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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- DNA Funded, .
- fundedprime, Portfolio scaling up to a maximum of $800,000 per trader.
- Hola Prime, The best prop firm for ultra-fast withdrawals.
- Profitex, A generous 7% daily loss limit with a 10% maximum drawdown.
- PipFarm, Industry-leading scalability up to $1.5M, 95% profit share, and crypto withdrawals.
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Year Established | N/A | 2023 | 2024 | 2023 | 2023 |
Minimum Deposit | |||||
Trading Platform(s) | Other+ | DX Trade | Other, MetaTrader 5, cTrader, DX Trade+ | DX Trade | cTrader |
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
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
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
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)
Profitex
In Summary A generous 7% daily loss limit with a 10% maximum drawdownWith 100K+ funded traders and accounts traded through Eightcap, which delivers competitive trading conditions, Profitex ranks among the best prop firms in Australia for conservative strategies. Traders can manage up to $200,000 with a maximum leverage of 1:30, competitive spreads, low commissions, deep liquidity, and fast order execution. The maximum profit share is 80%.
Profitex has a one-step evaluation challenge with a profit target of 10%, a 5% daily drawdown limit, and a 10% maximum drawdown. Prop traders must trade for at least three days during the evaluation challenge and ten days to qualify for a profit split payout.
Pros & Cons
- Offers trusted Australian broker, Eightcap's trading platform
- Cryptocurrency withdrawals
- There is no time limit during the evaluation process
- Maximum profit share up to 80%
- Limited operational history
PipFarm
In Summary Industry-leading scalability up to $1.5M, 95% profit share, and crypto withdrawalsPipFarm offers all its accounts in partnership with TopFX and supports 20+ payment processors, including cryptocurrencies. The five-tier rank promotions slash trading fees and improve trading conditions. Prop traders can scale their profit share from 75% to 95% and the maximum funds under management to $1.5M. So, I rank PipFarm among the best prop firms.
Prop traders can choose a one-phase evaluation with a trailing maximum drawdown of 12% and a profit target of 12% or opt for the two-phase alternative with a static maximum drawdown of 9% and a 6%-6% profit target. The daily loss limit is 3%.
Pros & Cons
- Maximum funded accounts of up to $1.5 million
- Challenges provided on the popular cTrader platform.
- Low minimum evaluation fee starting from $50
- Profit share of up to 95%
- Does not offer stock trading
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.
