Pipcy - Prop Firm Review

Pricing snapshot

Pipcy left the fee field blank in its data request, so we took the figures from its own checkout on 1 September 2026. The table below lists the standard one-time fee for every account size on all four programmes. Pipcy is currently running a 50% discount with code DU50, and the discounted figure sits in the notes column beside each row. Accounts run from $2,500 to $100,000, there is no activation fee after passing, and the fee is not refundable.

That last point matters more than it looks. Most firms in this bracket market the fee as recoverable, either as a refund on the first payout or a rebate several payouts in. Pipcy does not. Section 19.6 states the fee is forfeited if the challenge is failed, with no rebate tied to a later payout, and the firm says so in the binding terms rather than burying it. Treat the fee as spent the moment you buy.

Company and regulation

Pipcy is operated by Conquest Services Limited, registered in the United Arab Emirates under company number ICC20240979, with the terms governed by UAE law. The firm is not regulated by any financial regulator, and it states plainly that accounts are simulated and funded with fictitious money. Payouts are handled through a separate entity, Rogano Limited, by bank transfer.

The most important contextual fact is the founding year: 2026. Pipcy is months old, not years. Nothing about that is disqualifying, and every established firm was new once, but it does mean there is no payout history to weigh, no track record through a drawdown period, and no long tail of trader outcomes to check. The firm also declined to supply payout volumes, telling us its numbers are still small enough that publishing them would not be meaningful. That is a fair and honest answer, and it is also a reason to size your first purchase conservatively.

The rule that defines it: the static floor, and the position limit next to it

Pipcy’s single best feature is that every programme uses a static drawdown. The floor is fixed at the start and never follows your equity upward, on all four products. Combined with no daily loss limit at all, that removes the two rules that end most accounts at most firms. Drawdown is measured on equity including open trades, per section 18.1.2, so floating losses count, but the floor itself does not move.

Asked which rule most often ends an account, the firm named breaching the maximum loss, and then volunteered a second one that is easy to trip without reading closely: an anti-martingale rule that prohibits opening more than three positions in the same direction on the same asset. Traders who scale into a position, or who average down, can breach this without ever touching the loss limit. It is the rule we would flag hardest to anyone buying here.

The programmes

Four products are on sale. The two Classic challenges are conventional percentage-target evaluations. The two Pips Mastery challenges are unusual: both the target and the drawdown are denominated in pips rather than percent, which changes how position sizing interacts with the rules.

All four run from $2,500 to $100,000 at 1:100 leverage on MetaTrader 5, with no time limit, and funded accounts scale up to $3,000,000. On the Pips Mastery pair, note the ratio: X2 asks for 500 pips against a 250-pip floor, X3 asks for 750 against the same 250. X3 is materially harder for the same room to be wrong, and it is priced lower for exactly that reason, so pick it on the maths rather than on price. Mastery also runs on 28 forex pairs only, and uses fixed lot sizes during the evaluation, from 0.05 on a $2,500 account to 2.00 on a $100,000 one.

Split and payouts

The profit split is where Pipcy is least generous. The base split is 50%, well below the 80% to 90% that is now standard. The advertised ceiling of 95% or more is reached through the Growth Plan, a nine-level ladder where each level requires 25% accumulated profit and raises the split as you climb. The scaling is included rather than sold as an add-on, which is to the firm’s credit, but a trader taking a single payout and leaving keeps half of it.

On timing, the first payout comes after you pass the evaluation and clear KYC, which the firm puts at 48 to 72 hours. The first payout arrives 14 calendar days after that, then the cycle runs every 7 days. Processing is quoted at 48 hours and usually less. The minimum payout is $100, paid by bank transfer, with no fee deducted. The first payout only is capped at 5%, and the firm confirms the excess is paid rather than lost or deferred.

One clause deserves attention before you buy. Under section 14.2, Pipcy can reduce a split or decline a payout on grounds it describes as excessive risk or commercially unacceptable trading. That is subjective language, and it sits alongside a scalping rule written in similarly open terms, prohibiting position sizes that are “noticeably larger” or “unusual”. Firms need discretion to catch abuse, and Pipcy is not unusual in having it, but a trader should know it is there and ask for specifics if a strategy sits near the line.

Rules and fees at a glance

• Split: 50% base, rising to 95% or more across nine Growth Plan levels at 25% accumulated profit per level.
• Fees: standard one-time prices run from $23 to $675 depending on programme and size, currently 50% off with code DU50. No activation fee after passing, and not refundable (ToS 19.6).
• Drawdown: static on all four programmes, measured on equity including open trades, and unchanged after a payout.
• Daily loss limit: none, on any programme.
• Consistency rule: none.
• Platform and markets: MetaTrader 5. Forex, indices, commodities and crypto. $6 per lot round turn. Leverage 1:100.
• Swap-free accounts: available.
• Automation: Expert Advisors allowed. Copy trading is prohibited (ToS 14.1.1), as are arbitrage of all types, latency trading, HFT, gap trading and hedging across accounts.
• News trading: allowed, with no blackout window.
• Overnight and weekend holding: allowed, and unchanged once funded.
• Position limit: no more than three positions in the same direction on the same asset.
• Inactivity: 35 days without trading suspends account access.
• Profit caps: none per day or per trade.
• Scaling: funded accounts scale up to $3,000,000.
• Terms note: accounts are simulated with fictitious funds, and the firm reserves discretion over splits and payouts under section 14.2.

Verdict

Pipcy has built a rule set that is genuinely on the trader’s side. A static floor, no daily loss limit, no consistency rule, no time limit, three minimum trading days, news trading permitted, swap-free accounts and EAs allowed is a combination very few firms offer together. If the rules that keep ending your accounts elsewhere are the trailing drawdown and the daily limit, this is a firm worth looking at.

What holds it back is the commercial side rather than the trading side. A 50% base split is half what the market now pays, and the ladder to 95% is long. The fee is not refundable at all. The firm was incorporated in 2026 and has no payout record to examine, and it has chosen not to publish payout volumes yet. Section 14.2 gives it broad subjective discretion over both splits and payouts.

Taken together, that is a firm with an appealing product and an unproven business behind it. Start small, read section 14.2 and the three-position rule before you trade, and treat the fee as money spent rather than money at risk. We will revisit this listing once Pipcy has a payout history to publish.

Frequently Asked Questions

Is Pipcy regulated?

No. Pipcy is operated by Conquest Services Limited, registered in the United Arab Emirates (ICC20240979), and is not regulated by any financial regulator. Accounts are simulated and funded with fictitious money.

Is the Pipcy challenge fee refundable?

No. Section 19.6 of the terms states the fee is not refundable, and that it is forfeited if the challenge is failed. There is no rebate paid with a later payout, and there is no second activation fee after passing.

Does Pipcy use a trailing drawdown?

No. All four programmes use a static drawdown, a fixed floor set at the start that never follows the account upward. It is measured on equity including open trades and does not change after a payout.

What profit split does Pipcy pay?

The base split is 50%. It rises to 95% or more through the Growth Plan, a nine-level progression where each level requires 25% accumulated profit. The scaling is included rather than sold as a paid add-on.

How quickly does Pipcy pay out?

The first payout comes 14 calendar days after passing and clearing KYC, then every 7 days. Processing is quoted at 48 hours and usually less. The minimum payout is $100 by bank transfer, and the first payout only is capped at 5%, with the excess paid.