Wikilix independent safety report
Caibull is a likely scam and we could not treat it as safe. The Comoros (MISA) licence it advertises, number T2023415, is recorded on the regulator's own register under a different company, Eva Marke…
Risk scorecard · each area scored 0 (clean) to 10 (worst)
What Wikilix has recorded about Caibull: its history, the licences it holds, its trading conditions and its fees.
Caibull is an online forex and CFD brand operated by CaiBull Ltd, a company registered on the Island of Moheli in the Union of the Comoros under number HY01123442. It offers a single trading platform, MetaTrader 5, across four account tiers with minimum deposits from 10 USD to 200 USD, and quotes maximum leverage of up to 1:2000 on a lot based, stepped model. The company states it is licensed by the Mwali International Services Authority, an offshore authority whose licences carry no client money protection.
CaiBull Ltd states on its regulations page that it holds licence number T2023415 from the Mwali International Services Authority (MISA), Island of Moheli, Union of the Comoros, described as an International Brokerage and Clearing House authorisation. The same licence number and company number are repeated in its Terms of Business, Withdrawal Conditions and AML policy. This is a claimed and unconfirmed licence: the authority operates no public licence register, so the number cannot be matched to an official record, and Caibull publishes no verification link of its own. Caibull also presents itself as part of a group, naming Finorka Ltd (company number C186708) as licensed by the Financial Services Commission of Mauritius under licence GB22200267. That licence is held by a separate company, and Caibull does not state that Finorka Ltd operates the trading service or holds client accounts.
Caibull is not regulated by any authority that supervises retail forex in a major market. The only licence claimed for the trading entity is an offshore one from the Comoros, and that claim has not been confirmed against an official record. Clients of CaiBull Ltd have no access to a statutory compensation scheme or an independent financial ombudsman.
The identity of the contracting company is inconsistent across Caibull's own documents. The website footer, the regulations page, the Withdrawal Conditions and the AML policy all name CaiBull Ltd. The definitions clause of the Terms of Business, which is the binding agreement, instead defines the Company as KYMM Capital Ltd trading as CaiBull, attributing to it the same registration number HY01123442 and the same licence T2023415. A third group company, Modisa Fintech Ltd, is registered in Cyprus under number HE 441220 and described as an independent representative handling payment services. The Cyprus Registrar of Companies confirms that company, incorporated on 4 December 2022, and records its previous name for the same company number as U Trade Markets Fintech Ltd.
Nothing Caibull publishes can be independently confirmed to protect client money. The company states that client funds are held in segregated accounts with tier one banks and reconciled daily, but it names no bank, no auditor and no custodian, and an offshore licence of this class imposes no such obligation that a client could enforce. Its Terms of Business also reserve the right to act as a market maker, to hold positions contrary to the client's, and to cancel a trade where a quoted price is later judged faulty.
Caibull offers four USD denominated accounts, all swap free, all with a minimum trade size of 0.01 lot and a 50 percent margin call.
CENT and VIP are quoted with dynamic rather than fixed maximum leverage. Every tier allows up to five accounts per client except CENT, which allows one.
The cheapest advertised spread is 0.0 pips on the RAW account, which charges 4 USD per lot on forex. The commission free tiers start at 0.8 pips on VIP and 1.7 pips on PRO, and share CFDs carry 0.02 USD per lot on PRO, RAW and VIP. Caibull states in its Withdrawal Conditions that it charges no deposit or withdrawal fees, and that any charge is levied by the bank, card issuer or payment gateway rather than by the company. No inactivity fee is published.
Maximum leverage is 1:2000 and is lot based, stepping down as net open lots per symbol rise and varying by asset class: 1:1000 on minor currency pairs, 1:500 on metals, indices and oils, 1:200 on exotic pairs, 1:50 on shares and 1:10 on crypto. Leverage at this level is not permitted for retail clients in most regulated markets.
MetaTrader 5 is the only platform, running on the Caibull-Trade server with Expert Advisor support, depth of market and one click trading. Caibull advertises Windows, Mac, web and mobile access, but on its platforms page the Mac download and the web trader link both resolve to the same Windows installer.
Caibull documents two funding routes, cards (Visa and Mastercard) and bank transfer. Withdrawals must return to the method used for the deposit, and a card refund cannot exceed the amount originally deposited on that card, with any balance paid by bank transfer. Card deposits older than six months cannot be refunded to the same card, and expired cards cannot be used. Requests are handled Monday to Friday between 08:00 and 17:00 server time and processed the same or the next working day, which is narrower than the instant processing advertised on the home page. Caibull can cancel a withdrawal request where KYC documents are not supplied within seven days, and clients whose accounts are only partially approved cannot withdraw at all. No minimum or maximum withdrawal amount is published.
