Pipcy (25% Discount Code: FOREXPROPREVIEWS)

Pipcy is a proprietary trading firm looking for disciplined traders who can demonstrate consistent performance and effective risk management. Traders have the opportunity to progress toward funded status through multiple evaluation models, manage account sizes of up to $100,000, and receive profit splits starting at 80% and scaling up to 100% through the firm’s Growth Plan. Depending on the selected funding program, traders can access a range of financial instruments, including forex pairs, cryptocurrencies, commodities, and indices, while the Pips Mastery Challenge focuses exclusively on forex trading.

Who are Pipcy?

Pipcy is a proprietary trading firm operated under the legal name Rogano LTD that officially launched its prop trading services on May 16, 2026. The company is based in Limassol, Cyprus, and is led by CEO and founder Omer Ben Matityahu. Pipcy provides traders with the opportunity to choose between three funding program types, consisting of the Two-Step Challenge, One-Step Challenge, and Pips Mastery Challenge, while using a Tier-1 liquidity provider as its bridge and data feed and offering traders access to the MetaTrader 5 trading platform.

Who is the CEO of Pipcy?

Omer Ben Matityahu is the CEO and founder of Pipcy. He is an experienced fintech entrepreneur with a background spanning proprietary trading, corporate law, international tax, accounting, and financial strategy. He combines legal and financial expertise with hands-on experience in the proprietary trading industry. Omer founded Pipcy with the goal of creating a more accessible and engaging trading environment, while also leading the development of the firm’s technology, products, and overall strategic direction.

Snir Achiel serves as the COO and Head of Risk Management at Pipcy. With over 15 years of experience across Forex, Stocks, and Options markets, he brings extensive industry knowledge and a strong understanding of trading, risk management, and trader development. Snir is also a co-founder of The5ers.com, a prominent proprietary trading firm, giving him significant experience in building and operating within the prop trading industry.

Funding Program Options

Pipcy provides its traders with three unique funding program options:

• Two-Step Challenge
• One-Step Challenge
• Pips Mastery Challenge

Two-Step Challenge

Pipcy’s Two-Step Challenge provides traders with the opportunity to manage account sizes ranging from $2,500 up to $100,000. The objective is to identify disciplined and consistently profitable traders who can effectively manage risk throughout the two-step evaluation process. The Two-Step Challenge provides access to leverage of up to 1:100, depending on the trading instrument being traded.

Evaluation phase one requires a trader to reach a profit target of 12% while not surpassing the 12% maximum static drawdown. Pipcy does not impose a maximum daily loss limit, giving traders additional flexibility when managing their positions. There is also no maximum trading period, allowing you to complete the evaluation at your own pace. However, you must complete a minimum of 3 trading days before progressing to phase two.

Evaluation phase two requires a trader to reach a profit target of 6% while continuing to respect the 12% maximum static drawdown. Similar to phase one, there is no maximum daily loss limit and no maximum trading period. Traders must once again complete a minimum of 3 trading days before becoming eligible for a funded account.

After successfully completing both evaluation phases, you will receive a funded account and become eligible to request your first Reward Payment after 14 calendar days from your first trade. To qualify, you must generate at least 5% realized profit, complete a minimum of 5 Active Trading Days, have no open positions when submitting the request, and successfully pass Pipcy’s Compliance Review. Subsequent Reward Payments can be requested every 7 calendar days, with a minimum withdrawal amount of $100 after the applicable profit split. Funded traders must also respect the 4% Position Loss Limit, meaning the floating loss on any single open position cannot exceed 4% of the account’s initial balance. The default profit split starts at 80% and can gradually increase to 100% through Pipcy’s Growth Plan.

Two-Step Challenge Trading Rules & Objectives

• Profit Target – Traders must achieve the designated profit target to successfully complete each evaluation phase. Phase 1 requires a 12% profit target, while Phase 2 requires a 6% profit target. Once you receive a funded account, there are no profit targets that must be achieved.
• Maximum Loss – The Two-Step Challenge has a 12% maximum static drawdown across all account sizes. The drawdown is based on the account’s initial balance and does not trail upward as the account grows. If the maximum total loss threshold is reached, the account is breached, and the Challenge ends.
• Minimum Trading Days – Traders must complete a minimum of 3 trading days during Phase 1 and another 3 trading days during Phase 2 before progressing to the next stage.
• Maximum Risk per Position – The 4% Position Loss Limit applies only to PPC (Funded) Accounts and does not apply during either phase of the Two-Step Challenge. Once funded, the floating loss on any single open position may not exceed 4% of the account’s initial balance.

