Pipcy
Bans position sizes the firm calls "noticeably smaller or larger than those of the Customer's other trades" with no numeric threshold — enforcement sits with Pipcy. The entity you contract with depends on your country: "Users residing in the United Arab Emirates will contract with Rogano Limited. Users residing in other jurisdictions will contract with Conquest Services Limited". No regulator is named: the FAQ states "Pipcy is not regulated by authorities such as the FCA, ASIC, or CySEC."
Four products, not two: Classic 1-Step and 2-Step, and Pips Mastery X2 and X3, each with its own price table and target. The Classic floor is a static 12% of the cycle's initial size, measured on balance including open positions; Pips Mastery is denominated in pips (250 to lose, 500 or 750 to pass) and this schema has no pip-valued field, so its floor and target are left unread rather than converted. The funded stage is not on these pages at all: the terms govern only the Challenge and Verification stages and hand a passed account to a Pipcy Account Agreement the terms say is published on the website and which is linked nowhere we could reach. The FAQ's later tabs (Reward Payments, Trading Rules, Platform & Conditions, Growth & Scaling) are rendered client-side and are not readable by our extractor.
Not enough published data to simulate this firm’s floor.
Judged, clean of all seven hard bars, and the scorecard still came in under the bar. Nothing here is an accusation — it is a firm we would not open an account with, and the card says on which axes it fell short.
Scorecard
10Trails, but only freezes far above your starting balance
A named company, but no financial regulator anywhere — or a light-touch one only
Workable, but a cap or a waiting period bites
Overstates size or speed, but costs you nothing
Under a year, or too few reviews to mean anything
Each axis is scored 0–5 against a published scale. The line under each bar is the rung this firm landed on — not our summary of it, the scale entry itself.
Trustpilot
What this firm published
Everything below is quoted from a page we opened, on the date shown. The quotes are in the firm’s own language, exactly as published — never edited, never shortened, never swapped for a translation. On the Spanish edition our own rendering appears underneath each one, unquoted and marked as ours: the quotation marks on this site mean the words are the firm’s, and nothing we wrote ever wears them. Where we have not read enough to put a number on an axis, we say so instead of guessing.
3/5
Can you even pass?
Almost nobody who pays for an evaluation ever reaches a funded account, so this is the part of the product most customers actually buy. Every firm advertises its profit target; none of them advertises that target next to how much you are allowed to lose while chasing it.
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Can you keep the money?
The drawdown takes the account away; the payout rules take the money. Answered by whichever of the two we can measure and is worse — they are two ways of losing the same thing, so a good half cannot pay for a bad one.
3/5
Is anyone behind it?
A named company, a market, and rules you could read before paying. These three do not substitute for one another — a company you can sue does not stop existing because the account is a simulation — so this is the average of the ones we could measure, not the worst.
How hard the test is
Not the profit target on the sales page — that target measured against the room you are given to reach it.
How much you must win to survivefor every $1 you are allowed to lose, you must make $1.52.40/8
“$ 2.5K Fee: $40 Get Plan 12% 18% 3 Up to 100% Up to $75K Within 48 Hours No Allowed $ 5K Fee: $71 Get Plan 12% 18% 3 Up to 100% Up to $150K Within 48 Hours No Allowed Best Value $ 10K Fee: $119 Get Plan 12% 18% 3 Up to 100% Up to $300K Within 48 Hours No Allowed $ 25K Fee: $229 Get Plan 12% 18% 3 Up to 100% Up to $750K Within 48 Hours No Allowed $ 50K Fee: $369 Get Plan 12% 18% 3 Up to 100% Up to $1.5M Within 48 Hours No Allowed $ 100K Fee: $675 Get Plan 12% 18% 3 Up to 100% Up to $3M Within 48 Hours No Allowed”A profit target only means something next to the room you are given to reach it. Ten per cent to make against ten to lose is a coin flip sold as an exam.
Days you have to finishThey state there is none.3/3
“Maximum Trading Days Requirement: No time limit for any current challenge models.”A deadline turns a test of skill into a test of whether the market happened to move during your month.
