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

Iridius

Private, 1st Class
Messages
34
I already stated that my only intentions are getting back my money.I mean no harm to GDMFX, actualy I wish you will proove as a good and transparent company that can answer important questions. Originaly when you told me that your liquidity provider didnt pay my profits, I told you that I understand the situation and I even offered that I am willing to leave 5k from my profits on the table so we share the loss. You promissed you will find solution and you also told me that I am free to withdraw the rest of the money besides my last 15k withdrawal, but suddenly all my money was blocked and I was able to withdraw nothing.You must understand that his made me angry.

Originaly I wanted to cooperate and I thought we are on the same boat. I thought we will fight together for my profits. But instead of this, you blocked accounts of involved traders and put them under investigation. I dont really know what an investigation has to do with the fact that your liquidity provider doesnt want to pay profits.

I created this thread only after I saw a lack of communication from you and after your promisses havent met the reality.

The 6 months rule - well, I really dont know if this is legal or not to block even traders deposits because of "extreme" volatility. It is stated in your ToS and thanks to this, you say that you havent breach anything. But you must understand that if you apply such rule, traders involved are full of questions. I showed you already that I am able to understand your situation when you clearly explained me what happened with your LP. Now I would like to understand your situation again, but you know, it is hard if when you just say "we made this because we have right to do this"...

This situation is very serious and I gave you an opportunity here in my thread to explain everything. Off course you can just say that is is your right stated in ToS, but I think we deserve more than just "we block your deposits and profits because we have right to do so". You say you are a serious brokerage so you should be able to explain the situation. Maybe you have a good reason why you block traders money, but we will never know until you tell us.

So here are the 3 questions from my previous post that stood unanswered. You have your chance now to show all traders that you are a transparent and serious company (and I hope you are) by answering the following questions:

1) Who is the liquidity provider who thinks he doesnt need to pay our profits?

2) What is the payment processor you experience issues with? What are the issues about?

3) Why you dont release even our deposits?

And one bonus question:

4) Why we are investigated instead of fighting together for our profits with the liquidity provider who started all of this?
 

poorme

Recruit
Messages
6
Hi all, warning!!! I am getting so angry, GDMFX has just deleted my account without any notice, I am wondering if they are try to escape......I a feeling so frustrated...
 

Ondřej Švehla

Private
Messages
18
Hello,

for two and a half months I have been trying to get back my GDMFX ($ 16698).
I still listen to my account being reviewed. Seriously? Two months? That is not normal. I asked them to send me my deposits, but unfortunately they prefer not to respond. I tried to write on Livechat. They sent me to my account manager. He can never answer me on what to ask him. It is absolutely impossible to make any agreement.
This company has greatly damaged me and has no desire to correct this situation. He can only repeat promises.
Me and my friends have the same problem with GDMFX, and they all do the same thing.
When you write bad reviews, they can immediately write off and immediately threaten the use of lawyers that we have damaged their name, but that they are harming their clients, that does not matter. I have all the evidence that my stores are all right but they do not want to pay me anything. It is very likely that they are scamers or the company does not have money to pay off.


I hereby ask the Forex Peace Army representative to comment on this thread. Please take this thread seriously because I am not the only one who is damaged and it is a high amount of money.
 

Iridius

Private, 1st Class
Messages
34
Me and few other traders are in a very unconvenient situation with GDMFX. They claim that based on their ToS, they have right to hold our funds (profits and even the withdrawals) for up to 6 months, because our positions exceeds 1000 pips move during 48 hours and they call this "extreme volatility". With this excuse, they hold our funds since end of October (3 months already) and they are not able to explain why they dont return at least our deposits. We traded USDTRY and there a move of 1k pips during 48 hours is nothing unusual, while just opening spread was about 60 pips. Basicaly their message to traders is "Open a trade and pray that it will not move a lot in your favor, because then we can (and very likely we will) hold your money for up to 6 months and you will not be able to do anything during this period".

Do you think guys this is legal? At least it is pretty unethical by my opinion.

Btw the current events around GDMFX suck. You can read a few threads about it in scam alerts forum.

Here is the condition Im talking about from their ToS:

Service Interruptions due to Extreme Market Conditions
Under certain extreme market conditions, it is possible for the price of a trading instrument offered by GDMFX to change drastically within a short timeframe, leading to significant profits or losses for all customers who are engaged in trading with the said instrument or its derivatives. In order to guarantee the stability of its systems and liquidity, GDMFX shall reserve the right in all cases when the price of a trading instrument changes by 1000 pips or more, within 48 hours, to temporarily suspend, or delay certain Services to some or all of the customers whose accounts or trading positions have been affected. Such interruptions might be applied to some or all of the following services: deposit processing, withdrawal processing, internal transfer processing, or order processing for any period deemed necessary by the company, but not longer than 6 months from the date of the market event.
 

GDMFX

GDMFX Representative
Messages
13
Hello, everyone.

GDMFX would like to apologize to all who have delayed withdrawals. The reason is that accounts who have traded on volatile assets, that have moved by more than 1000 pips in a period of 24 hours, are being reviewed. The resuming of normal service levels in such cases can take up to 6 months, as stipulated in our Terms of Business https://www.gdmfx.com/en/about-us/legal-documents. For more information, please refer to our Risk Disclosure https://www.gdmfx.com/en/about-us/legal-documents/risk section "Service Interruptions due to Extreme Market Conditions".

Please note that trading accounts that are being reviewed are not "deleted" as it was previously suggested, but only temporarily disabled.

In case you have any questions, you can contact CustomerSupport@gdmfx.com.
 

Iridius

Private, 1st Class
Messages
34
Nothing new here, again only reffer to the 6 months rule. I consider this rule amoral and there is serious suspicion from many traders that you use this only as excuse for locking our funds while you brainstorm how not to pay the funds. Everyone knows that if it really was about "reviewing" the trades, it wouldnt take 4 months. You must admit this is very suspicious and soon the other traders can express their opinions on this in traders court cases. You also havent explained your suspicious actions:

1) You deleted all USDTRY trades of my brother with just a short explanation of "the trades were traded on bad prices", though he entered all trades manualy in calm market and the duration of the trades was in days or weeks. You even havent explained what was the real prices by your opinion and the reason of so called "bad pricing". I insist this is a fraudulent action from your site and everyone will see it soon in traders court folder.

2) The another recent case I know about, described in reviews. You promissed a settlement to a trader with 3 payments of 15k USD total. So far you paid only one from the promissed payments, though he should have had the whole amount now. Again, you breached your promise and from an unknown reason he still doesnt have his money.

3) My favorite, many times asked, but never answered question - why the hell you dont return at least our deposits asap?!
 

Anatoly M

Private, 1st Class
Messages
253
I got all money from GDMFX last 3 weeks,but i not trading TRY pairs.Yes it certainly is a hassle, but I think you will get all of your money,but six months later,they are unlikely to depart from the rules of 6 months.
 

kame suma

Recruit
Messages
3
Hi Iridius

I am in the same situation as your brother. According to them I traded USDTRY pairs at "invalid prices" during Sep and Oct 2017 and they deleted all trades. Then they say my case has been concluded. What is the "invalid prices"? I have not done anything unethical. Sooner or later they are going to void all USDTRY trades and maybe trades with other pairs. They are not willing to resolve this issue at all. So I want to join your group. Let me know if you take further action against them
 
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