One-Step Challenge

Pipcy’s One-Step Challenge provides traders with the opportunity to manage account sizes ranging from $2,500 up to $100,000. The objective is to identify disciplined traders who can consistently generate profits while demonstrating effective risk management throughout a single evaluation phase. The One-Step Challenge provides access to leverage of up to 1:100, depending on the trading instrument being traded.

The evaluation phase requires a trader to reach an 18% profit target while not surpassing the 12% maximum static drawdown. Pipcy does not impose a maximum daily loss limit, while the maximum drawdown remains fixed based on the account’s initial balance and does not trail upward as the account grows. There is no maximum trading period, allowing you to complete the evaluation at your own pace. However, you must complete a minimum of 3 trading days before becoming eligible for a funded account.

After successfully completing the evaluation phase, you will receive a funded account and become eligible to request your first Reward Payment after 14 calendar days from your first trade. To qualify, you must generate at least 5% realized profit, complete a minimum of 5 Active Trading Days, have no open positions when submitting the request, and successfully pass Pipcy’s Compliance Review. Subsequent Reward Payments can be requested every 7 calendar days, with a minimum withdrawal amount of $100 after the applicable profit split. Funded traders must also comply with the 4% Position Loss Limit, meaning the floating loss on any single open position cannot exceed 4% of the account’s initial balance. The default profit split starts at 80% and can gradually increase to 100% through Pipcy’s Growth Plan.

One-Step Challenge Trading Rules & Objectives

• Profit Target – Traders must achieve an 18% profit target to successfully complete the One-Step Challenge. Once you receive a funded account, there are no profit targets that must be achieved.
• Maximum Loss – The One-Step Challenge has a 12% maximum static drawdown across all account sizes. The drawdown is based on the account’s initial balance and does not trail upward as the account grows. If the maximum total loss threshold is reached, the account is breached, and the Challenge ends.
• Minimum Trading Days – Traders must complete a minimum of 3 trading days during the evaluation phase before becoming eligible for a funded account.
• Maximum Risk per Position – The 4% Position Loss Limit applies only to PPC (Funded) Accounts and does not apply during the One-Step Challenge. Once funded, the floating loss on any single open position may not exceed 4% of the account’s initial balance.

Pips Mastery Challenge

Pipcy’s Pips Mastery Challenge provides traders with a unique evaluation model where performance is measured in net pips rather than percentage-based profits. Traders can choose between the Mastery X2 and Mastery X3 variants, with account sizes ranging from $2,500 up to $100,000. Unlike Pipcy Classic, Pips Mastery is focused exclusively on forex trading, with access to 28 currency pairs, while each account size has a predetermined fixed lot size designed to maintain consistent position sizing throughout the evaluation.

The Mastery X2 requires traders to achieve a target of 500 net pips, while the Mastery X3 requires 750 net pips. Both variants have a 250-pip maximum loss, no daily drawdown limit, and a minimum requirement of 3 trading days. There is also no maximum trading period, allowing traders to complete the evaluation at their own pace. Fixed lot sizes range from 0.05 lots on the $2,500 account up to 2 lots on the $100,000 account, ensuring that performance is assessed primarily on the trader’s ability to consistently generate pips rather than by adjusting position size.

After successfully completing the selected Pips Mastery evaluation, you will receive a funded account and become eligible to request your first Reward Payment after 14 calendar days from your first trade. To qualify, you must generate at least 5% realized profit, complete a minimum of 5 Active Trading Days, have no open positions when submitting the request, and successfully pass Pipcy’s Compliance Review. Subsequent Reward Payments can be requested every 7 calendar days, with a minimum withdrawal amount of $100 after the applicable profit split. The default profit split starts at 80% and can increase to 100% through Pipcy’s Growth Plan.