Trading days you must put in3 days2/2
“Minimum Trading Days: The Customer must trade for a minimum number of days depending on the selected plan: Classic Challenge 2 Step Model: 3 days Classic Challenge 1 Step Model: 3 days Pips Mastery Challenge 2 Step Model: 3 days Pips Mastery Challenge 1 Step Model: 3 days”Cuts both ways: it costs you time, and it also stops an account passing on one lucky afternoon you could never repeat.
A second attempt costsyou pay full price again0/2
“You can purchase a new Challenge at any time and start again.”A free second attempt turns one bad week into a delay instead of another invoice.
Profit target18%—
“$ 2.5K Fee: $40 Get Plan 12% 18% 3 Up to 100% Up to $75K Within 48 Hours No Allowed $ 5K Fee: $71 Get Plan 12% 18% 3 Up to 100% Up to $150K Within 48 Hours No Allowed Best Value $ 10K Fee: $119 Get Plan 12% 18% 3 Up to 100% Up to $300K Within 48 Hours No Allowed $ 25K Fee: $229 Get Plan 12% 18% 3 Up to 100% Up to $750K Within 48 Hours No Allowed $ 50K Fee: $369 Get Plan 12% 18% 3 Up to 100% Up to $1.5M Within 48 Hours No Allowed $ 100K Fee: $675 Get Plan 12% 18% 3 Up to 100% Up to $3M Within 48 Hours No Allowed”Maximum loss
we did not read enough to sayThe loss limit that closes your account. Does it sit still, or does it climb behind you as you win?
What makes the loss limit riseit does not move at allwe did not read this stage—
“Account Size Maintenance: The account balance must not drop below the specified percentage of the cycle’s initial size, considering all positions and associated charges and swaps: Classic Challenge 2 Step Model: 12% Classic Challenge 1 Step Model: 12%”A limit that climbs takes back the cushion you already earned.
What the limit is measured againstlive equity, open trades includedwe did not read this stage—
“Account Size Maintenance: The account balance must not drop below the specified percentage of the cycle’s initial size, considering all positions and associated charges and swaps: Classic Challenge 2 Step Model: 12% Classic Challenge 1 Step Model: 12%”Decides whether a trade that dips and recovers can close an account that ended the day green.
Daily limitThey state there is none.we did not read this stage—
“Daily Loss Limits: There are no daily loss limits for any of the challenge models.”A generous percentage measured on live equity is not generous — it is the same number with a trapdoor under it.
Total loss allowed12%we did not read this stage—
“Account Size Maintenance: The account balance must not drop below the specified percentage of the cycle’s initial size, considering all positions and associated charges and swaps: Classic Challenge 2 Step Model: 12% Classic Challenge 1 Step Model: 12%”How much room you have. Worth little, because almost every firm offers the same.
Where the limit stops risingNo such thing in this plan.—
“Account Size Maintenance: The account balance must not drop below the specified percentage of the cycle’s initial size, considering all positions and associated charges and swaps: Classic Challenge 2 Step Model: 12% Classic Challenge 1 Step Model: 12%”The difference between a danger with an end date and one that never ends.
Below 60% read we publish no number at all, because a grade computed from two facts out of six is not a lenient grade — it is a different measurement wearing the same label.
What makes the loss limit rise (funded) · What the limit is measured against (funded) · What taking a payout does to the limit · Total loss allowed (funded) · Daily limit (funded)
Withdrawing
we did not read enough to sayHow much can leave the account, how soon, how often — and whether they can say no.
Days before you can ask for money5 days2/2
“Payout Policy: Eligible after 5 trading days. All payouts processed within 48 hours of your request.”How long your money is theirs.
Does that cap rise with the accountThey do not say.0/2
we read the page that should answer this and it does not
Below 60% read we publish no number at all, because a grade computed from two facts out of six is not a lenient grade — it is a different measurement wearing the same label.
Most one withdrawal can pay you · Withdrawals before the account ends · What else a payout changes · What breaking the consistency rule costs (funded) · Can it refuse without giving a reason · Profit required before the first request · Fee charged to pay you
How you may trade
Can you trade the way you actually trade — around the news, over the weekend, at the size and speed you use?
