Last reviewed and fact-checked: September 12, 2026
CFD / Forex prop firm · MetaTrader 5 · 4.5/5 Trustpilot (13 reviews)
◎ Best for
Traders who want no daily drawdown and up to a 95% split from an $18 entry, including a novel pips-based evaluation.
⚠ Avoid if
You want social proof: 13 Trustpilot reviews and no Reddit footprint yet, MT5 only, and fixed lot sizes on the Pips Mastery track.
Rating Breakdown
- No daily drawdown limit on either challenge track
- Up to 95% profit split, high for the CFD/Forex category
- Cheap entry, from $18 with an active discount code
- Unique Pips Mastery Challenge evaluates by net pips instead of percentage
- Payouts claimed within 48 hours, with reviewers reporting first payout around 3 weeks in
- Support specifically praised in reviews for clear, quick responses
- Only 13 Trustpilot reviews so far, a small sample to judge a firm's reliability on
- MetaTrader 5 only, no cTrader or DXtrade option
- No independent Reddit discussion found at the time of writing
- Pips Mastery uses fixed lot sizes by tier, which limits position sizing flexibility compared to a standard percentage-based challenge
Challenge Types and Pricing
Prices shown reflect the 50% discount Pipcy runs on its own site (code VICTORY50); our FT20 code gives a flat 20% off instead and may result in a different final price depending on which promotion is active when you check out.
Challenge Rules
| Challenge types | Classic (1-Step or 2-Step, percentage-based) or Pips Mastery (X2 or X3, pips-based) |
| Profit target | 18% (Classic 1-Step); 12% then 6% (Classic 2-Step); 500 or 750 pips (Mastery) |
| Max loss | 12% absolute (Classic); 250 pips (Mastery) |
| Daily drawdown | None on either track |
| Min. trading days | 3 |
| Funded account scaling | Up to $3,000,000 |
| News trading | Allowed on Mastery; not specified for Classic |
Payouts and Platform
| Profit split | Up to 95% |
| Payout speed | Within 48 hours of request, per Pipcy's own claim |
| Platform | MetaTrader 5 |
| Instruments | Forex pairs |
| Restricted jurisdictions | Russia, North Korea, Syria, Iran, and others listed in Pipcy's terms |
Our Verdict
Trustpilot reviews point to a recurring issue with Pipcy’s position stacking rule, which limits how many same-direction trades a funded account can hold open at once and is called the anti-martingale rule in some support emails. Two separate traders reported their funded accounts were closed for breaching this rule and said it wasn’t clearly disclosed before purchase, appearing only in the FAQ rather than the main challenge terms. An independent structural review backs this up, noting Pipcy enforces position-size limits at its own discretion with no published percentage or ratio threshold. Customer service gets separate, consistent praise in the same reviews, so the complaint is about rule clarity, not support quality.
Pipcy stands out in a crowded CFD and forex prop firm category for one specific reason: it does not enforce a daily drawdown limit on either of its challenge tracks. That is a real advantage for traders who occasionally have a rough intraday swing but recover by the close, since a firm with a strict daily loss rule would fail that same trader outright.
The Pips Mastery Challenge is the more unusual offering. Instead of hitting a percentage profit target, you are evaluated on net pips gained against a fixed lot size, which changes how position sizing and risk management work compared to a standard challenge. It is worth understanding the mechanics before choosing it over the more familiar Classic track, since the two are not directly comparable in difficulty just by looking at the headline numbers.
Early feedback is genuinely positive, a 4.5 out of 5 Trustpilot score with reviewers specifically praising support responsiveness and payout speed, some reporting a first payout within about three weeks. The catch is sample size: 13 reviews is not much to build confidence on for a firm handling real payout obligations at scale, and we found no independent Reddit discussion to cross-check that early signal against.
Cost is where Pipcy is hardest to beat. Between the up to 95% profit split, discount pricing that can bring an evaluation down to $18, and scaling up to $3 million, the value math works strongly in a trader’s favor if the firm’s payout process holds up as it scales. If you are risk-averse about newer, smaller firms, start with a lower account size and treat your first payout as confirmation before committing bigger capital to it.
Pipcy Discount Code
| Code | FT20 |
| Discount | 20% off |
| Applies to | Classic and Pips Mastery challenges |
| Last verified | July 2026 |
Alternatives to Pipcy
Firms in the same category with a comparable score. This list updates itself as scores change.
- FunderBlu scores 6.9 and offers On-demand payouts and Up to 100% split.
- Funded Academy scores 6.9 and offers On-demand payouts and No consistency rule.
- Moneta Funded scores 6.9 and offers No minimum days (Instant Funding) and No time limit.
Frequently Asked Questions
Is Pipcy a legitimate prop firm?
Pipcy holds a 4.5 out of 5 Trustpilot score, though from a small base of about 13 reviews. Traders mention responsive support and payouts within a few weeks of passing. It is a smaller firm without the scale of the biggest names in the category, so treat the positive early signal as encouraging rather than conclusive.
What is the Pips Mastery Challenge?
Instead of a percentage profit target, the Mastery Challenge evaluates traders on net pips gained, with the X2 track requiring 500 pips and X3 requiring 750 pips, against a 250-pip max loss. It uses fixed lot sizes by tier and permits news trading, which the standard Classic challenge does not mention.
Does Pipcy have a daily loss limit?
No. Pipcy does not enforce a daily drawdown limit on either the Classic or Mastery challenge. The only hard limit is the overall 12% max loss (Classic) or 250-pip max loss (Mastery).
How fast does Pipcy pay out?
Pipcy advertises payouts within 48 hours of a request, and multiple early reviewers report receiving their first payout within about 3 weeks of starting a challenge.
Is there a Pipcy discount code?
Yes, code FT20 takes 20% off Pipcy challenges.
Ready to try Pipcy?
Use code FT20 for 20% off. No daily drawdown limit, up to 95% split.
Visit Pipcy →⚠ 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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