Pips Mastery also follows a dedicated scaling structure. Instead of increasing the nominal account balance, traders progress by increasing their fixed lot size. Every 700 accumulated pips achieved within an eligible Growth Cycle increases the fixed lot size by 50%, allowing traders to generate greater earnings per pip as they progress through Pipcy’s nine Growth Plan levels. The underlying trading rules and conditions remain unchanged as the trader scales.

Pips Mastery Challenge Trading Rules & Objectives

• Profit Target – Pips Mastery evaluates performance based on net pips rather than percentage-based profit targets. The Mastery X2 requires traders to achieve 500 net pips, while the Mastery X3 requires 750 net pips to successfully complete the evaluation.
• Maximum Loss – Both Mastery X2 and Mastery X3 have a 250-pip maximum loss limit. If the trader reaches the maximum permitted pip loss, the Challenge is breached, and the evaluation ends.
• Minimum Trading Days – Traders must complete a minimum of 3 trading days before successfully completing the Pips Mastery evaluation.
• Lot Size Limit – Pips Mastery uses fixed position sizing throughout the evaluation. Each account size has a predetermined lot size, ranging from 0.05 lots on the $2,500 account up to 2 lots on the $100,000 account. This structure ensures that performance is measured primarily through pip generation rather than changes in position size.
• Maximum Risk per Position – The 4% Position Loss Limit applies only to PPC (Funded) Accounts and does not apply during the Pips Mastery evaluation. Once funded, the floating loss on any single open position may not exceed 4% of the account’s initial balance.

Scaling Plan

Pipcy provides traders with a structured Growth Plan consisting of nine levels, designed to reward consistent long-term performance. There are no scaling fees, no account resets when moving to the next level, and no deadline for reaching a Scale-Up. Each Growth Cycle requires a minimum of 90 calendar days of trading, while traders must also meet the applicable performance requirements and pass Pipcy’s Scale-Up review.

For the Pipcy Classic programs, traders qualify for a Scale-Up after achieving 25% realized profit, completing at least 90 calendar days, and avoiding Reward Payment requests during the active Growth Cycle. Once approved, the account balance increases by 50%, with traders starting from smaller account sizes able to scale significantly over time and a $100,000 account capable of reaching up to $3,000,000. Reaching the 25% threshold does not trigger scaling automatically, as traders must choose between requesting a Reward Payment or applying for the next Growth Plan level. Choosing a payout resets progress toward the current Scale-Up and starts a new Growth Cycle.

The Pips Mastery Growth Plan follows a different structure, with every 700 accumulated pips increasing the fixed lot size by 50% instead of increasing the nominal account balance. Each successful Scale-Up also improves the trader’s profit split, which starts at 80% and can eventually reach 100%, while the underlying Trading Rules, leverage, and general trading conditions remain unchanged.

What Makes Pipcy Different From Other Prop Firms?

What makes Pipcy stand out from other proprietary trading firms is the combination of flexible evaluation structures, trader-friendly risk parameters, unique scaling opportunities, and a distinct pip-based funding model. Instead of offering only a conventional percentage-based Challenge, Pipcy provides traders with three main options: the Two-Step Challenge, One-Step Challenge, and Pips Mastery Challenge, allowing traders to choose a structure that better matches their preferred trading approach.

One of Pipcy’s strongest advantages is its approach to drawdown and trading flexibility. Both Pipcy Classic Challenges operate without a maximum daily loss limit, while the overall maximum drawdown remains static and does not trail as the account grows. With a 12% maximum total loss, Pipcy gives traders some of the widest breathing room in the industry, compared with the 6% to 10% limits typically offered by other prop firms. Traders also have no maximum trading period, relatively low 3-day minimum trading requirements, and no traditional consistency rule during the evaluation stage. In addition, news trading, overnight holding, weekend holding, Expert Advisors, and external copy trading are permitted, giving traders considerable freedom in how they approach their evaluation.

The Pips Mastery Challenge is another major differentiator. Rather than measuring performance through account-balance percentages, traders are evaluated based on the number of net pips generated using a predetermined fixed lot size. This creates a substantially different evaluation experience from conventional prop firm Challenges and places greater emphasis on trade execution and directional performance. Traders can choose between the Mastery X2 and Mastery X3 variants while accessing 28 forex currency pairs.