Restriction around the newsThey state there is none.we did not read this stage—
“News Trading. Trading during the release of major global news, macroeconomic events, or corporate reports or earnings ("Events") is permitted across all Challenge models and is not, of itself, a Prohibited Trading Practice.”Limit on position sizeThey do not say.we did not read this stage—
we read the page that should answer this and it does not
No score here, on purpose. The six axes above ask whether the firm can take your money or refuse to pay it. These rules ask something else — whether you can trade your way — and the right weight depends on who is reading: a minimum holding time decides the account for a scalper and is invisible to anyone else, while the weekend rule is the reverse. A single number would be wrong for half of you, and would look decided. The firm’s own sentences are here; the judgement is yours.
How it grows
What makes the account get bigger, how big it can get, and whether the path ends at a real market or at a larger simulation.
What makes the account growprofit · time elapsed — all of them—
“To qualify for each Scale Up, you must reach 25% accumulated profit, keep those profits in your trading account, and maintain the account for at least 90 calendar days.”How large it can get$3,000,000—
“Grow your funded account up to $3,000,000.”Where the path endsat a larger simulation—
“Pipcy offers simulated trading challenges and evaluation services only. All trading activity is conducted in a simulated environment using fictitious funds. No real financial instruments are traded, and no brokerage, investment, or custody services are provided.”One of these questions is scored and it is not here. “Does the cap rise with the account” sits on the cash axis, next to the cap itself, because it has a right answer: a bigger account that pays the same cheque has handed you a larger number and the same money. The three below are different. A two-million ceiling is the whole point of the product for one reader and irrelevant to someone who wants one clean payout, so the firm’s sentences are here and the weight is yours.
How hard the test is
Not the profit target on the sales page — that target measured against the room you are given to reach it.
How much you must win to survivefor every $1 you are allowed to lose, you must make $14.40/8
“$ 2.5K Fee: $31 Get Plan 12% 12% No 3 6% Up to 100% Up to $75K Within 48 Hours Allowed $ 5K Fee: $55 Get Plan 12% 12% No 3 6% Up to 100% Up to $150K Within 48 Hours Allowed Best Value $ 10K Fee: $97 Get Plan 12% 12% No 3 6% Up to 100% Up to $300K Within 48 Hours Allowed $ 25K Fee: $195 Get Plan 12% 12% No 3 6% Up to 100% Up to $750K Within 48 Hours Allowed $ 50K Fee: $325 Get Plan 12% 12% No 3 6% Up to 100% Up to $1.5M Within 48 Hours Allowed $ 100K Fee: $589 Get Plan 12% 12% No 3 6% Up to 100% Up to $3M Within 48 Hours Allowed”A profit target only means something next to the room you are given to reach it. Ten per cent to make against ten to lose is a coin flip sold as an exam.
Days you have to finishThey state there is none.no change3/3
“Maximum Trading Days Requirement: No time limit for any current challenge models.”A deadline turns a test of skill into a test of whether the market happened to move during your month.
Trading days you must put in3 daysno change2/2
“Minimum Trading Days: The Customer must trade for a minimum number of days depending on the selected plan: Classic Challenge 2 Step Model: 3 days Classic Challenge 1 Step Model: 3 days Pips Mastery Challenge 2 Step Model: 3 days Pips Mastery Challenge 1 Step Model: 3 days”Cuts both ways: it costs you time, and it also stops an account passing on one lucky afternoon you could never repeat.
A second attempt costsyou pay full price again0/2
“You can purchase a new Challenge at any time and start again.”A free second attempt turns one bad week into a delay instead of another invoice.
Profit target12%6%—
“$ 2.5K Fee: $31 Get Plan 12% 12% No 3 6% Up to 100% Up to $75K Within 48 Hours Allowed $ 5K Fee: $55 Get Plan 12% 12% No 3 6% Up to 100% Up to $150K Within 48 Hours Allowed Best Value $ 10K Fee: $97 Get Plan 12% 12% No 3 6% Up to 100% Up to $300K Within 48 Hours Allowed $ 25K Fee: $195 Get Plan 12% 12% No 3 6% Up to 100% Up to $750K Within 48 Hours Allowed $ 50K Fee: $325 Get Plan 12% 12% No 3 6% Up to 100% Up to $1.5M Within 48 Hours Allowed $ 100K Fee: $589 Get Plan 12% 12% No 3 6% Up to 100% Up to $3M Within 48 Hours Allowed”Maximum loss
we did not read enough to sayThe loss limit that closes your account. Does it sit still, or does it climb behind you as you win?
