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BVI entity match and Labuan name-change discrepancy recorded
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FXVeritas Research Desk
FXVeritas Research Desk maintains broker files from primary and attributable sources. Not a ranking or recommendation.
Methodology review: Research methodology v1 · Last reviewed 23 Aug 2026. Corrections follow the published corrections policy.
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Prop research records
Recorded firm rules and program terms from existing public research. These are source records, not a change history.
All research recordsFundingPips · 1-Step Flex
Program-level record; not an exact account-size SKU or a firm-wide rule.
Profit target: 12%
Max daily loss: 3%
Max total loss: 12%
Minimum trading days: None stated
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rulesFundingPips · 2-Step
Program-level record; not an exact account-size SKU or a firm-wide rule.
Profit target: 8% then 5%
Max daily loss: 5%
Max total loss: 10%
Minimum trading days: 3
Help describes a 4th-reward fee refund on 2-Step Standard only. Terms say all payments are final.
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rulesFundingPips · 2-Step Flex
Program-level record; not an exact account-size SKU or a firm-wide rule.
Profit target: 10% then 6%
Max daily loss: 4%
Max total loss: 12%
Minimum trading days: None stated
Homepage widget. Swap Free +10% is advertised separately.
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rulesFundingPips · 2-Step Pro
Program-level record; not an exact account-size SKU or a firm-wide rule.
Profit target: 6% / 6%
Max daily loss: 3%
Max total loss: 6%
Minimum trading days: 1
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rulesFundingPips · Zero
Program-level record; not an exact account-size SKU or a firm-wide rule.
Profit target: n/a (7 profitable days / 30 on Master)
Max daily loss: 3%
Max total loss: 5% trailing, then lock at initial after +5%
Drawdown type: Trailing then lock
Minimum trading days: 7 profitable days per 30-day period on Master (≥0.25%)
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rulesFundingPips · Arbitrage
Firm-level rule; do not assume it applies to every program.
Prohibited
Latency, hedge, long-short, reverse arbitrage, gap trading, execution exploits, and opposite-account trading are prohibited.
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rulesFundingPips · Copy trading
Firm-level rule; do not assume it applies to every program.
Prohibited
Copy trading and third-party management are prohibited.
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rulesFundingPips · EA
Firm-level rule; do not assume it applies to every program.
Conditional
Third-party EA only if used as a trade/risk manager.
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rulesFundingPips · High-frequency trading
Firm-level rule; do not assume it applies to every program.
Prohibited
HFT, tick scalping, toxic flow, and server spam are prohibited.
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rulesFundingPips · IP address
Firm-level rule; do not assume it applies to every program.
Conditional
IP monitoring is stated. Multiple emails are banned.
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rulesFundingPips · News trading
Firm-level rule; do not assume it applies to every program.
Prohibited
T&C Appendix lists news trading / purposely trading news among prohibited / policy items.
Recorded check date: 2026-08-23
Company-published terms do not establish a financial licence, regulatory protection, or independently verified payout performance.
SourceOpen firm rules
Recently checked files
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Public file principles
These rules apply to every FXVeritas public research page. They are not a ranking.
- Research Confidence is not a safety rating.
- Regulator verified does not mean a broker is safe.
- Unknown does not mean unsafe. Unverified does not mean fraudulent. Unregulated does not automatically mean a scam.
- Protection unknown does not mean no.
- Commercial or affiliate relationships do not change research labels, verification status, Research Confidence, or editorial conclusions.
- FXVeritas does not recommend a broker because data has been verified.
Checks, changes and publication
A source check records what was examined and when. It is not a publication date, proof of a material change, or a finding that an entity became safer.
A material update needs an exact subject, evidence of what was previously recorded and what is recorded now, source attribution, checked dates and an important limitation. Formatting edits, source-title edits and unchanged rechecks are not material updates.
Where paired historical evidence is unavailable, FXVeritas does not reconstruct it from a current record. UNKNOWN, explicit absence and conflicting evidence remain distinct. A source URL or content-hash change alone does not prove that the underlying fact changed.
Publication decisions must depend on reader value and evidence. Affiliate status, commission, discounts and commercial relationships must not determine a finding or publication priority.
What we research
- Legal entities
- Regulatory licences
- Licence status
- Client protection
- Broker disclosures
- Regulatory actions
- Material changes recorded on file
Source hierarchy
Primary sources are preferred where they can be attributed.
- Regulator registers
- Official corporate registers
- Broker legal documents
- Regulator notices
- Official disclosures
Verification principles
- Unknown is not treated as No
- Unverified is not treated as false
- Brand names are separated from legal entities
- Licences are tracked at legal-entity level where the file supports it
- Commercial relationships do not change research findings
Limits of the file
A recorded check date means that item was reviewed against sources then on file. It does not mean every field is continuously monitored in real time.
A verified licence is a register match for a named legal entity. It is not a finding that the broker is safe.
FXVeritas does not guarantee completeness or accuracy of every public record.
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Prop firm rule guides
- FTMO daily loss: count equity, then check midnight
The daily limit counts open losses and trading costs. A profitable day does not let you carry the same extra loss allowance past the reset.
- FTMO: choose the rules before the account size
FTMO 1-Step has fewer evaluation phases; 2-Step gives a larger daily loss allowance and offers Swing. Neither route makes the displayed CFD balance withdrawable cash.