Challenge Agreement & Trading Rules

Last updated: November 4, 2026 (v2)

This Challenge Agreement (this "Agreement") is entered into between [RandomPips LLC], a limited liability company (the "Company", "we", "us"), and the person who accepts it at checkout (the "Participant", "you"). It governs every evaluation Challenge, Funded Account and Demo Account on the RandomPips platform (the "Platform").

You accept this Agreement by checking the acceptance box when purchasing a Challenge. Your acceptance — document version, timestamp and purchase context — is recorded and retained as evidence of consent. This Agreement incorporates by reference the Terms of Service, the Refund Policy and the Risk Disclosure. In case of conflict regarding trading rules, evaluation mechanics or payouts, this Agreement prevails; in all other matters, the Terms of Service prevail. Plain-language summaries appear in italics for convenience only; the operative clause text controls.

Article 1 — Definitions

Capitalized terms have the following meanings wherever used in this Agreement:

"Account" — a Challenge Account, Funded Account or Demo Account on the Platform.
"Account Size" — the nominal Virtual Balance an Account starts with (e.g. $10,000), as displayed before purchase. All percentage-based limits are computed on the Account Size, not on current balance or equity.
"Breach" — any violation of the Daily Loss Limit (Article 4), the Total Loss Limit (Article 5), or the prohibited-conduct rules (Article 10).
"Challenge" — the two-phase skill evaluation described in Article 3, purchased for the Challenge Fee.
"Challenge Fee" — the one-time, per-Account service fee paid to access a Challenge.
"Daily Loss Limit" — the maximum permitted intraday equity drawdown, expressed as a percentage of Account Size (typically 4%), as displayed on your plan before purchase.
"Demo Account" — the free practice Account described in §3.6.
"Engine" — the Company's deterministic, provably-fair price engine, the sole source of all Platform prices.
"Equity" — Virtual Balance plus the floating (unrealized) profit or loss of all open positions, marked at the current Engine price.
"Funded Account" — the Account created upon completion of both Challenge phases, from which Payouts may be requested.
"Lifetime Payout Cap" — the maximum aggregate gross amount a single Funded Account may pay out, expressed as a multiple of its Challenge Fee (typically 4×), as displayed before purchase.
"Payout" — a performance reward paid under Article 9, from the Company's own funds, in cryptocurrency.
"Profit Split" — the Participant's percentage share of withdrawn simulated profit (typically 80%), as displayed before purchase.
"Synthetic Indices" — the Platform's simulated instruments (50/50, Dice, Volatility 25/50/75), generated by the Engine. They track no real-world asset or market.
"Trading Day" — a UTC Day during which at least one position was closed on the Account.
"UTC Day" — a calendar day from 00:00:00 to 23:59:59 Coordinated Universal Time. All daily computations on the Platform use UTC exclusively.
"Virtual Balance" — the simulated account balance. It is not money, is not redeemable, and confers no claim against the Company except as expressly provided in Article 9.

Article 2 — Nature of the Service

2.1 Fully simulated environment

The Platform is a skill evaluation program operating on a fully simulated trading environment. All prices are generated by the Engine, whose output is a pure function of a cryptographically committed seed — verifiable by anyone at Provably Fair. No person, including the Company, can predict or influence the next price. No order placed on the Platform is transmitted to, or executed on, any real market.

2.2 The fee is a service fee

The Challenge Fee is consideration for access to the evaluation program and its infrastructure. It is not a deposit, an investment, a managed account, or a wager on any external event, and it confers no ownership of or claim to any financial asset.

2.3 No financial services

The Company is not a broker, dealer, exchange, custodian, investment adviser or financial institution. Nothing on the Platform constitutes financial, investment, legal or tax advice.

Article 3 — The Evaluation Program

3.1 Structure

Phase 1. Reach the Phase 1 profit target displayed on your plan (typically 8% of Account Size) while complying with Articles 4–6.
Phase 2. Reach the Phase 2 profit target (typically 5%) under the same rules.
Funded. No profit target applies. Trade within the loss limits and request Payouts under Article 9.

3.2 No time limit

No phase has a time limit or an inactivity expiry.

3.3 Measurement and progression

A profit target is met when Account Equity reaches or exceeds Account Size plus the target, with all limits intact and the Minimum Trading Days (Article 6) satisfied.
Progression is automatic and immediate: the next phase's Account is created by the Platform, and you are notified by email and in the trading terminal.
Open positions do not carry over between phases. Each phase starts at its full Account Size.

3.4 Parameters locked at purchase

The parameters of your Account — targets, loss limits, Minimum Trading Days, Profit Split and Lifetime Payout Cap — are those displayed at the time of purchase and are locked for the life of that Account and every Account derived from it (Phase 2 and Funded). Subsequent catalog changes never apply retroactively.

3.5 One purchase, one evaluation

Each Challenge Fee buys exactly one evaluation track. A failed Account is not revived; participating again requires a new purchase.

