Pipstone Capital
United Arab Emirates
OFF 15% off first order on 2-Step Challenges with code TRADER15 (a separate BOGO code, INDBOGO, also runs on Instant-model challenges) Code listed by the firm 26 Aug 2026
Composite Trust Score
Multi-source aggregate of every verified trust signal we hold on Pipstone Capital. Methodology →
Distrusted - multiple negative signals; treat with extreme caution.
Price & Rating Trends
Last 60 days - how Pipstone Capital's key metrics have moved over time.
Trend data is captured nightly from the PropFirmMap database. Older history before Jul 9, 2026 may reflect the latest known value.
Every plan below pays a 80% profit split.
| Price | Account SizeSize | Account Name | Profit Target | Max Daily Loss | Max Drawdown | Profit Split | Activation Fee | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| $119 | $10K 1 Step | 1-Step $10K | P1: 10% | $1,000 | P1: 4% | $400 | P1: 8% | $800 (Static) | 80% | Unknown | Details | |
| $99 | $10K 2 Steps | 2-Step $10K | P1: 8% | $800 P2: 5% | P1: 5% | $500 P2: 5% | $500 | P1: 10% | $1,000 (Static) P2: 10% | $1,000 (Static) | 80% | Unknown | Details | |
| $89 | $5K Instant | Instant Funding $5K | P1: No limit | P1: 5% | $250 | P1: 10% | $500 (Static) | 80% | Unknown | Details | |
| $59 | $5K 1 Step | 1-Step $5K | P1: 10% | $500 | P1: 4% | $200 | P1: 8% | $400 (Static) | 80% | Unknown | Details | |
| $49 | $5K 2 Steps | 2-Step $5K | P1: 8% | $400 P2: 5% | P1: 5% | $250 P2: 5% | $250 | P1: 10% | $500 (Static) P2: 10% | $500 (Static) | 80% | Unknown | Details | |
| $399 | $25K Instant | Instant Funding $25K | P1: No limit | P1: 3% | $300 | P1: 5% | $500 (Trailing) | 80% | Unknown | Details | |
| $299 | $25K 1 Step | 1-Step $25K | P1: 10% | $2,500 | P1: 4% | $1,000 | P1: 8% | $2,000 (Static) | 80% | Unknown | Details | |
| $249 | $25K 2 Steps | 2-Step $25K | P1: 8% | $2,000 P2: 5% | P1: 5% | $1,250 P2: 5% | $1,250 | P1: 10% | $2,500 (Static) P2: 10% | $2,500 (Static) | 80% | Unknown | Details | |
| $599 | $50K Instant | Instant Funding $50K | P1: No limit | P1: 3% | $750 | P1: 5% | $1,250 (Trailing) | 80% | Unknown | Details | |
| $429 | $50K 1 Step | 1-Step $50K | P1: 10% | $5,000 | P1: 4% | $2,000 | P1: 8% | $4,000 (Static) | 80% | Unknown | Details | |
| $349 | $50K 2 Steps | 2-Step $50K | P1: 8% | $4,000 P2: 5% | P1: 5% | $2,500 P2: 5% | $2,500 | P1: 10% | $5,000 (Static) P2: 10% | $5,000 (Static) | 80% | Unknown | Details | |
| $999 | $100K Instant | Instant Funding $100K | P1: No limit | P1: 3% | $1,500 | P1: 5% | $2,500 (Trailing) | 80% | Unknown | Details | |
| $699 | $100K 1 Step | 1-Step $100K | P1: 10% | $10,000 | P1: 4% | $4,000 | P1: 8% | $8,000 (Static) | 80% | Unknown | Details | |
| $599 | $100K 2 Steps | 2-Step $100K | P1: 8% | $8,000 P2: 5% | P1: 5% | $5,000 P2: 5% | $5,000 | P1: 10% | $10,000 (Static) P2: 10% | $10,000 (Static) | 80% | Unknown | Details |
Main Benefits
No consistency rules, refund of evaluation fee on first payout, up to 100% profit split, unlimited trading days, zero activation fee, MT5 and cTrader platforms, news trading allowed
Main Drawbacks
60-second minimum trade duration rule (payout deductions if breached), TrustScore 2.1 with frequent payout-delay and BOGO-second-account complaints, trailing drawdown on Instant $25K+ accounts
Reviews
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Crypto
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Crypto
Pipstone Capital is a proprietary trading firm that funds skilled traders through performance-based evaluation challenges without requiring personal capital. It offers three models: a 1-Step Challenge, a 2-Step Challenge, and an Instant Funding model, all traded on MT5 and cTrader. The firm advertises no consistency rules, up to 100% profit split, and refund of the evaluation fee on the first payout. Contact address listed as U.A.E.; founded 2025 by Umair Raja.
