As the Forex market continues to grow, so does the emergence of innovative trading firms, and one such recent addition is Funding Pips. Incorporated on the 25th of August, 2022, and based in Dubai, Funding Pips is gaining traction in the trading community, especially among those looking for funded trading opportunities. In this post, we delve into what Funding Pips is, how it operates, and what traders need to know about this new player in the Forex world.
The Core of Funding Pips
Funding Pips is a proprietary trading firm offering funded accounts to proficient Forex traders. It operates on a unique model, where traders first pass through an evaluation program. Successfully navigating this program opens doors to a funded account where traders can showcase their skills on a larger scale.
The Evaluation Program
The evaluation process at Funding Pips is a two-phase system. In phase one, traders are expected to achieve an 8% profit target, abiding by a maximum daily loss cap of 5% and a total drawdown limit of 10%. The second phase softens the profit target to 5%, maintaining the same risk parameters. Clearing both these stages qualifies a trader for a funded account, potentially as high as $400,000.
The Profit Split: A Lucrative Offer
Once traders reach the funded status with Funding Pips, they enter an advantageous profit-sharing scheme. Initially, traders can withdraw profits after meeting a 1% target within 5 calendar days. Subsequent payouts follow the same pattern. The striking aspect here is the profit split ratio – traders keep a hefty 80% to 90% of the profits made on these funded accounts.
Mixed Reviews but Growing Community
The firm has garnered attention on platforms like Trustpilot and through its YouTube and Discord channels. Traders openly share their experiences and successes, including payout proofs and interviews. Despite being a newcomer, Funding Pips has built a significant community of traders who have reached funded status and are successfully navigating the profit split system.
Points to Consider
Newness in the Market: Being recently established, Funding Pips doesn’t have an extensive track record. This could be a point of consideration for traders who prefer firms with a longer history.
Geographical Location: Based in Dubai, Funding Pips might present logistical concerns for traders in other regions.
High Profit Targets and Strict Rules: The firm sets ambitious profit targets coupled with strict risk management rules. This could be challenging for some traders.
Risk Consideration: As with any trading endeavor, it’s crucial to understand and be comfortable with the risks involved.
In Summary: An Emerging Opportunity with Considerations
Funding Pips stands out as a legitimate proprietary trading firm offering a unique opportunity for Forex traders. Its evaluation program, generous profit split, and growing community are commendable. However, potential applicants must weigh the firm’s newness, location, high profit targets, and strict risk management rules. If you’re considering Funding Pips, thorough research and a clear understanding of the risks are paramount.
Embarking on a journey with a firm like Funding Pips could be a significant step in your Forex trading career. As always, approach with a balanced mindset, equipped with research and readiness to navigate the challenges and opportunities it presents.