Support is by email at support@caibull.com, a web contact form and a live chat widget, with cover advertised as 24/5. Caibull publishes no telephone number anywhere on its site, and complaints are directed to the same general support address. The only postal address given is the registered office in the Comoros.
Strengths:
Limitations:
Caibull presents a detailed and well organised retail offer built on MetaTrader 5, with low entry costs and terms that are easier to read than most in this segment. What sits behind it is thin: an offshore licence that cannot be checked, a contracting entity that the binding agreement names differently from every other page, and a group structure in which the only conventionally regulated company is not the one taking the trade. Anyone considering an account should treat the deposit as fully at risk and confirm in writing which legal entity will hold the money before funding.
4 full-page captures of Caibull's own site, archived so what they said can still be read after the pages change.
Every licence Caibull has in force is from an offshore regulator. Most carry no compensation scheme — each row below says what the issuing regulator actually requires.
A genuine Mauritius FSC Investment Dealer (Full Service Dealer excluding Underwriting) licence held by Finorka Ltd, a separate group entity, since 12 April 2022. It does not cover CaiBull Ltd, the Comoros company that holds client funds. Client protection: Moderate offshore oversight, but only for Finorka Ltd, not for the entity you actually contract with.. Effective: 12 Apr 2022.
These are the rules FSC sets for the firms it licenses. They are not a statement about how Caibull applies them, or about which of its companies would hold your account.
An offshore registrar authorisation. On the MISA register this licence (T2023415) and company number HY01123442 are recorded to Eva Markets Ltd (evamarkets.com), a different, now-defunct broker, not to CaiBull Ltd. Client protection: None in practice; MISA is not a functioning financial supervisor and its licences have been publicly disavowed.. Effective: 27 Nov 2023. Expires: 27 Nov 2025.
Verification note
Caibull publishes this licence on its own regulation page and repeats it in its Terms of Business, Withdrawal Conditions and AML policy, each naming CaiBull Ltd, company number HY01123442, as an International Brokerage and Clearing House licensed by the Mwali International Services Authority on the Island of Moheli, Comoros. The authority operates no public licence lookup, so the number cannot be checked against an official record, and a licence of this class carries no client-money protection, no compensation scheme and no independent complaints mechanism.
These are the rules MISA sets for the firms it licenses. They are not a statement about how Caibull applies them, or about which of its companies would hold your account.
4 account types on record. Minimum deposit from USD 10. Leverage up to 1:1500.
| Account | Min Deposit | Leverage | Commission |
|---|---|---|---|
| CENTCent | USD 10 | Not recorded | Up to $0.10 |
| PROPro · VIP | USD 25 | 1:1000 | 0% on Forex; $0.02 on shares |
| RAWRAW · ECN | USD 100 | 1:1500 | $4 on FX; $0.02 on shares |
| VIPVIP | USD 200 | Not recorded | 0% on Forex; $0.02 on shares |
Where Caibull says it will and won't take clients
Confirmed blocked
Named in the broker's own terms
Covered by a parent block
Territories a blocked country carries with it
Explicitly accepted
Named as accepted — not a full list of served markets
2 ways to fund an account. 2 with no deposit fee.
| Method | Deposit fee | Withdrawal fee | Min deposit | Withdrawal min / max | Processing |
|---|---|---|---|---|---|
| Visa / MastercardCredit CardCaibull states it charges no deposit or withdrawal fees and that any charge comes from the card issuer or payment gateway. Withdrawals must return to the card used for the deposit and cannot exceed the amount deposited on it; the balance above that is sent by bank transfer. Card deposits older than six months cannot be withdrawn to the same card, and expired cards cannot be refunded. Withdrawal requests are handled Monday to Friday 08:00 to 17:00 server time and processed the same or next working day. No per channel minimum or maximum is published. | Free | Free | Not recorded | Not recordedNot recorded | 24 hours |
| Bank TransferBank TransferNamed by Caibull as the alternative route used when a withdrawal cannot go back to the original card. The company states it charges no fees of its own, with bank or gateway charges borne by the sender or receiver. Payments may need to be in the client's own name, and no per channel minimum or maximum is published. | Free | Free | Not recorded | Not recordedNot recorded | 24 hours |
One trading platform on record: Meta Trader 5.
