Pipstone Capital describes itself as a trader development and education platform built around simulation-based challenges. All trading takes place in a fully simulated environment: no real capital is traded and users do not receive access to live trading accounts. Three programs are available, with account sizes from $2,500 to $100,000 and prices starting at $49. The 1-Step challenge sets a 10% profit target with 4% daily and 10% maximum loss limits; the 2-Step challenge requires 8% in Phase 1 and 5% in Phase 2, with 5% daily and 12% maximum loss limits. Both use a static drawdown, require at least three trading days and have no profit target once funded. The Instant model starts directly at the funded stage, with no profit target, 3% daily and 5% maximum loss limits on a trailing drawdown, and a minimum of five trading days. The default reward split is 80%. When purchasing a challenge, traders have the option to include an exclusive bundle of add-ons, tailored to support their trading style and goals. Add-ons include 100% Reward Split, Weekly Rewards and Free Account Reset. No consistency rule applies on any program. The firm was founded by CEO Umair Raja, who started out as a trader over a decade ago. Its stated mission is to give skilled traders the structure, trust and support they need to grow, in a system grounded in merit, transparency and opportunity. Services are not offered to residents of jurisdictions on the FATF and EU/UN sanctions lists.