Cupiro claims to “empower you to be the best trader you can be.” Since the firm is relatively new and established this year, it could explain why it still didn’t get a license. However, there are some concerning facts about the company elaborated through our Cupiro review.
In the meantime, we would like to invite you to read our latest updated reviews of the scam brokers Finazio , Roicraft and Global Ventures . Be careful with these brokers.
| 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 Cupiro Regulation?
Cupiro is a brand of Rebelism Limited, based in the British Virgin Islands. The company is registered there, and we appreciate the information. However, having offshore headquarters always raises certain questions. Was the company established there for an easier tax system, or do they have a more vicious goal in mind? It’s a question only the regulation should explain.
Why Must a Broker Have a License?
A broker must have a license in order to fulfill certain regulatory requirements and create a safe trading environment. Tier1 regulators obligate Forex firms to form humongous compensation funds and use them to reimburse clients if there’s an issue.
Sadly, Cupiro didn’t get a license yet, and it’s unclear whether it plans to obtain one. This, along with the fact firm is based offshore, leads us to believe that your funds might be at risk.
Cupiro Warnings From Financial Regulators
Despite being a young broker, Cupiro already got its place on the list of regulatory warnings. The Canadian AMF of Quebec issued an official warning and placed cupiro.io on the list of fraudulent domains operating without a license.
At the exact time, also avoid scammers such as Warden VC Broker , CryptoPro24 and DCMGroup. If you can, tell us about your scam incidents.
Traders Reviews About Cupiro Scam
While you may be astonished by Cupiro reviews on Trustpilot, check again. All the reviews were written in the past 7 days, and even though the company says not to accept US clients, you will see reviews from this country.
However, here’s an example of a review from Canada, just to confirm the regulatory warning.
“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 Charges Unusual Hefty Fees
Some Cupiro complaints led us to check the company’s Terms and Conditions. It showed us that the firm is charging a rather high inactivity fee, $85 per month, if your account wasn’t active for 3 months in a row. Furthermore, after 6 months, they have the right to close your account and keep your funds.
There is a clause stating, “If you do not have sufficient available funds deposited with the Company or in your bank account to pay the purchase price of an Order along with the respective fees and commissions, the company may refuse to execute the order.” Per se, it looks alright, but it practically means that the broker will try to charge your bank account instead of explaining and informing you that you need to deposit more funds.
While stating there are no deposit and withdrawal fees, the Terms and Conditions says it’s only if you withdraw using a credit card. Wire transfer withdrawals have a $30 withdrawal fee.
If you do not verify your account within 15 days of opening an account, you will be charged $30.
Supported Trading Platforms – Available Trading Software
Cupiro offers WebTrader along with desktop and mobile apps. Yet, if you try to download it, you will be warned that the app comes from an untrustable source and it may cause damage to your device.
The web version is pretty functional yet limited. It has fewer charts and indicators than MT4 or MT5 and doesn’t support social trading.
All in all, the platform is not bad, but it could always be better to find a licensed broker offering MetaTrader.
Everything About Cupiro Trading Accounts
Cupiro offers 3 different account types.
While regulated firms use the name Micro for accounts requiring as low as $10, Cupiro considers the minimum deposit of $250 to be micro. Accounts differ in leverage and spread.
Cupiro Range of Trading Instruments & Markets
The offer of trading instruments is pretty average, including:
- Currency pairs
- Commodities
- Indices
- Shares
- Cryptocurrencies
The leverage is unregulated and goes from 1:100 up to 1:300.
Cupiro Deposit and Withdrawal Methods
Cupiro says to accept the following payment methods:
- Debit/credit card
- Wire transfer
- eWallets
- Bitcoin
However, using your card might be tricky as there’s no button to process the transaction. On the other hand, eWallets are not specified, and you cannot choose any.
It leaves us with wire transfers and Bitcoin. Wire transfers take up to 7 business days, while Bitcoin transactions are hard to track. It seems that the broker thoroughly thought about which option should actually be enabled and which one should remain just a paper-written option.
Scammed by Cupiro Broker? – Tell Us Your Story
If you were scammed by Cupiro broker, let us know. Our chargeback specialists may have a solution for you to get a refund. Since time is of utmost importance for finances, contact us right away!
But What Is A Chargeback?
This is a way for your bank to reverse the fraudulent online transaction. Contact us to book a free consultation, and let’s get your money back now!