Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighThe entity holding client money relies on a Comoros licence recorded on the issuer's register under a different company name and website, from a body the Comoros central bank says has no legal effect. Credit given for one genuine FSC Mauritius Investment Dealer licence confirmed in the group.
Identity & transparency
7/10 · HighThree legal entities are disclosed with numbers and addresses, but the registrar's record for the company number names a different firm, the only address is a Comoros registered office, no directors or phone number are published, and the former brand is not mentioned anywhere.
Withdrawals & conduct
3/10 · LowNo fund-integrity complaints found on any platform and no advance-fee demands reported. Scored above the clean anchor only because the footprint is too thin for the absence of complaints to carry much weight.
Reputation
6/10 · HighOne Trustpilot review, no independent coverage and no warning-list entries anywhere, set against a predecessor brand that review platforms describe as fraudulent and whose site no longer loads.
Website claims
7/10 · HighPresents a licence as its own that the register records to another company, claims over 100,000 traders against a single public review, and described itself as a regulated broker in 2025 while naming no regulator, licence or legal entity.
Operational history
6/10 · HighDomain registered June 2024 and predecessor domain October 2023, so under three years on either leg, with a brand change following a predecessor whose website went dark and no company datable from a registry.
Who they are
A quick desk file on the company behind the brand.
The desk file on this broker:
- Brand: Caibull, trading at caibull.com
- Legal entity: CAIBULL Ltd, company number HY01123442
- Registered: Bonovo Road, Fomboni, Island of Moheli, Union of the Comoros
- Website: www.caibull.com, live and fully built out in eleven languages
- Only licence behind client money: MISA licence T2023415, Comoros, which the register records under another company name
- Group entities named on the site: Finorka Ltd (Mauritius, company C186708, genuine FSC Investment Dealer licence) and Modisa Fintech Ltd (Cyprus, HE 441220, described as a payment services representative only)
- Offers: forex, shares, commodities, indices, metals and crypto CFDs on MetaTrader 5, leverage advertised up to 1:2000, minimum deposit from 10 USD, deposit bonuses up to 10,000 USD including a rescue bonus for accounts sitting in a net loss
- Not accepted: residents of the United States, Sudan, Syria, Iran, North Korea, Myanmar and the United Arab Emirates. The United Kingdom and the European Union are not excluded, although the group holds no authorisation in either.
- Contact: an email address and four social accounts. The site publishes no telephone number and names no directors or managers.
- Age claim: none stated. An earlier version of the site carried a 2023 to 2025 copyright line.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (MISA)
Financial Services Commission (Mauritius)
Registrar of Companies (Cyprus)
Why we reached this verdict
How the evidence adds up.
The score is driven by a licence we could not tie to this broker, not by anything clients have reported.
- The licence is recorded to another name. Caibull's regulations page states that CAIBULL Ltd is incorporated under number HY01123442 and licensed by MISA under licence T2023415. MISA's own verification record for that licence returns the company name EVA Markets Ltd and the website evamarkets.com. The Caibull name appears nowhere among the 258 brokerage companies on MISA's authorised list.
- The same record shows the licence term ending on 27 November 2025. The summary list still marks the entry Active, so the register contradicts itself, but nothing on it shows a current licence in the Caibull name in September 2026.
- The company number is the clue that this is a rebrand, not an impersonation. HY01123442 appears identically on the register and on Caibull's own pages. A firm wearing a stranger's credentials would not normally also share the registration number. The most likely reading is that the company formerly trading as EVA Markets now trades as Caibull and the registrar's record was never updated. We have recorded EVA Markets as a predecessor rather than treating the licence as stolen.
- That predecessor carries a poor name. EVA Markets is written up on broker review platforms as unregulated and fraudulent, with reports of withdrawal delays and unreachable support, and evamarkets.com no longer serves a page. No regulator warning or enforcement action against it was found, so this is reputational history rather than an official finding, but a change of brand does not wipe it.
- What the licence is worth even when it is in order. MISA is an island registrar in Moheli, not a supervisor. The Banque Centrale des Comores stated on 15 June 2022 that approvals delivered by island bodies including MISA have no legal effect in the Union of the Comoros. There is no compensation scheme and no deposit protection behind it.