What makes the loss limit riseit does not move at allno changewe did not read this stage—
“Account Size Maintenance: The account balance must not drop below the specified percentage of the cycle’s initial size, considering all positions and associated charges and swaps: Classic Challenge 2 Step Model: 12% Classic Challenge 1 Step Model: 12%”A limit that climbs takes back the cushion you already earned.
What the limit is measured againstlive equity, open trades includedno changewe did not read this stage—
“Account Size Maintenance: The account balance must not drop below the specified percentage of the cycle’s initial size, considering all positions and associated charges and swaps: Classic Challenge 2 Step Model: 12% Classic Challenge 1 Step Model: 12%”Decides whether a trade that dips and recovers can close an account that ended the day green.
Daily limitThey state there is none.no changewe did not read this stage—
“Daily Loss Limits: There are no daily loss limits for any of the challenge models.”A generous percentage measured on live equity is not generous — it is the same number with a trapdoor under it.
Total loss allowed12%no changewe did not read this stage—
“Account Size Maintenance: The account balance must not drop below the specified percentage of the cycle’s initial size, considering all positions and associated charges and swaps: Classic Challenge 2 Step Model: 12% Classic Challenge 1 Step Model: 12%”How much room you have. Worth little, because almost every firm offers the same.
Where the limit stops risingNo such thing in this plan.—
“Account Size Maintenance: The account balance must not drop below the specified percentage of the cycle’s initial size, considering all positions and associated charges and swaps: Classic Challenge 2 Step Model: 12% Classic Challenge 1 Step Model: 12%”The difference between a danger with an end date and one that never ends.
Below 60% read we publish no number at all, because a grade computed from two facts out of six is not a lenient grade — it is a different measurement wearing the same label.
What makes the loss limit rise (funded) · What the limit is measured against (funded) · What taking a payout does to the limit · Total loss allowed (funded) · Daily limit (funded)
Withdrawing
we did not read enough to sayHow much can leave the account, how soon, how often — and whether they can say no.
Days before you can ask for money5 days2/2
“Payout Policy: Eligible after 5 trading days. All payouts processed within 48 hours of your request.”How long your money is theirs.
Does that cap rise with the accountThey do not say.0/2
we read the page that should answer this and it does not
Below 60% read we publish no number at all, because a grade computed from two facts out of six is not a lenient grade — it is a different measurement wearing the same label.
Most one withdrawal can pay you · Withdrawals before the account ends · What else a payout changes · What breaking the consistency rule costs (funded) · Can it refuse without giving a reason · Profit required before the first request · Fee charged to pay you
How you may trade
Can you trade the way you actually trade — around the news, over the weekend, at the size and speed you use?
Restriction around the newsThey state there is none.no changewe did not read this stage—
“News Trading. Trading during the release of major global news, macroeconomic events, or corporate reports or earnings ("Events") is permitted across all Challenge models and is not, of itself, a Prohibited Trading Practice.”Limit on position sizeThey do not say.no changewe did not read this stage—
we read the page that should answer this and it does not
No score here, on purpose. The six axes above ask whether the firm can take your money or refuse to pay it. These rules ask something else — whether you can trade your way — and the right weight depends on who is reading: a minimum holding time decides the account for a scalper and is invisible to anyone else, while the weekend rule is the reverse. A single number would be wrong for half of you, and would look decided. The firm’s own sentences are here; the judgement is yours.
How it grows
What makes the account get bigger, how big it can get, and whether the path ends at a real market or at a larger simulation.
