Last reviewed and fact-checked: September 12, 2026
CFD prop firm · Est. 2025 · MT5 / cTrader / MatchTrader · 4.2/5 Trustpilot
◎ Best for
Traders who want predictable rules: static drawdown, no consistency rule, no time limits, and unrestricted news trading.
⚠ Avoid if
You want the 100% split without paying an add-on, or instant funding with room: that plan runs a tight 3% daily and 5% overall drawdown, and the firm only launched in 2025.
Pipstone Capital is a CFD prop firm founded in 2025 by Umair Raja, offering instant funding, 1-step, and 2-step evaluation accounts from $5,000 to $100,000 on MT5, cTrader, and MatchTrader. Its main differentiators are no consistency rule, no time limit, static drawdowns, and on-demand payouts with an advertised 8-hour processing window. The 80% base profit split is competitive, with a 100% split available as a paid add-on. As a newer firm, traders should weigh its benefits against a shorter payout track record compared to more established prop firms.
Rating Breakdown
- No consistency rule on any account type
- No time limit during evaluation phases
- Static drawdown is predictable and does not trail equity peaks
- News trading permitted on all account types
- Expert Advisors and algorithmic trading allowed
- Overnight and weekend holding permitted with no swap charges
- On-demand payouts with advertised 8-hour processing time
- MT5, cTrader, and MatchTrader all supported
- Evaluation fee refunded with first payout
- Scaling path up to $400,000 in simulated capital
- Founded in 2025 — short payout track record
- 80% base split is below the 85–90% standard at comparable firms
- 100% profit split requires a paid add-on
- Instant Funding has a very tight 3% daily loss and 5% overall drawdown
- TradingView and DXtrade not available
- Instrument count not publicly disclosed
- Some Trustpilot complaints around payout delays and KYC issues
- No third-party verified total payout figure published
Account Plans and Pricing
Fees are refunded with the first payout. Pricing is per account. Pipstone currently advertises 30% off with its own code PIP30 on a countdown banner, which is the larger of the two codes on this page.
2-Step Challenge Rules
| Evaluation type | Two-phase (Phase 1 + Phase 2) then funded |
| Phase 1 profit target | 8% |
| Phase 2 profit target | 5% |
| Time limit | None |
| Min. trading days | 3 days per phase |
| Max overall drawdown | 10% static from opening balance |
| Daily loss limit | 5% static from opening balance |
| Consistency rule | None |
| Fee refund | Returned with first payout |
| Latency arbitrage / HFT | Prohibited |
1-Step Challenge Rules
| Evaluation type | Single-phase then funded |
| Profit target | 10% |
| Time limit | None |
| Min. trading days | 3 days |
| Max overall drawdown | 8% static from opening balance |
| Daily loss limit | 4% static from opening balance |
| Consistency rule | None |
| Fee refund | Returned with first payout |
| Latency arbitrage / HFT | Prohibited |
Instant Funding Rules
| Evaluation type | None — funded immediately |
| Profit target | None |
| Time limit | None |
| Min. trading days | Not applicable |
| Max overall drawdown | 5% static from opening balance |
| Daily loss limit | 3% static from opening balance |
| Consistency rule | None |
| Latency arbitrage / HFT | Prohibited |
Payouts
| First payout | On demand after minimum 3 trading days (evaluation) or 7 profitable days on funded |
| Default cycle | Weekly or bi-weekly |
| Profit split | 80% base; up to 100% with paid split add-on |
| Payout processing time | 8-hour average (advertised) |
| Payout cap | None |
| Fee refund | Yes, returned with first profit withdrawal |
| KYC required | Yes, before first payout |
| Payment methods | Cryptocurrency, Apple Pay, Google Pay, Credit / Debit Card |
| Verified total paid | Not publicly disclosed |
Trading Conditions
| Platforms | MetaTrader 5 (MT5), cTrader, MatchTrader |
| Instruments | Forex, metals, indices, energy, crypto, stocks (exact count not publicly disclosed) |
| Max leverage | 1:100 |
| News trading | Allowed on all account types |
| Overnight / weekend holding | Allowed; no swap charges |
| Expert Advisors | Allowed |
| Copy trading | Permitted; signal-based copying that exploits rule differences is restricted |
| Latency arbitrage / HFT | Prohibited |
| Scaling path | Up to $400,000 in simulated capital |
| Commission | $3.50 per lot (all assets) |
Our Verdict
Pipstone Capital launched in 2025 and is trying to stand out with a clean, trader-friendly rule set. No consistency rule, no time limit, news trading allowed, EAs permitted, and overnight holding without swap charges. For traders who have been burned by consistency rules or arbitrary restrictions at other firms, that combination is genuinely attractive.
The static drawdown structure is a clear positive. Unlike trailing drawdowns that lock in at equity highs and shrink your buffer as you profit, Pipstone’s static limits are always calculated from the opening balance. A 10% drawdown on the 2-step plan means you always have $500 of loss room on a $5,000 account, regardless of how far into profit you are. This is fairer and more predictable. Traders whose strategy involves large unrealised gains before closing positions will prefer this.
The base profit split of 80% is the main sticking point. Most mid-tier prop firms now offer 85–90% as standard, without requiring an add-on. Getting to 100% at Pipstone requires an additional purchase on top of the evaluation fee. That said, the evaluation fees are competitive: $49 for a 2-step $5,000 account and $599 for a $100,000 account, both of which are refunded on first payout. With Pipstone’s own 30% code applied, the entry price is among the lowest in the category.
The payout side is where caution is warranted. Pipstone was founded in 2025 and does not publish a verified total payout figure. Trustpilot reviews include a mix of satisfied traders and complaints around KYC delays and payout processing times. The 8-hour average payout claim is marketed prominently, but the complaint record suggests this is not universal. As the firm matures and its payout volume grows, this picture will become clearer. For now, traders should treat it as a newer entrant with promising terms but a shorter track record than established competitors.
