Prop Firm PipFarm Rolls Out Multi-Currency Accounts in USD, EUR, GBP

Prop trading firm PipFarm launched multi-currency accounts, allowing traders to fund and trade challenges in USD, EUR, or GBP. The change removes conversion fees and reportedly eliminates the need to calculate exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term rates, a common obstacle for global users.

Funding in Local Currencies

Under the new system, $490, €490, or £490 each reportedly grants access to a $100,000, €100,000, or £100,000 challenge respectively. PipFarm now plans to add Japanese yen accounts soon, reflecting a broader effort to accommodate traders across regions.

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“Moreover, this update positions PipFarm among a growing handful of prop firms leaning into currency localization, an increasingly important move as prop trading continues to expand beyond Western markets, the company explained.

“By allowing traders to operate fully in their native currency, PipFarm reduces FX risk, offers a more predictable pricing model, and builds smoother onboarding pathways for new traders.”

Currency conversion has long been a challenge for traders participating in funded evaluations. By enabling local currency accounts, PipFarm aims to reduce extra costs and provides a clearer financial picture.

Growing Beyond Western Markets

The move comes as the prop trading industry grows beyond Western markets. Multi-currency support is increasingly seen as a necessary step for firms seeking to attract and retain international traders.

Amid the expansion seen in the prop trading space, risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term remains an issue. “The risk in the prop trading industry is incredibly hard to manage,” James Glyde, founder and CEO of PipFarm, told Finance Magnates on the sidelines of iFX EXPO International 2024.

He explained that the challenge arises because “it's assumed the traders will lose,” making risk management particularly tricky in this space.

Glyde highlighted that while prop trading evolved from the contracts for differences industry, the two operate under very different mechanics. “In the CFD industry, we have a ton of data showing that most traders will lose in the long run. But in the prop trading industry, it's like a micro-trading session,” he said.

Meanwhile, in a more recent development, PipFarm was delisted from Prop Firm Match early this month, highlighting tensions between certain prop firms and the rating website within the sector.

Prop Firm Match stated that the removal followed “an extensive review process,” while PipFarm’s founder and CEO, James Glyde, said the website’s final request “went far beyond what is reasonable.” Prop Firm Match is a platform that lists and ranks prop firms.