Cupiro Review – Why Should you Avoid this Broker?

Cupiro Review

Have you heard of scam brokerages? When you decide to try your luck in the financial markets, you will quickly learn that an online broker is the key to unlock the doors for you. You do not want to waste any time and want to start trading as quickly as possible, but this does not mean that you should skip the step of researching brokerages because you will come to know that not all of them are by the book. In fact, there are endless stories of illicit platforms that stole their clients’ funds and disappeared. These platforms are not that easy to identify, as this Cuprio review will show you.

If the scammer are too obvious, people will have no trouble in realizing what they are dealing with and avoid them. Therefore, in order to fool people and convince them into signing up, these cybercriminals deliberately craft websites that will catch the eye. They know just how to create the right illusion, which can persuade people into opting for their services. Some of the more elaborate scams are so good that people do not understand the truth until they have lost their money.

Of course, there is no denying that this can be frustrating and difficult to deal with, so it is best to figure out how to avoid it altogether. The good news is that it is not that complicated, as long as you are ready to put in some effort. Digging into their offerings can tell you the real story pretty quickly, as in the case of Cuprio. At first glance, the broker’s presentation looks very appealing and neat. But, you have to assess its credibility before you decide to trust it. Unfortunately, you will come across plenty of issues that show you that this company should be avoided. What are they? You can check them here:

There is no license

The license and regulation of a brokerage is one way of setting legitimate companies apart from the scammers. The latter will not have a license and will be based in shady jurisdictions, while the former will have proper authorization and will provide you fair and transparent services, along with other protections. Hence, it is obvious that choosing regulated platforms is a better option. Where does Cupiro fall in?

When you check the Cupiro website, you will find that it is owned and operated by a company registered in the British Virgin Islands (BVI) called Rebelism Limited. The problem is that this registration is of no value because the BVI is an offshore jurisdiction where there is no oversight for forex brokerages. The companies have to register as International Business Companies (IBCs) and they do not have to fulfill any specific requirements, or comply with any such policies or rules.

To put it simply, the BVI registration is of no value and makes absolutely no difference in case of Cupiro. This means that you are dealing with an unregulated and unlicensed broker that does not offer you any protections.

There is hefty fees

Before you choose a brokerage, it is a good idea to check what kind of fees you will have to pay. After all, you do not want to deal with any surprise charges, or hidden fees that can add to your trading costs. When you are trading, you want to maximize your profits and keep your costs low and this can vary from platform to platform. Another good reason for you to avoid choosing Cupiro as your brokerage is because of the hefty fees it charges.

First off, they charge you a fee of $30 if you have not verified your account fully. No authentic brokerage would ever have such charges, which makes it quite shady. Secondly, the inactive fee that you will come across at Cupiro is also excessive. While genuine companies may have an inactivity fee, it is never this high. According to the details, Cupiro charges $85.00 per month if the account remains inactive for ninety days or more.

The trading platform is weak

When you want to trade in the financial markets, you need a good and powerful trading platform that can help you make the most of the opportunities in the market. This is another area where you will be disappointed when you check out Cupiro because their trading platform is nothing special. Rather than offering their clients an advanced and trustworthy platform, they offer a basic web trader that tons of shady brokerages offer.

In contrast, authentic and legitimate brokerages will offer you the MT4, MT5, or cTrader, which are renowned platforms that boast top-notch technology and advanced trading tools. No such option is available at Cupiro, which is another reason to steer clear.

They have high spreads

The spreads charged by a brokerage are also relevant because they determine how much profits you walk away with at the end of the day. You need to know what kind of spreads Cupiro charges, so you are prepared and don’t get surprised. It is a good thing to check them out beforehand because you will find that they have spreads as high as 3 pips for the EUR/USD pair.

These are extremely high because most brokerages don’t charge more than 1.0 to 1.5 pips for the same pair. This means that Cupiro does not offer you competitive trading conditions and it will not help you make good profits.

There is only support for crypto

When it comes to payment methods supported at Cupiro, you will learn that even though the brokerage claims to offer support for debit and credit cards like Visa and MasterCard, it only allows you to make your payments via crypto. This is extremely disappointing because cards give you the option of filing for a chargeback and get a refund in case something is wrong. With crypto, the payments are final and cannot be reversed, so you will be left empty-handed.

Bottom Line

By now it is quite obvious why you should avoid Cupiro and look for a different brokerage for trading in the financial markets.