#2FTMO2-Step · Swing
News allowedWeekends allowed1:30 on forex1:15 on gold
Safe forex trade$818.3KSafe gold trade0.56 lotsat $100K, on a normal day
See FTMOPipstone Capital
Based in Saint LuciaChecked 23 Sep 2026from$49a $5K 2-Step ChallengeOpen Pipstone Capital
★ Write a review#9 of 14prop firms, overall
Trading rules40% of the rating · how much room the rules give you80/100
Reputation60% of the rating · reviews, payouts, the company20/100
Trader votesCounts once 10 traders vote · 0 so farAdd your vote
Looser rules score higher on trading rules, however new or small the firm. That is why reputation counts for more.
What's inside each part ▾Hide the detail ▴
Trading rules
Leverage across all marketsPartly published20/40
News trading35/35
Weekend holds25/25
Reputation
Review ratingNot published
How widely usedNot published
Getting paidNot published
Who you contract with20/20
Years in businessNot published
The rules at a glance
2-Step Challenge · $100K, funded accountForex leverage1:100
Gold leverage1:100
Daily loss limit5%of the account
Max loss limit12%Fixed (static)
News tradingAllowed
Holding over the weekendAllowed
Safe forex trade2.16 lots$245.5K of EUR/USD, survives a normal day
Safe gold trade0.16 lotson a normal day
Leverage on each market
Longer bar = more room than EU retail brokers are allowed to giveForex3.3× the EU limit (1:30)1:100
IndicesEU limit 1:20Not published
Metals5.0× the EU limit (1:20)1:100
EnergiesEU limit 1:10Not published
Crypto15× the EU limit (1:2)1:30
StocksEU limit 1:5Not published
Good signs and things to check
- !The company you contract with is registered in Saint Lucia
- !Shares its registered address with 3 other firms here
- !The company was registered in 2026
You sign with Pipstone Capital Ltd (Saint Lucia)Company record
Reviews of Pipstone Capital
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Getting paid
We have not read Pipstone Capital’s payout terms yet.
What we checked for Pipstone Capital
Last checked 23 Sep 202646rules and facts recorded
40quotes from its own site
10of its pages read
13things it doesn't publish
Every figure on this page links to the Pipstone Capital page it came from. Where Pipstone Capital publishes nothing, we say so and score it zero.
3 programs to choose from
1-Step Challenge
1-step- Forex leverage
- 1:50
- Gold leverage
- 1:50
- Daily loss
- 4%
- Max loss
- 10% static
- Safe forex position
- $245.5K
- Safe gold size
- 0.16 lots
- Price at $100K
- $699
2-Step Challenge
2-step- Forex leverage
- 1:100
- Gold leverage
- 1:100
- Daily loss
- 5%
- Max loss
- 12% static
- Safe forex position
- $245.5K
- Safe gold size
- 0.16 lots
- Price at $100K
- $599
Instant Funding
Instant- Forex leverage
- 1:50
- Gold leverage
- 1:50
- Daily loss
- 3%
- Max loss
- 5% trailing
- Safe forex position
- $163.7K
- Safe gold size
- 0.11 lots
- Price at $100K
- $999
Safe position: the biggest trade that survives a normal day, at $100K (or the smallest size sold).
How big can you trade safely?
The biggest trade that survives one normal day going against you.
Biggest safe trade on EUR/USD2.2 standard lots1 lot = 100,000 euros · worth $245,499 in total
- Room to lose today$1,500
- A normal day moves0.611%
- So the most you can hold$245,499
Hold more than this and a normal day against you would break the single-asset loss limit. (Leverage of 1:100 would let you open up to $10,000,000.)
Every rule, with its source
Each rule links to the Pipstone Capital page that states it.
1-Step Challenge
1-step evaluation · $5K to $100K- Daily loss
- 4%4% of the initial account balance, applied in the evaluation phase and on the funded account alike
SourceHide source
“Key Features: Phase 1 Profit Target : 10% of initial account balance Maximum Daily Loss : 4% Maximum Overall Loss : 10% ... Key Features: Funded Profit Target : No Limits. Maximum Daily Loss : 4% Maximum Overall Loss : 10%”
What Is the 1-Step Challenge at Pipstone? - Max loss
- 10% · static
SourceHide source
“The static drawdown on Pipstone 1-Step and 2-Step accounts means the maximum drawdown equity level remains fixed at the initial balance and does not adjust as profits grow. ... This applies to all 1-Step and 2-Step accounts, including both Evaluation (Phase 1 & 2) and Funded stages.”
