Overview
Pipstone Capital is a forex and CFD prop firm incorporated in Saint Lucia, with an office in Limassol, Cyprus. It runs one- and two-step challenges plus instant accounts on forex, indices, metals and crypto, traded on MT5, cTrader or Match-Trader. It suits news and swing traders, since both are allowed on every model.
How the evaluation works
2-Step Challenge: 8% then 5%, with a 5% daily loss and a 12% static drawdown fixed to the starting balance. Leverage is up to 1:100. From $49 for $5K.
1-Step Challenge: a 10% target, a 4% daily loss and a 10% static drawdown, at 1:50. From $59 for $5K.
Instant Funding: no evaluation. A 3% daily loss and a 5% drawdown, both trailing your equity as it grows. From $49 for $2,500.
Both challenges need at least 3 trading days per phase, and there's no time limit.
Rules worth knowing
News trading, overnight and weekend holding are all allowed, with no swap charged. The rule that catches people is floating risk: on funded 1-Step and 2-Step accounts, a single trade can't sit more than 1.5% of the account in open loss, and on Instant the limit is 1%. Copy trading is fine between accounts you own, but matching another person's trades gets the accounts reviewed and possibly closed.
Getting paid
The standard split is 80%, and an add-on bundle raises it to 100% and adds weekly payouts. Without it, the first payout comes 14 days after your first funded trade and then every two weeks. Instant accounts pay on demand once you've logged enough profitable days. The 2-Step fee comes back with your first payout, while the 1-Step and Instant fees don't. Payouts go by bank transfer or crypto.
At a glance
- Platforms
- MetaTrader 5, cTrader, Match-Trader
- Payouts
- Bank transfer, Crypto
- Based in
- Limassol, Cyprus
Good
- News trading and weekend holding allowed on every model
- 2-Step has a wide 12% static drawdown
- 2-Step fee refunded with the first payout
- No time limit on any challenge
Watch for
- Funded 1-Step and 2-Step accounts cap floating loss per trade at 1.5%
- Instant accounts use a 5% trailing drawdown
- No fee refund on 1-Step or Instant
Challenges
Every account Pipstone Capital sells. Sort by any column.
| Program | Drawdown | Payouts | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2-Step Challenge2-step | $5K | $49refundable | 8% / 5% | 5% | 12% | Static | 80% | 3 days | 14 days |
| 2-Step Challenge2-step | $50K | $349refundable | 8% / 5% | 5% | 12% | Static | 80% | 3 days | 14 days |
| 2-Step Challenge2-step | $100K | $599refundable | 8% / 5% | 5% | 12% | Static | 80% | 3 days | 14 days |
| 1-Step Challenge1-step | $5K | $59 | 10% | 4% | 10% | Static | 80% | 3 days | 14 days |
| 1-Step Challenge1-step | $50K | $429 | 10% | 4% | 10% | Static | 80% | 3 days | 14 days |
| 1-Step Challenge1-step | $100K | $699 | 10% | 4% | 10% | Static | 80% | 3 days | 14 days |
| Instant FundingInstant | $2.5K | $49 | None | 3% | 5% | Trailing | 80% | None | On demand |
| Instant FundingInstant | $100K | $999 | None | 3% | 5% | Trailing | 80% | None | On demand |
Trading rules
What the funded account lets you do. Restricted means allowed with conditions; check the firm's terms.
Payouts
How you get paid
- Methods
- Bank transfer, Crypto
- Frequency
- 14 days · On demand
- First payout
- after 14 days
Profit split by program
- 2-Step Challenge
- up to 80%
- 1-Step Challenge
- up to 80%
- Instant Funding
- up to 80%
What traders say
Scores from the sites traders use, and our summary of what they're saying, checked 6 October 2026.
Pipstone Capital is a young forex prop firm, launched in 2025, with a poor review record: 2.0 on Trustpilot from about 500 reviews. Nearly all of those reviews arrived in the past year, and the low ones are dominated by payout complaints. Trustpilot shows the firm replies to only a small share of negative reviews. Outside Trustpilot, the coverage is mostly YouTube videos from affiliates, so there is little independent trader feedback to weigh against it.
What traders like
Fast payouts for some. A number of Trustpilot reviewers say payouts and execution were quick, with crypto withdrawals arriving within hours.
Rules on paper. Some like the static drawdown, the lack of a consistency rule and the absence of time limits.
Platform choice. A few mention cTrader, MT5 and Match-Trader as a plus.
Common complaints
Slow or partial payouts. Several reviewers say payouts advertised in hours took two to five weeks, and some say they received far less than they expected after deductions.
Unclear deductions. Many low reviews say profits were cut under rules they couldn't find, most often a rule on trades closed within 60 seconds and a rule on stacking positions.
Accounts marked as breached. Some traders say accounts were breached on the firm's reading of execution logs, and that support wouldn't reconsider.
Marketing versus terms. Review sites note that the split and fee refund on the homepage differ from the default terms, and some reviewers say the same.
Recently
June to October 2026: the Trustpilot score slipped from about 2.3 on roughly 310 reviews to 2.0 on about 500.
September to October 2026: new reviews describe payouts pending for three weeks, accounts breached at payout time, and one trader who says most of the profit on a payout was removed while a larger withdrawal stayed frozen.
Where this comes from
Trustpilot: the firm's main review page.
YouTube search: challenge walkthroughs, mostly from affiliates with discount codes.
Verified reviews
Reviews from traders who've connected an account at Pipstone Capital to Chartnaut, so you know they actually traded there. Opening soon.
