United Arab Emirates
MT5Note: H2T assessed Pipcy’s published rules against the practical demands of prop firm trading and traded a $50,000 Classic 1-Step Challenge. That account was closed after we opened four US500 buy positions at once, exceeding Pipcy’s three-position limit. We are now testing a new account and will update this review with the results.
1. Pipcy Verdict: Our Score, Pros and Cons
H2T rates Pipcy 70/100: strong on rule flexibility and trading conditions, held back by an untested payout record and a short operating history.
1.1. Our Score
Overall Score: 70/100
| Category | Score | Why |
|---|---|---|
| Evaluation Structure | 8/10 | Four Challenge options: Classic uses percentage targets; Pips Mastery uses fixed lot sizes and pip targets. Classic 1-Step pairs an 18% target with a 12% maximum loss. |
| Drawdown & Risk Design | 7/10 | No daily drawdown limit, but the martingale rule allows at most three open positions in the same direction on the same asset. |
| Trading Conditions | 8/10 | MT5 access; raw spreads and a $6 round-trip commission per standard Forex lot. |
| Payouts | 5/10 | Clear eligibility requirements and request schedule, but H2T has not received a Reward Payment from its own account yet, so we cannot assess the payout experience in depth. |
| Trust & Reputation | 7/10 | Named team and legal entities, with responsive support in H2T’s experience; operating history remains short. |
1.2. Pipcy Pros and Cons
Pros & Cons Analysis
Pros
- No daily drawdown limit on any Challenge.
- 12% maximum static loss on Classic.
- Industry-first Pips challenge.
- News trading and overnight and weekend holding are allowed.
- Free Trial and Pipcy Academy let you test and learn before buying.
- Profit split rises from 80% to 100% through the Growth Plan.
- Fast, helpful email support; staff active on Discord.
- No fixed profit consistency rule or best-day cap.
Cons
- Pips Mastery is Forex-only with fixed lot sizes.
- A fourth same-direction position on one instrument breaches the rules; H2T lost an account this way.
- MT5 Pipcy Accounts add a single-position loss limit and a Reference Period rule after passing.
- Scaling requires a Growth Cycle of at least 90 days without a Reward Payment.
1.3. Who Fits Pipcy?
Pipcy may fit you if you:
- Want no daily loss limit and can manage the overall loss limit yourself.
- Trade news or hold positions overnight and over the weekend.
- Trade Forex, indices, commodities or crypto, or trade Forex with consistent sizes and prefer pip-based targets.
- Check position count and lot size as carefully as profit and drawdown.
Pipcy may not fit you if you:
- Often stack more than three same-direction positions on one instrument.
- Want a lower Classic profit target, especially on a one-step evaluation.
- Want frequent Reward Payments while also progressing toward a Scale-Up.
2. Who Owns Pipcy? Company Background
Pipcy is led by founder and CEO Omer Ben Matityahu and operates through Conquest Services Limited in Dubai. It offers trading evaluations with simulated capital, does not place live trades for customers, and is not regulated as a broker or investment firm. Traders who meet the rules can earn performance-based Reward Payments.
| Pipcy at a glance | |
|---|---|
| Founded | Not specified by Pipcy. |
| CEO | Omer Ben Matityahu, founder and CEO. |
| Headquarters | Dubai, UAE (registered office of Conquest Services Limited); Pipcy Ltd. also lists an office in Limassol, Cyprus. |
| Regulation | Not regulated as a broker or investment firm. |
| Main programs | Pipcy Classic (One-Step, Two-Step) and Pips Mastery (X2, X3). |
| Education | Free Pipcy Academy, led by Vladimir Ribakov. |
| Funding model | Simulated accounts; rewards depend on simulated trading performance. |
3. Pipcy Trading Platforms and Costs
Pipcy offers its Challenges on MT5, which was the only trading platform available when purchasing its account. Trading costs depend on the instrument you trade.
3.1. MT5 Trading Experience
H2T traded its $50K Classic 1-Step Challenge on MT5. If you already use MT5, the charts and order tools will be familiar. Pipcy’s Challenges run in a simulated trading environment.