Payout methods
Crypto
Amounts
Requirements
Additional payout notes
Evaluation fee is non-refundable unless you pass and get funded, in which case the entire fee is refunded with your first payout (once, on the compliant account used to request the first payout, with no violations or adjustments). Instant Funding requires 7 profitable days (>=0.5% daily growth) within a rolling 30-day window before qualifying, checked daily at 20:55 UTC.
Source: firm payout terms
General rules (apply to challenge & funded)
See how these rules compare against every other firm in the prop firm rules comparison.
Challenge vs Funded
Drawdown & risk
Challenge lifecycle
Instruments & restrictions
Additional rules
TrustPilot reviews repeatedly reference a 60-second minimum-trade-duration rule that can trigger payout deductions if two trades are closed under 60 seconds; this rule is not published in the scraped help-center articles, so it is left out of the structured booleans.
Source: firm rules page
Fair
Strengths
- Very affordable challenges (from $49)
- 100% profit split available
- Fast payouts (Varies by model (Bi-weekly 1-Step, Weekly 2-Step, On Demand Instant))
Weaknesses
- Low TrustPilot rating (1.8/5)
Red Flags
Recommended For
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Recent Activity
Pipstone Capital updated their $10K 1 Step challenge price.
130 changed to 119Pipstone Capital updated their $10K 2 Steps challenge price.
121 changed to 99Pipstone Capital updated their $5K Instant challenge price.
49 changed to 89Pipstone Capital updated their $5K 1 Step challenge price.
180 changed to 59Pipstone Capital updated their $5K 2 Steps challenge price.
192 changed to 49Pipstone Capital updated their $25K Instant challenge price.
142 changed to 399Pipstone Capital updated their $25K 1 Step challenge price.
253 changed to 299Pipstone Capital updated their $25K 2 Steps challenge price.
217 changed to 249Pipstone Capital updated their $50K Instant challenge price.
319 changed to 599Pipstone Capital updated their $50K 1 Step challenge price.
386 changed to 429Pipstone Capital Overview
United Arab Emirates-based Pipstone Capital funds CFD traders through a paid evaluation, and has operated since 2025. Entry starts at $49 across 14 evaluation challenges covering $10K, $5K, $25K, $50K and $100K.
At $49, the cheapest Pipstone Capital evaluation costs more than the $39 median across the 134 CFD firms tracked on PropFirmMap, so it is priced at a premium. The 100% maximum profit split is more generous than the 90% typical of that group. Its overall PropFirmMap score of 5.4 places it ahead of 75 of the 134 CFD firms we score.
On a funded account the profit split is 80% base (up to 100% via paid add-on). Payouts run on a Varies by model (Bi-weekly 1-Step, Weekly 2-Step, On Demand Instant) cycle (1-Step funded: Bi-weekly; 2-Step funded: Weekly; Instant Funding: On Demand). The drawdown rule to respect is: 3% (Instant), 4% (1-Step), 5% (2-Step) Trading is supported on cTrader and MT5.
Our own safety review grades Pipstone Capital D. Public sentiment on TrustPilot sits at 1.8 out of 5 across 444 reviews.
It was founded by Umair Raja. The firm is not registered with a financial-services regulator. Jurisdiction on file: United Arab Emirates.
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Prop Firms Based in United Arab Emirates
Pipstone Capital is one of 45 verified prop firms headquartered in United Arab Emirates. Compare them side by side on price, profit split, payouts and safety grade.
