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CFDUnited Kingdom
Pipster
Explore available platforms, evaluation programs and payout rules.
Visit official website- Score
- 5.4/10
- Safety grade
- B
- Founded
- Jun 2025
- Direct funding
- Not available
Read full company overview
Pipster is a UK proprietary trading firm operated by Data Vantix Ltd, a private limited company registered in England and Wales under company number 16540926 at 20 Wenlock Road, London N1 7GU, incorporated on 25 June 2025 and trading under the previous name Sophos Technologies Ltd until 13 November 2025. It was co-founded by Cormac Munnelly, an institutional prop trader of 14 years across bonds, futures and FX, who serves as CEO, and Alan Shannon, a quant with 20 years building trading systems at JPMorgan Chase, UBS, RBC and MUFG, who serves as CTO. Pipster sells four simulated-account products - a 1-Phase challenge, a 2-Phase challenge, an Instant Funded account and Pipster Entry, a pay-after-you-pass route - across sizes from $1,000 to $100,000, all traded on Match-Trader with MT5 stated as coming soon. All trading is simulated: the firm holds no client funds, routes no orders to live markets, and pays performance rewards from its own revenues. It is not authorised or regulated by any financial regulator, which it states plainly itself.
Profit split80%
PayoutsWeekly
Platforms
Trading platforms supported by Pipster.
Match Trader
A modern platform with advanced charting.
Programs & evaluation
Choose from a range of evaluation programs with flexible profit splits and trading conditions.
- Profit split
- 80%
- Programs & evaluation
- Multiple programs (see official website)
1-Phase Challenge
- Account size
- $10K
- Profit target
- 10%
- Drawdown model
- Static
2-Phase Challenge
- Account size
- $10K
- Profit target
- 8%
- Drawdown model
- Static
View all 22 programs
Instant Funded
- Account size
- $10K
- Drawdown model
- Static
Pipster Entry
- Account size
- $10K
- Profit target
- 6%
- Drawdown model
- Static
1-Phase Challenge
- Account size
- $5K
- Profit target
- 10%
- Drawdown model
- Static
2-Phase Challenge
- Account size
- $5K
- Profit target
- 8%
- Drawdown model
- Static
Instant Funded
- Account size
- $5K
- Drawdown model
- Static
Pipster Entry
- Account size
- $5K
- Profit target
- 6%
- Drawdown model
- Static
1-Phase Challenge
- Account size
- $25K
- Profit target
- 10%
- Drawdown model
- Static
2-Phase Challenge
- Account size
- $25K
- Profit target
- 8%
- Drawdown model
- Static
Instant Funded
- Account size
- $25K
- Drawdown model
- Static
Pipster Entry
- Account size
- $25K
- Profit target
- 6%
- Drawdown model
- Static
1-Phase Challenge
- Account size
- $50K
- Profit target
- 10%
- Drawdown model
- Static
2-Phase Challenge
- Account size
- $50K
- Profit target
- 8%
- Drawdown model
- Static
Instant Funded
- Account size
- $50K
- Drawdown model
- Static
Pipster Entry
- Account size
- $50K
- Profit target
- 6%
- Drawdown model
- Static
1-Phase Challenge
- Account size
- $100K
- Profit target
- 10%
- Drawdown model
- Static
2-Phase Challenge
- Account size
- $100K
- Profit target
- 8%
- Drawdown model
- Static
Instant Funded
- Account size
- $100K
- Drawdown model
- Static
Pipster Entry
- Account size
- $100K
- Profit target
- 6%
- Drawdown model
- Static
1-Phase Challenge
- Account size
- $1K
- Profit target
- 10%
- Drawdown model
- Static
Instant Funded
- Account size
- $1K
- Drawdown model
- Static
Payouts & rules
Get paid weekly with a variety of methods and clear rules.
- Payouts & payments
- Multiple options (see official website)
- Payouts & payments
- Multiple options (see official website)
- Payouts
- Weekly
Payout rules
- Notes
- Each account carries a Payout Reward Capacity, a LIFETIME cumulative cap on total payout rewards from that account: 12% of the starting balance for purchased accounts, 6% for reward, prize, competition, promotional or free accounts. It caps the total only, not the size, number or frequency of individual requests, and it never resets. A request exceeding the remaining capacity is paid down to the remaining balance in full rather than refused. Once the capacity is paid out the account has completed its reward cycle and generates no further rewards, though the trader keeps everything paid and may open a new account with full capacity. The cap applies per account, not per trader, and any future change to it applies only to accounts created afterwards. Payout eligibility also requires 5 minimum trading days, positive simulated profit, full rule compliance and the $100 minimum. A qualifying trading day is a calendar day with at least one trade AND a profit of at least 0.5% of the initial account balance.
