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Resolved: Scam alert GDMFX

Discussion in 'Scam Alerts' started by compu-forex, Nov 13, 2017.

  1. compu-forex

    compu-forex Recruit

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    I have been trading for about 8 years now. I have a live account with GDMFX that was opened 30/09/2017.

    I did some trading and I decided to withdraw all my funds, so 4422 euro. This company is now failing to pay out the money and keep on giving me excuses why they cannot pay, such as problems with a payment processor.

    There is no dispute about any of the trades.....they simply fail to give me my money back. I have been waiting 2 weeks which is now past their terms of business.

    I am also reading many similar stories on their facebook page.

    It is worth noting that, although domiciled in New Zealand, they claim that they do not need to be registered with the financial authorities. Whilst this may or may not be true, the bottom line is that they are no more regulated than any of the bucketshops located in any other lawless jurisdiction.

    I will survive their theft of my money, but I will take them down since online reputation is the only thing that such a company has going for it.

    I have also registered a domain www.scam-gdmfx.com where I will build a website in the coming weeks. If you have had an issue with these thieves, there will be a facility to contact me there in due course.
     
  2. FxMaster

    FxMaster Lt. Colonel

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    Few steps that you must follow to draw their attention to your issue,
    Follow the suggested steps below:
    Invite them to join this thread via email (Send an email to every possible address).
    Go to their website and invite them to here via Live Chat
    You will find their email and address here https://www.gdmfx.com/en/about-us/contact-us

    Also, Share your story as a review here http://www.forexpeacearmy.com/forex-reviews/9588/www.gdmfx.com

    You can also share your story on their social media pages mentioned below:
    https://www.facebook.com/GDMFXcom (Click on MORE and you will find write review option there)
    https://plus.google.com/+Gdmfxcom

    https://twitter.com/GDMFX

    https://www.linkedin.com/company/gdmfx

    https://www.pinterest.com/gdmfx/

    https://www.youtube.com/user/GDMFXInternational/
     
  3. GDMFX

    GDMFX GDMFX Representative

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    Dear Compu-Forex,
    Thank you for sharing your complaint. Please note that what Support has communicated to you so far corresponds with the reality - there is currently an issue with our counterparties (payment processors and a liquidity provider, as far as I am aware) and our financial department is working hard on getting the normal level of service back. Please note that we have had similar issues with our counterparties before and it has always been resolved in favour of our Customers.

    Currently, yourself and a few other traders have been affected because you have been heavily involved with trading on the Turkish Lira, which is basically where the problem originates from. The currency pair has been highly unstable recently, as I am sure you have noticed, and a lot of invalid trades have managed to go through. That has caused the arguments I have mentioned above, and as a result, we have been forced to delay withdrawal services while we settle things with our counterparties. We understand that this would be very frustrating for affected Traders but as all the Clients who have been with us through the "Black swan" and the "GBP flash crash" can attest, delay or no delay, we always pay what is due at the end of the day.

    That being said, please note this situation is not in breach of our Terms of Business as the Company has provisions to cover for extreme situations like the present one. The provisions I am talking about were introduced following the "Black-swan" event which saw some of the world's biggest brokers and liquidity providers crash overnight. In order to protect the Brokerage and all of its Customers in case of extreme market moves happening again, GDMFX has explicitly stipulated in its Terms of Business that in all cases when an asset moves more than 1000 pips in a period smaller than 48 hours, GDMFX reserves the right to delay certain services, including deposits and withdrawals, to affected accounts. Here is a link for more information: https://www.gdmfx.com/en/about-us/legal-documents/risk.

    In conclusion, we would like to confirm once again, that all outstanding payments will be resolved as per our Terms of Business and we don't plan to leave anyone whose trades are valid, behind. We are very sorry for this situation and of course, we would be looking for ways to compensate our Traders. Anyone whose account has been involved in trading with the Turkish Lira, please contact our Support team.

    Now, Mr Compu-Forex, a few more words regarding your case which we believe in all fairness, are worth mentioning. You have submitted your withdrawal request 10 business days ago and our Terms of Business state that the typical processing time is from 3 to 7 business days, and explicitly advise about the possibility of delays due to reliance on counterparties. You submitted your scam report yesterday, created a website called scam-gdmfx, posted negative reviews on our Facebook page and on our FPA review page, called us "thieves" and have publicly announced in your website "GDMFX wants to steal your money". Now, yes, sadly there would be a delay in processing your approximate 4000 EUR, but once you get it, we hope you understand that the damage to you would be undone, while the insults and the slander you have posted against GDMFX would remain. In your fair opinion, Sir, don't you think this was a little premature on your behalf and blown out of proportion, to say the least? I am sorry to say this, but you will have to discuss your website and the damages it would cause, with our attorneys.
     
  4. compu-forex

    compu-forex Recruit

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    Ok, so today I received an email from GDMFX(Its seems I have their attention now).

