Funding Pips Explained: Platforms, Conditions, and Payout Reviews
Introduction: In this blog, I’ll be sharing my personal review of Funding Pips and whether it’s a firm worth considering for your trading journey. I want to clarify upfront that I have no affiliations with Funding Pips, which allows me to maintain an objective and unbiased view throughout this article.
I’ll be evaluating the firm based on several key aspects I look for when trading with prop firms, including payout reliability, customer support quality, challenge pricing, and the trading platforms they offer. Additionally, I’ll discuss their trading conditions, including slippage, spreads, and commissions. There’s a lot to cover, so let’s dive right in.
A Quick Overview of Funding Pips |
| Founded in late 2022, Funding Pips is a relatively new prop firm. Being around for roughly two years means they don’t have the same track record as more established firms like FTMO, but two years is still a decent period to assess their performance.
One notable thing about Funding Pips is that they are headquartered in Dubai. While location might not be a deal-breaker for most traders, Dubai’s distance from current investigations surrounding other firms like My Forex Funds may be reassuring for those wary of regulatory scrutiny. |
Trustpilot Reviews: A Mixed Bag |
| A quick glance at Funding Pips’ TrustPilot page shows over 10,000 reviews with an overall rating of 4.6 stars. 84% of the reviews are five stars, which is impressive, but there are still some concerns. Negative reviews seem to revolve around payout delays and a peculiar requirement where traders are interviewed before receiving their payouts. This isn’t common practice in most prop firms, and it’s something to be cautious of, as multiple traders have reported being asked for “risk interviews” prior to payout.
While high ratings on TrustPilot are a positive sign, it’s important to remain cautious, as reviews can sometimes be manipulated. TrustPilot reviews should always be taken with a grain of salt, especially when dealing with prop firms. |
The Payout Process |
| In terms of payouts, Funding Pips offers up to 90% of profits for traders who participate in their scaling program. However, for most traders, the standard profit split is 80%, which is still competitive. One positive aspect is that you can request payouts every Tuesday, which ensures a quicker payout turnaround compared to many other firms.
However, there is a minimum profit requirement of 1% before you are eligible to request a payout. Another downside is that payout delays have been reported, and that’s something no trader wants to experience, especially after putting in the effort to meet profit targets. |
Challenge Pricing and Refund Policy |
| Funding Pips offers some of the most competitive pricing in the industry. For example, their 100k account challenge costs only $444, while a 50k account is priced at $266. This makes them one of the more affordable options, particularly for new traders who want to test their strategies.
That said, one notable downside is that they only refund the challenge fee after the fourth payout. Many other prop firms, such as FTMO and MyFundedFX, refund challenge fees after the first payout. For traders aiming for longevity, this might not be a huge issue, but it could be off-putting for those looking for quicker returns on investment. |
Account Sizes and Challenge Types |
| Funding Pips offers a wide range of account sizes, from as low as 5k up to 100k, making it accessible for both new traders and experienced ones. However, they don’t offer a 200k challenge like some of their competitors, such as FTMO and Funded Next. Personally, I usually prefer 100k challenges, but it would be nice to see 200k challenges for traders looking to scale up.
Their challenges also come in various formats, including one-step, two-step, and three-step challenges. While I’ve tried one-step challenges before, I generally prefer two-step challenges as they tend to strike a better balance between difficulty and potential payout. |
Trading Platforms and Tools |
| Funding Pips offers three trading platforms: MatchTrader, cTrader, and TradeLocker. While I have not used TradeLocker, I’ve had positive experiences with MatchTrader and cTrader. However, it’s worth noting that Funding Pips does not offer MetaTrader 5 (MT5), which might be a downside for those, like myself, who prefer MT5 for its familiarity and ease of use.
Another point to consider is that if you trade using Expert Advisors (EAs), many of them are optimized for MT5, and using a trade copier might result in some difficulties. This lack of MT5 support is a significant downside for EA traders. |
Trading Rules and Risk Management |
| When it comes to challenge rules, Funding Pips keeps it straightforward. Their two-step challenges have a maximum daily loss limit of 5%, a total drawdown limit of 10%, and a profit target of 8%. Compared to FTMO, which has a higher 10% profit target, Funding Pips offers a more forgiving challenge. Their leverage is also quite generous, sitting at 1:100 for forex trading, which is fairly standard in the industry.
One thing to keep in mind is that there have been reports of traders being denied payouts due to high-risk strategies. While the firm’s rules allow flexible trading without specific risk limits, some traders have complained that the firm flagged their accounts for taking trades with higher risk, such as risking 4% per trade. |
Customer Support and User Experience |
| Customer support at Funding Pips is decent but could use improvement. They offer email support and are active on Discord, but their website’s chatbot system can be frustrating to navigate. A 24/7 live chat feature would be a welcome addition to help resolve issues faster.
On the plus side, the overall user experience on their website is clean and user-friendly. They have a dashboard where traders can track their progress, request payouts, and even participate in trading competitions. Their focus on building a community is evident in their social media presence, where they frequently engage with traders. |
Trading Conditions: Slippage, Spreads, and Commissions |
| Like most prop firms, slippage and spread can become problematic during high volatility periods, such as news releases or rollover times. Several users on Discord have complained about significant slippage during these times. It’s something to be mindful of, especially if you frequently trade around high-impact events.
As for spreads and commissions, Funding Pips offers raw spreads across various asset classes, including forex, crypto, and commodities. Their commission structure is relatively low, with a $2 commission per standard lot for forex trading, while crypto and indices are commission-free. |
Is Funding Pips Worth It? |
| Funding Pips offers good value for money, flexible trading rules, and fast payouts. However, they do have some cons that traders should be aware of, including their lack of MT5 support, payout delays, and the challenge fee refund policy.
For those who prioritize affordability and flexible trading conditions, Funding Pips is worth considering. But for traders who rely heavily on MT5 or prefer a firm with a longer track record, other options like FTMO or Funded Next might be better suited to their needs. |
Conclusion
In conclusion, Funding Pips offers a promising option for traders seeking a flexible and cost-effective prop firm. With competitive pricing, multiple account sizes, and flexible trading rules, it caters to both beginner and experienced traders. However, concerns about payout delays, risk interviews, and limited platform options like the absence of MT5 may be drawbacks for some. While its customer support is generally responsive, improvements in live chat functionality could enhance the overall user experience. Ultimately, Funding Pips is a solid choice if you value flexibility and affordability, but proceed with caution regarding its payout and risk management processes.
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