What makes the account growprofit · time elapsed — all of them—
“To qualify for each Scale Up, you must reach 25% accumulated profit, keep those profits in your trading account, and maintain the account for at least 90 calendar days.”How large it can get$3,000,000—
“Grow your funded account up to $3,000,000.”Where the path endsat a larger simulation—
“Pipcy offers simulated trading challenges and evaluation services only. All trading activity is conducted in a simulated environment using fictitious funds. No real financial instruments are traded, and no brokerage, investment, or custody services are provided.”One of these questions is scored and it is not here. “Does the cap rise with the account” sits on the cash axis, next to the cap itself, because it has a right answer: a bigger account that pays the same cheque has handed you a larger number and the same money. The three below are different. A two-million ceiling is the whole point of the product for one reader and irrelevant to someone who wants one clean payout, so the firm’s sentences are here and the weight is yours.
How hard the test is
we did not read enough to sayNot the profit target on the sales page — that target measured against the room you are given to reach it.
Days you have to finishThey state there is none.3/3
“Maximum Trading Days Requirement: No time limit for any current challenge models.”A deadline turns a test of skill into a test of whether the market happened to move during your month.
Trading days you must put in3 days2/2
“Minimum Trading Days: The Customer must trade for a minimum number of days depending on the selected plan: Classic Challenge 2 Step Model: 3 days Classic Challenge 1 Step Model: 3 days Pips Mastery Challenge 2 Step Model: 3 days Pips Mastery Challenge 1 Step Model: 3 days”Cuts both ways: it costs you time, and it also stops an account passing on one lucky afternoon you could never repeat.
A second attempt costsyou pay full price again0/2
“You can purchase a new Challenge at any time and start again.”A free second attempt turns one bad week into a delay instead of another invoice.
Below 60% read we publish no number at all, because a grade computed from two facts out of six is not a lenient grade — it is a different measurement wearing the same label.
How much you must win to survive · Profit target (phase 1)
Maximum loss
we did not read enough to sayThe loss limit that closes your account. Does it sit still, or does it climb behind you as you win?
Daily limitThey state there is none.we did not read this stage—
“Daily Loss Limits: There are no daily loss limits for any of the challenge models.”A generous percentage measured on live equity is not generous — it is the same number with a trapdoor under it.
Below 60% read we publish no number at all, because a grade computed from two facts out of six is not a lenient grade — it is a different measurement wearing the same label.
What makes the loss limit rise (phase 1) · What makes the loss limit rise (funded) · What the limit is measured against (phase 1) · What the limit is measured against (funded) · Where the limit stops rising · What taking a payout does to the limit · Total loss allowed (phase 1) · Total loss allowed (funded) · Daily limit (funded)
Withdrawing
we did not read enough to sayHow much can leave the account, how soon, how often — and whether they can say no.
Below 60% read we publish no number at all, because a grade computed from two facts out of six is not a lenient grade — it is a different measurement wearing the same label.
Days before you can ask for money · Most one withdrawal can pay you · Does that cap rise with the account · Withdrawals before the account ends · What else a payout changes · What breaking the consistency rule costs (funded) · Can it refuse without giving a reason · Profit required before the first request · Fee charged to pay you
How you may trade
Can you trade the way you actually trade — around the news, over the weekend, at the size and speed you use?
Restriction around the newsThey state there is none.we did not read this stage—
“News Trading. Trading during the release of major global news, macroeconomic events, or corporate reports or earnings ("Events") is permitted across all Challenge models and is not, of itself, a Prohibited Trading Practice.”Limit on position size0.05 · 0.1 · 0.2 · 0.5 · 1 · 20.4 · 0.8 · 1.6 · 4 · 8 · 16—
“$ 2.5K Fee: $26 Get Plan 250 Pips 500 Pips No 3 Up to 0.40 0.05 Up to 100% Within 48 Hours Allowed $ 5K Fee: $38 Get Plan 250 Pips 500 Pips No 3 Up to 0.80 0.10 Up to 100% Within 48 Hours Allowed Best Value $ 10K Fee: $72 Get Plan 250 Pips 500 Pips No 3 Up to 1.60 0.20 Up to 100% Within 48 Hours Allowed $ 25K Fee: $128 Get Plan 250 Pips 500 Pips No 3 Up to 4 0.50 Up to 100% Within 48 Hours Allowed $ 50K Fee: $259 Get Plan 250 Pips 500 Pips No 3 Up to 8 1 Up to 100% Within 48 Hours Allowed $ 100K Fee: $459 Get Plan 250 Pips 500 Pips No 3 Up to 16 2 Up to 100% Within 48 Hours Allowed”No score here, on purpose. The six axes above ask whether the firm can take your money or refuse to pay it. These rules ask something else — whether you can trade your way — and the right weight depends on who is reading: a minimum holding time decides the account for a scalper and is invisible to anyone else, while the weekend rule is the reverse. A single number would be wrong for half of you, and would look decided. The firm’s own sentences are here; the judgement is yours.
