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.
- Sabiotrade, daily trading signals on the Quadcode platform and full-year mentorship.
- Rebels Funding, The best prop firm for fast withdrawals.
- Axi Select, .
- Eightcap Challenges, .
- Funded Fast, .
- DNA Funded, .
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Year Established | 2023 | 2023 | 2023 | 2015 | 2024 | N/A |
Trading Platform(s) | Proprietary platform | Proprietary platform, Trading View | MetaTrader 4, MetaTrader 5 | Other, MetaTrader 4, MetaTrader 5+ | Other+ | Other+ |
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
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
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
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.
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 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
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
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.
