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Cupiro Broker Review
To “empower you to be the best trader you can be,” according to Cupiro. The company’s recent establishment and relative youth may be the reason why it hasn’t received a license yet. However, our Cupiro analysis revealed some worrying information regarding the business.
While you wait, we encourage you to read our most recent updates to our assessments of the fraudulent brokers Finazio, Roicraft, and Global Ventures. With these brokers, use caution.
Broker status: Offshore Broker
Regulated by: Unlicensed Scam Brokerage
Scammers Websites: cupiro.io
Blacklisted as a Scam by: AMF Quebec
Owned by: Rebelism Limited
Headquarters Country: British Virgin Islands
Foundation year: 2022
Supported Platforms: WebTrader
Minimum Deposit: $250
Cryptocurrencies: Available
Types of Assets: FX, commodities, indices, shares, cryptocurrencies
Maximum Leverage: 1:300
Free Demo Account: Yes
Accepts US clients: No
What About the Regulation of Cupiro?
British Virgin Islands-based Rebelism Limited owns the Cupiro brand. We value the information and the company is registered there.
But having an offshore headquarters always brings up certain issues. Was the corporation founded there with the intention of creating a simpler tax system, or do they have a more nefarious end in mind? Only the regulation should provide an answer to this query.
Why is a license required for brokers?
To satisfy specific legal criteria and maintain a secure trading environment, a broker needs a license. Forex companies are required by Tier 1 authorities to create sizable compensation funds that can be used to reimburse customers in the event of a problem.
Cupiro regrettably lacks a license, and it’s unclear if it intends to secure one. This, together with the company’s offshore location, makes us think that your money might be in danger.
Financial regulators have issued cupiro warnings.
Cupiro, despite being a new broker, has already been included to the list of regulatory warnings. Cupiro.io was added to the list of fraudulent domains running without a license after receiving a formal warning from the Canadian AMF of Quebec.
Reviews of the Cupiro scam from traders
Check again even though the Cupiro reviews on Trustpilot can astound you. Even though the business states that it does not accept US clients, you will notice evaluations from this nation because all of the reviews were posted within the last week.
To support the regulatory warning, here is an example of a review from Canada.
“This company is a crypto currency scam. I work for the bank and I spoke to a customer that has been scam by this company. Please do not give them money.”
– Trustpilot customer
Cupiro Levies Extraordinary Hefty Fees
We looked at the terms and conditions of the company after receiving certain Cupiro complaints. It revealed to us that the company charges an extremely high inactivity fee of $85 per month if your account is inactive for three consecutive months. Additionally, they have the ability to terminate your account and keep your money after six months.
The next clause states that the corporation “may refuse to execute the Order if you do not have sufficient accessible money deposited with the Company or in your bank account to cover the Purchase Price of an Order together with the appropriate fees and charges.” Although it appears to be fine on the surface, it actually means that the broker will attempt to charge your bank account rather than explaining and alerting you that you need to deposit additional money.
Although the Terms and Conditions state there are no deposit or withdrawal fees, they only apply if you withdraw using a credit card. There is a $30 withdrawal charge for wire transfers.
You will be charged $30 if you don’t verify your account within 15 days after opening an account.
Supported Trading Platforms – Software for Trading
Cupiro provides desktop and mobile apps in addition to WebTrader. However, if you attempt to download it, a warning will appear that the program is from an unreliable source and could harm your device.
Although limited, the web version is rather functional. It does not support social trading and has fewer charts and indicators than MT4 or MT5.
Overall, the platform is not terrible, but it would always be preferable to locate a broker who is authorized and offers MetaTrader.
All Information Regarding Cupiro Trading Accounts
Three different account types are provided by Cupiro.
- Micro – $250
- Standard – $2,500
- Pro – $25,000
While accounts needing as little as $10 are referred to as “Micro” by licensed organizations, Cupiro deems a $250 minimum deposit to be “Micro.” In terms of leverage and spread, accounts vary.
Cupiro Selection of Trading Tools & Markets
The selection of trading instruments is quite standard and includes:
- Currency pairs
- Commodities
- Indices
- Shares
- Cryptocurrencies
The leverage is unregulated and goes from 1:100 up to 1:300.
Cupiro’s methods for deposits and withdrawals
Cupiro advises taking the following forms of payment:
- Credit or debit card
- Wire transfer
- Wallets
- Bitcoin
However, since there isn’t a button to complete the transaction, using your card could be challenging. However, there are no specified eWallets, therefore you are unable to select one.
Wire transfers and Bitcoin are our only options now. While Bitcoin transactions are challenging to trace, wire transfers might take up to 7 business days. It appears that the broker carefully considered which options should truly be enabled and which ones should only be on paper.
Is Cupiro A Scam Broker?
Cupiro is an online Forex and CFD trading provider based offshore, without any regulations.
Cupiro has been blacklisted in Canada for providing unauthorized financial services.
There are definitely good reasons to be wary of the services offered by brokers Cupiro.
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