Topstep and Apex Trader Funding are the two biggest names in futures prop trading, and both accept South Africans. Topstep is the long-established firm with a path to live capital; Apex is the high-volume firm with cheap one-time evaluations and a generous split on early payouts.
Quick verdict
Choose Topstep if you want a proven firm, a route to a Live Funded Account and simple payouts via Wise. Choose Apex if you want to pass fast, run several accounts and keep 100% of your first $25,000, and can manage its 50% payout consistency rule.
Side-by-side comparison
| Topstep | Apex Trader Funding | |
|---|---|---|
| Founded | 2012, Chicago | 2021, Austin |
| Evaluation pricing | Monthly: $49 / $99 / $199 | One-time fee, frequent discounts |
| Activation fee | $149 (standard path) | Varies by plan |
| Time limit | None (subscription continues) | 30 calendar days |
| Evaluation consistency | No day over 55% of total profit | None |
| Drawdown | Trailing Maximum Loss Limit | EOD or intraday trailing (your choice) |
| Account sizes | $50K, $100K, $150K | $25K, $50K, $100K, $150K |
| Profit split | 90% | 100% of first $25K, then 90% |
| Payout rules | Caps per request; must stay profitable between payouts | 50% consistency; payout ladder |
| Multiple accounts | Limited | Up to 20 Performance Accounts |
| Platforms | TopstepX (Quantower can connect) | Rithmic, Tradovate, WealthCharts |
| Live capital path | Yes (Live Funded Account) | Performance Accounts |
Cost
Topstep’s monthly subscription is cheap if you pass quickly but adds up if you take several months. Apex charges once for 30 days of access and discounts heavily, so it’s usually cheaper to attempt; the trade-off is the 30-day window.
Rules
Apex’s evaluation has no consistency rule and no minimum days, so you can pass in a single day. Topstep’s Combine raises your target if any single day makes up more than 55% of your total profit. Apex lets you choose an end-of-day drawdown, which is kinder to intraday swings.
Payouts
Apex’s split is better on early profits (100% of the first $25,000), but payouts require passing a 50% consistency test and following a payout ladder. Topstep pays 90% with per-request caps, and each payout after the first requires you to stay profitable since the last one. Topstep lists Wise among its payout methods, while Apex pays international traders, including South Africans, through Plane.
Platforms
This may decide it for you. New Topstep Combines must use TopstepX. Apex connects through Rithmic, Tradovate or WealthCharts, giving access to NinjaTrader and TradingView.
What it costs in rand
At an illustrative rate of R18 per US dollar (check today’s rate and your card’s foreign transaction fee):
| Firm | Cheapest entry | Approx. in rand |
|---|---|---|
| Topstep | $49/month | about R880/month |
| Apex Trader Funding | one-time fee, often discounted | varies |
Card payments to offshore firms count toward your single discretionary allowance, and payouts arrive in foreign currency that you’ll convert to rand. See how to withdraw prop firm profits in South Africa.
Trading from South Africa
Forex traders get the most liquidity during the London–New York overlap, roughly 14:00–18:00 SAST in the Northern summer and 15:00–19:00 in winter. US index futures are busiest after the New York cash open at 15:30 or 16:30 SAST. Payouts are income for SARS, usually declared through provisional tax: see prop firm tax in South Africa.
Which should you choose?
Pick Topstep for stability, a live-capital path and a simple platform. Pick Apex for cheap, fast evaluations, platform choice and multiple accounts, as long as your profits are spread evenly enough to pass its consistency rule.
Visit Topstep Read our Topstep review
Visit Apex Trader Funding Read our Apex Trader Funding review
Topstep vs Apex FAQ
Is Topstep or Apex cheaper?
Apex is usually cheaper to attempt because it charges once and discounts heavily. Topstep’s $49 monthly $50K Combine is cheap if you pass quickly.
Which has the better profit split?
Apex pays 100% of the first $25,000 per account, then 90%. Topstep pays 90%.
Can I use NinjaTrader?
Apex supports connections via Rithmic and Tradovate for platforms like NinjaTrader. New Topstep Combines must use TopstepX.
Do both accept South Africans?
Yes. South African futures traders can join both firms.
Can South Africans use both Topstep and Apex Trader Funding?
Yes. Both firms accept South African residents; confirm eligibility at checkout.
How much does it cost in rand?
Entry prices are in foreign currency; at an illustrative R18 per US dollar, Topstep starts at about R880/month and Apex Trader Funding at varies.