3.2. Spreads, Commissions and Swap-Free Option
Pipcy offers raw spreads and charges $6 round trip per standard Forex lot, with no commission on indices, commodities or crypto, where the cost sits in the spread. Check the spread on your usual instrument at your usual trading time, since it varies. To avoid overnight swaps, select Swap-Free at checkout.
4. Pipcy Challenges and Pricing: Which Account Should You Choose?
Classic measures profit as a percentage of account balance; Pips Mastery measures net pips at a fixed lot size. All four options come in sizes from $2,500 to $100,000.
4.1. Classic vs Pips Mastery
| Challenge | Evaluation | Target | Best for |
|---|---|---|---|
| Classic 1-Step | 1 phase | 18% profit | Multi-asset traders who prefer one phase and are comfortable with an 18% target against a 12% maximum loss. |
| Classic 2-Step | 2 phases | 12%, then 6% | A lower fee and two smaller targets |
| Pips Mastery X2 | Pip-based | 500 net pips | Forex traders comfortable with fixed sizing |
| Pips Mastery X3 | Pip-based | 750 net pips | The lowest fee, with a higher pip target |
Instruments available on each challenge:
| Market | Pipcy Classic | Pips Mastery |
|---|---|---|
| Forex | Major and minor pairs | 28 currency pairs |
| Indices | Includes S&P 500, NASDAQ and DAX | Not available |
| Commodities | Includes gold, silver and oil | Not available |
| Crypto | Includes BTC and ETH | Not available |
Check the exact symbols you trade in the platform or Free Trial before buying.
4.2. Pipcy Prices by Account Size
Prices checked September 25, 2026. Each cell shows the regular fee → price with code DU50. These are one-time Challenge fees, not trading capital deposits.
| Account size | Classic 1-Step | Classic 2-Step | Mastery X2 | Mastery X3 |
|---|---|---|---|---|
| $2.5K | $40 → $20 | $31 → $15.50 | $26 → $13 | $23 → $11.50 |
| $5K | $71 → $35.50 | $55 → $27.50 | $38 → $19 | $34 → $17 |
| $10K | $119 → $59.50 | $97 → $48.50 | $72 → $36 | $50 → $25 |
| $25K | $229 → $114.50 | $195 → $97.50 | $128 → $64 | $117 → $58.50 |
| $50K | $369 → $184.50 | $325 → $162.50 | $259 → $129.50 | $205 → $102.50 |
| $100K | $675 → $337.50 | $589 → $294.50 | $459 → $229.50 | $429 → $214.50 |
Compare targets, not just fees. The $5K Mastery account uses a fixed 0.10 lot. On EUR/USD, at roughly $1 per pip, 500 net pips is about $500 of simulated P&L. This shows the scale of the X2 target; it is not a Reward Payment or a fixed pip value for every pair.
DU50 offer: Enter the code at checkout for 50% off. The offer runs through September 30, 2026 (GMT+6); traders who buy during it and pass can receive a second funded account of the same size, subject to verification and the offer terms. The code cannot be applied after purchase or combined with other codes. For current codes, see H2T’s prop firm deals.
4.3. Free Trial, Refund, Reset and Activation
| Option | What it means |
|---|---|
| Free Trial | Test the simulated platform and conditions before buying. It cannot earn Reward Payments. |
| Failed Challenge | Only that Challenge ends; other active Challenges are unaffected. You can buy a new one. |
| Reset | Offered separately; check its price and eligibility first. Resets do not qualify for the DU50 bonus account. |
| Refund | Available within 7 days of registration if you have placed no trades. Once trading starts, the fee is nonrefundable.If you purchased Pips Mastery by mistake, contact Pipcy Support before your first trade; they may be able to switch your Challenge to Pipcy Classic. |
| Activation | Activate a purchased Challenge within 35 calendar days or access is suspended (renewal by email). This is not a deadline to complete the Challenge. |
Payment methods vary by country and may include card, bank transfer, PayPal, crypto or local methods. Check the final fee and method at checkout.