MetaTrader 5 on the Caibull-Trade server, with Expert Advisor support, depth of market and one click trading. The Mac and web trader links both point to the Windows installer.
3 legal entities behind the Caibull brand.
Caibull names CAIBULL Ltd as the operating company. We could not confirm that registration on the registry.
4 other brokers on the record share what Caibull offers — its country, regulator, account types or platforms — set beside it on the same measures.
Common questions about Caibull
By email at support@caibull.com, through the contact form, or via the live chat widget on the site. Complaints go to ...
It reserves the right to. Section 6 of the Terms of Business states that Caibull may act as a market maker in forex a...
Caibull says so, describing segregated accounts held with tier one banks and reconciled daily. None of it can be chec...
Its registration form offers a closed list of 117 countries, and that list is what actually governs who can open an account. Caibull separately states that it does not serve residents of the United States, Sudan, Syria, Iran, North Korea, Myanmar or the United Arab Emirates. Six of those seven are indeed missing from the registration list, but Iran is still selectable, so the two do not quite agree.
Caibull publishes symbol level tables covering about 70 currency pairs, 66 share CFDs, 16 crypto CFDs, 10 index CFDs, 8 metals and 3 energy contracts, which is roughly 173 instruments in total. Note that the home page advertises more than 1,000 instruments, a figure the published tables do not support. The CENT account is limited to forex and gold.
MetaTrader 5 only, running on a server named Caibull-Trade, with Expert Advisor support, depth of market and one click trading. Caibull advertises Windows, Mac, web and mobile access, though on its platforms page the Mac download and the web trader link both lead to the same Windows installer.
Yes, and the conditions are set out in its Withdrawal Conditions document. Caibull can cancel a request if you do not supply updated identification or bank details within seven days, if the request is incomplete, or if you chose a withdrawal method that breaks its same method rule. Clients whose accounts are only partially approved cannot withdraw anything until their KYC documents are accepted.
Caibull states that requests are handled Monday to Friday between 08:00 and 17:00 server time and processed the same or the next working day, which is narrower than the instant processing its home page advertises. The company says it charges no deposit or withdrawal fees of its own, and that any charge comes from your bank, card issuer or the payment gateway. No minimum or maximum withdrawal amount is published.
The two routes Caibull documents are cards, meaning Visa and Mastercard, and bank transfer. Withdrawals must go back to the method used for the deposit, and a card refund cannot exceed what was originally deposited on that card, with the remainder paid by bank transfer. Card deposits older than six months and expired cards cannot be refunded to the card at all.
The lowest advertised spread is 0.0 pips on the RAW account, which charges 4 USD per lot on forex. The commission free tiers are more expensive in spread terms, starting at 0.8 pips on VIP and 1.7 pips on PRO, with CENT at 1.2 pips and a commission of up to 0.10 USD. Share CFDs carry 0.02 USD per lot on PRO, RAW and VIP.
Up to 1:2000, but only on major currency pairs and only on small positions. Leverage is lot based and steps down as your net open lots on a symbol rise, and it varies by asset class: 1:1000 on minor pairs, 1:500 on metals, indices and oils, 1:200 on exotic pairs, 1:50 on shares and 1:10 on crypto. Leverage at this level is not permitted for retail clients in most regulated markets.
10 USD, on the CENT account. The other tiers start at 25 USD for PRO, 100 USD for RAW and 200 USD for VIP. All accounts are denominated in USD, and the CENT account is capped at a maximum deposit of 1,000 USD.
There is no evidence that Caibull is a scam, and equally nothing that confirms it is safe. It runs a real trading service on MetaTrader 5 and publishes an unusually complete set of legal documents and pricing tables. What cannot be established is the thing that matters most: whether anyone supervises it, and which legal entity actually holds client money. Treat it as unverified rather than clean.
Caibull is a brand of CaiBull Ltd, registered under number HY01123442 at Bonovo Road, Fomboni, Island of Moheli, Union of the Comoros. The picture is not entirely consistent: the definitions clause of the Terms of Business names the contracting company as KYMM Capital Ltd trading as CaiBull, using the same registration number and licence. No director or beneficial owner is named anywhere on the site.
Not by any authority that supervises retail forex in a major market. Caibull claims a single licence for its trading entity, number T2023415 from the Mwali International Services Authority in the Comoros, and that claim is unconfirmed because the authority operates no public licence register. The company also advertises a Mauritius licence, but that one is held by a separate group company rather than by the entity you would trade with.
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