PipFarm Enters Trader Evaluation And Funding Niche With Experience-Focused Program
Detroit, Michigan
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May 29, 2024 08:35 AM Eastern Daylight Time
By Gerelyn Terzo, Benzinga
A recently launched funded trader firm named PipFarm, led by seasoned industry executive James Glyde, has been garnering some attention since it launched in March. As the former chief commercial officer of cTrader, Glyde launched PipFarm with cTrader as a solution to recent trading platform disruptions that have left online traders scrambling.
Existing prop trading firm players experienced operational disruptions recently amid restrictions involving access to MetaQuotes platforms. They struggled to recover from the situation, due to no backup or continuity plan. Traders have essentially been left out in the cold, with many feeling like there are no suitable alternative platforms to use.
Due to the latest industry disruptions, many traders and even prop firm founders are led to believe the current prop-trading model is unsustainable, blaming the business model itself. In reality, the failure can largely be traced back to the leadership level.
The industry’s knee-jerk response to market disruptions has been the introduction of new evaluation models, including the implementation of 2% daily profit caps. The caps are meant to prevent gambler-like activity. But they’ve backfired among traders who are missing out on opportunities, especially during strong market movements in which traders typically thrive.
Instead of fostering traders’ ambitions, many firms started punishing traders with the gambler stigma and gaslighting. But if many prop firms are honest, they’d admit that if they didn’t have enough money to pay out traders after a period of downtime, it means they did not have enough liquidity to begin with.
Take prop trading giant True Forex Funds, which sadly was forced to shutter its operations permanently after facing a worst-case scenario in which it went bankrupt. Thousands of traders were left with more questions than answers around whether or not they’d get their money back. True Forex Funds CEO Richard Nagy blamed the MetaQuotes fiasco, which set off a chain of events including the depletion of savings that resulted in the firm’s insolvency.
Fortunately, traders have another alternative: PipFarm. The platform seeks to usher in the next generation of forex traders with its battle-tested cTrader platform, known for its stability and user friendliness for traders at all levels.
Volatile financial markets have taken a toll on prop trading. For instance, U.S.-based The Funded Trader was forced to pause operations due to customer payout issues. Other firms that were also shut down include Skilled Funded Traders and My Forex Funds. This response left traders with fewer choices for funding opportunities, causing them to wonder if their best days were behind them. The truth is the next chapter of online trading has only just begun, for the right players. In this environment, online traders need to be more selective about their trading partners more than ever.
So, what inspired PipFarm’s founder to launch amid such a volatile landscape?
PipFarm’s secret weapon is Glyde’s vast experience in the fintech and online trading worlds. Glyde spent over a decade as a fintech executive, so he understands the risk management paradigm. cTrader integration also highlights the company’s commitment to stability, especially in light of the fact that MetaQuotes recently terminated support for multiple brokers, pushing them to integrate alternative platforms like cTrader.
“Unlike most of our competitors, we built our own dashboard and risk management system, giving us unlimited flexibility to innovate our product,” said Glyde.
Glyde’s unique perspective is needed in the industry now more than ever considering recent market developments that have left many prop trading firms with a regulatory target on their backs. Instead of sitting on the sidelines and watching as the industry caves to changing rules, he decided to do something about it with the creation of a new firm and funding program.
Funded Trader Platform Mechanics
As a funded-traded platform, PipFarm allows remote forex traders to trade with the firm’s capital and share in the profits. Upon passing a trading evaluation, you can qualify for up to $200,000 in funding. The more successful you are, the more funding will be extended to you to continue upward on your growth path.
When traders uncover successful trading strategies, the firm is also able to harness those ideas for its own activities. PipFarm won’t dictate your trading strategy, whether it’s automatic or manual.
Glyde is interested in empowering users and helping them to grow while offering support along the journey. Some of the key features of PipFarm’s first-generation cTrader platform include:
Payouts: Earn payments for the pips generated in your account. Keep up to 90% of the pips you earn. Your profit share is commensurate with your trading performance.
Leverage: PipFarm offers 1:30 maximum leverage by product.
Scaling: Meet targets and get rewarded with additional funding rounds.
With access to lower commissions, higher leverage and anytime payouts, PipFarm’s model is transparent. Their main priority is to set forex traders up for success. Traders looking to make their next move may benefit from PipFarm’s cTrader capabilities, branding and features. Those who do so will be able to say they were a part of the original PipFarm funded trader platform that delivers lifetime perks to the forex community.
Get started with your funded trading journey with PipFarm by clicking here!
Featured photo by sergeitokmakov on Pixabay.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
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