Pipcy

Pipcy is a proprietary trading firm that gives traders access to simulated funded accounts through a challenge. Traders pass a set of rules on MetaTrader 5, then trade for a share of their performance through regular reward payments and a long-term Growth Plan. Pipcy is often searched as Pipcy Funded.

Pipcy runs two challenge programs. Pipcy Classic is a percentage-based evaluation in One-Step and Two-Step formats. Pips Mastery is a pip-based evaluation in X2 and X3 variants, where performance is counted in net pips rather than dollars. Pipcy Classic accounts run from $2,500 to $200,000, and Pips Mastery accounts from $2,500 to $100,000.

Every Pipcy account includes Pipcy Academy, a free education library with 18 video courses and more than 130 lessons, 10 e-books, a glossary of more than 290 terms and 5 trading calculators. Pipcy is listed in our prop firm reviews directory.

The two programs share the same core conditions and differ in how performance is measured.

Pipcy Classic is the dollar-balance evaluation. It uses a 12% maximum loss measured from the starting balance, with no daily drawdown and no trailing drawdown, so the single loss limit stays fixed for the life of the account. Classic is offered as a One-Step or a Two-Step, with a minimum of 3 trading days. Pipcy describes the Two-Step as the lower-fee route and the One-Step as the faster route to rewards.

One-Step prices and targets

The average first payout figures are Pipcy's own, published beside each account size. Funded account ceilings run from $75,000 on a $2,500 account to $3,000,000 on a $100,000 account and $5,000,000 on the $200,000 account.

Two-Step prices and targets

The Two-Step splits the evaluation into a 12% target in Phase 1 and a 6% target in Phase 2, with the same 12% maximum loss, no daily drawdown, a 3-day minimum and the same funded ceilings as the One-Step.

At every size the Two-Step lists below the One-Step, from $10 less on the $2,500 account to $230 less on the $200,000 account, with a combined target of 18% across the two phases.

On a $100,000 One-Step the loss limit sits at $88,000 and stays there. Because it does not trail, profit built during the challenge adds directly to the distance between balance and limit. Classic covers forex majors and minors, indices including the S&P 500, NASDAQ and DAX, commodities including gold, silver and oil, and crypto including BTC and ETH.

Pips Mastery counts performance in net pips instead of dollars. Every account trades a fixed lot size tied to its balance, so position size is set by the account rather than the trader. The maximum loss is 250 pips, there is no daily drawdown, and the minimum is 3 trading days. Mastery X2 has a 500-pip target and Mastery X3 has a 750-pip target. Pips Mastery is focused on forex, with 28 currency pairs available.

Mastery X2 and X3 prices and lot sizes

Mastery X3 lists below X2 at every size, with a 750-pip target in place of 500 and the same lot sizes, maximum loss and funded path. Funded lot sizes scale to eight times the challenge lot as a trader progresses through funded levels, which is how Pips Mastery accounts grow instead of through a larger balance. Pipcy states that funded traders can earn up to $400 per pip at the highest tiers.

Pips Mastery sets the fixed lot at 0.02 lots per $1,000 of balance on every account size. On pairs quoted in US dollars, such as EURUSD, one standard lot moves $10 per pip, so each pip is worth $0.20 per $1,000 of balance. That makes the pip rules convert to the same percentages at every account size.

On USD-quoted pairs, Mastery X2 is the equivalent of a 10% target against a 5% maximum loss, and X3 a 15% target against the same 5%. On pairs quoted in other currencies the dollar value per pip shifts with the exchange rate, while the pip count stays fixed. Because the lot is fixed, the result of a trade is set by how many pips it captures rather than by how large it was sized.

Pipcy keeps one loss limit per program and no daily limit. Classic uses the 12% static maximum loss and Pips Mastery uses the 250-pip maximum loss. Neither program has a daily drawdown or a trailing drawdown.

Pipcy processes payout requests within 48 hours. Classic accounts become eligible for a payout after 5 trading days. The profit split reaches up to 100% on both programs, rising as a trader progresses.

KYC verification is not required before trading. Pipcy requests it before the first reward payment, once a trader becomes eligible. The average first payout figures Pipcy publishes run from $149 on a $2,500 Classic account to $6,845 on a $200,000 Classic account, and from $162 to $3,695 across the Mastery X2 range.

The Pipcy Growth Plan scales funded Classic accounts up to $5,000,000. Each Classic account size carries its own ceiling, from $75,000 on a $2,500 account to $3,000,000 on a $100,000 account and $5,000,000 on a $200,000 account. Pips Mastery accounts scale through lot size instead, up to 16 lots on a $100,000 account. Full Growth Plan terms are on Pipcy's Growth Plan page.

All Pipcy challenges run on MetaTrader 5, available on desktop, Mac and mobile. Account credentials arrive by email after purchase and trading can begin immediately.

Pipcy offers a free trial through its client area, with a simulated profit target and maximum drawdown so traders can test the platform, execution and instruments under challenge conditions before buying. Traders who complete the free trial may be eligible for promotional offers, subject to current campaigns. Alongside Pipcy Academy, the firm runs a weekly video hub with market forecasts, an economic calendar, live charts and trading tools, and communities on Discord, Telegram and YouTube. Support is available 24/7.

Enter FT25 in the promo code field at checkout before completing payment. On a $10,000 Classic One-Step at $129, FT25 takes the fee to $58.05. On a $10,000 Mastery X2 at $78, it takes the fee to $35.10. For codes on other firms, see our prop firm discount codes page.

Pipcy's simulated trading services and MT5 environment are provided by Pipcy Ltd., a Saint Lucia corporation registered at Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, under registration number 2026-00145, with an office at 10 Spyridonos Lamprou, Limassol, Cyprus.

Two further companies form part of the Pipcy group. Conquest Services Limited, registered at Burlington Tower, Business Bay, Dubai, provides services to traders outside the United Arab Emirates. Rogano Limited, registered in Limassol, Cyprus, provides services to traders resident in the UAE and processes payments.

Pipcy states that all trading takes place in a simulated environment with fictitious funds, and that it does not provide brokerage, investment or custody services. Pipcy states that proprietary trading firms are not subject to a dedicated regulatory framework in the way brokers are, and that it works with regulated liquidity providers. Pipcy does not offer services in a list of restricted and sanctioned jurisdictions published on its site, including Russia, Iran, North Korea, Syria, Cuba and Venezuela.

Full reviews of other prop firms, including FundedNext and FTMO, are in our prop firm reviews directory.

For lower-cost entry points across the market, see our cheapest prop firms list. To compare any two firms on the same fields, use the prop firm comparison tool.

Pipcy offers two challenge programs on MetaTrader 5. Pipcy Classic measures performance in dollars, with a 12% static maximum loss, no daily drawdown and a 3-day minimum, from $2,500 to $200,000. The One-Step runs an 18% target from $44 to $1,499, and the Two-Step runs 12% then 6% from $34 to $1,269. Pips Mastery measures performance in pips, with fixed lot sizes, a 250-pip maximum loss and a 500 or 750-pip target, from $25 on X3 and $29 on X2 up to $479 at $100,000.

Both programs allow news trading, pay a split of up to 100% and process payouts within 48 hours, with Classic accounts eligible after 5 trading days. Classic accounts scale through the Growth Plan up to $5,000,000, and Pips Mastery accounts scale through lot size, up to 16 lots. Every account includes Pipcy Academy, a free trial is available before purchase, and the code FT25 takes 55% off any plan.