Cupiro Review – Shady Conditions Always Lead To Same Outcome

As can be seen, Cupiro broker has been operating offshore. Not only that, but they were also operating without adequate licenses. That’s always a enough big sign that something could go wrong. Mainly it all turns out bad once traders start requesting withdrawals.

Once they spread the word about the company’s features, it’s quite easy to destroy the company’s reputation. On top of that, there are warnings that can easily pile up. In this case, there was only one, but enough for this firm to decide to vanish. Therefore, read this Cupiro Review if you want to know what to do in such cases.

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.

Cupiro Recap – Broker Domain Turned Into Fitness Blog

The Cupiro scam was exposed primarily by the AMF Quebec. Consequently, there was no point in continuing the trading business. Simply, anyone searching for this broker would find that warning. And now, instead of the Cupiro website offering trading services, it has suddenly changed to a fitness blog. What a turnover!

But it’s funny that the company’s FAQ section still has the LearnForex101 section. In any case, it remains unknown who runs this fitness blog. But it’s quite sad to see that even T&Cs still lead to a shady trading-related website learnforex101.com. All in all, not a single reason to trust anything seen in this domain.

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.

1. Micro – $250
2. Standard – $2,500
3. Pro – $25,000

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.

How to Request Withdrawal From Inactive Broker?

Since the platform is practically inactive, traders can’t even request a Cupiro withdrawal. Therefore, they will need to use alternative methods. There are various ways traders can request a refund. But these mainly depend on the payment option used for deposits.

In general, traders should bear in mind that for card transfers, they can get a chargeback within the first 540 days upon transaction. Yet, for wire transfers and crypto, it’s not that simple. The procedure is much more complicated and requires professional help. To find out what are the necessary steps, book a free first consultation with our expert team.

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!