3.6 Demo Accounts

Every registered user receives one free Demo Account (typically $5,000 Account Size) governed by the same Daily and Total Loss Limits, so practice conditions match evaluation conditions.
Demo Accounts have no profit target, never progress to a Funded Account, are excluded from leaderboards, and are never eligible for Payouts.
You may reset your Demo Account at any time from the dashboard; a reset cancels its open and pending orders and restores the starting balance.

Article 4 — Maximum Daily Loss

4.1 The rule

At no instant during a UTC Day may the Account's Equity fall below the day's baseline by more than the Daily Loss Limit. Formally, at every Engine tick:

daily loss = baseline − current Equity — if daily loss ≥ Daily Loss Limit × Account Size, the Account is in Breach.

4.2 The baseline

The baseline is the Account's Equity at 00:00:00 UTC of that UTC Day (Virtual Balance plus floating P&L at that moment).
For an Account created mid-day, the baseline is its starting Equity.
Amounts swept from the Account by a Payout request (§9.4) are excluded: a withdrawal is not a loss and reduces the baseline accordingly, never the distance to it.

4.3 Floating losses count; enforcement is tick-exact

Open-position drawdown counts in full. If Equity touches the limit intraday, the Account is in Breach even if the price later recovers.
Enforcement runs both inline (whenever you act) and in the Engine heartbeat, which reconstructs every tick between runs. There is no window in which a crossing can go undetected or be "traded out of".

4.4 Worked example

$10,000 Account, 4% Daily Loss Limit ($400). Your Equity at 00:00 UTC is $10,250 (you were up $250 with a position open). Your Equity may not touch $9,850 at any instant before the next 00:00 UTC. At the UTC rollover the baseline resets to whatever your Equity then is.

Summary: from whatever your equity was at midnight UTC, never be down more than the daily percentage at any moment of that day.

Article 5 — Maximum Total Loss

5.1 The rule

At no instant may Equity fall below Account Size − (Total Loss Limit × Account Size). The Total Loss Limit (typically 8%) is static: it is anchored to the original Account Size and does not trail profits.

5.2 Example

$10,000 Account, 8% Total Loss Limit: Equity touching $9,200 at any tick — including floating drawdown — is a Breach, regardless of previous highs.

Article 6 — Minimum Trading Days

A phase can only be passed after the Account has logged the Minimum Trading Days shown on your plan (typically 3).
A Trading Day requires at least one closed position during that UTC Day. Days need not be consecutive. Merely holding an open position does not count.
If you reach the profit target early, the Account simply passes once the remaining Trading Days are logged; reaching the target is never penalized.

Article 7 — Breach and Consequences

7.1 Automatic liquidation

Upon a Breach of Article 4 or 5, all open positions are liquidated at the current Engine price, pending orders are cancelled, and the Account is permanently closed and marked failed. This is automatic and not subject to discretion or reversal, reflecting that the limits are the bargained-for risk parameters of the evaluation.

7.2 No refund for failed Accounts

The Challenge Fee of an Account that ends in Breach is not refundable: the evaluation service has been delivered.

7.3 Conduct breaches

Consequences of Article 10 violations are set out in §10.3.

Article 8 — Trading Conditions

8.1 Instruments and hours

Only the Platform's Synthetic Indices are tradable. The simulated market runs 24 hours a day, 7 days a week, without sessions, gaps, or external halts.

8.2 Leverage and margin

Leverage is 1:100: each lot reserves $100 of margin.
Margin is reserved in aggregate across all open and pending orders of the Account; an order that would exceed free margin is rejected.

8.3 Order types and execution

Available: market orders, buy/sell limit, buy/sell stop, each with optional take-profit and stop-loss.
Pending orders, take-profits and stop-losses fill at the exact first Engine tick that crosses the level, at the level's price. What the chart shows is what fills honor.
Market orders fill at the current Engine mid price adjusted by the displayed spread.

8.4 Spread; the only edge

Every fill pays the displayed spread on entry and exit. The spread is the Platform's only structural edge: the Engine itself has zero drift, and its fairness is independently verifiable. The Company does not widen spreads, requote, or alter execution based on a Participant's performance.

8.5 Single source of prices

All prices, fills and rule enforcement derive exclusively from the Engine. In the event of any discrepancy between a display and the Engine's computed path, the Engine's deterministic output — reproducible by anyone from the committed seed — is authoritative.

8.6 Platform malfunction

Trades executed at prices that provably deviate from the Engine's deterministic output due to a malfunction may be voided and the affected Account restored to its pre-malfunction state. This clause may not be invoked to erase ordinary losing trades.

Article 9 — Funded Accounts and Payouts

9.1 Nature of Payouts

Funded Accounts remain fully simulated. Payouts are performance rewards payable by the Company from its own funds. They are the only monetary obligation the Company assumes in respect of any Account, and only on the conditions of this Article.

9.2 Profit Split

Your Payout equals the swept profit (§9.4) multiplied by your Profit Split (typically 80%). The remainder accrues to the Company.

