GUILTY Case# 2018-023 | peci1 vs gdmfx.com

Based on the available evidence, do you believe that GDMFX.com is Guilty?

  • Guilty

    Votes: 72 100.0%
  • Not guilty

    Votes: 0 0.0%

  • Total voters
    72
  • Poll closed .

peci1

Private
Messages
24
Original FPA Traders Court Submission:

I am submitting the case against: www.gdmfx.com

My Case is: I'm one of the other traders affected by the recent withdrawal problems on GDMFX. I deposited $4800 and made about $500 profit trading USDTRY.

On November 2017 I sent a withdrawal request to the whole account, $5300. After two weeks, nothing was going on, no communication from their side, and the money did not arrive. Then I found It's a more general problem ( http://www.forexpeacearmy.com/community/threads/gdmfx-doesnt-process-withdrawals-anymore.52921/ , http://www.forexpeacearmy.com/commu...onor-withdrawals-many-traders-involved.52929/ ).
I also created a thread in scam alerts, sent them few notifications about it, but they even do not bother to respond me (www.forexpeacearmy.com/community/threads/gdmfx-problems-receiving-withdrawal.53756/).

After some hard trying, they sent me the same excuse - my account is under "investigation". They did not even mention what they mentioned elswhere, that according to their TOS, they can block my money for 6 months.

On 13 Dec, I received a resolution from them:

During its internal investigation and ongoing communication with its counter-parties, it has become known to GDMFX that trading Orders in Trading accounts that you hold with GDMFX, on the USDTRY currency pair, have been executed at invalid prices. As a result, GDMFX has been forced to void the said trading orders. Since the only trading orders in your trading account number 8122517 were on USDTRY, the updated balance after the said orders were voided and after returning your already submitted withdrawal, was equal to the amount of your total deposits to the said trading account number 8122517, or 4816.11 USD. GDMFX has proceeded to send you this amount. The first batch of 2500 USD has already been sent by means of a refund of your card deposit (transaction ID TRX_1528153). Please note that typically, it takes a few days for the refund to reflect in your card's balance. The remaining amount of 2286.11 USD (after deducting the withdrawal fee) shall be transferred by means of a bank transfer and a confirmation will be sent to your email.

Different from the other traders, I already received the first batch, $2500 (which is 52% of my deposit). However, it's been more than a month since they sweared they'll send the rest of my deposits via wire transfer, and nothing happened. And again, they don't communicate with me whether I'm writing emails or chatting with support.

I asked them why they deleted my profits. Their excuse is that my trades were executed on bad prices (as stated above), however, their price feed was normal compared to other brokers. When I wanted more details, f.e. what was the right price by their opinion or why they deleted the whole trades instead of just adjusting the entry and exit prices to the quotes that are correct by their meaning, I recieved no answer at all. This lack of information is what damages their reputation much more. I, as a client, just don't feel they're acting fair and trying to help me get my money back.

I invite GDMFX to this thread, urge them to explain their suspicious actions and return the money that belong to me.

New thread in the Scam Alerts Folder:

Review is submitted by peci1 on 01/22/18

The company was first contacted about the issue on 11/19/17 the last contact was on 01/26/18

Details: During its internal investigation and ongoing communication with its counter-parties, it has become known to GDMFX that trading Orders in Trading accounts that you hold with GDMFX, on the USDTRY currency pair, have been executed at invalid prices. As a result, GDMFX has been forced to void the said trading orders. Since the only trading orders in your trading account number 8122517 were on USDTRY, the updated balance after the said orders were voided and after returning your already submitted withdrawal, was equal to the amount of your total deposits to the said trading account number 8122517, or 4816.11 USD. GDMFX has proceeded to send you this amount. The first batch of 2500 USD has already been sent by means of a refund of your card deposit (transaction ID TRX_1528153). Please note that typically, it takes a few days for the refund to reflect in your card's balance. The remaining amount of 2286.11 USD (after deducting the withdrawal fee) shall be transferred by means of a bank transfer and a confirmation will be sent to your email.

Company representatives' emails: Andrey Grinkievich <andrey.grinkevich@gdmfx.com>
Customer Support <customersupport@gdmfx.com>

 

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peci1

Private
Messages
24
Of course. Their answer was they don't care (literally "we don't have to answer to your threat" (I think that was a typo and they meant thread)).
 

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AsstModerator

FPA Forums and Reviews Admin
Messages
5,602
I've invited them to your thread and to another thread where a case was just filed. I'm hoping they start responding to you, either publicly or privately.

Please post an update on Thursday to let me know if you've heard anything back or not.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,602
There is some good news. One of the 4 Traders Court cases currently pending just got paid. I am in email contact with GDMFX and have asked them to come and make a public post in your Scam Alerts thread as soon as possible.
 

peci1

Private
Messages
24
It's been 4 months now since my withdrawal request. But as I stated - GDMFX have already sent me part of the money, which I consider as a sign that the reviewing has already ended. Therefore I await the rest of my withdrawal ASAP.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,602
Thanks. My plan is to let them have the full 6 months. If they fail to pay then, all the cases currently filed against them will go to a vote.

Please make sure to come back and post an update if you get paid or if you aren't paid by the 6 month anniversary.
 
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