Pipcy also provides an extensive Growth Plan for traders who want to build toward significantly larger earning potential. The program contains nine Growth Plan levels, with Pipcy Classic accounts increasing by 50% after every qualifying 25% accumulated profit, subject to the applicable Growth Cycle requirements. Traders starting with a $100,000 account can eventually scale as high as $3,000,000. Pips Mastery traders follow a dedicated scaling model where every 700 accumulated pips increases the fixed lot size by 50%. Profit splits also improve through the Growth Plan, starting at 80% and increasing up to 100%.

When compared with other highly regarded proprietary trading firms, Pipcy holds its own while taking a different approach in several areas. FundedNext, for example, has built a strong reputation around its selection of structured evaluation programs, competitive trading conditions, and scaling opportunities. Pipcy follows a similarly trader-focused philosophy but differentiates itself through no daily drawdown on its Challenges and the alternative Pips Mastery evaluation, giving traders another way to demonstrate their capabilities outside the traditional percentage-based format.

Another strong comparison can be made with The5%ers, a long-standing name in the proprietary trading industry that is well known for its focus on trader development, scaling, and long-term progression. Pipcy takes a similarly growth-oriented approach with its nine-level Growth Plan, where successful traders can progressively increase both their account potential and profit split. Both firms therefore provide compelling options for traders who are interested in building a longer-term relationship with a prop firm rather than simply completing an evaluation and withdrawing profits.

FTMO is another excellent benchmark due to its established reputation, structured evaluation process, and professional trading environment. They have become one of the industry’s most recognizable names by maintaining clearly defined trading objectives and a comprehensive trader ecosystem. Pipcy brings many of those same qualities in terms of structured evaluations and professional trading conditions while adding its own identity through Pips Mastery, the absence of a daily drawdown limit, and its dedicated Growth Plan. Ultimately, both approaches can appeal to disciplined traders, depending on whether they prefer a more traditional evaluation structure or Pipcy’s more flexible alternatives.

The payout structure provides another strong benefit. Traders can request their first Reward Payment after 14 calendar days from their first trade, subject to the applicable eligibility requirements, while subsequent Reward Payments are available every 7 calendar days. Pipcy states that Reward Payment reviews are generally processed within 48 hours, and traders can choose to withdraw either all or only part of their available profits. There is also a relatively accessible $100 minimum Reward Payment after the applicable profit split.

From a trading-environment perspective, Pipcy provides access to MetaTrader 5, raw spreads, forex leverage of up to 1:100, and a broad selection of forex pairs, cryptocurrencies, indices, and commodities through Pipcy Classic. Forex trading carries a $6 round-turn commission per standard lot, while cryptocurrencies, indices, and commodities have zero commission. Traders can also select Swap-Free accounts, depending on their preferences.

Another useful feature is the Pipcy Free Trial, which allows traders to explore the trading environment, available instruments, execution conditions, and evaluation structure before purchasing a Challenge. The Free Trial reflects the same trading conditions used within Pipcy’s Challenge environment, giving traders an opportunity to become familiar with the platform before committing financially.

Overall, Pipcy differentiates itself through a combination of no daily drawdown, static maximum loss limits, flexible trading conditions, multiple Challenge structures, the unique Pips Mastery model, scaling up to $3,000,000, profit splits up to 100%, regular Reward Payments, and a Free Trial environment. At the same time, established firms such as FundedNext, The5ers, and FTMO demonstrate that there are several high-quality approaches to proprietary trading. Pipcy adds another compelling option to that landscape by combining familiar evaluation principles with several features and program structures of its own.

Payment Proof

Pipcy is a proprietary trading firm that officially launched its prop trading services on May 16, 2026. Since its launch, the firm has focused on providing traders with flexible evaluation models, transparent trading conditions, and a structured path toward funded status through its Two-Step Challenge, One-Step Challenge, and Pips Mastery Challenge. Pipcy also places a strong emphasis on long-term progression through its dedicated Growth Plan and regularly shares trader payout activity across its website and community channels.

