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Pipstone Capital
This prop firm is currently not listed on Prop Firm Pal. In the future this may change.
4
Based on 1 review
Pipstone Capital Review: Rules, Profit Split & Payouts
Pipstone Capital is a forex prop firm run by Pipstone - FZCO that offers three routes to a simulated funded account: an Instant Funding account with no evaluation, a 1-Step challenge and a 2-Step challenge. Account sizes run from $5,000 to $100,000, and its scaling plan adds 25% to a funded account every 3 months for traders who make at least 8% over that period. Traders use MetaTrader 5, cTrader or Match-Trader across forex, commodities, indices and crypto. Founder and CEO Umair Raja describes Pipstone Capital as a trader development platform built on simulation-based challenges.
The 2-Step challenge sets an 8% profit target in phase 1 and 5% in phase 2 with a 5% daily loss limit; the 1-Step asks for 10% in a single phase with a 4% daily loss limit. Both use a static drawdown fixed at the starting balance, need 3 minimum trading days per phase and have no time limit. Instant Funding accounts have no profit target, a 3% daily and 5% trailing maximum drawdown, and ask for 5 profitable days within a rolling 30-day window. News trading, overnight holding and weekend holding are allowed on every model. The Pipstone Capital rules most likely to cost an account: trades closed in under 60 seconds count as HFT, buy and sell positions on the same instrument are a hard breach, EAs must follow human-like logic, and copy trading is allowed only between accounts one person owns. The help centre says a consistency rule is encouraged but not enforced in all plans.
The help centre gives an 80% profit split on the 1-Step and 2-Step, and a 100% split is sold as a checkout add-on. On those two challenges the first withdrawal comes 14 calendar days after the first trade and later ones bi-weekly, or weekly with a paid add-on. Instant Funding payouts are on demand once 7 profitable trading days are complete, a different count from the 5 days on the Instant Funding page. Pipstone Capital says rewards arrive on average within 8 hours of approval, by bank transfer or crypto, after KYC. The 2-Step fee is refunded with the first payout; the Instant and 1-Step fees are not refunded. Challenge prices were not found on the pages read, and traders in 20 listed countries and regions, including Russia, Iran, Cuba and Venezuela, are not supported.
Instant Funding with no evaluation, plus 1-Step and 2-Step challenges
Account sizes from $5,000 to $100,000; scaling of 25% every 3 months
2-Step: 8% and 5% targets, 5% daily loss, static drawdown
1-Step: 10% target, 4% daily loss, static drawdown
Instant Funding: 3% daily and 5% trailing drawdown, no profit target
80% profit split, up to 100% as a paid add-on
No time limit; news trading and weekend holding allowed
2-Step challenge fee refunded with the first payout
Is Pipstone Capital legit?
Prop Firm Pal has not verified Pipstone Capital, so this is not an endorsement: it is what the record shows. Its own pages name the operating company as Pipstone - FZCO. Its website has been active in Prop Firm Pal's monthly traffic record since November 2025, and traffic over the last three months is growing fast. Its payout policy is published, and summarised on the Payouts tab.
