1. The Most Direct Judgment: FCA Regulation is Fake, 18-Year History Doesn't Match 3-Month Domain
Cubo Markets operates under cubomarkets.com, claiming to be an international broker offering forex, commodities, stocks, cryptocurrencies, and indices trading. They promote instant withdrawals, low spreads, AI, and blockchain technology, showcasing over $2.5 billion in trading volume, 3 million executed orders, and over 1,000 active clients.[1]
However, the most serious claim appears on the introducing broker page: Cubo Markets claims to operate "under full FCA regulation" for 18 years. [3]
The Truth:
- No FCA company reference number disclosed
- No named UK-regulated entity
- The footer shows a Saint Lucia company, not a UK company [4]
- We did not find a matching authorization for Cubo Markets in the FCA's official register
The 18-year history is also false. WHOIS shows cubomarkets.com was registered on March 19, 2026, existing for only about three months as of June 29, 2026.[5] The Saint Lucia company number 2026-00241 also points to a recently established entity.[4]
The FCA clearly warns: fraudulent forex firms often claim to be authorized when they are not. Until Cubo Markets provides a regulated entity and valid reference number that can be independently verified in the FCA register, their claim of "full FCA regulation" should be considered misleading marketing.
2. Promotional Copy Plagiarized from CPT Markets, Client Numbers Differ by 100 Times
Cubo Markets' introducing broker page is highly similar to CPT Markets' corresponding page: [3][7]
- FCA regulation
- 18 years of experience
- Over 100,000 clients
- Execution under 100 milliseconds
- Zero rejections
- 99.9% uptime
The sequence, numbers, and wording are highly consistent. CPT Markets has its own company and regulatory history, which Cubo Markets cannot inherit by copying promotional text.
Contradictory Client Numbers: The homepage shows over 1,000 active clients, while the introducing broker page claims over 100,000 global clients—a 100-fold difference.[1][3] The website does not explain the discrepancy.
3. Company Number Matches Russian Central Bank Warning Platform
Cubo Markets is registered with Saint Lucia company number 2026-00241.[4] The same number appears in another broker brand North Star's privacy policy, using the same address.[12] North Star's website shows the same $2.5 billion trading volume, 1,000 active clients, and 3 million orders.[13]
On April 1, 2026, the Russian Central Bank listed northstardmcc.com on its warning list for signs of illegal professional securities market activities.[14]
A company number should not identify two unrelated company names without disclosing a name change, trading name relationship, or document error. Cubo Markets has not explained any relationship with North Star. Sharing company numbers, addresses, operational statistics, and website content makes this connection significant.
4. Terms Grant Platform Broad Powers Over Client Assets
Cubo Markets tells potential clients that funds are safe, held at reputable institutions, promoting fast withdrawals with most requests processed the same day and no hidden fees.[2]
However, the contract terms are far from reassuring:
- Cubo Markets can act as the counterparty to client trades
- Prices can be determined or adjusted by the company, not guaranteed to be close to prices elsewhere[11]
- More seriously, part of the client's property authorizes Cubo Markets to pledge, mortgage, lend, use, or dispose of property deposited in the client's account as if the company is the beneficial owner [11]
These terms contradict the commitment to segregate and protect client funds. True segregation is intended to limit a broker's use of client funds. The contract allowing the right to lend, pledge, or dispose of these assets creates the opposite impression.
5. Analyst Identity of Matt Cannon Cannot Be Verified
Cubo Markets blog articles are signed by author Matt Cannon, with a publication date of March 30, 2025—nearly a year before cubomarkets.com was registered (March 19, 2026).[5][6]
Cubo Markets does not provide a detailed author profile, professional registration, employment history, or independently verifiable records proving Matt Cannon's association with the company. The same article titles and author identity also appear on other broker brand websites, including North Star.[13]
Backdating can make a newly launched platform appear older and more established than it actually is.
6. Saint Lucia Registration ≠ Forex Broker License
Cubo Markets lists two addresses in Saint Lucia and a representative office address in South Africa, claiming to be a Saint Lucia registered company.[4]
The Financial Services Regulatory Authority (FSRA) of Saint Lucia has issued a public notice stating that international business companies can be registered in Saint Lucia while providing forex or brokerage services outside the country's regulatory framework. Businesses engaging in regulated currency services, securities, or virtual asset activities must obtain the necessary licenses from relevant authorities.[9]
Cubo Markets has not disclosed a Saint Lucia securities license, currency services license, or virtual asset authorization.
7. What to Do If You've Already Deposited Funds
Immediately stop adding any funds.
Do not pay any further "taxes," "margins," "insurance fees," "compliance fees," or "wallet verification fees."
Retain: account records, contracts, emails, chat messages, phone numbers, payment receipts, wallet addresses, and transaction hashes.
Reporting channels: Contact your bank, card issuer, remittance service, or payment app as soon as possible. The US Federal Trade Commission advises victims to inquire with relevant providers about whether card payments, bank transfers, or wire transfers can be reversed.[19]
Do not trust anyone who contacts you offering to "recover funds"; that is a secondary scam.[18]
8. Final Conclusion: FCA Regulation is Fake, 18-Year History Doesn't Match 3-Month Domain
Cubo Markets should be classified as a high-risk unregulated trading platform:
- ❌ Claims "full FCA regulation" but lacks a regulated entity and reference number [3]
- ❌ Claims "18 years of experience", domain registered only in March 2026[5]
- ❌ Promotional copy plagiarized from CPT Markets (FCA, 18 years, 100k clients) [3][7]
- ❌ Company number matches North Star, which has been warned by the Russian Central Bank [12][14]
- ❌ Contradictory client numbers: 1,000 vs 100,000 [1][3]
- ❌ Contract allows pledging, lending, or disposing of client assets, contradicting "segregation" commitment [11]
- ❌ Analyst identity cannot be verified, article date predates domain registration [5][6]
- ❌ Saint Lucia company registration ≠ Forex broker license[9]
A platform registered only in March 2026, plagiarizing CPT Markets' copy, lacking FCA numbers, and sharing a company number with a Russian Central Bank warned platform is not a compliant broker but a high-risk scam.
References
- [1] https://cubomarkets.com/ (2026-06-29)
- [2] https://cubomarkets.com/our-advantages/ (2026-06-29)
- [3] https://cubomarkets.com/ib-program/ (2026-06-29)
- [4] https://cubomarkets.com/contact-us/ (2026-06-29)
- [5] https://www.whois.com/whois/cubomarkets.com (2026-06-29)
- [6] https://cubomarkets.com/blog/ (2026-06-29)
- [7] https://www.cptmarkets.com/en/ib-program (2026-06-29)
- [8] https://www.fca.org.uk/consumers/forex-trading-scams (2026-06-29)
- [9] https://fsrastlucia.org/images/Financial_Services_business_provided_by_IBCs.pdf (2026-06-29)
- [11] https://cubomarkets.com/terms-conditions/ (2026-06-29)
- [12] https://northstardmcc.com/ea/privacy-policy/ (2026-06-29)
- [13] https://northstardmcc.com/ea/ (2026-06-29)
- [14] https://www.cbr.ru/eng/inside/warning-list/detail/?id=43544 (2026-06-29)
- [18] https://consumer.ftc.gov/articles/refund-and-recovery-scams (2026-06-29)
- [19] https://consumer.ftc.gov/articles/what-do-if-you-were-scammed (2026-06-29)