- The real licence sits in the wrong company. Finorka Ltd genuinely holds an FSC Mauritius Investment Dealer licence (Full Service Dealer excluding Underwriting) dated 12 April 2022, administered by AllServ Management Ltd, which matches the administrator named in Caibull's own footer. That is real supervision of a real company. It is not, however, the entity that contracts with clients, and Caibull's own fund safety page rests entirely on the Comoros licence.
- The scale claim is not supported. The homepage says over 100,000 traders worldwide. The archived March 2025 version of the same site counted 300 or more traders and described itself as a regulated broker while naming no regulator, no licence number and no legal entity at all. Trustpilot holds a single review.
- Age. caibull.com was registered on 6 June 2024 and the predecessor domain on 4 October 2023. Both legs fall under three years. Because none of the three companies could be dated from a corporate registry, the figure rests on the domains alone and should be read as an upper bound on how long this operation has existed.
- Why the number sits at 65. The evidence-based arithmetic across the six dimensions lands at 65, and the under-three-years profile independently floors the figure there. The score reflects a young operation whose regulatory position we could not verify, not misconduct we found. Nobody has reported losing money at Caibull.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The issuing authority's own verification record for licence T2023415 returns the company name EVA Markets Ltd, company number HY01123442, website evamarkets.com, issued 27 November 2023 with a licence end date of 27 November 2025. Caibull publishes that same licence number and company number as CAIBULL Ltd's own.
E2MISA's list of authorised brokerage companies carries licence T2023415 at entry 129 under the name EVA Markets Ltd with status Active. No entry under the Caibull name appears anywhere among the 258 listed brokerage companies.
E3Caibull's regulations page states that CAIBULL Ltd is incorporated under registered number HY01123442 and licensed by MISA as an International Brokerage and Clearing House under licence number T2023415. The page publishes no link to the register to allow a visitor to check this.
StrongCaibull regulations pageE4The Financial Services Commission of Mauritius register shows Finorka Ltd holding a SEC-2.1B Investment Dealer licence (Full Service Dealer excluding Underwriting) dated 12 April 2022, with management company AllServ Management Ltd, the same administrator Caibull names in its own footer.
E5Caibull's client fund safety page rests entirely on the Comoros licence and names no bank, no compensation scheme and no negative balance protection. The Mauritius licensed company is not presented as holding client funds.
ModerateCaibull safety of funds pageE6The caibull.com domain was registered on 6 June 2024 through Amazon Registrar, placing the operation under three years old.
E7The predecessor domain evamarkets.com was registered on 4 October 2023, shortly before the MISA licence was issued in November 2023, and no longer serves a page.
E8A broker review platform records that EVA Markets is unregulated, that its stated MISA licence T2023415 no longer connects to it on the authority's database, that its website is no longer accessible, and that users reported platform and balance problems.
E9The archived Caibull homepage of 22 March 2025 described the company as a regulated broker four times while naming no regulator, no licence number, no jurisdiction and no legal entity anywhere on the page, and counted 300 or more traders.
E10The current homepage claims over 100,000 traders worldwide, 1000 or more instruments and leverage to 1:2000, and states that Caibull is part of a multi-regulated group with licences in Mauritius and the Comoros.
ModerateCaibull homepageE11Trustpilot holds one review of caibull.com, rated five stars and posted in July 2026, on a profile the company claimed in August 2026. There are no negative reviews and no withdrawal complaints.
E12The Banque Centrale des Comores issued a communique on 15 June 2022 stating that approvals delivered by island bodies including MISA have no legal effect within the Union of the Comoros for banking or financial institution activities.
E13Caibull offers a 100 percent welcome bonus up to 10,000 USD, a 30 percent tradable bonus, and a 30 percent rescue bonus available when an account is already in a net loss, with trading conditions attached.
ModerateCaibull promotions pageE14Neither Caibull nor EVA Markets appears on MISA's list of suspended companies, so no suspension has been recorded against the licence.
E15The contact page publishes only the Comoros registered office and an email address, with no telephone number, no operational office and no named directors or managers.
The other side
The strongest case in this broker’s favour.
The case for Caibull deserves to be put properly, because several things here point the right way.