Static Drawdown (1-Step & 2-Step Accounts) - Max loss on one asset
- 1.5%Pipstone lists '1.5% Floating Risk' among the funded-account rules without defining it in the same article. Counted as a floating-loss limit, which is how the figure reads in context.
SourceHide source
“Payout: Bi-weekly Profit Split: 80% in your favor 1.5% Floating Risk”
What Is the 1-Step Challenge at Pipstone? - Forex leverage
- 1:50
SourceHide source
“Pipstone Leverage Breakdown Forex Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Gold (XAUUSD) Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Crypto Leverage 2-Step Challenge: 1:30 1-Step Challenge: 1:20 Instant Funding: 1:10”
Understanding Leverage at Pipstone - Indices leverage
- Not publishedNot published. The leverage breakdown covers Forex, Gold and Crypto only. The product article's single 'Leverage: 1:50' line is not read across, because the breakdown shows crypto differs from it.
- Not published
- Metals leverage
- 1:50Published under 'Gold (XAUUSD) Leverage'; agrees with existing goldLeverage. Silver has no published figure.
SourceHide source
“Pipstone Leverage Breakdown Forex Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Gold (XAUUSD) Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Crypto Leverage 2-Step Challenge: 1:30 1-Step Challenge: 1:20 Instant Funding: 1:10”
Understanding Leverage at Pipstone - Energies leverage
- Not publishedNot published; whether oil is offered is not stated.
- Not published
- Crypto leverage
- 1:20Contradiction: the 1-Step article gives a single 'Leverage: 1:50' beside 'Instrument Allowed: All' for both phase and funded; the leverage breakdown gives crypto 1:20. Breakdown figure used; both carried.
SourceHide source
“Pipstone Leverage Breakdown Forex Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Gold (XAUUSD) Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Crypto Leverage 2-Step Challenge: 1:30 1-Step Challenge: 1:20 Instant Funding: 1:10”
Understanding Leverage at Pipstone - Stocks leverage
- Not publishedNot published; stocks never mentioned.
- Not published
- Leverage, other pages
- Other official pages bear on these figures
SourceHide source
“Key Features: Phase 1 … Leverage: 1:50 Instrument Allowed: All … Key Features: Funded … Leverage: 1:50 Instrument Allowed: All”
What Is the 1-Step Challenge at Pipstone? - News trading
- Allowed
SourceHide source
“Yes — weekend holding and news trading are allowed across all models.”
Can I Hold Trades Over the Weekend? - Weekend holds
- Allowed
SourceHide source
“Yes — weekend holding and news trading are allowed across all models. Overnight trade holding is permitted on all our models. ... Zero swap fees are charged on overnight/weekend holding. No auto-close before weekends.”
Can I Hold Trades Over the Weekend? - Lot cap · XAUUSD
- Not published
- Not published
- Account sizes
- $5K · $10K · $25K · $50K · $100K
SourceHide source
“Account Size $5K $10K $25K $50K $100K”
Challenges
| Size | Daily loss | Max loss | One asset | Safe forex | Safe gold |
|---|---|---|---|---|---|
| $5K | $200 | $500 | $75 | $12.3K | under 0.01 lots |
| $10K | $400 | $1,000 | $150 | $24.5K | 0.01 lots |
| $25K | $1,000 | $2,500 | $375 | $61.4K | 0.04 lots |
| $50K | $2,000 | $5,000 | $750 | $122.7K | 0.08 lots |
| $100K | $4,000 | $10,000 | $1,500 | $245.5K | 0.16 lots |
The safe position here uses the single-asset limit, because it is tighter than the daily loss limit.
2-Step Challenge
2-step evaluation · $5K to $100K- Daily loss
- 5%5% of the initial account balance, the same in both evaluation phases and on the funded account
SourceHide source
“Phase 1 Requirements: Profit Target : 8% of initial account balance Maximum Daily Loss : 5% Maximum Overall Loss : 12% Leverage : 1:100”
What is the 2-Step Challenge and how does it work? - Max loss
- 12% · static
SourceHide source
“Key Features: Funded Profit Target : No Limits. Maximum Daily Loss : 5% Maximum Overall Loss : 12% ... Leverage : 1:100”
What is the 2-Step Challenge and how does it work? “The maximum drawdown is locked at your starting balance and stays constant throughout your trading.”