Record
What we hold
Company
What we hold
Pipstone - FZCO
In our traffic record
What we hold
Since November 2025 (10 months)
Traffic, last three months
What we hold
Growing fast (+198% to August 2026)
In Pipstone Capital's words
Company: “These Terms of Service, presented by Pipstone - FZCO ("Company", "we", "our", or "Pipstone"), govern the use of services provided on the website pipstonecapital.com (the "Website").” pipstonecapital.com/…/terms-conditions
Pipstone Capital trading platforms
Instruments & payment methods
Payment methods
Pipstone Capital challenges & plans
Plan
Type
Account size
Profit target
Daily drawdown
Max drawdown
Drawdown type
Profit split
Min trading days
2-Step Challenge
Type
2-step
Account size
$5K
Profit target
8%
Daily drawdown
5%
Max drawdown
—
Drawdown type
static
Profit split
80%
Min trading days
3
2-Step Challenge
Type
2-step
Account size
$10K
Profit target
8%
Daily drawdown
5%
Max drawdown
—
Drawdown type
static
Profit split
80%
Min trading days
3
2-Step Challenge
Type
2-step
Account size
$25K
Profit target
8%
Daily drawdown
5%
Max drawdown
—
Drawdown type
static
Profit split
80%
Min trading days
3
2-Step Challenge
Type
2-step
Account size
$50K
Profit target
8%
Daily drawdown
5%
Max drawdown
—
Drawdown type
static
Profit split
80%
Min trading days
3
2-Step Challenge
Type
2-step
Account size
$100K
Profit target
8%
Daily drawdown
5%
Max drawdown
—
Drawdown type
static
Profit split
80%
Min trading days
3
1-Step Challenge
Type
1-step
Account size
—
Profit target
10%
Daily drawdown
4%
Max drawdown
—
Drawdown type
static
Profit split
80%
Min trading days
3
Instant Funding
Type
instant funding
Account size
—
Profit target
—
Daily drawdown
3%
Max drawdown
5%
Drawdown type
trailing
Profit split
—
Min trading days
—
Pipstone Capital trading rules
Rule
Stance
Condition
News trading
Stance
Conditional
Condition
Allowed on all models, including through high-impact releases; the prohibited-practices policy separately bans layering buy and sell orders solely to exploit volatility and gap trading in high volatility
Expert advisors and automated trading
Stance
Conditional
Condition
Only with human-like logic; EAs built for scalping, latency arbitrage, grid trading or rapid-fire execution are not allowed, and an EA shared with other traders must use unique settings
Copy trading
Stance
Conditional
Condition
Only between accounts owned by the same person, with the Pipstone account as master; copying between different people, group trading, signal sharing and passing services are prohibited
Hedging
Stance
Not permitted
Condition
—
Martingale and grid strategies
Stance
Conditional
Condition
Grid systems are prohibited; averaging into a losing trade is capped at four open entries, while the same terms elsewhere allow only one additional position at a worse price, no larger than the original
High-frequency and latency arbitrage
Stance
Not permitted
Condition
—
Consistency rule
Stance
Applies
Condition
Encouraged but not enforced in all plans; no percentage published
Weekend holding
Stance
Permitted
Condition
—
Overnight holding
Stance
Permitted
Condition
—
Minimum trading days
Stance
Applies
Condition
3 minimum trading days per 1-Step and 2-Step phase; Instant Funding needs 5 profitable days (0.5% growth each) within a rolling 30-day window
Time limit
Stance
None
Condition
No time limit
Maximum number of accounts
Stance
Applies
Condition
Multiple accounts allowed with no stated cap, but they are reviewed together and risk distribution or account stacking across them is prohibited
Account sharing
Stance
Not permitted
Condition
—
News trading is allowed on all models, but layering buy and sell orders solely to exploit volatility and gap trading during high volatility are listed as prohibited practices.
EAs and bots are permitted only when they follow human-like logic; EAs built for scalping, latency arbitrage, grid trading or rapid-fire execution are not allowed, and a shared EA must run with the trader's own settings.
Copy trading is allowed only between accounts owned by the same person, with the Pipstone Capital account as the master; copying other traders, group trading and passing services are prohibited.
Opening buy and sell positions on the same instrument, or offsetting exposure across related accounts, is a hard breach.
Grid systems are prohibited, and the terms cap averaging into a losing trade at four open entries while also saying only one additional position, no larger than the original, may be added.
High-frequency trading is prohibited, and trades opened and closed in under 60 seconds are treated as HFT under a three-strike enforcement policy.
A consistency rule is described as encouraged but not enforced in all plans, with no percentage published.
Positions may be held over the weekend on all models, with no auto-close before the weekend.
Overnight holding is permitted on the 1-Step, 2-Step and Instant Funding accounts.
The 1-Step and 2-Step challenges need 3 minimum trading days per phase, and Instant Funding accounts need 5 profitable days of at least 0.5% growth within a rolling 30-day window.
There is no time limit to complete a challenge.
Traders may run multiple accounts, but Pipstone Capital reviews them together and prohibits spreading risk or stacking accounts so one reaches a payout while others fail.
All instruments available on the platform can be traded, including forex, commodities, indices and crypto.
Using third-party accounts or passing challenges for someone else is prohibited.