5. Pipcy Challenge Trading Rules
5.1. Maximum Loss and No Daily Drawdown
| Challenge | Maximum loss | Daily loss limit |
|---|---|---|
| Classic 1-Step and 2-Step | 12% of the initial account size | None |
| Pips Mastery X2 and X3 | 250 pips | None |
On a $50K Classic Challenge, 12% equals $6,000, so equity must stay above $44,000. Open positions, charges and swaps count toward the limit. There is no separate daily threshold, but the overall loss limit applies at all times.
5.2. Minimum Trading Days and Time Limit
Each Challenge requires at least three trading days per evaluation phase, with no maximum time limit under the current models. Pipcy does not specify a percentage cap on profit earned in a single day. However, taking disproportionate risk to make most of the target, then placing insignificant trades mainly to meet the minimum trading days, may be treated as evaluation abuse.
5.3. The Three-Position Rule: H2T’s US500 Case
You may hold no more than three open positions in the same direction on the same instrument at once. This is not a limit of three trades across the whole account.
H2T breached this rule on a $50K Classic 1-Step Challenge. On September 15, 2026, we opened four US500 buy positions of 0.5 lots each, or 2 lots in total. The first three were still open when we placed the fourth, taking us over the three-position limit.
Pipcy’s Rule Review, dated September 16, cited the four simultaneous positions as the reason for closing the account; it did not cite a loss-limit breach or state the exact account-closing time.
When we raised the wording, the limit appeared in the FAQ but not explicitly in the Terms of Service. The current Terms now state the three-position maximum.
5.4. Consistency Rule: Lot Size and Evaluation Abuse
Pipcy has no cap on how much profit you make in one day, but it reviews position size, number of positions and overall risk. Avoid sizes noticeably larger or smaller than your other trades; Pipcy publishes no fixed lot-size tolerance. Hitting most of the target with a disproportionately risky trade, then placing tiny trades only to reach the minimum days, or exploiting simulated conditions, can count as evaluation abuse.
5.5. Allowed and Prohibited Trading Strategies
- Allowed: News trading, overnight and weekend holding, and hedging within one account. A Stop Loss is not mandatory. Loss limits and other rules still apply.
- Check first: EAs. Pipcy bans software that abuses its systems and gives no blanket approval, so confirm your EA with support.
- Prohibited: Martingale, Anti-Martingale, grid trading, tick scalping, arbitrage, high-frequency trading, hedging across accounts, exploiting pricing errors or delays, and excessive exposure.
| Note:Market-close rule: Weekend holding is allowed, but you cannot open a position two hours or less before a market closes for two hours or longer (gap-trading restriction).Copy trading: You may copy trades from your own external broker or prop firm account into Pipcy, but get approval before turning on the copier. Copying between two Pipcy accounts is not allowed, even if both are yours, and no one else may trade your account. |
|---|
6. What Happens After You Pass the Pipcy Challenge?
After passing and onboarding, you receive a simulated Pipcy Account governed by a separate Pipcy Account Agreement, so not every Challenge rule carries over unchanged.
6.1. Pipcy Account Rules: What Changes?
| Rule | During the Challenge | After passing |
|---|---|---|
| Governing document | Terms of Service | Pipcy Account Agreement (the separate agreement Pipcy provides after you pass the Challenge). |
| Position Loss Limit | Does not apply | On an MT5 Pipcy Account, one open position must not exceed the stated floating loss limit: 4% of initial balance. |
| Reference Period | No requirement | On an MT5 Pipcy Account, all positions must be closed at the end of each Reference Period. |
After passing, MT5 Pipcy Accounts have a 4% Position Loss Limit: the floating loss on any single open position cannot exceed 4% of the account’s initial balance. Pipcy’s Terms also require traders to close all open positions at the end of each Reference Period.
Note: The position count – not the 2-lot total or the loss limit closed our account. Pipcy has no fixed lot-size cap, but that does not remove its limit of three same-direction positions on one instrument. If you scale into a trade, count the positions still open before placing another order.