9.3 Lifetime Payout Cap

Aggregate gross profit swept from one Funded Account may not exceed its Lifetime Payout Cap (typically 4× the Challenge Fee), shown before purchase.
A request that would exceed the remaining cap is reduced to the remaining amount. The cap amount is reserved when a request is made and restored if the request is rejected.
Reaching the cap completes the Account's program and closes it in good standing. You may purchase further Challenges at any time.

9.4 Request procedure

All positions must be closed; no pending orders may remain.
The requestable amount is the Account's full profit above its starting balance. Upon request, that profit is swept from the Account (the balance returns to Account Size) and your split is queued for payment.
Minimum net Payout: $50. One pending request per Account at a time.
Per §4.2, the sweep adjusts the same day's daily-loss baseline — requesting a Payout can never cause or contribute to a Breach.

9.5 Payment

Payouts are paid in cryptocurrency (BTC, ETH, SOL, LTC or USDT) to the address you provide, at the USD value at processing time, net of network costs.
Requests are reviewed manually and normally processed within 24 hours of approval.
You are solely responsible for the accuracy of the address and network you provide. On-chain transfers are irreversible; funds sent to the address you supplied discharge the Company's obligation in full.

9.6 Verification and withholding

The Company may require identity verification (KYC) and sanctions screening before processing any Payout, and may withhold a Payout while investigating, in good faith, a suspected Breach of this Agreement or the Terms of Service. If the request is rejected, the swept profit is returned to the Account in full.

9.7 Taxes

Payouts are made gross. You are solely responsible for any taxes arising from amounts you receive.

Article 10 — Prohibited Conduct

10.1 Prohibited practices

The Participant shall not, directly or indirectly:

exploit any bug, latency, rounding behavior, or any Platform behavior that is not intended trading functionality (discovering a bug obliges you to report it; exploiting it voids the Account);
operate, share or trade on more than one user profile, or buy, sell, lease or share an Account or its credentials;
coordinate positions with other Participants, or open opposite (hedged) positions across Accounts or profiles to harvest one-sided outcomes;
use bots, scripts, headless clients, or any automated order placement, unless approved by the Company in writing;
interfere with the Platform's operation, probe or overload its APIs, or circumvent rate limits or access controls;
commit fraud of any kind, including payment fraud, identity misrepresentation, or use of stolen payment instruments;
initiate a chargeback or payment dispute on a Challenge Fee for a service that was delivered.

10.2 Risk-free outcome engineering

Any scheme whose purpose is to extract Payouts without bearing the evaluation's risk parameters — including cross-account hedging and coordinated group trading — is a material breach of this Agreement regardless of whether any individual rule above names it.

10.3 Remedies

Upon a violation of this Article, the Company may void the affected Accounts, cancel pending and future Payouts attributable to the violation, close the Participant's profile, and ban re-registration. Chargebacks on delivered services result in immediate closure of all the Participant's Accounts. These remedies are cumulative with any remedies available at law.

10.4 Proportionality

The Company applies this Article in good faith against objective evidence (platform logs, payment data, Engine reconstruction) and will state the grounds when voiding an Account.

Article 11 — Fees and Refunds

Challenge Fees, payment methods and refunds are governed by the Refund Policy. In short: a Challenge Fee is refundable within 14 days of purchase if no trade has been placed on the Account; once the first order is placed, the service has been delivered and the fee is earned.

Article 12 — Term and Termination

This Agreement applies from your acceptance until all your Accounts are closed and all obligations under Article 9 are discharged.
You may stop participating at any time; fees already earned under Article 11 are not returned.
The Company may terminate this Agreement for material breach (Article 10), in which case §10.3 applies; or discontinue the program with reasonable notice, in which case pending compliant Payout requests are honored and unused (untraded) Challenge Fees refunded.

Article 13 — Amendments

The Company may amend this Agreement for future purchases by publishing a new version with a new version identifier. The version you accepted — recorded with your purchase — continues to govern the Accounts bought under it. Parameter changes never move the goalposts of an existing Account (§3.4).

Article 14 — General Provisions

Entire agreement. This Agreement, together with the documents it incorporates (preamble), is the entire agreement regarding the evaluation program and supersedes prior statements, marketing content included.
Severability. If any clause is held unenforceable, it is enforced to the maximum permitted extent and the remainder stands.
No waiver. Forbearance to enforce a clause is not a waiver of it.
Assignment. You may not assign this Agreement or any Account. The Company may assign to a successor of the business.
Governing law and venue. As provided in the Terms of Service ([JURISDICTION]).
Language. The English text of this Agreement controls over any translation.
Notices. Formal notices to the Company: support@randompips.com. Notices to you: the email on your account.

Article 15 — Acknowledgment

By checking the acceptance box at checkout you represent and confirm that:

you have read and accept this Agreement, the Terms of Service, the Refund Policy and the Risk Disclosure;
you understand that the entire environment is simulated, that balances are virtual, and that the Challenge Fee buys an evaluation service, not an investment;
you understand that most participants do not pass, and that fees of failed Accounts are not refunded;
you meet the eligibility requirements of the Terms of Service and are acting on your own behalf;
you consent to electronic contracting, and acknowledge that your acceptance (document version, time and purchase context) is recorded.