Warning against GDMFX - they dont honor withdrawals - many traders involved

Iridius

Private, 1st Class
Messages
34
GDMFX dont want to process my withdrawals of total 41 754 USD. The first withdrawal was submitted on 20.10.2017 (over a month ago). Since then, I am getting only shitty excuses and ignorance. I really recommend to read the whole horror story…

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 huge 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. Well, it is already over 20 days since the promissed meeting and I have no update at all, this guy Andrey doesnt respond to me anymore, they dont respond even from the official email customersupport@ and on live chat, they just say they dont have info and I should wait wait wait… And guess what - my last withdrawal of the rest of my funds (that I made 20 days ago and Andrey assured me I will get these funds) is already 7 working days in delay (!!!) .

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.

What also really sucks here 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."

What sucks even more is their "regulator" FDR (Financial Dispute Resolution Scheme). GDMFX says if there is any problem, you can solve with them. But if you ask FDR, they reply that they can only solve cases of NZ citizens. And guess what - GDMFX dont accept NZ traders. So there is NO WAY you get any help from FDR, their registration there is just a useless formality. They have NO REGULATOR at all.

They say that my recent trades were made during extreme volatility, but this is total bull**** - it was swing trades on USDTRY that had duration about 1 month, the profit has been generated for weeks so their excuse is absolutely not acceptable.

They say it comes from liquidity provider that doesnt want to pay some recent profits but hey, why they dont return at least the deposits at this stage? I see in reviews from other traders that I am not alone who cannot get from them even the deposits. This indicates that something very suspicious is happening here and GDMFX are in big troubles.

I kindly invite GDMFX here to explain all their lies, all the mist about recent events and mainly - when and how they plan to return our goddamn money.
 

FxMaster

Lt. Colonel
Messages
9,539
GDMFX dont want to process my withdrawals of total 41 754 USD. The first withdrawal was submitted on 20.10.2017 (over a month ago). Since then, I am getting only shitty excuses and ignorance. I really recommend to read the whole horror story…

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 huge 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. Well, it is already over 20 days since the promissed meeting and I have no update at all, this guy Andrey doesnt respond to me anymore, they dont respond even from the official email customersupport@ and on live chat, they just say they dont have info and I should wait wait wait… And guess what - my last withdrawal of the rest of my funds (that I made 20 days ago and Andrey assured me I will get these funds) is already 7 working days in delay (!!!) .

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.

What also really sucks here 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."

What sucks even more is their "regulator" FDR (Financial Dispute Resolution Scheme). GDMFX says if there is any problem, you can solve with them. But if you ask FDR, they reply that they can only solve cases of NZ citizens. And guess what - GDMFX dont accept NZ traders. So there is NO WAY you get any help from FDR, their registration there is just a useless formality. They have NO REGULATOR at all.

They say that my recent trades were made during extreme volatility, but this is total bull**** - it was swing trades on USDTRY that had duration about 1 month, the profit has been generated for weeks so their excuse is absolutely not acceptable.

They say it comes from liquidity provider that doesnt want to pay some recent profits but hey, why they dont return at least the deposits at this stage? I see in reviews from other traders that I am not alone who cannot get from them even the deposits. This indicates that something very suspicious is happening here and GDMFX are in big troubles.

I kindly invite GDMFX here to explain all their lies, all the mist about recent events and mainly - when and how they plan to return our goddamn money.
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/

If you deposited via credit card then talk with cc customer care and ask them ti file the chargeback.
 

GDMFX

GDMFX Representative
Messages
13

Dear Iridius,

Thank you for your post and for sharing your case. Please note that my reply below is the official position of GDMFX, which is the same for you and all other Customers who have been affected by the USDTRY currency pair.

What our Support team has communicated to you corresponds with reality - due to the significant moves seen lately on the Turkish Lira versus the US Dollar, we are experiencing issues with our counter-parties (liquidity provider and payment processors). Our Financial department is doing everything possible to get the normal level of service back.

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 we are 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.

Attempting to settle matters with our counter-parties also involves checking all USDTRY trades which inevitably takes time. You will receive an official reply by GDMFX on your email and if no invalid trades are detected in your accounts, your case should be resolved quite quickly.

Regarding FDR - we have come to know about their change of policy only to accept Disputes from NZ residents, only recently, and have immediately reflected this on our website https://www.gdmfx.com/en/about-us/what-you-need-to-know. We have had many non-NZ Customers who have brought complaints to FDR in the past and their cases were successfully resolved without any issues. This is new to us and our legal advisers are already working on alternatives to arrange new dispute resolution coverage for our Customers.

We realize the frustration the current situation has caused you and on behalf of GDMFX, we would like to apologize. We do not agree, however, with the suggestions you are making that we are simply not processing all withdrawals. This does not correspond with reality. Yes, there is an issue which is currently being investigated and we understand that it is stressful for anyone involved but we believe that aggressive and abusive tone and suggestions which are misleading and slanderous to GDMFX, will not help anyone in this situation. Undoubtedly, you will discover that we have already successfully resolved the issues of other TRY-affected traders just like you, so things are moving in the right direction. We would just like to ask you for your patience at this time so we avoid more delays by making things worse. We would also like to take the opportunity to ask anyone who might be reading this topic and whose account has been involved in trading with the Turkish Lira, to contact our Support team.
 

peci1

Private
Messages
24
@GDMFX: I don't take this kind of apologize. Yes, I'm also one of the affected traders. God, it's the "information age", so why didn't you provide me (or Iridius) with ANY information until we started asking for what's going wrong? You have our emails, you have our phone numbers, yet nobody cared to tell me "hey, we're sorry, the withdrawal's gonna take longer".
 