- On Demand
- No
- Proof Note
- KYC via Veriff must be approved before any payout is processed. It is a payout gate only, not required to buy, trade or pass. Verification is tied to the trader's email so one approval covers all accounts. Choosing RISE as the payout method may trigger a second, separate KYC run by Riseworks; bank transfer or crypto avoid it.
- Profit split
- 80%
- Min Withdrawal
- 100
- Proof Required
- Yes
- Processing Time
- The firm advertises a ~1h average payout time but states plainly this is an operational target once a payout is approved, not a guarantee, and that actual times vary with payment providers, KYC/AML checks, weekends and support volumes.
- Payouts
- Weekly
- First Payout Days
- 14
- Payout Schedule Note
- The first payout becomes eligible after 14 days on the funded account, and payouts run weekly from then on, subject to performance.
- Profit Split Scaling
- The standard split is 80%. The risk team may raise an individual trader to 90% at its discretion, ad hoc, after an account review with the trader. It is not an automatic or milestone-based ladder.
- Consistency For Payout
- None. Pipster states it has no consistency rule, that there is no limit on how much of total profit may come from a single trading day, and that payouts will never be held or delayed for consistency reasons. Competition accounts are the sole exception, carrying a separate 75% daily P&L concentration limit.
- Min Trading Days For Payout
- 5
Trading rules
- Notes
- A stop loss is MANDATORY on every position, placed within 60 seconds of opening and kept active for the life of the trade; it may be amended freely. Minimum trading days count only calendar days on which at least one trade was placed AND a profit of at least 0.5% of the initial balance was made - a losing or flat day does not count. EAs, indicators and trade-management tools are permitted for legitimate execution and risk management; only tools whose primary edge is latency, arbitrage, HFT or gap exploitation are banned. Hedging is allowed WITHIN a trader's own account as genuine risk management, but never across accounts. Match-Trader ships a built-in Risk Mode that sizes a position from a chosen stop loss and risk amount.
- Holding Note
- Positions may be held overnight and over the weekend without restriction during the 1-Step or 2-Step challenge. Once funded, or on an Instant Funded account, all open positions must be closed before the market closes for the weekend. Overnight holding remains permitted at every stage.
- Max Leverage
- Forex up to 1:100, indices up to 1:30, commodities up to 1:20, metals up to 1:10, crypto up to 1:2. The firm reserves the right to change leverage and margin at any time, including per user, and notes terms may differ between challenge, funded and instant accounts.
- Scalping Note
- Scalping is explicitly permitted, but any PROFITABLE trade opened and closed within 60 seconds counts as high-frequency trading and breaches the terms, which may cancel the trade, terminate the account, or both. The rule applies to profitable trades only: cutting a loser or scratching flat inside 60 seconds is expressly treated as good risk management, not HFT.
- Hedging Allowed
- Allowed
- Inactivity Rule
- An account with no executed trade for 60 consecutive calendar days is considered inactive and may be terminated, measured from the last executed trade.
- Daily Loss Reset
- Equity is recorded at the 22:00 UTC New York session rollover (5:00pm ET) and the daily limit is fixed a set percentage below that baseline for the whole trading day, not moving even if equity rises. A trading day runs 5:00:01pm ET to 4:59:59pm ET the next calendar day.
- Scalping Allowed
- Allowed
- Max Position Size
- No fixed lot cap. Risk is capped instead: on funded and Instant Funded accounts no more than 50% of the permitted daily drawdown may be at risk across open positions at any time, and on Instant Funded accounts alone no more than 3% of balance may be risked or lost on a single trade idea (all same-instrument, same-direction positions counted together, including spread, commission and slippage). A trader may hold up to two funded accounts at once.
- News Trading Note
- Allowed during the 1-Step and 2-Step challenges with no window restriction, except that bracket strategies (placing a BUY STOP and SELL STOP together ahead of a release) are banned on every account. Once funded, or on an Instant Funded account, no new position may be opened within 5 minutes before or after a high-impact release, pending orders that execute inside that window included. Open trades may be held through news and may be closed at any time, and a stop loss triggering during a release does not breach. High-impact means red-folder events on ForexFactory.com or Myfxbook.com, measured on server time.
- Martingale Allowed
- Not allowed
- Min Trade Duration
- 60 seconds, but only for profitable trades - see the scalping note. Competition accounts separately require a qualifying trading day to include a trade held at least 10 minutes.