- There is a genuine licence in the group. Finorka Ltd is on the Financial Services Commission of Mauritius register as an Investment Dealer since 12 April 2022. That is a real regulator and a real authorisation, and the management company on the FSC record is the same AllServ Management Ltd that Caibull names in its own footer. The group linkage checks out.
- No client has publicly complained. Across Trustpilot, Reddit and the forex review forums we found no report of a refused withdrawal, a frozen account, a deleted balance or a demand for an extra payment to release funds. For a broker of this type that is a meaningful absence.
- No regulator has warned about it. Searches of the FCA, IOSCO, CFTC, ASIC and CONSOB warning lists returned nothing naming Caibull or caibull.com, and MISA's own suspended list does not carry the company either.
- The disclosure is fuller than most offshore brokers manage. Three legal entities are named with registration numbers and addresses, the Cyprus company is expressly limited to payment services with no trading terminals, and the restricted jurisdictions are published.
- The licence discrepancy has an innocent explanation. The shared company number is genuinely consistent with a rename that the registrar never processed. Offshore registrars are slow and often wrong, and a stale register entry is not the same thing as a fake licence.
- Nothing suggests a fake operation. The site runs a real MetaTrader 5 offering, deposits start at 10 USD rather than the thousands a boiler room asks for, and there is no crypto-only cashier, no messenger-based sales funnel and no guaranteed-profit language anywhere on the site.
What would change this
What we would need to see to revise the verdict.
These are the specific things that would move this verdict, in either direction.
- Towards clearing it: MISA updating its register so that licence T2023415 is shown in the CAIBULL Ltd name, against caibull.com, with a current expiry date. That single change would resolve the central finding.
- Caibull publishing a direct verification link from its regulations page to its own entry on the issuing register, as regulated brokers routinely do.
- The Mauritius licensed entity, Finorka Ltd, being named as the company that holds client funds, with client money held under FSC supervision rather than under the Comoros company.
- A visible, dated statement acknowledging the change of brand from EVA Markets, together with evidence that clients of the former brand were paid out.
- An independent trading footprint building up over time: verified reviews across more than one platform, and payout reports with amounts and dates.
- Towards a worse verdict: any credible report of a withdrawal refused, an account closed on a balance, or a demand for a tax or fee before funds are released. One specific instance of that last pattern would change this report materially.
- A warning or alert naming caibull.com on any regulator's list.
- The MISA entry disappearing, or moving to the suspended list, while the site continues to advertise the licence.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
MISA licence verification record for T2023415
The issuing authority's own record for the licence Caibull advertises. It names EVA Markets Ltd.
MISA list of authorised brokerage companies
The full brokerage register. Licence T2023415 appears at entry 129, under another company name.
FSC Mauritius Register of Licensees
Type Finorka into the Name field to see the group company's Investment Dealer licence.
Caibull regulations page
The broker's own statement of which licence it holds, in its own words.
Caibull reviews on Trustpilot
The public review footprint for the domain, such as it is.
Frequently asked questions
Quick answers about this broker’s safety.
Is Caibull a scam?
We found no proof that Caibull is a scam. No regulator has warned about it, no enforcement action names it, and we found no client reporting a lost or refused withdrawal. What we could not do is verify its licence in its own name, and it is a young operation with almost no public trading record. We rate it high risk at 65 out of 100, which means unproven rather than cleared.
Is Caibull a fraud?
No authority has found fraud. There is no regulator warning, no enforcement action and no fraud-related court record naming CAIBULL Ltd or caibull.com. Our own assessment is that the risk is elevated because the licence the broker advertises is recorded on the register under a different company name, but that is a verification failure, not a proven crime.
Is Caibull regulated?
Not in any way that protects you. The company that would hold your money, CAIBULL Ltd, relies on licence T2023415 from the Mwali International Services Authority in the Comoros, and MISA's own register records that licence to a company called EVA Markets Ltd. The Comoros central bank stated in June 2022 that approvals from island bodies including MISA have no legal effect.
What about the Mauritius licence I see mentioned?
That one is genuine. Finorka Ltd, a company in the same group, holds an Investment Dealer licence from the Financial Services Commission of Mauritius granted on 12 April 2022, and we confirmed it on the FSC's own register. The catch is that Finorka is not the company that contracts with Caibull clients or holds their deposits, so its supervision does not reach your account.
Why does the licence show a different company name?