How hard the test is
we did not read enough to sayNot the profit target on the sales page — that target measured against the room you are given to reach it.
Days you have to finishThey state there is none.3/3
“Maximum Trading Days Requirement: No time limit for any current challenge models.”A deadline turns a test of skill into a test of whether the market happened to move during your month.
Trading days you must put in3 days2/2
“Minimum Trading Days: The Customer must trade for a minimum number of days depending on the selected plan: Classic Challenge 2 Step Model: 3 days Classic Challenge 1 Step Model: 3 days Pips Mastery Challenge 2 Step Model: 3 days Pips Mastery Challenge 1 Step Model: 3 days”Cuts both ways: it costs you time, and it also stops an account passing on one lucky afternoon you could never repeat.
A second attempt costsyou pay full price again0/2
“You can purchase a new Challenge at any time and start again.”A free second attempt turns one bad week into a delay instead of another invoice.
Below 60% read we publish no number at all, because a grade computed from two facts out of six is not a lenient grade — it is a different measurement wearing the same label.
How much you must win to survive · Profit target (phase 1)
Maximum loss
we did not read enough to sayThe loss limit that closes your account. Does it sit still, or does it climb behind you as you win?
Daily limitThey state there is none.we did not read this stage—
“Daily Loss Limits: There are no daily loss limits for any of the challenge models.”A generous percentage measured on live equity is not generous — it is the same number with a trapdoor under it.
Below 60% read we publish no number at all, because a grade computed from two facts out of six is not a lenient grade — it is a different measurement wearing the same label.
What makes the loss limit rise (phase 1) · What makes the loss limit rise (funded) · What the limit is measured against (phase 1) · What the limit is measured against (funded) · Where the limit stops rising · What taking a payout does to the limit · Total loss allowed (phase 1) · Total loss allowed (funded) · Daily limit (funded)
Withdrawing
we did not read enough to sayHow much can leave the account, how soon, how often — and whether they can say no.
Below 60% read we publish no number at all, because a grade computed from two facts out of six is not a lenient grade — it is a different measurement wearing the same label.
Days before you can ask for money · Most one withdrawal can pay you · Does that cap rise with the account · Withdrawals before the account ends · What else a payout changes · What breaking the consistency rule costs (funded) · Can it refuse without giving a reason · Profit required before the first request · Fee charged to pay you
How you may trade
Can you trade the way you actually trade — around the news, over the weekend, at the size and speed you use?
Restriction around the newsThey state there is none.we did not read this stage—
“News Trading. Trading during the release of major global news, macroeconomic events, or corporate reports or earnings ("Events") is permitted across all Challenge models and is not, of itself, a Prohibited Trading Practice.”Limit on position size0.05 · 0.1 · 0.2 · 0.5 · 1 · 20.4 · 0.8 · 1.6 · 4 · 8 · 16—
“$ 2.5K Fee: $23 Get Plan 250 Pips 750 Pips No 3 Up to 0.40 0.05 Up to 100% Within 48 Hours Allowed $ 5K Fee: $34 Get Plan 250 Pips 750 Pips No 3 Up to 0.80 0.10 Up to 100% Within 48 Hours Allowed Best Value $ 10K Fee: $50 Get Plan 250 Pips 750 Pips No 3 Up to 1.60 0.20 Up to 100% Within 48 Hours Allowed $ 25K Fee: $117 Get Plan 250 Pips 750 Pips No 3 Up to 4 0.50 Up to 100% Within 48 Hours Allowed $ 50K Fee: $205 Get Plan 250 Pips 750 Pips No 3 Up to 8 1 Up to 100% Within 48 Hours Allowed $ 100K Fee: $429 Get Plan 250 Pips 750 Pips No 3 Up to 16 2 Up to 100% Within 48 Hours Allowed”No score here, on purpose. The six axes above ask whether the firm can take your money or refuse to pay it. These rules ask something else — whether you can trade your way — and the right weight depends on who is reading: a minimum holding time decides the account for a scalper and is invisible to anyone else, while the weekend rule is the reverse. A single number would be wrong for half of you, and would look decided. The firm’s own sentences are here; the judgement is yours.