Static Drawdown (1-Step & 2-Step Accounts) - Max loss on one asset
- 1.5%Listed among the funded-account rules without a definition on the same page.
SourceHide source
“Payout: Bi-weekly Profit Split: 80% in your favor 1.5% Floating Risk”
What is the 2-Step Challenge and how does it work? - Forex leverage
- 1:100
SourceHide source
“Pipstone Leverage Breakdown Forex Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Gold (XAUUSD) Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Crypto Leverage 2-Step Challenge: 1:30 1-Step Challenge: 1:20 Instant Funding: 1:10”
Understanding Leverage at Pipstone - Indices leverage
- Not publishedNot published. The leverage breakdown covers Forex, Gold and Crypto only. The product article's single 'Leverage: 1:100' line is not read across, because the breakdown shows crypto differs from it.
- Not published
- Metals leverage
- 1:100Published under 'Gold (XAUUSD) Leverage'; agrees with existing goldLeverage. Silver has no published figure.
SourceHide source
“Pipstone Leverage Breakdown Forex Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Gold (XAUUSD) Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Crypto Leverage 2-Step Challenge: 1:30 1-Step Challenge: 1:20 Instant Funding: 1:10”
Understanding Leverage at Pipstone - Energies leverage
- Not publishedNot published; whether oil is offered is not stated.
- Not published
- Crypto leverage
- 1:30Contradiction: the 2-Step article lists one 'Leverage : 1:100' with 'Instrument allowed: All'; the breakdown gives crypto 1:30. Breakdown figure used; both carried.
SourceHide source
“Pipstone Leverage Breakdown Forex Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Gold (XAUUSD) Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Crypto Leverage 2-Step Challenge: 1:30 1-Step Challenge: 1:20 Instant Funding: 1:10”
Understanding Leverage at Pipstone - Stocks leverage
- Not publishedNot published; stocks never mentioned.
- Not published
- Leverage, other pages
- Other official pages bear on these figures
SourceHide source
“Phase 1 Requirements: Profit Target : 8% of initial account balance Maximum Daily Loss : 5% Maximum Overall Loss : 12% Leverage : 1:100 … Instrument allowed: All”
What is the 2-Step Challenge and how does it work? - News trading
- Allowed
SourceHide source
“Instrument allowed: All News Trading: Allowed”
What is the 2-Step Challenge and how does it work? - Weekend holds
- Allowed
SourceHide source
“Yes — weekend holding and news trading are allowed across all models. ... No auto-close before weekends.”
Can I Hold Trades Over the Weekend? - Lot cap · XAUUSD
- Not published
- Not published
- Account sizes
- $5K · $10K · $25K · $50K · $100K
SourceHide source
“Account Size $5K $10K $25K $50K $100K”
Challenges
| Size | Daily loss | Max loss | One asset | Safe forex | Safe gold |
|---|---|---|---|---|---|
| $5K | $250 | $600 | $75 | $12.3K | under 0.01 lots |
| $10K | $500 | $1,200 | $150 | $24.5K | 0.01 lots |
| $25K | $1,250 | $3,000 | $375 | $61.4K | 0.04 lots |
| $50K | $2,500 | $6,000 | $750 | $122.7K | 0.08 lots |
| $100K | $5,000 | $12,000 | $1,500 | $245.5K | 0.16 lots |
The safe position here uses the single-asset limit, because it is tighter than the daily loss limit.
Instant Funding
Instant funding · $5K to $100K- Daily loss
- 3%3%, described as trailing and calculated on balance or equity. Pipstone does not publish the time of day it resets.
SourceHide source
“Account Rules Daily Drawdown: 3% Overall Drawdown: 5% Profit Target: None Consistency Rule: None Leverage: 1:50”
What is the Instant Funding Model and how does it work? “The daily drawdown is also trailing and calculated using Balance/Equity.”
Maximum Trailing Drawdown (5%) - Max loss
- 5% · trailing, intradayPipstone says the level tracks equity and that withdrawals count against it, so taking a payout can move the account closer to breach. It is recorded as trailing on equity for that reason.
