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
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- Hola Prime, The best prop firm for ultra-fast withdrawals.
- fundedprime, Portfolio scaling up to a maximum of $800,000 per trader.
- Rebels Funding, The best prop firm for fast withdrawals.
- Goat Funded Trader, The best prop firm for a monthly salary.
- FundedNext, 15% profit share of the profits during the evaluation period.
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Year Established | 2024 | 2023 | 2023 | 2022 | 2022 |
Minimum Deposit | |||||
Trading Platform(s) | Other, MetaTrader 5, cTrader, DX Trade+ | DX Trade | Proprietary platform, Trading View | Other, MetaTrader 5+ | MetaTrader 4, MetaTrader 5 |
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
Hola Prime
In Summary The best prop firm for ultra-fast withdrawalsHola Prime is a transparent retail prop trading firm with four trading platforms and a maximum profit share of up to 95%. Traders can choose a one-step or a two-step evaluation for portfolios between $5,000 and $300,000, with an evaluation fee between $48 and $1,499. Alternatively, the Direct account is without evaluation and a one-time cost between $129 and $2,249. Therefore, I rank Hola Prime among the best prop firms.
Traders must trade for at least two days per challenge. The maximum daily drawdown is between 3% and 5%, with a maximum drawdown between 5% and 8%.
Pros & Cons
- A maximum profit share of 95%
- Four trading platforms
- Scalable accounts up to $4M
- One hour payouts
- Reletively newer firm (around one year old)
fundedprime
In Summary Portfolio scaling up to a maximum of $800,000 per traderProp traders can use algorithmic trading solutions if they receive prior approval, and the maximum profit share is 80%. All accounts are via Eightcap, ensuring a well-balanced asset selection exceeding 800 assets, competitive fees, deep liquidity, and fast order execution. Fundedprime offers the DXtrade and TradeLocker platforms and has a dedicated challenge for equity traders, placing Fundedprime among the best prop firms in Australia.
The maximum leverage is 1:50, and prop traders must trade for at least three days with a maximum daily drawdown of 5%, maximum drawdown of 10%, and a 10%-5% profit target during the two-step verification.
Pros & Cons
- Cryptocurrency withdrawals
- There is no time limit during the evaluation process.
- Maximum profit share up to 80%
- Trading via the platforms of trusted Australian brokerage Eightcap
- Limited operational history
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
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
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
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.