6.2. Pipcy Growth Plan: How Do Scaling and Profit Splits Work?
The Growth Plan has nine levels. Your profit split starts at 80% and reaches 100% at Level 9:
| Level | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
|---|---|---|---|---|---|---|---|---|---|
| Profit split | 80% | 80% | 85% | 85% | 90% | 90% | 95% | 95% | 100% |
A Scale-Up requires hitting your program’s target, trading at least 90 calendar days in the current Growth Cycle, requesting no Reward Payments during it, and passing a review:
- Classic: 25% profit; each Scale-Up raises account size by 50%.
- Pips Mastery: 700 net pips; each Scale-Up raises the fixed lot size by 50%.
Scale-Ups are free but not automatic. At the milestone, you either take a Reward Payment and keep your level, or leave the gains in and apply to scale. Taking a payment starts a new Growth Cycle, so you must hit that cycle’s target before scaling later.
7. Pipcy Reward Payments: When Can You Withdraw?
Passing the Challenge does not unlock withdrawals immediately. You first need realized profit on your Pipcy Account and must meet the payment requirements.
7.1. First Reward Payment Requirements
You can request your first Reward Payment 14 calendar days after your first trade if you have, all at once:
- At least 5% realized profit and 5 Active Trading Days.
- No open positions when you submit the request.
- Passed the Compliance Review and completed KYC.
Reaching 5% in three active days, for example, is not enough.
7.2. Payout Frequency, Minimum and Processing Time
After the first payment, you can request again every 7 calendar days, subject to review. The minimum is $100 after your profit split, and you can withdraw all eligible earnings or leave some in the account. Trading on the account pauses until the payment is completed.
Pipcy processes Reward Payments within 48 hours, though reviews can take longer when busy. Processed is not received: arrival time depends on your payout method, which you choose when requesting. Checkout payment options do not show which payout methods you can use, so confirm your preferred route for your country before buying.
8. Pipcy Restricted Countries and Eligibility
8.1. Eligibility and Restricted Countries
You must be over 18, meet the legal age where you live, and be eligible to use Pipcy in your location. Each trader may register under one identity and email, with up to three active Challenge accounts and one funded account.
Pipcy lists these restricted jurisdictions:
| Afghanistan | Lebanon | Somalia |
|---|---|---|
| Belarus | Libya | South Sudan |
| Central African Republic | Mali | Sudan |
| Cuba | Myanmar | Syria |
| Democratic Republic of the Congo | Nicaragua | Venezuela |
| Ethiopia | North Korea | Yemen |
| Iran | Russia | Zimbabwe |
The list is not exhaustive. Pipcy may also restrict access where its services would be unlawful or create sanctions or regulatory risk, so absence from the list does not guarantee eligibility. US traders should confirm availability before paying. UAE users contract with Rogano Limited under UAE-specific terms, rather than Conquest Services Limited.
8.2. When Can Pipcy Request KYC?
You can buy and start a Challenge without KYC. Pipcy normally requires identity verification before approving your first Reward Payment, but may ask earlier for compliance or fraud checks.
9. Pipcy Reviews: What Does the Public Feedback Show?
Most public reviews of Pipcy are positive, especially about support and payouts. As of September 28, 2026, Pipcy had 4.2/5 from 62 Trustpilot reviews. Complaints center on account closures and whether traders can check the trades behind a violation.
One trader wrote: “I received my payout within less than 48 hours after requesting” – Fonkpu Thierry, Trustpilot, 2026. Another bought Pips Mastery without realizing it was Forex only and was moved to Classic “at no charge” – Kevin .R, Trustpilot, 2026.
Negative feedback focuses on rule enforcement. After a closure under the position-stacking rule, one trader said it should have been “communicated more clearly before the challenge began” – Great Akpede, Trustpilot, 2026. Another could not view their trade history after closure to check the position limit: “There is absolutely no way to verify.” – 3hs1n, Reddit, 2026.