SourceHide source
“The maximum trailing drawdown on Pipstone Instant Funding accounts is 5%. ... The maximum drawdown equity level moves upward as you earn profits — unlike a static drawdown that stays fixed. ... Withdrawals affect your trailing drawdown — if you withdraw too much and your balance drops near the 5% limit, your account may be breached. The drawdown does not reset or lower after withdrawals.”
Maximum Trailing Drawdown (5%) - Max loss on one asset
- 1%Half the floating-risk allowance of the 1-Step and 2-Step funded accounts, and listed without a definition on the same page.
SourceHide source
“Payouts: On Demand ... Floating Risk: 1%”
What is the Instant Funding Model and how does it work? - Forex leverage
- Challenge not published · Funded 1:50No evaluation on an instant account; only the funded figure exists.
SourceHide source
“Pipstone Leverage Breakdown Forex Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Gold (XAUUSD) Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Crypto Leverage 2-Step Challenge: 1:30 1-Step Challenge: 1:20 Instant Funding: 1:10”
Understanding Leverage at Pipstone - Indices leverage
- Not publishedNot published. The leverage breakdown covers Forex, Gold and Crypto only. The product article's single 'Leverage: 1:50' line is not read across, because the breakdown shows crypto differs from it.
- Not published
- Metals leverage
- Challenge not published · Funded 1:50Published under 'Gold (XAUUSD) Leverage'; agrees with existing goldLeverage. Silver has no published figure.
SourceHide source
“Pipstone Leverage Breakdown Forex Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Gold (XAUUSD) Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Crypto Leverage 2-Step Challenge: 1:30 1-Step Challenge: 1:20 Instant Funding: 1:10”
Understanding Leverage at Pipstone - Energies leverage
- Not publishedNot published; whether oil is offered is not stated.
- Not published
- Crypto leverage
- Challenge not published · Funded 1:10Contradiction: the Instant article gives a single 'Leverage: 1:50'; the breakdown gives crypto 1:10. No evaluation stage, so challenge is null.
SourceHide source
“Pipstone Leverage Breakdown Forex Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Gold (XAUUSD) Leverage 1-Step Challenge: 1:50 2-Step Challenge: 1:100 Instant Funding: 1:50 Crypto Leverage 2-Step Challenge: 1:30 1-Step Challenge: 1:20 Instant Funding: 1:10”
Understanding Leverage at Pipstone - Stocks leverage
- Not publishedNot published; stocks never mentioned.
- Not published
- Leverage, other pages
- Other official pages bear on these figures
SourceHide source
“Account Rules Daily Drawdown: 3% Overall Drawdown: 5% Profit Target: None Consistency Rule: None Leverage: 1:50”
What is the Instant Funding Model and how does it work? - News trading
- Allowed
SourceHide source
“Yes. You can trade news events. You can open, close, or hold positions during high-impact news releases without any restrictions.”
Can I trade during news events? - Weekend holds
- Allowed
SourceHide source
“Trading Allowed: Weekdays & weekends Hold Over Weekend: Allowed Swap: Free (Swap-Free Accounts)”
What is the Instant Funding Model and how does it work? - Lot cap · XAUUSD
- Not published
- Not published
- Account sizes
- $5K · $10K · $25K · $50K · $100K
SourceHide source
“Select Model Instant 1-Step 2-Step Account Size $5K $10K $25K $50K $100K”
Challenges
| Size | Daily loss | Max loss | One asset | Safe forex | Safe gold |
|---|---|---|---|---|---|
| $5K | $150 | $250 | $50 | $8.2K | under 0.01 lots |
| $10K | $300 | $500 | $100 | $16.4K | 0.01 lots |
| $25K | $750 | $1,250 | $250 | $40.9K | 0.02 lots |
| $50K | $1,500 | $2,500 | $500 | $81.8K | 0.05 lots |
| $100K | $3,000 | $5,000 | $1,000 | $163.7K | 0.11 lots |
The safe position here uses the single-asset limit, because it is tighter than the daily loss limit.
Who you are dealing with
Easier rules do not make a better firm. This is what Pipstone Capital publishes about itself — the company whose terms you accept, where it is registered, and what its record is worth. Every line comes from Pipstone Capital’s own pages and is produced by the same test applied to every firm here.
