Is Coperstone a scam broker?
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Coperstone details are being masked and it is not possible to get any information regarding the company owners, and other details etc. From other sources, it is learned that they started their operations in 2017 and are broking in forex and CFDs on some major indices, oil, and metals. Coperstone Group Ltd. has created several new companies and associated brands. One of these brands Coperstone Ltd., the site claim is registered by Vanuatu’s VFSC. But on inspection, it was found they have not registered anywhere and have not displayed anything on website. Canada does not have securities regulatory at the federal level but at the provincial level. Coperstone Ltd has offices in London UK and Ontario Canada.
Account types available are Mini (starting deposit $ 600), Standard ($ 3000), Pro ($ 20000), and VIP ($ 100000). Average spread (EUR/USD) is 0.4 pips for all the accounts. There is a free demo account and a partner account. A MAM accounts for money managers it is something like an affiliate program.
On inspection, its name does neither appear in Canadian Securities Administrators list nor in UK’s FCA Financial Services Registry and that’s a red flag.
The trading platform is MetaTrade4 which has to be downloaded on your PC or Laptop. It is one of the most popular trading platforms in the world. At Coperstone’s site, they have illustrated in details how MT4 can be downloaded and integrated on your PC. Charts and indicators have to be inserted and integrated with MT4.
The bonus is offered on joining the company but can accept or reject the joining bonus. It is better to reject bonus offer because trading volumes have to be $20000 for every $1 bonus for withdrawal. During withdrawal, this creates a lot of problems as it is virtually impossible to achieve such a high turnover. Most of the companies who scam investors are those who keep turnover so high that it becomes virtually impossible to withdraw any money from them.
Secondly, it is at company’s sole discretion how much percentage of bonuses it wishes to offer. And that is very absurd.
Coperstone is a scam broker and it has been issued warnings from British FCA to stop all their operations with immediate effect. FCA has blacklisted it.
They have an office in Ontario but at the end of their website, they have clearly mentioned they do not provide services to Ontario residents.
Funding methods are credit cards (Visa and MasterCard), e-wallets (Skrill, Neteller, and eHKonnect) and also by Bitcoin.
There is forex academy for beginners as well as for advanced level. The company has a very high minimum deposit ($600) and trading conditions are not that impressive.
To gain trust traders do make initial profitable trades with the companies’ advisor. Then they are requested to deposit more so as to gain more. And traders do deposit because they have made a profit. Then they are given bonus and latter while withdrawing they come to know that their turnover is insufficient and hence cannot withdraw. This is how traders are scammed online in general.
If you are a victim of Coperstone is a scam broker than you can contact MyChargeBack to retrieve your money. When you contact bank they will simply advise you to talk to the company first. To build up a strong case in the first instance it is better that you contact MyChargeBack who will guide you step by step, starting from the very first step of drafting to end with recovering your money.