Iridius

Private, 1st Class
Messages
34
So why just dont remove the mist around recent events and dont reveal following:

1) Who is the liquidity provider who thinks he doesnt need to pay our profits? Why you keep this top secret? Other brokers provide info about their providers on their website or at least they reveal them if you ask because they are transparent. You dont want to be transparent with your customers?

2) What is the payment processor you experience issues with? What are the issues about? Again, this is about transparency so please be little more specific and tell us.

3) Also please be specific about why you dont release even our deposits. This really sucks.

4) Can you kindly explain why you disabled all my accounts yesterday?

With the rule "no more than 1000 pips per 48 hours" you basicly say to traders "Fell free to open trades with us but pray that there will be no big move in your favor because then we have right to hold your profits and even deposits for up to 6 months". On USDTRY, there is time to time such price movement, it is just in nature of this pair. So with this unfair rule you basicaly can hold funds of anyone who trades USDTRY for long term.

You say something about checking the USDTRY trades. If there are some trades that were executed on bad market price, I will be more than happy to cooperate with you on correction. I will understand if you say that authorities like Saxo Bank or Dukascopy and other sources had different prices on time when I entered and exited my trades.

I see there is already a resolved case here on FPA regarding the recent issue. I am glad that at least one affected trader got his money back. But in my case, why you dont communicate? It is already 35 days since my withdrawal request and all it came from you was just the shitty "15k bonus instead of your 15k profits" offer. You also promissed me that the rest of the funds - my deposits and older profits - will be released without any troubles. I withdrew them, but it is already 20 days and you still didnt send me the funds with no explanation why. I trusted you with so much money so dont you think I deserve more communication and honesty?

Moreover, I recommended your services to my brother and now he is in the same situation like me. Can you explain why when he asked on live chat few days ago why his withdrawal is delayed, the agent told him "I have no idea, I will ask financial department and submit ticket for you". I think this is the real proof that you are not honest with your clients.

I insist on quick solution of this horror situation and more communication and honesty from you.
 

Iridius

Private, 1st Class
Messages
34
Off course there is no answer from GDMFX, because I need specific answers and all they can do is generate a random general answers like "Dont worry, you will get your money" or "we are working hard to resolve this". The only thing they work hard on is making their clients angry. I am alredy waiting for 47 days for my withdrawal and the only action I see from them is blocking my accounts, generating random excuses, promisses that they never fulfill and delaying. They promissed me that they send an email that explains everything last week, I get nothing and my patience is really over. I officaly invite FPA here to participate on this discussion. This case is getting really serious now, they cannot explain me why they havent sent me even my deposits and older profits so this really looks like a crime now. Other traders are involved, most of them in same situation like me. I think the domain scam-gdmfx will find its usage. I will also create a case in traders court so the case move further.
 

Ondřej Švehla

Private
Messages
18
Hello.

my case is exactly the same. GDMFX are still promising, but they do not give specific answers. They keep all my money and they do not communicate at all.
 

Iridius

Private, 1st Class
Messages
34
Wow, just been contacted from a trader who has about 100k USD blocked with GDMFX, just.... wow....
 

GDMFX

GDMFX Representative
Messages
13

Dear Iridius,

We have been advised to inform you that GDMFX strongly disagrees with your behavior online. We see a lot of misrepresentations and speculation which is clearly intended to damage the Company unless you receive money. As you have already been informed, there is no breach of Terms and Conditions as the current situation is well stipulated in the Client agreement between yourself and GDMFX. As you are a trader of GDMFX for several years already with dozens of trading accounts, we fail to understand how you tolerated our Terms and Conditions for so long and started to not like them only now, but this is another topic.

If you disagree with our Policies, you have the right to start legal actions in order to protect your interests. Instead however, you have started a negative campaign which would damage the Company for a lasting period of time even after this case is resolved and you have long forgotten about it. The comments you have made are insulting and borderline slanderous. Furthermore, you keep sending our Representatives emails with unacceptable threatening and abusive tone where you keep confirming your intention to damage GDMFX's reputation as much as you can. Even though you point out yourself that there are Traders with cases that are already resolved, as we are working on them one by one.

For those reasons, we would like to inform you that your case will be resolved, of course, as the Company has already committed, but due to your malicious actions against GDMFX, the Company will also use all legal means and all resources necessary to seek legal damages from you. You are our Live Customer for quite some time already and you have confirmed quite a good number of times that you are behind these publications. If you wish, your Account Manager will provide you with more details.

We are a very reasonable company and we have always honored our commitments to Customers regardless of whether their tone is hard or even unacceptable to us. We will not however tolerate attempts of blackmail through slander campaigns, especially given in mind that the current situation is not even in breach of our Terms and Conditions.

In conclusion, we are always open to discussions on FPA as it is a very important website for the entire industry, but not in cases like this one where the author of the present thread is interested only in twisting everything against GDMFX. Therefore, the Company sees no opportunity for constructive dialog here and advises the author of the thread that unless he seriously reconsiders his behavior, all further communication should be expected from its attorneys. We invite any other TRY trader reading this topic, to contact our Customer Support for assistance if their account is blocked.
 
Top