Cupiro Review — Scam or Legitimate Forex Broker
Cupiro is a forex and CFD broker that offers its services over the internet. Founded in 2021 by a team of professional traders and industry experts, the broker cites honesty, professionalism, transparency and technology as the underlying principles guiding brokerage operations. More than 100 financial assets can be traded on its platform. The platform supports order management, market analysis, social trading and features some other tools.
On its website, Cupirostates that Rebelism Limited, company number own Cupiro: 2076853 and registered address at the Floor, Water’s Edge Building, Meridian Plaza, Road Town, Tortola VG1110, British Virgin Islands The Company. The processing and clearing company Rebelism Limited, company number 2076853, is registered in the British Virgin Islands.
As a new broker, it is yet to meet the requirements of a regulatory authority, but Cupiro has implemented the security standards just like the top brokers.
Clients’ funds are kept in segregated accounts and never used by Cupiro except to fund traders’ positions. The segregated funds are maintained only in the highly-rated international banks. Several firewalls and SSL encryption have also been installed to strengthen the trading environment’s security further.
Cupiro accounts can be opened within a few minutes. All required is to complete the registration form found on the Cupiro website. After filling out the state, a live account is opened and logged into the clients’ area. From there, you can upload your ‘Know your customer (KYC) documents, monitor your account, fund your account and commence the opening of trade positions.
Cupiro states that traders from the USA and other restricted jurisdictions cannot register.
Cupiro Trading instruments
Cupiro offers its clients the access to speculate on various financial assets via contracts for differences (CFDs). Traders can open positions on over 40 currency pairs, two cryptocurrencies, more than 100 stocks, indices, precious metals and commodities.
Cupiro has three account types designed with the aim of accomodating all levels and types of traders. They are as follows:
- Micro account is for new traders who do not want to risk much because they are still learners. It is a micro account denominated in cents. Only $250 or its equivalent is needed to open a bronze account. Leverage is capped at 1:100.
- The standard account is the standard account for experienced traders. To open a Standart account, you need a minimum deposit of $2,500, and leverage is 1:200 max.
- Pro account is designed for high volume traders who also trade frequently. You will need at least $25,000 to open this account. The leverage is capped at 1:300.
Demo accounts are automatically created with every registration. It comes with virtual funds meant for trading practice. Islamic faithful can apply for their accounts to be converted to an Islamic account, which does not incur swap fees when open positions are left overnight.
Cupiro accounts can be maintained in USD, EUR and GBP. The broker does not charge commissions. Instead, its trading fees are incorporated into the ask-bid spread. Typical spreads for the forex majors start from 2 pips.
Deposit and withdrawals with Cupiro
Cupiro does not charge commissions on deposits and withdrawals, but any surcharges incurred are transferred to the trader’s account. Below are the payment options:
- Bank wire transfer is often a popular method because it is available to everyone and can move unlimited funds between banks from any location in the world. However, it is slow because it takes 2-7 days before the deposit or withdrawal is completed.
- Debit or Credit cards are the fastest method of funding your account because the payment is processed instantly.
- Cryptocurrency: If you have Bitcoin or Ethereum, you can use digital coins to fund your account.
Cupiro processes all withdrawal requests within one business day.
Education and trading tools
To help beginner traders with some knowledge resources, Cupiro has a few articles on its website. The focus is on financial markets analytical methods, leverage, margin and forex trading strategies.
The Cupiro trading platform incorporates social trading, which involves replicating the strategies of an expert trader by a newbie or investor. New traders can opt-in for social trading, access the leaderboard and choose an expert trader to copy. Whenever the expert trader opens positions, his trades are automatically copied to the investor’s account. This allows him to make profits without doing anything.
When you need to ask questions or resolve any issues, the client support desk is available on a 24/5 basis. You can make a phone call, send them an email or fill out the ‘contact us form available on the Cupiro website.
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