Getting paid with Riseworks

Mar 17, 2024

Risewords guide featured image
James

James Glyde

CEO
James is the CEO of PipFarm. With over a decade of experience in the online trading industry, he is one of the most experienced CEO's of trader funding platforms.

Introduction

Many traders in our community are concerned about taxing their performance fee income earned by trading for PipFarm. Riseworks, also known as Rise, is a global workforce payment platform specialising in alternative finance businesses like PipFarm. After careful consideration, we chose to cooperate with Riseworks.io to help process payouts to funded traders.

We accept invoices directly from funded traders. You are not required to use Rise and may handle invoicing and taxing yourself.

Role of Rise

Rise serves as your employer of record. Therefore, you are not directly contracted by PipFarm. Rise will process your payments according to laws and regulations in your country, so you don’t need to worry about invoicing, declaring income, registering for trade licenses or opening companies. Rise solves everything for us and you.

The Rise dashboard lets you easily submit invoices for your performance fee. Your invoice will be settled in your Rise account, which you can withdraw in your local currency or supported cryptocurrencies.

When you’re ready to receive your first performance fee payment, you can request to enrol in Rise, where you’ll be registered as a contractor. You’ll receive an email inviting you to begin registration.

Onboarding with Rise

Create an account

You will receive an email from ECI Ventures Pte. Ltd. inviting you to begin onboarding with Rise. Accept this invitation to begin. If you are new to Rise, you will be prompted to create an account and confirm your email address. If you already have a Rise account, sign in to continue.

Accept invitation

Confirm you accept the invitation from ECI Ventures Pte. Ltd. to join as a contractor.

Profile

Please enter the requested basic information, such as your date of birth and telephone number.

Address

Enter your current residential address. Remember that you’ll need to provide a document, such as a bank statement or utility bill to verify this address.

Registration type

We expect the majority of our members using Rise to be individuals. To register as an individual, you must provide your Tax ID number or National ID number. For example, in the UK, you’ll need to provide your National Insurance Number; in most other countries, you’ll provide your personal number, birth number, or individual number, which is used for identification purposes and tax identification.

Agreements

Read and accept the terms and conditions required to join Rise. Next, you should electronically sign the master service agreement, which governs your working relationship with Rise on behalf of ECI Ventures Pte. Ltd. (PipFarm).

Identity verification

You need to verify your identity for Rise, even though you’ve already done so for PipFarm. To verify your identity, you must take or upload an unedited photo of your identity document (e.g., passport, ID card, or residence permit with photo). The document must be valid (i.e., not expired or damaged). After the document is accepted, you must take a selfie.

This process is much easier on mobile devices than on laptops. Ideally, verification should take a few minutes. However, you may need to try a few times; please be patient.

RiseID

After completing identity verification, your RiseID is created. It associates your Rise account with your Web3 cryptocurrency wallet, such as Coinbase, MetaMask, or your Rise Security Key. Your RiseID is used to authorise sensitive actions in your Rise account, such as making withdrawals.

If you are not an active cryptocurrency user, we recommend using Rise Security Key instead of a third-party Web3 wallet.

Rise Security Key

If you choose the simple account security option during onboarding, you’ll be prompted to create a Rise Security Key (RSK), which is an alternative to having a third-party cryptocurrency wallet. The RSK is not the same as your email & password combination for accessing the Rise dashboard. You will be asked to create a very long password (at least 18 characters).

Keep the RSK safe and secure–unlike other passwords, this one is encrypted and cannot be reset by Rise without great difficulty and cost. You will also be provided a backup code, called a seed phrase, which is a combination of 12 words. It’s important to protect your seed phrase as it’s the only method for changing the security key password.

How to change your RSK

If you need to change your RiseID security key password, click the avatar in the top right corner, select ‘Security’ and click the button ‘Recover Security Key’. In the popover form, enter your seed phrase and new password.

Rise App guide

After onboarding with Rise and accepting the master service agreement, you’ll have access to the Rise App, where you can create invoices, connect withdrawal methods, check your balance and initiate withdrawals.

Connect withdrawal method

To withdraw funds from your Rise account, you must nominate withdrawal methods. Everyone has the option to withdraw USDC, but the fiat methods available depend on your country of residence. For example, if you live in Europe, you’ll have the option to withdraw euros using SEPA, whereas if you live in the UK, you’ll have the option of withdrawing GBP.

You can find the full list of currencies Rise supports here: https://help.riseworks.io/en/articles/9061607-withdrawals-in-local-currencies

Please note that it can take a few days to verify accurate beneficiary information before your first fiat withdrawal.

To withdraw USDC, you must connect a blockchain wallet or Coinbase account account. Even if you’ve connected a Web3 wallet to your RiseID, you’ll need to connect it as an external one for withdrawals.

Create invoice

Companies cannot pay suppliers or contractors without invoices or receipts. To receive payments from PipFarm, you need to issue an invoice.

In the Rise App, you can easily create invoices. Simply go to the invoices section in the app and enter the following information:
Amount – This is the net amount you want to withdraw from your funded account. For example, if you have a $1,200 profit and qualify for a 90% profit share, you should request $1,080.
Type – As you’re providing a service, please select service.
Description – Please enter the account number of your cTrader from which the performance fee shall be deducted.

Frequently asked questions

Why do I need to do identity verification twice?

Even though PipFarm requires all remote traders to pass ID verification, that process is strictly for passing PipFarm onboarding. Rise Works is required to do its own due diligence on the people it will send money.

Can I use Rise to get paid from multiple prop firms?
Yes, you can. The Rise App lets you connect to multiple contractors and invoice them accordingly. This way, you can manage all payments from different prop firms in one place.
What if I forget my RSK password and seed?
Losing your RSK password and seed phrase is a big problem. The level of encryption applied makes it extremely difficult, time-consuming and expensive to recover keys. Riseworks might help you, but they are not obligated to do so.
How can I learn more about Rise onboarding?

You can read the complete onboarding guide from Rise here

What if I don’t have a tax ID or National ID
If your country does not have a Tax ID number or you cannot get one, for example, if you’re an expat working in a foreign country, please contact us to help solve this issue.
Can I withdraw other crypto tokens besides USDC?

Yes, you can. Here is a full list of crypto tokens Rise supportsKeep in mind that Rise only supports Arbitrum blockchain for other crypto tokens.

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