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CIM Review - is it scam or safe?

CIM Review - Is cimarkets.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz CIM
CIM is an offshore broker. Your money is not safe.

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CIM is a forex and CFD broker, focused on the Far East and the Chinese markets and offering the Metatrader4 platform. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:100 2,4 pips, floating

 

CIM Advantages:

 

MetarTrader4 available

 

The only positive aspect about the broker is probably the presence of the MetaTrader4 platform.  MT4 is preferred by many traders because of its perfect balance between functionality and lightness. The most prominent features of the platform however are the option for algorithmic trading and the ability to write down your own indicators and trading bots on a propriety programming language – MQL4. Be sure to check our list of brokers also offering MetaTrader4:

 

>>Find other MT4 brokers here<<

 

CIM Disadvantages:

 

Lack of regulation

 

Honestly we are a bit confused even about the name of the broker. In the bottom of the English version of the website the copy right name is CI Morkets Ltd. - not CI Markets, but Morkets. 

 

 

In the Chinese version of the web site however we have a completely different company name- Xihui International.

 

 

The broker claims to have a license by the Indonesian regulatory authorities the Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Jakarta, the National Futures Association in the US and the Vanuatu Financial Services Commission. We searched both names in the registers of the regulators and were not able find any clue.  A company by the name of CI Markets Limited do appear in the registers of the Vanuatu Financial Services Commission, but we can not say it is the same entity as CI Morkets Ltd.

 

Brokers regulated by the National Futures Association in the US have to abide by very strict rules, among which to maintain at all times a minimum of 20 million USD operational capital. 

 

The Indonesian BAPPEBTI also is a relatively reliable institution, unlike the Vanuatu Financial Services Commission, which has no credibility what soever. Vanuatu is a small island in the South Pacific with more than 500 forex and CFD brokers with shady reputation, regulated otherwise by the VFSC.

 

Unregulated brokers have very little credibility by definition, as they do not have to comply with any fiscal or ethic rules. Needles to say the misleading information on CIM website lowers even further the credibility of the broker.

 

In recent years most legit brokers choose to get their licenses in Cyprus, the United Kingdom and Australia, where the well tailored regulatory regimes both ensure investment security and leave brokers with the flexibility to operate their businesses without unnecessary obstructions. 

 

Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) provide proper protection to investors, forcing all licensed brokers to follow a strict and transparent code of conduct.

 

We should note also that the CySEC in Cyprus and the FCA in the UK oblige their brokers to participate in clients money protection schemes, where traders can receive part of their capital back. The CySEC backed scheme guarantees up to 20 000 EUR, while the compensation with FCA brokers is up to 50 000 GBP.  Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

Here we should also add that for some obscure reason in the Financial Security section of the CIM website we find the guidelines for the FCA regulated brokers. We have established however that CIM does not have a license with FCA either. 

 

Few trading instruments

 

CIM offers 31 forex pairs, with the Singapore Dollar, the Honk Kong Dollar and the Chinese Yuan the only exotic currencies in the list. The broker also offers CFDs on gold, silver and oil. We do not see however CFDs on indices, stocks, other commodities and crypto currencies  such as Bitcoin, Litecoin, Ethereum and Ripple. Here you can check our list of brokers offering CFD on Bitcoin:

 

>>Bitcoin Forex Brokers<<

 

Mediocre spreads

 

Tested with a Demo account the EURUSD spread was between 2,3  pips and 2,5 pips. The broker takes no commission for the trade and the minimum trading size is set at 0,01 pip or 1000 base currency units. The spreads however are 1 pips higher than what traders usually expect to see with a standard account. Here you can check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conservative leverage

 

CIM offers leverage of up to 1:100, which is somewhat conservative. Many brokers offer their clients higher leverage levels to fit the more aggressive trading styles. Having in mind that higher leverage means higher risk here you can check our list of brokers offering leverage of 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

Only one account type offered

 

CIM offers just one trading account and that is a disadvantage. Many brokers for instance offer a swap-free or Islamic account, where traders do not pay interest for a position left overnight. The Islamic account is created for the Muslim trading community, because under the Sharia law Muslims are not allowed to take or pay interest. Here you can check our list of brokers, offering swap-free accounts:

 

No information about the minimum deposit requirement and payment methods

 

We were not able to find information on the CIM website about what is the minimum deposit to open an account. We should note that with some brokers such as FXTM and XM you can open an account with just 5 USD, and you can pay via a credit card, bank wire or e-wallets, such as Skrill, Neteller and PayPal. Here you can check our list of brokers offering PayPal as a payment method:

 

>>PayPal Forex Brokers<<

 

Conclusion:

 

CIM is an unregulated broker and we were not even been able to confirm the name of the company that operates the website. That all makes us very suspicious about CIM credibility.  We strongly advise you not to invest your money and time with them.

 

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Traders` reviews for CIM

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