Elsewhere, Cyborg posted a $1,840 payout certificate in Pipcy’s Discord, congratulated by a support admin. On X, Gul Trader shared a $100K Classic 1-Step pass and 12.5% profit on the Pipcy Account, while still awaiting the payout window.
10. Pipcy Customer Support and Education
Pipcy offers 24/7 live chat, email and an active Discord. H2T got a quick, helpful email reply, and support staff in Discord were answering questions about accounts and rules. With Pipcy, it is easier to ask before a trade than to dispute a violation afterward.
Pipcy Academy is free and covers four areas:
- Price action: reading price movements and chart patterns.
- Risk management: position sizing, drawdown control and capital protection.
- Trader psychology: discipline and decisions under pressure.
- Strategy development: designing, testing and refining an approach.
Four free e-books cover Supply & Demand Zones, Support & Resistance, Compression Areas and Market Patterns. Vladimir Ribakov leads the price-action content; Snir Achiel covers risk management and supply and demand. The material helps you prepare, but it does not replace practising under Pipcy’s actual rules.
11. Pipcy vs FTMO, FundingPips, The5ers and FundedNext
We compare one-step Challenges because their targets and risk rules differ more clearly, making each program’s strengths and trade-offs easier to see side by side.
| One-step Challenge | Profit target | Daily restriction | Maximum loss | Minimum trading days |
|---|---|---|---|---|
| Pipcy Classic 1-Step | 18% | None | 12% static | 3 |
| FTMO 1-Step | 10% | 3% daily loss limit | 10% end-of-day trailing | No minimum stated for 1-Step |
| FundingPips 1 Step Flex | 12% | 2% or 3% daily loss limit, depending on the option purchased | 12% static | None |
| The5ers Hyper Growth | 10% | 3% daily pause: trading stops until the next day if reached | 6% stop-out level | None for the first level |
| FundedNext Stellar 1-Step | 10% | 3% daily loss limit | 6% static | 2 |
Our take: Pipcy asks for the highest target in this group, while giving traders a fixed 12% overall loss allowance and no daily limit. FundingPips also has a 12% overall allowance but applies a daily limit. FTMO’s loss threshold can rise after profitable days, and The5ers pauses trading for the day when its 3% threshold is reached. The better fit depends on how your strategy handles losing days, overall drawdown, and the time needed to reach the target.
12. Pipcy FAQ
Yes, Pipcy is an operating prop firm, though still new. It names its legal entities, publishes its rules, and holds 4.2/5 on Trustpilot (62 reviews, September 28, 2026), but it is not a regulated broker and its payout history is short. See our guide to spotting a legitimate prop firm.
No. Classic has a 12% maximum loss and Pips Mastery a 250-pip limit, with no daily limit on either.
There is no daily profit cap, but Pipcy can review position sizes noticeably larger or smaller than your usual trades. Compare prop firms with no consistency rule.
A fourth same-direction position on the same instrument breaches the rule and can close your Challenge, as happened to H2T’s $50K account.
You can hedge within one account, not across accounts. Confirm any EA with support first. Our EA-friendly prop firm guide lists what else to check.
Yes, on all Challenges. Bans on arbitrage, latency trading and other abusive strategies still apply.
It starts at 80%, and reaches 100% at Growth Plan Level 9.
Only that Challenge ends. You can buy a new one or check the separate reset offer.
DU50 gives 50% off at checkout. Confirm the reduced price appears before paying.
Yes. The Free Trial lets you test the platform but cannot earn Reward Payments. Paid Challenges are refundable within 7 days of registration if no trade has been placed.
13. Final Verdict: Is Pipcy Worth It?
Yes, Pipcy is worth considering, especially if a daily drawdown limit does not suit your trading style. Classic offers a 12% static maximum loss and access to several markets, while Pips Mastery gives Forex traders a fixed-lot, pip-based option. We also found Pipcy’s support responsive when we raised a question about its rules.
Our $50K Classic account was closed when we opened a fourth US500 buy position, even though we were still within the loss limit. If you scale into trades, check whether Pipcy’s three-position rule fits your approach. If it does not, H2T’s Best Prop Firms guide can help you compare other options.
