Original FPA Traders Court Submission:
I am submitting the case against: www.gdmfx.com
My Case is: GDMFX dont want to process my withdrawals of total 41 754 USD. The first withdrawal was submitted on 20.10.2017 (4 months ago). Since then, I am getting only shitty excuses and ignorance.
First of all, I was getting excuse that they cannot pay me because of limits from their bank. 13 days after my first withdrawal request, my GDMFX account manager Andrey Grinkevich called me to inform me that there was extreme volatility on the pair I traded, their liquidity provider doesnt want to to pay because of it and they cannot process my recent 15K withdrawal. Instead of it, they kindly offered me 15k bonus that I can withdraw after I trade some insane volumes. I answered that they can keep their generous offer and I wanted the profits that belong to me. He also ensured me that I will get the rest of the money on my GDMFX accounts (26 754 USD). After few days, he called one again and told me that they will have a meeting where they decide what to do next and he will inform me about the result. Since then he provided no update to me, he promissed me updates several times but I recieved nothing. Only thing he can say to me is "still no updates from financial dep" or "GDMFX has right to hold your funds according to its ToS".
Their ToS say that they have right to put on hold withdrawals for up to 6 months once a big movement in the market happens and affect an open trade. They claim that a market move over 1k pips during 48 hours period is an extreme market movement. But with USDTRY pair, it happens time to time (just opening spread was over 40 pips) and who hold positions on this pair for longer time, such trader experiences such move for sure. This rule is pretty unethical and serves as a perfect excuse to not pay traders for long time.
I discovered there is more traders in the exact situation as me so it is indicates that GDMFX is now in situation that they cannot (or dont want) to pay profits and deposits anymore.
Now they even dont respond on forums or facebook. Even their live chat is gone. During the times they were still responding, they claimed the whole problem comes from their liquidity provider who refused to pay the USDTRY profits. So I thought we are on the same boat and together with GDMFX I will be fighting against an evil liquidity provider. But the reality changed. They dont want to pay me even the older profits and deposits and what more, they disabled my accounts and put them "under investigation". They claim that I had been trading on bad prices and they need to review the trades. This is total BS - my trades duration was in weeks, sometimes even months - I was after the long term market movements. I compared the entry and close prices with another brokers and it fits. With this excuse, they already deleted profits of my brother. To another trader, they offer a settlement of three payments, 5k USD each. So far they sent only one, now they are in big delay already and he claims they dont respond to him anymore. You can also read reviews on FPA or their facebook that they have now general problems with withdrawals. Seems they are really going to leave the market with our funds in their pockets.
What also really sucks is that GDMFX dont want to reveal who their liquidity provider is. There are rumors out there that they are b-booking trades on all account types so there is no liquidity provider and they just use this as excuse to not pay out profits. They cannot just say "Hey, our liquidity provider doesnt want to pay your profits and sorry for that, but we cannot tell you who it is."
After all that happened, it seems there is only a little chance that they are willing to return our money. If their intentions were good, why on earth they dont return at least our deposits for the start?
I urge GDMFX to act fair and settle with traders immediately.
New thread in the Scam Alerts Folder:
Review is submitted by Iridius on 02/19/18
The company was first contacted about the issue on 10/24/17 the last contact was on 02/19/18
Details: They were communicating mainly here on forum in several scam alerts threads. In mailbox, I have only promisses that I will get my money, that the investigation will end soon etc.
Company representatives' emails: Andrey Grinkevich <andreygrinkevich@gdmfx.com>
I am submitting the case against: www.gdmfx.com
My Case is: GDMFX dont want to process my withdrawals of total 41 754 USD. The first withdrawal was submitted on 20.10.2017 (4 months ago). Since then, I am getting only shitty excuses and ignorance.
First of all, I was getting excuse that they cannot pay me because of limits from their bank. 13 days after my first withdrawal request, my GDMFX account manager Andrey Grinkevich called me to inform me that there was extreme volatility on the pair I traded, their liquidity provider doesnt want to to pay because of it and they cannot process my recent 15K withdrawal. Instead of it, they kindly offered me 15k bonus that I can withdraw after I trade some insane volumes. I answered that they can keep their generous offer and I wanted the profits that belong to me. He also ensured me that I will get the rest of the money on my GDMFX accounts (26 754 USD). After few days, he called one again and told me that they will have a meeting where they decide what to do next and he will inform me about the result. Since then he provided no update to me, he promissed me updates several times but I recieved nothing. Only thing he can say to me is "still no updates from financial dep" or "GDMFX has right to hold your funds according to its ToS".
Their ToS say that they have right to put on hold withdrawals for up to 6 months once a big movement in the market happens and affect an open trade. They claim that a market move over 1k pips during 48 hours period is an extreme market movement. But with USDTRY pair, it happens time to time (just opening spread was over 40 pips) and who hold positions on this pair for longer time, such trader experiences such move for sure. This rule is pretty unethical and serves as a perfect excuse to not pay traders for long time.
I discovered there is more traders in the exact situation as me so it is indicates that GDMFX is now in situation that they cannot (or dont want) to pay profits and deposits anymore.
Now they even dont respond on forums or facebook. Even their live chat is gone. During the times they were still responding, they claimed the whole problem comes from their liquidity provider who refused to pay the USDTRY profits. So I thought we are on the same boat and together with GDMFX I will be fighting against an evil liquidity provider. But the reality changed. They dont want to pay me even the older profits and deposits and what more, they disabled my accounts and put them "under investigation". They claim that I had been trading on bad prices and they need to review the trades. This is total BS - my trades duration was in weeks, sometimes even months - I was after the long term market movements. I compared the entry and close prices with another brokers and it fits. With this excuse, they already deleted profits of my brother. To another trader, they offer a settlement of three payments, 5k USD each. So far they sent only one, now they are in big delay already and he claims they dont respond to him anymore. You can also read reviews on FPA or their facebook that they have now general problems with withdrawals. Seems they are really going to leave the market with our funds in their pockets.
What also really sucks is that GDMFX dont want to reveal who their liquidity provider is. There are rumors out there that they are b-booking trades on all account types so there is no liquidity provider and they just use this as excuse to not pay out profits. They cannot just say "Hey, our liquidity provider doesnt want to pay your profits and sorry for that, but we cannot tell you who it is."
After all that happened, it seems there is only a little chance that they are willing to return our money. If their intentions were good, why on earth they dont return at least our deposits for the start?
I urge GDMFX to act fair and settle with traders immediately.
New thread in the Scam Alerts Folder:
Review is submitted by Iridius on 02/19/18
The company was first contacted about the issue on 10/24/17 the last contact was on 02/19/18
Details: They were communicating mainly here on forum in several scam alerts threads. In mailbox, I have only promisses that I will get my money, that the investigation will end soon etc.
Company representatives' emails: Andrey Grinkevich <andreygrinkevich@gdmfx.com>