- Stop Loss Required
- Yes
- Allowed Instruments
- 100+ instruments across five classes: 50 forex pairs (majors, minors, exotics), 10 indices (US500, US30, US100, GER30, UK100, JAP225, AUS200 and others), 12 commodities (gold XAU/USD, silver XAG/USD, Brent, WTI, natural gas, coffee, cocoa, copper and others), 22 crypto (Bitcoin, Ethereum, Solana, XRP, Cardano, Litecoin, Dogecoin, Chainlink and others) and 8 metals and other (aluminium, zinc, platinum, palladium and the FRA40, ITA40, SPA35, SUI20 indices).
- Challenge Time Limit
- None. Every phase has unlimited time.
- Copy trading allowed
- Not allowed
- Drawdown Type Funded
- Static on 1-Phase and 2-Phase funded accounts. Trailing on Instant Funded (10%) and on an activated Pipster Entry funded account (6%): the breach line follows the high-water mark upward, never falls, and locks permanently once it reaches 96% of the starting balance.
- News Trading Allowed
- Allowed
- Drawdown Model Funded
- static
- Ea Automation Allowed
- Allowed
- Prohibited Strategies
- Copy trading outright. High-frequency and tick scalping, server spamming, and any profitable sub-60-second trade. Latency and price-feed arbitrage, bad-tick and misquote abuse. Gap, news-gap and toxic-flow strategies. Bracket orders around news on any account. Martingale, grid and other progressive averaging or doubling systems. Cross-account and multi-account hedging or any opposite-direction structure creating a net risk-free group position. Account arbitrage, mirroring, reverse trading, churning and sacrificing one account to benefit another. Trade-for-hire and large copy-trading networks. Unapproved EAs, bots and automation whose main edge is exploiting execution, feed, latency or news gaps. Exploiting platform errors, frozen quotes or outages. Insider trading and use of non-public information. Abnormal or gambling-style risk taking. Materially changing trading style or risk profile between the challenge and funded stages.
- Consistency Rule Funded
- None, and payouts are never held or delayed for consistency reasons. The single exception is competition accounts, where no trade or same-day group of trades may exceed 75% of total net P&L for the competition period.
- Drawdown Type Challenge
- Static on the 1-Phase, 2-Phase and Pipster Entry evaluations: the maximum drawdown is calculated once from the starting balance and never moves.
- Weekend Holding Allowed
- Not allowed
- Drawdown Model Challenge
- static
- Overnight Holding Allowed
- Allowed
- Consistency Rule Challenge
- None. The firm states it has no consistency rule and removed it deliberately.
What stands out
Published advantages and trade-offs to review before choosing a program.
Key benefits
Four distinct routes to funding rather than one: a 1-Phase (10% target), a 2-Phase (8% then 5%), an Instant Funded account, and Pipster Entry, a pay-after-you-pass product costing $1.99 up front with the activation fee due only if you pass. No consistency rule on any standard challenge or funded account, stated in those words, with no cap on how much profit may come from a single day and no consistency-based payout holds. No time limit on any evaluation phase. Entry to a $1,000 1-Phase challenge costs $8.88. Founders are named and verifiable: Cormac Munnelly (CEO, 14 years trading bonds, futures and FX) and Alan Shannon (CTO, 20 years building trading systems at JPMC, UBS, RBC and MUFG), with the operating company registered at Companies House. Payouts run weekly after a 14-day first-payout wait, at an 80% split that the risk team may raise to 90%, with a $100 minimum and RISE, bank transfer or crypto as methods. 100+ instruments across forex, indices, commodities, crypto and metals on Match-Trader.
Things to consider
Every account carries a Payout Reward Capacity, a lifetime cap on total payouts per account: 12% of the starting balance on purchased accounts and 6% on reward, competition and free accounts. On a $100,000 account that is $12,000 in total, reached after roughly $15,000 of simulated profit, after which the account stops generating rewards and a new one must be bought. A stop loss is mandatory on every position within 60 seconds of opening, and any profitable trade opened and closed inside 60 seconds is treated as high-frequency trading and may be cancelled. Funded and Instant traders may not risk more than 50% of the permitted daily drawdown on open positions at once, and Instant Funded adds a hard 3% maximum loss per trade idea. Copy trading is banned outright. Funded traders must close all positions before the weekend and cannot open positions within 5 minutes either side of a high-impact news release. The firm is unregulated by its own statement, and it is young: the company was incorporated 25 June 2025 and carries only 22 TrustPilot reviews.
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