Want to learn more about another scam broker? Read our CIMD Dubai Limited review. We will explain why you shouldn’t trust its claims of official registration, highlight issues with its trading conditions, and examine online feedback. We aim to prevent you from making the hasty decision of transferring funds to this, to put it mildly, unreliable company. Need details? You’ll find them below.
Is CIMD LTD a Trusted Platform?
Undoubtedly, every trader wants to work with a reliable brokerage where they can trade profitably and withdraw their money. Therefore, the first question to ask is whether the chosen platform is registered and which financial regulator oversees its operations.
At first glance, the footer of the CIMD LTD website might lead you to believe that the broker operates legally. The presence of an official registration address in Dubai and a company number in the local business registry seems convincing, especially for newcomers who might not look any further. These details even pass an initial check.
Indeed, the listed address and registration number belong to CIMD (Dubai) LTD, a company that has a license for brokerage, dealing, and investment advisory activities, issued in 2012.
However, upon closer inspection, it turns out that the Forex and CFD broker CIMD Dubai Limited has no actual connection to the real Dubai-based firm. To start with, the legitimate company is part of the Southern European Grupo-CIMD group. The Dubai subsidiary caters to clients from Asia, Africa, and the Persian Gulf, focusing on:
- Brokerage services for institutional investors.
- Capital management consulting for professional market participants.
- Fund management.
- Private markets with assets from non-public companies.
Where do Forex and CFDs fit into this?
Furthermore, the real company has its own website and is listed on the Grupo-CIMD site, which makes no mention of any other subsidiary. Not to mention discrepancies such as the contact details of the Dubai firm not matching those provided by CIMD Dubai Limited, the latter’s website design not adhering to the group’s corporate standards, and the use of only two languages — Russian and English (targeting Asian and African clients).
Concerned About Withdrawal?
The most interesting fact is that there’s no way to deposit funds without the intervention of CIMD LTD’s support team. In the personal account section under “Deposit,” you can only see the transaction history. There isn’t even a button to start the deposit process. Quite remarkable, isn’t it?
How Long Does The Broker Work?
We can also mention the domain registration date of cimdltd.com – April 15, 2024. Isn’t it exactly how a licensed company should operate – obtain regulatory approval in 2012 and then create its broker website in April 2024?
However, this broker, which is barely over a month old, has proven it’s not trustworthy. Compare, for example, the statistics provided by CIMD LTD on the homepage and the About page. On the homepage, we see information about 12,000 traders and over 363,000 successful transactions. On the About page, the number of active clients is slightly higher – 837,300, with over 1.3 million daily orders. It’s clear that they made up this data.
Other Signs of Fraud
❗We can also mention the complete absence of any documents on the CIMD LTD website. Despite our efforts, we couldn’t find any Terms & Conditions, risk disclosures (except for a few words in the footer), privacy policy, or anything else.
❗Trading conditions contradict each other. The minimum deposit for different tariff plans ranges from 100 euros to 150,000 euros, and the leverage increases from 1:10 to 1:100 (although the texts on the pages promised up to 1:500).
❗Fake reviews whose authors didn’t even bother to study the real trading conditions of the broker.
CIMD Dubai Limited Review Conclusions
We want to warn potential clients of this CIMD LTD broker. Under no circumstances should you deposit funds here. The probability of losing all your invested money is 100%. Don’t take unnecessary risks!
➕Low minimum deposit.
➖No license.
➖Fake legal information.
➖Very short operating period.
FAQ
What should I do if the broker tries to convince me that they are not a scam?
You can personally verify all the documents and data on their website and then make a conclusion.
What should I do if I have already sent money to CIMD LTD? How can I get it back?
Unfortunately, chargeback services might not help in this situation. However, you can contact law enforcement authorities.
How can I find a good broker?
A good broker should definitely have a license from a reputable regulator and a decent operating period.
Brief Conditions
|
Type |
Forex |
|
Location |
UAE |
|
Establishment Year |
2024 |
|
Regulation |
❌ |
|
Customer Service |
|
|
Languages |
En, Ru |
|
Demo Account |
❌ |
|
Mobile Trading |
✅ |
|
Web-based Trading |
✅ |
|
Bonuses |
❌ |
|
Minimum Deposit |
€100 |
|
Max. Leverage |
1:100 |
|
Scalping Allowed |
✅ |