The rules in writing
Could you read the rule before paying, and can they change it afterwards?
Where the rule that binds you is publishedin the document its own contract points at4/4
“Applicable Rules: The terms outlined in these Terms and in the FAQ/Rules govern our Challenge accounts.”If the rule that binds you lives in a help article your contract never mentions, you did not sign it.
Can it change the rules without noticeyes, and it says so0.60/3
“The Company reserves the right to amend, update, or replace these Terms at any time. Any such changes shall become effective upon publication on the Website, unless stated otherwise.”The clause that makes every dated verdict perishable, including ours. Near-universal, so not fatal.
Is the binding document datedyes2/2
“Version 2.0. Effective from 1 August 2026.”Without a date you cannot tell whether the rule you read is the rule they apply.
Two official pages that disagree
who stands behind the account · costs credibility
“Powered by In-House Tech No third-party systems. Pipcy runs on its own platform, CRM, and dashboard”“Certain elements of the Services are supported by third-party service providers engaged by the Company. In particular, Pipcy Ltd., a company incorporated in Saint Lucia, acts as the licensed operator of the MT5 infrastructure and provides access to the simulated MT5 trading environment.”the payout terms · costs credibility
“up to 95 % Reward Share”“Up to 100% Performance Split”who stands behind the account · costs credibility
“Company Pipcy Ltd (Registration Number: 2026-00145)”“the contractual relationship is solely between the Customer and Conquest Services Limited”The company behind it
If it goes wrong, which company do you claim against, and under whose laws?
The company you contract withConquest Services Limitedno change4/4
“presented by Conquest Services Limited, a company incorporated in the United Arab Emirates”With no named company there is nobody to sue.
Where it is registeredUnited Arab Emiratesno change1/2
“shall be governed by and construed in accordance with the laws of the United Arab Emirates”A claim in the Czech Republic and a claim in St Vincent are not the same claim.
Its registration numberICC20240979no change2/2
“Conquest Services Limited Registration No. ICC20240979”What turns a name into something checkable in a public register.
The people behind it are namedyes2/2
“Omer Ben Matityahu CEO & Founder”Named people can be looked up. A company on its own cannot always be.
Almost no firm here has a financial regulator, because selling simulated evaluations is not a regulated activity anywhere. Of the 114 firms we scored by hand, 96 sat in the bottom two rungs of backing for this reason. So we do not count it against anyone — it only adds when a firm genuinely has one.
That company owns the brand
The market
Do your orders reach a market, or is all of it a simulation?
What the funded account issimulated, with no route to real capital0/4
“Pipcy offers simulated trading challenges and evaluation services only. All trading activity is conducted in a simulated environment using fictitious funds. No real financial instruments are traded, and no brokerage, investment, or custody services are provided.”The question that separates a firm that earns when you lose from one that earns when you last.
Conditions to reach a real marketNo such thing in this plan.—
“Pipcy offers simulated trading challenges and evaluation services only. All trading activity is conducted in a simulated environment using fictitious funds. No real financial instruments are traded, and no brokerage, investment, or custody services are provided.”Promising a route to a real market without publishing the conditions is promising nothing.
Almost none names a broker or a clearing house either, and that follows from the account being a simulation rather than being a second, separate failing. Charging for both would count one fact twice.
We read the rules of every plan it sells and issued a verdict on each one.