    Here is the bulk of the email......

    Thank you for sharing your complaint. Please note that what Support has communicated to you so far corresponds with the reality - there is currently an issue with our counterparties (payment processors and a liquidity provider, as far as I am aware) and our financial department is working hard on getting the normal level of service back. Please note that we have had similar issues with our counterparties before and it has always been resolved in favour of our Customers.

    Currently, yourself and a few other traders have been affected because you have been heavily involved with trading on the Turkish Lira, which is basically where the problem originates from. The currency pair has been highly unstable recently, as I am sure you have noticed, and a lot of invalid trades have managed to go through. That has caused the arguments I have mentioned above, and as a result, we have been forced to delay withdrawal services while we settle things with our counterparties. We understand that this would be very frustrating for affected Traders but as all the Clients who have been with us through the "Black swan" and the "GBP flash crash" can attest, delay or no delay, we always pay what is due at the end of the day.

    That being said, please note this situation is not in breach of our Terms of Business as the Company has provisions to cover for extreme situations like the present one. The provisions I am talking about were introduced following the "Black-swan" event which saw some of the world's biggest brokers and liquidity providers crash overnight. In order to protect the Brokerage and all of its Customers in case of extreme market moves happening again, GDMFX has explicitly stipulated in its Terms of Business that in all cases when an asset moves more than 1000 pips in a period smaller than 48 hours, GDMFX reserves the right to delay certain services, including deposits and withdrawals, to affected accounts. Here is a link for more information: https://www.gdmfx.com/en/about-us/legal-documents/risk.

    In conclusion, we would like to confirm once again, that all outstanding payments will be resolved as per our Terms of Business and we don't plan to leave anyone whose trades are valid, behind. We are very sorry for this situation and of course, we would be looking for ways to compensate our Traders. Anyone whose account has been involved in trading with the Turkish Lira, please contact our Support team.


    This is the first reasonable explanation that I have received about what is going on.

    In the short term I will give them the benefit of the doubt but it is a short leash. I see they have removed TRY pairs from their platform. As a sign of good faith, I have have removed the website that I was working on. I have also asked them to commit to a timeline for resolution of their problems with their liquidity providers.

    I will update here when I have more information.
     
  5. compu-forex

    compu-forex Recruit

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    Ah, I see they posted their email just before I posted it. Here is the email reply I sent them.......

    Dear Sir,

    Thank you for your email and frankly the first comprehensive explanation of what is going on. To a certain extent and in fairness, I will agree that my reaction may have been extreme, however, consider this :-

    1. Your website says Neteller withdrawals take 2 days;
    2. After a few day I raised an objection and it was pointed out to me that terms of business say 3 – 7 days;
    3. After that period there was still no sense coming from your support department, only the standard “We are checking with accounting” nonsense.
    4. After submitting my bank details to assist with the withdrawal process and requesting your internal complaints process details, there was no further communication from your side.

    Do you not think a proper upfront explanation of the situation would have avoided a lot of this mess? Do you not think you guys could have communicated better?

    Now, I will save you some money…..I will take down the website as a sign of good faith. You can still spend money on your attorney if you wish. I believe you and them have my details. You will find that I am a perfectly reasonable person if you engage with me properly. If you feed me nonsense, ignore me or threaten me, then this going to get worse.

    Now I would like an undertaking from you as to how long this is going to take to resolve. I still don’t understand why this affects my trades as they were held for 3 to 5 days at a time. There are no volatility errors there. That said, I accept that you are having problems with your liquidity providers but I would still like you to commit to a timeline…….and perhaps you should remove the TRY from your products if you cannot cope with it.

    Kind regards

    I am so glad to see that they are cognizant of the fact that online reputation is the ONLY thing that they have going for them given that they are unregulated and service levels seem, well......poor.

    I will update when I get the timeline.
     
  6. compu-forex

    compu-forex Recruit

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    Ok, I'm going to refrain from further comments here for now as GDMFX is engaging with me properly so we can resolve this issue. I thank them for that.

    I will hopefully be able to report back here that the matter is resolved.
     
  7. FxMaster

    FxMaster Lt. Colonel

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    Don't forget to update us when you have a resolution of your issue.
     
    compu-forex likes this.
  8. compu-forex

    compu-forex Recruit

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    Ok, final update. I am very pleased to report that today my funds were processed into my Neteller account.

    In fairness to GDMFX, I am happy to unreservedly apologize for some of my comments(and the website). I realize that some of them may have been over the top and were driven by frustration at the lack of information and fear of losing my funds.

    I have a better understanding of the issue and I think GDMFX also now understands the importance of providing a timeous, personal and proper explanation when there is going to be a longer than normal delay in processing a withdrawal.
     
  9. FxMaster

    FxMaster Lt. Colonel

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    Processed or you received it?
     
  10. compu-forex

    compu-forex Recruit

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    The fund have been received. They are in my Neteller account :)
     

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