The 2 companies behind the brand
| Your contract is with | Pipstone Capital Ltd · Saint Lucia · no. 2026-00232Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia |
|---|---|
| Offices and operations | Pipstone Capital Ltd (office) · Cyprus · no registration number publishedChristaki Kranou 46, Office 9, Potamos Germasogeias, 4046, Limassol, Cyprus |
SourceHide source
“Pipstone Capital Ltd, a Saint Lucia Corporation with company number 2026-00232 with its registered address at Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia, operates the website pipstonecapital.com”
The registration number begins 2026, so the company is at most a year old. Disputes are governed by the laws of Saint Lucia.
What that adds up to
- !The company you contract with is registered in Saint LuciaPipstone Capital Ltd (Saint Lucia, no. 2026-00232) is the entity whose terms you accept. Registering offshore is legal and normal in this industry, but it decides where a dispute would have to be pursued, and it is rarely where the firm's offices are.
SourceHide source
“Pipstone Capital Ltd, a Saint Lucia Corporation with company number 2026-00232 with its registered address at Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia, operates the website pipstonecapital.com”
Terms & Conditions - !Shares its registered address with 3 other firms here4 of the firms on this site give The Sotheby Building as their registered address. That usually means a shared incorporation agent rather than any link between the businesses, but it is not the independent office a trader might picture, and it is worth knowing before treating those firms as separate bets.
SourceHide source
“Pipstone Capital Ltd, a Saint Lucia Corporation with company number 2026-00232 with its registered address at Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia, operates the website pipstonecapital.com”
Terms & Conditions - !The company was registered in 2026Pipstone Capital Ltd carries registration number 2026-00232, which dates it to 2026. A firm can be run well from its first month, but there is no track record to check yet.
SourceHide source
“Pipstone Capital Ltd, a Saint Lucia Corporation with company number 2026-00232 with its registered address at Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia, operates the website pipstonecapital.com”
Terms & Conditions - ·Says in its own words that the trading is simulatedThe platform is not a brokerage, financial institution, or provider of investment services. All trading activities take place in a fully simulated environment for skill assessment and educational purposes only. No real capital is traded.
SourceHide source
“The platform is not a brokerage, financial institution, or provider of investment services. All trading activities take place in a fully simulated environment for skill assessment and educational purposes only. No real capital is traded, and users do not receive access to live trading accounts.”
Terms & Conditions - ·Its reviews and payout terms have not been checked yetOnly this firm's gold rules have been read. Its payout terms and its review record are not on this site yet, so nothing here should be read as a clean bill of health.
These are tests, not opinions: the thresholds are written down in the code and applied to every firm identically, so they cannot be tuned per company. How they work. Nothing here is looked up in a companies register or a regulator's database — what a firm publishes about itself is the thing being compared.
Rule changes
We started tracking Pipstone Capital’s rules on 23 Sep 2026. Changes will be listed here with the old and the new wording.
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See Funded Trading PlusAbout this data
Checked by hand against Pipstone Capital’s own pages on 23 Sep 2026. Where a rule is not published, we say so and score it zero.
Gold leverage is taken from Pipstone's own leverage article, which publishes a figure under a 'Gold (XAUUSD) Leverage' heading for each product. Pipstone's pages disagree with each other on how often you are paid — the model articles say bi-weekly, the payout article says every 7 days, the profit-split article says weekly and the Instant model says on demand — and on the split, which is 'a flat 80%' on one page and '80-100% (depending on plan)' on another. Both sides are carried rather than reconciled.
Pipstone Capital Ltd, company number 2026-00232, registered at Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia, and operating from an office at Christaki Kranou 46, Limassol, Cyprus. Disputes are governed by the laws of Saint Lucia. The registered address is the same building Blue Guardian Limited gives on this site.
SourceHide source
“Pipstone Capital Ltd, a Saint Lucia Corporation with company number 2026-00232 with its registered address at Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia, operates the website pipstonecapital.com”
“Pipstone Capital Ltd. is a limited liability company incorporated under the laws of Saint Lucia, and operates from its physical office at Christaki Kranou 46, Office 9, Potamos Germasogeias, 4046, Limassol, Cyprus.”
“All disputes shall be governed by the laws of Saint Lucia.”