions where applicable and consider the withdrawal window at prop firms. The dashboard handles the withdrawal process, which functions similarly to online banking.
How to Choose a Prop Trading Account in South Africa
While prop firms in South Africa offer similar core trading conditions, traders should compare them, as differences exist.
Prop traders evaluate the following aspects:
1. Reputation - I recommend avoiding newly established prop firms, as prop firms are unregulated but duly registered businesses.
2. Trading Costs - Most prop firms in South Africa charge a one-time evaluation fee based on the desired account size, while trading fees depend on the broker.
3. Trading Platform - Prop traders can use MT4, MT5, TradeLocker, and DXtrade.
4. Profit Share - I advise prop traders to ignore a profit share below 80%.
5. Asset Selection - The asset selection usually features Forex, cryptocurrencies, commodities, indices, and equities.
6. Trading Strategies - All prop firms have certain restrictions, and prop traders must ensure they can execute their strategy.
7. Support - Prop traders should use prop firms with fast, responsive customer support available 24/5, as trading with legitimate prop firms involves a contract and receipt of payouts.
8. Payouts - The best prop firms in South Africa process cryptocurrency transactions, but bank wires remain the primary option.
What Can You Trade with a Prop Firm in South Africa?
The asset selection always depends on the prop firms and their partner brokers. The most competitive prop firms in South Africa offer a combination of Forex, cryptocurrencies, commodities, metals, indices, and equities.
What Happens if You Lose Money at a Prop Firm?
Prop traders who violate the maximum drawdown rule will lose access to their funded account, but prop firms in South Africa allow those traders to pay for another evaluation. All trading in funded accounts is in demo accounts, known as shadow trading, and prop traders are never liable for lost capital.
Bottom Line
Prop firms in South Africa can help traders transition to full-time trading via access to funded accounts, but most prop firms rely on evaluation fees or monthly subscriptions for their income and not on trading. Most prop firms present themselves as an excellent choice, but prop traders must evaluate and understand the trading rules and restrictions, which can restrict the successful execution of trading strategies. Regulators also label retail prop firms as a trading game. Therefore, South African prop traders must carefully evaluate prop firms before paying the evaluation fee.