MISA's verification record for licence T2023415 returns EVA Markets Ltd and the website evamarkets.com. The company number on that record, HY01123442, is the same number Caibull prints on its own site. The most likely explanation is that the business renamed itself from EVA Markets to Caibull and the register was never updated. It could also mean the credentials are being used by someone else. Either way, you cannot verify Caibull's licence in Caibull's name today.
Who were EVA Markets and does it matter?
EVA Markets was the brand attached to the same licence and company number before Caibull. Broker review platforms describe it as unregulated and fraudulent, with reports of withdrawal delays and unreachable support, and its website no longer loads. No regulator warning against it was found. A new brand name does not clear that history, which is one reason our score is where it is.
Can I withdraw my money from Caibull?
We found no complaint from anyone saying they could not. We also found very few Caibull clients speaking publicly at all, so that is weak reassurance rather than a guarantee. If you hold an account, test a full withdrawal of a small balance before you deposit anything significant.
Is my money safe with Caibull?
There is no compensation scheme, no deposit insurance and no negative balance protection disclosed. The site says client funds are kept in segregated accounts with tier-one banking partners but names no bank. With the money-holding entity sitting behind a Comoros licence rather than the Mauritius one, you would be relying on the company's own word.
How old is Caibull?
The caibull.com domain was registered on 6 June 2024 and the site first appears in web archives in March 2025. The predecessor domain, evamarkets.com, dates to October 2023. That puts the operation under three years old. None of the group companies could be dated from a corporate registry, so the true figure may be lower than the domains suggest.
Is Caibull a clone of another broker?
No. A clone copies the identity of an unrelated regulated firm. Here the company registration number on the register matches the one Caibull publishes, which points to the same business under a former name rather than an impersonation of someone else.
Why are there so few reviews of Caibull?
Trustpilot carries a single review of caibull.com, a five-star one from July 2026, on a profile the company claimed in August 2026. We found nothing on Reddit or the forex review forums. For a site advertising over 100,000 traders worldwide, that gap is itself worth noticing.
Caibull accepts clients in the UK and Europe. Does that make it authorised there?
No. Caibull's restricted list covers the United States, Sudan, Syria, Iran, North Korea, Myanmar and the United Arab Emirates. The United Kingdom and the European Union are not excluded, but no company in the group holds an FCA or EU authorisation, so clients in those regions get none of the local protections.
What should I check before depositing with any offshore broker?
Find the licence number on the broker's site, then look it up on the regulator's own register rather than on a link the broker gives you. Check that the register returns the same company name, the same website and a licence that has not expired. Check which legal entity the terms say holds your money. If any of those three do not line up, treat the licence as decoration.
What do I do if I was scammed by a broker?
Stop depositing immediately and never pay a fee, tax or insurance charge to release funds, because that demand is itself the scam. Gather your deposit receipts, ticket numbers and chat logs, ask your card issuer or bank about a chargeback straight away since time limits apply, and report the firm to your national financial regulator. Be wary of anyone who then contacts you offering to recover the money for an upfront payment.
What we recommend
The practical takeaway from everything above.
What we would tell someone considering an account here.
- Do not treat this broker as regulated. The company that would hold your money relies on a Comoros licence that the register records under a different company name, issued by a body the Comoros central bank says has no legal effect. There is no compensation scheme and no deposit insurance behind it.
- Do not be reassured by the Mauritius licence. It is real, but it belongs to Finorka Ltd, a different company in the group. It does not cover the entity you would be contracting with.
- Ask, in writing, which legal entity holds your funds and at which bank, and keep the answer. Compare it against the entity named in the terms you sign.
- If you proceed anyway, start small and test a withdrawal early. Deposit a modest amount, trade it briefly, then withdraw the whole balance before committing anything more.
- Avoid the bonuses. Deposit bonuses of 100 percent, and a rescue bonus offered when your account is already in a net loss, typically come with trading volume conditions that keep your money in place. Read those conditions before accepting anything.
- Keep records from day one: deposit receipts, ticket numbers, the names of anyone who calls you, and screenshots of your balance.
- If a withdrawal is refused, or you are asked to pay a tax, fee or insurance before funds are released, stop depositing immediately, raise a chargeback with your card issuer or bank, and report it to your national financial regulator.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed September 18, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.