Cidma CORP Review – Top Indicators it is a Scam

Cidma CORP Review

The online trading world is a lucrative and attractive one, but the existence of scam brokerages can often make people reconsider their decision to enter the market.

When you check out a few of the brokerages offering their services online, you will come to the conclusion that it is not that easy to distinguish between genuine and scam companies.

Most of them appear to be quite similar and it is extremely easy for them to lure you in, if you are not careful enough. This Cidma CORP review is a great example of just how well disguised these scammers are.

These days, it is not that difficult for anyone to set up a website and begin offering whatever it is they want, so the fact that a fraudulent brokerage has a good website should not come as a surprise.

As a matter of fact, some fake platforms have the best websites that can give tough competition to legitimate ones as well, but they can never live up to the expectations. This is how you will be able to distinguish them. Instead of just relying on their appearance, your job is to check what claims a broker is making and follow up.

If their story checks out, you can open an account with them and if it does not, then you can look for a different company that can be a better fit for you.

Yes, it means that you have to take out some time and put in a bit of an effort, but considering that it can save you from disastrous consequences, this can certainly be worth it. When you first visit the Cidma CORP website, it will be tempting to sign up with them right away.

After all, the brokerage has done a great job of trying to convince everyone that it is a legitimate entity, given that it is licensed and regulated by so many authorities.

But, once you start following up on the claims that Cidma CORP has made, it leads to a concrete conclusion that the brokerage is a scam. What are the top scam indicators? Check them out below:

Lying about licensing

Licensed and regulated online brokers are in high demand because they are a safer bet than their unlicensed counterparts.

Their chances of being fraudulent are very low and they maintain high standards of service, not to mention that they provide safety of funds to their clients. This explains why traders prefer to deal with such companies.

Therefore, a lot of shady and fraudulent ones now pretend to be regulated and licensed into luring people to their platform, a trick that Cidma CORP is definitely using. According to its website, the brokerage is based in Germany and it is under the regulation of some of the most reputed regulatory bodies in the world.

These include the International Financial Services Commission (IFSC) of Belize, the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Commission (FSC) of the Republic of Mauritius.

As a matter of fact, when you visit the ‘License and Regulation’ page on the Cidma CORP website, you will find logos of a number of other regulatory authorities, like the Financial Conduct Authority (FCA) of the UK, the Australian Securities and Investment Commission (ASIC) and the Financial Sector Conduct Authority (FSCA) in South Africa.

However, you can check the online register of a few of these entities, or all of them and not find Cidma CORP listed in any of them. The fact that the brokerage is lying about something as vital as regulation is proof enough that it is not genuine.

Moreover, if you go through its Terms and Conditions, you will find exactly where the broker is based; the Republic of Vanuatu, which is an offshore jurisdiction, but the brokerage is not registered with the local financial regulator there either.

Basic trading platform

If you are looking for a professional trading platform at Cidma CORP, you should prepare yourself for disappointment because you are not going to find one.

Most genuine and authentic online brokers will usually give you access to the market leading MT4, or MT5 trading platforms because they can offer advanced technology and state-of-the-art trading tools, but there is no such option here.

Instead, you will come across a basic web platform that Cidma CORP is offering it offers a handful of tools that can only be useful for a beginner trader. It is not capable of delivering a good trading experience to a mid-level or advanced trader for that matter.

Extremely high leverage

The trading conditions of an online broker also reveal a lot about it and they can help you decide if using their services can be profitable enough for you.

In the case of Cidma CORP, you do have a lot to learn because the leverage ratios it offers are as high as 1:100. This is the default leverage available for all instruments that the brokerage is offering, even cryptocurrencies.

Such high leverage ratios are considered extremely dangerous because while it does give you a chance of making high profits, the losses can just be that high too.

In addition, this is also proof that Cidma CORP is not a regulated broker because most of the regulatory authorities like CySEC, ASIC and FCA have imposed a limit on the leverage that can be offered to retail traders and it is around 1:30.

No chargebacks possible

Another scam indicator that you will come across on the Cidma CORP website is when you are going through its payment methods.

This will reveal to you that you can only deposit funds in the form of Bitcoin and Tether, which is a major red flag. Crypto payments are very popular amongst scammers because they are irreversible and not eligible for a chargeback. Once you have deposited, your funds will be in the broker’s control and this is exactly what Cidma CORP wants.

Final Answer

These top scam indicators can help you see that Cidma CORP is a fraudulent brokerage that only wants to steal your money.