Once traders successfully complete their selected Challenge and receive a funded account, they become eligible to request their first Reward Payment 14 calendar days after placing their first trade, provided all payout requirements are met. This includes achieving at least 5% realized profit, completing a minimum of 5 Active Trading Days, having no open positions when submitting the request, and successfully passing Pipcy’s Compliance Review. Reward Payment requests are generally reviewed and processed within 48 hours.

After the first successful Reward Payment, traders can request future withdrawals every 7 calendar days, subject to the same eligibility and compliance requirements. The minimum Reward Payment amount is $100 after the applicable profit split, while traders can choose to withdraw either all or only part of their available profits. Pipcy’s profit split starts at 80% and can progressively increase up to 100% through the Growth Plan, rewarding traders who demonstrate consistent performance over time.

Pipcy also shares payout-related activity through several public and community channels, including its Discord, Telegram, Instagram, X, YouTube, Facebook, and website homepage, giving traders multiple ways to review Reward Payment activity and community feedback surrounding the firm’s payout process.

Examples of payout certificates and payment proof can be seen below.

Which Broker Does Pipcy Use?

Pipcy uses a Tier-1 liquidity provider as its bridge and data feed, providing the pricing and market infrastructure used across its proprietary trading environment. Rather than operating through a conventional retail broker setup, Pipcy provides traders with a simulated trading environment designed to closely replicate real market execution and pricing conditions.

Traders access this environment through MetaTrader 5, with Pipcy confirming that it operates under a full MT5 license. The platform provides access to fast execution, advanced charting tools, and mobile trading capabilities, while the available trading conditions vary depending on the selected funding program.

Trading Instruments

Pipcy provides traders with access to a diversified selection of financial instruments, with the available markets depending on the selected funding program. Through the Pipcy Classic programs, traders can access forex pairs, cryptocurrencies, commodities, and indices, while the trading environment features raw spreads and competitive commission structures.

Forex trading comes with a $6 round-turn commission per standard lot, while cryptocurrencies, indices, and commodities are offered with zero commission. Leverage varies by asset class, with up to 1:100 on forex, 1:20 on commodities, indices, and gold, and 1:5 on cryptocurrencies.

The Pips Mastery Challenge is focused exclusively on forex trading and currently provides access to 28 currency pairs, with each account size using a predetermined fixed lot size as part of the pip-based evaluation model. Traders can also use Pipcy’s Free Trial to explore the available instruments, spreads, commissions, execution conditions, and overall trading environment before purchasing a Challenge.

Forex Pairs

Commodities

Indices

Cryptocurrencies

Trading Fees

Trading Commission

Spread Account

To check the live spreads, log in to the trading account below.

Education

Pipcy provides traders with several educational and practical resources designed to support them before and during their evaluation journey. One of the main resources is the Pipcy Academy, which focuses on helping traders improve their market knowledge, trading skills, and understanding of risk management. The firm also maintains an active Blog, where traders can access additional educational articles, trading insights, market-related content, and information connected to proprietary trading.

Another useful resource is Pipcy’s comprehensive FAQ section, which covers key topics such as funding programs, trading conditions, Reward Payments, the Growth Plan, Trading Rules, account management, platform access, and company policies. This gives both new and existing traders a centralized place to find answers to common questions and better understand the firm’s requirements before purchasing a Challenge.

Pipcy also provides a Free Trial, allowing traders to experience the trading environment, execution conditions, available instruments, and evaluation structure before making a purchase. In addition, traders have access to a dedicated trading dashboard and Client Area, where they can monitor their Challenge accounts, review performance, access trading credentials, track account status, and manage their overall Pipcy experience.

Pipcy Trading Dashboard

Trustpilot Feedback

Pipcy has established a promising reputation on Trustpilot, with traders sharing their experiences across different aspects of the firm’s services and trading environment. Community feedback provides insight into areas such as funding programs, trading conditions, customer support, account management, and payout processing, helping prospective traders better understand the company’s approach to proprietary trading.

According to its Trustpilot profile, Pipcy holds a strong rating of 4.2 out of 5, based on 65 reviews from its growing trading community. Approximately 72% of reviewers have awarded the firm a 5-star rating, indicating that a substantial majority of the available feedback falls within the highest rating category. This positive sentiment contributes to Pipcy’s developing reputation within the proprietary trading industry, while the available reviews offer valuable perspectives on the customer experience, quality of support, and overall satisfaction among traders using its services.