Platform support covers MT5, cTrader, and MatchTrader. MT5 and cTrader are industry-standard with extensive EA and indicator libraries. MatchTrader is a web-based platform that will suit traders who prefer a modern interface. TradingView integration is absent, which will disappoint traders who rely on Pine Script or TradingView charting. The 1:100 leverage is competitive for CFD prop trading.
Trustpilot reviews for Pipstone Capital show a repeated pattern around payout timing and rule enforcement. The firm advertises payouts in as little as 8 hours, but multiple reviewers report waits of 14 to 35 days, and one trader said they received only $1,000 of an expected $4,000 payout. A separate cluster of reviews describes accounts terminated for position stacking, meaning adding to a losing position, sometimes weeks after the flagged trade, with traders saying the rule wasn’t made clear before they signed up. Pipstone’s replies to these reviews typically include trade-level data defending the call rather than disputing that the breach happened.
Overall, Pipstone Capital is worth considering for traders who want a no-consistency-rule environment with static drawdowns and on-demand payouts. The pricing is fair, the rules are clean, and the platform selection covers most bases. The 80% base split and limited verified payout history are the two things holding it back from a higher score. Check the discount running on Pipstone’s homepage before buying. At the time of writing it advertises 30% off with code PIP30, well ahead of the 5% on our own code.
Pipstone Capital Promo Code
Our code for Pipstone Capital is PFRNET, which takes 5% off an evaluation account. We are not going to dress that up: Pipstone runs its own public code PIP30 at 30% off, advertised on a banner across its homepage, and that is six times the discount. Pipstone tracks referrals with a cookie set by the link rather than by the code you type, so opening Pipstone through the link on this page and then using PIP30 gets you the bigger saving. The MT5BOGO buy one get one offer we listed previously is no longer advertised anywhere on Pipstone’s site.
| Our code | PFRNET |
| Our discount | 5% off evaluation accounts |
| Pipstone public code | PIP30 |
| Public discount | 30% off, advertised on Pipstone's own homepage |
| Which to use | PIP30 is the larger discount. Our link tracks by cookie, so the code you type does not change attribution |
| Last verified | 10 September 2026 |
Alternatives to Pipstone Capital
Firms in the same category with a comparable score. This list updates itself as scores change.
- One Funded scores 7.1 and offers EAs allowed and No time limit.
- The Trading Pit scores 7 and offers EOD drawdown and No minimum days.
- FTUK scores 7 and offers On-demand payouts.
Pipstone Capital is one of 106 CFD and forex prop firms we rank. See where it places in our full CFD and forex prop firm rankings.
Frequently Asked Questions
Is it Pipstone Capital or Pipestone Capital?
The firm is Pipstone Capital, spelled without the second e, and its official site is pipstonecapital.com. Pipestone Capital is a common misspelling of the same CFD prop firm, founded in 2025 and rated 4.2 out of 5 on Trustpilot. If you searched for a Pipestone Capital prop firm review, this is the firm you are looking for.
Is Pipstone Capital a legitimate prop firm?
Pipstone Capital is a CFD prop firm founded in 2025 with a verified CEO (Umair Raja) and a publicly listed office address. It holds a 4.2 out of 5 rating on Trustpilot with several hundred reviews. The firm has confirmed payouts and a publicly documented rules set. Like all prop firms, it is not regulated by a financial authority. As a newer operation, its track record is shorter than more established competitors, so some caution is appropriate for larger account sizes.
What challenges does Pipstone Capital offer?
Pipstone Capital offers three account types: Instant Funding (no evaluation phase, funded from day one), 1-Step (single evaluation phase requiring 10% profit target), and 2-Step (two phases requiring 8% then 5%). Account sizes run from $5,000 to $100,000. All plans have no consistency rule and no time limit. The 2-Step is the most popular entry point due to its lower drawdown risk and lower evaluation fee starting at $49.
What is the drawdown rule at Pipstone Capital?
Pipstone Capital uses static drawdowns on all plans, meaning limits are always calculated from the opening account balance rather than from a trailing equity peak. The 2-Step plan has a 5% daily loss limit and a 10% maximum overall drawdown. The 1-Step has a 4% daily limit and 8% overall. The Instant Funding plan has a tighter 3% daily limit and 5% overall. Static drawdowns are fairer for traders whose strategies involve carrying large floating profits before closing positions.
What platforms does Pipstone Capital support?
Pipstone Capital supports MetaTrader 5 (MT5), cTrader, and MatchTrader. MT5 and cTrader are the most widely used platforms in the CFD prop firm space and support a large range of Expert Advisors and custom indicators. MatchTrader is a browser-based platform suited to traders who prefer a modern interface. TradingView is not currently supported. Leverage is 1:100 across all platforms.
Does Pipstone Capital have a discount code?
Our code is PFRNET at 5% off. Pipstone also runs its own public code, PIP30, at 30% off, which is the better of the two and is advertised on its homepage. Because Pipstone attributes referrals by cookie rather than by code, you can reach the site through our link and still use PIP30. The older MT5BOGO buy one get one deal is no longer advertised. The evaluation fee itself is refunded with the first profit payout regardless of whether a promo code was used.
Ready to try Pipstone Capital?
No consistency rule. Static drawdowns. MT5, cTrader, and MatchTrader. On-demand payouts with 8-hour processing.
Visit Pipstone Capital →⚠ Prop trading risk
Challenge fees are money at risk. Most participants never reach a payout, and funded accounts are usually simulated capital rather than live funds. Rules and pricing can change at any time, so confirm them on the firm’s own site before you pay. Nothing in this review is financial advice.
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