Pipstone Capital payout rules
Payout
Detail
Profit split
Detail
Up to 100%
Payout frequency
Detail
On demand on Instant Funding accounts once 7 profitable trading days are complete; bi-weekly on 1-Step and 2-Step accounts, or weekly with a paid add-on
Processing time
Detail
Average of 8 hours after approval
Payout methods
Pipstone Capital account policies
Policy
Detail
Refund policy
Detail
2-Step Challenge fee refunded once, with the first payout, if the account is compliant; no refund on Instant or 1-Step; evaluation fees otherwise non-refundable
Resets
Detail
A free account reset is sold as a checkout add-on
Scaling plan
Detail
Funded account size increased by 25% every 3 months with at least 8% profit over the 3 months, no rule breaches and active trading each month; no cap on the number of scale-ups
KYC
Detail
KYC verification required before any payout; may include identity verification, tax forms or other documents
Trading hours
Detail
Weekdays and weekends on Instant Funding accounts
Support
Detail
24/7
Pipstone Capital restricted countries
Pipstone Capital web traffic, month by month
Prop Firm Pal has tracked Pipstone Capital's website traffic every month since November 2025. In August 2026 the site received an estimated 537.07K visits, up 13% on the month before and up 198% over three months.
Growth of this size usually means active marketing rather than anything about payout reliability. A firm can grow quickly and still have strict rules.
These are third-party estimates of website visits, collected once a month and stored against the month they describe. They are not trader counts, funded-account numbers or revenue.
Month
Estimated visits
Change
November 2025
Estimated visits
10.20K
Change
—
December 2025
Estimated visits
54.80K
Change
+437%
January 2026
Estimated visits
86.36K
Change
+58%
February 2026
Estimated visits
129.24K
Change
+50%
March 2026
Estimated visits
153.47K
Change
+19%
April 2026
Estimated visits
184.24K
Change
+20%
May 2026
Estimated visits
180.25K
Change
-2%
June 2026
Estimated visits
235.19K
Change
+30%
July 2026
Estimated visits
474.82K
Change
+102%
August 2026
Estimated visits
537.07K
Change
+13%
How Pipstone Capital compares in size
Pipstone Capital was last measured in August 2026. On that reading it ranks 31 of the 463 prop firms Prop Firm Pal tracks — larger than 93% of them, at roughly 537.07K visits a month.
The ranking covers every firm measured between July 2026 and September 2026, each on its own latest reading in that window. Firms last measured before July 2026 are left out rather than shown with a stale figure, so the total moves month to month.
Size is not quality. A large firm is one that markets successfully, and several of the most visited firms in this ranking have the strictest rules; some of the smallest pay out reliably to everyone who asks. What the ranking is useful for is scale — whether you are looking at an established operation or something very new.
Similar-sized firm
Monthly visits
Monthly visits
587.03K
Monthly visits
563.77K
Monthly visits
523.40K
Monthly visits
503.55K
FAQs
What is Pipstone Capital's profit split?
Pipstone Capital's help centre lists an 80% profit split on the funded stage of the 1-Step and 2-Step challenges. A 100% reward split is sold as an add-on at checkout.
Does Pipstone Capital offer instant funding?
Yes. The Instant Funding account skips the evaluation, has no profit target, and runs with a 3% daily drawdown and a 5% trailing maximum drawdown. It also asks for 5 profitable days within a rolling 30-day window.
What are the Pipstone Capital challenge rules?
The 2-Step challenge needs 8% in phase 1 and 5% in phase 2 with a 5% daily loss limit, and the 1-Step needs 10% with a 4% daily loss limit. Both require 3 minimum trading days per phase and have no time limit.
Does Pipstone Capital use a trailing drawdown?
Only on Instant Funding accounts, where the 5% maximum drawdown and the daily drawdown both trail and withdrawals count against the limit. The 1-Step and 2-Step accounts use a static drawdown locked at the starting balance, in evaluation and funded stages.
Does Pipstone Capital allow news trading and EAs?
News trading is allowed on all models. EAs and bots are permitted only if they operate with human-like logic, and strategies built for scalping, latency arbitrage, grid trading or rapid-fire execution are not allowed.
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