In the first comment, the client shared a positive experience with Pipcy, particularly highlighting the firm’s smooth and efficient payout process. The reviewer explained that they successfully received their payout within 48 hours of submitting the request, exceeding their initial expectations regarding processing speed. They also expressed appreciation for the patient and helpful customer support team, which provided assistance throughout the withdrawal process and ensured everything was handled smoothly. Following this experience, the client expressed confidence in continuing their trading journey with Pipcy, mentioning plans to purchase additional accounts to increase their available trading capital and pursue further payout opportunities.

In the second comment, the client shared their experience with Pipcy, particularly appreciating the firm’s flexible maximum and daily drawdown conditions, responsive customer support, and attractive challenge discounts of up to 50%. The reviewer confirmed that they successfully received a payout, although their funded account was subsequently closed after the company determined that their trading strategy involved excessive risk and did not meet its requirements. Despite this experience, the client awarded Pipcy a 5-star rating, recognizing the firm for honoring its payout commitment. The feedback also emphasized the importance of proper risk management and thoroughly understanding the trading rules, particularly restrictions related to maximum position drawdown and the number of positions opened in the same direction. The reviewer encouraged traders to test their strategies on smaller challenges before progressing to larger accounts, describing Pipcy as a suitable option for those who maintain disciplined trading practices.

Social Media Statistics

Pipcy can also be found on social media platforms.

Customer Support

Account Opening Process

• Registration Form – Register with Pipcy by filling out the registration form with your personal details and logging into the trading dashboard.

• Choose Your Account – Choose your account type, account size, and swap-free option.

• Apply Discount Code – Apply our discount code FOREXPROPREVIEWS and enjoy a 25% discount on all Pipcy account types.

• Choose Your Payment Method – Choose between a credit/debit card, PayPal, and cryptocurrency payment methods.

Conclusion

In conclusion, Pipcy has developed a well-rounded proprietary trading offering built around flexible evaluation structures, competitive trading conditions, trader-friendly risk parameters, and long-term growth opportunities. Traders can choose between the Two-Step Challenge, One-Step Challenge, and Pips Mastery Challenge, with account sizes ranging from $2,500 up to $100,000 and a structure designed to suit both traditional percentage-based traders and those who prefer a pip-focused evaluation model.

One of Pipcy’s strongest qualities is the flexibility built into its trading conditions. The firm does not impose a maximum daily loss limit on its Challenges, uses static maximum drawdown rules, and provides no maximum trading period. Traders can also benefit from news trading, overnight and weekend holding, Expert Advisor usage, external copy trading, and access to MetaTrader 5, while forex leverage reaches up to 1:100 depending on the selected instrument.

Pipcy also stands out through its Pips Mastery Challenge, which measures performance through net pips and fixed lot sizes rather than traditional percentage-based profit targets. This gives traders an alternative way to prove their skills while trading exclusively across a selection of forex pairs. In addition, the firm offers a structured nine-level Growth Plan, where Pipcy Classic traders can scale their account balance by 50% at each qualifying stage, while Pips Mastery traders can progressively increase their fixed lot size. Profit splits start at 80% and can increase up to 100%, while a $100,000 Classic account can eventually scale up to $3,000,000.

The payout structure is also competitive, with the first Reward Payment available after 14 calendar days from the first trade, followed by future payouts every 7 calendar days, subject to the applicable requirements and Compliance Review. Traders also benefit from a $100 minimum payout amount, a Free Trial, Swap-Free account availability, raw spreads, zero commissions on selected asset classes, and access to educational resources through the Pipcy Academy, Blog, FAQ, and trading dashboard. Overall, Pipcy presents a strong combination of program variety, flexible trading conditions, scaling potential, competitive profit splits, regular payouts, and a unique pip-based evaluation model. Traders interested in exploring what Pipcy has to offer can take advantage of our exclusive 25% discount by using the code FOREXPROPREVIEWS when purchasing a Challenge.

Our detailed review of Pipcy was last updated on 14.10.2026 at 06:54 (CE(S)T).

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