CIMD LTD offers trading in over 3800 assets on its platform. Clients are offered to interact with the most modern tools, including cryptocurrencies. The reviews on the main page are positive, but are they not custom-made? How are things in reality? This is what we will find out today.
Brief Overview
- 🖥Official Website: https://cimdltd.com/
- ✈️Contact Address: Unit OT 19-32, Level 19, Central Park Offices, DIFC, PO Box 506776, Dubai, UAE
- 📞Customer Support: [email protected], [email protected], +441668320001, +97145865689
- 🔐Licensing and Accreditation: DFSA
- ⏳Track Record: 2024
- 🧰Specialization: trading
- 🤝Terms of Cooperation: deposit from €100, leverage up to 1:500
- 💰Additional Services: no
Сimdltd.com Examination
Website flaws are already visible on the main page. In the top section, it is stated that 3800 assets are available on the platform. Just below, we see that there are already 63234 of them, and this number is less realistic. CIMD LTD also claims that more than 12 thousand traders have registered on their website and have made over 363,000 transactions. Considering their short time in business, it is hard to believe that this is true.
In addition, it is not possible to register on the official website. When trying to enter personal data, an account is not created. This may be a temporary technical glitch, but it is still noteworthy.
The website also has the issue of pages being misplaced. For instance, the trading conditions are displayed where the terms of partnership should be. This is a clear usability problem.
Company Contacts
According to Google Maps, there is nothing at the address listed by the broker. This is a major red flag, as it suggests that the broker may not have a physical presence in Dubai. The location is listed on the website of the Dubai regulator, but this does not necessarily mean that the broker is legitimate.
We were also suspicious that the phone numbers on the regulator’s website do not match the numbers on CIMD LTD’s official website. This is another red flag, as it suggests that the broker may be trying to hide its true identity. We tried to search for the phone numbers that clients see, but we were only able to find articles that claim that the broker is a scam. This suggests that the contact information is fictitious.
Key Conditions
The minimum deposit to start trading with CIMD LTD is €100. Users are offered 5 account types: demo, beginner, standard, VIP, and corporate. The trading conditions section states that the maximum leverage is 1:100, while on the homepage, it’s shown as 1:500. Such discrepancies are concerning.
Users are offered a proprietary trading platform, which also raises questions. The number of available instruments likely depends on the account type. In general, the following assets are offered to consumers:
- Currency pairs.
- Indices.
- Stocks.
- Commodities.
- Metals.
- Cryptocurrencies.
CIMD LTD clients have access to personal manager services, and starting with the VIP account, an analyst and trading signals are provided. From this level, commission-free trading and hedge fund contracts become available. Spreads start at 0.4 pips, but floating spreads are available on corporate accounts. Technical support is available 24/7.
Exposing CIMD LTD
The broker has provided a legal address that appears to be legitimate when checked against the DFSA registry. However, a closer look reveals that the company associated with this address, CIMD (Dubai) Limited, was established in 2012, years before our broker came into existence. This discrepancy strongly suggests that we are dealing with fraudsters who have stolen the identity of an existing company. Consequently, they are unlikely to hold a valid license.
The absence of a publicly accessible user agreement is also a cause for concern. In the section where it should be, we found a page describing account types. This means that nothing prevents the broker from defrauding its clients. Additionally, the statement at the bottom of the page indicating that clients will be trading CFDs, which carry the risk of losing more than the initial investment, is another red flag that allows for potential financial misconduct.
Another indicator of CIMD LTD being a fraudulent operation is the complete lack of information about the company’s management. The absence of any details regarding the individuals behind the project and the lack of a clear point of contact for complaints suggest that the company may cease operations at any time, disappearing with the funds of its defrauded traders.
What Reviews Do Users Leave?
There are already numerous negative reviews and exposing articles about CIMD LTD online. Users complain about unprofessionalism and significant losses during trading. They have encountered technical issues and been met with disregard from the company’s employees. Some users have even experienced unexplained withdrawals from their accounts. Below, we have attached a comment from a visitor to the top-trade.reviews website as an example.
Conclusions
Based on the available evidence, CIMD LTD exhibits numerous red flags that make it an unsuitable choice for investment or trading. The lack of transparency, negative customer reviews, and inconsistent regulatory information strongly suggest that the company may be involved in fraudulent activities. Potential investors and traders are strongly advised to avoid this platform and consider more reputable options.
Pros/Cons
- Low minimum deposit.
- Wide range of account types.
- Incorrect legal information provided.
- Numerous negative reviews.
- Short operational history.
- Absence of a user agreement.
- Proprietary trading platform.
