GDMFx.com Review

SCAM
1.824 • 71 REVIEWS
Out of business
Updated: Jun 13, 2022
GDMFX is an online forex broker. GDMFX offers the MetaTrader 4 and MT Mobile forex trading top platforms. GDMFX.com offers over 20 currency pairs, and metals for your personal investment and trading options.Traders should be aware that GDMFx does not appear to feel obligated to process withdrawal requests.
2019-04-29:  The CNMV of Spain has issued an unregistered firm warning against gdmfx.com/Global Derivative Capital Markets NZ Ltd.  CLICK HERE to verify.
2019-04-16:  The New Zealand Companies Office lists Global Derivative Capital Markets NZ Limited (3945518) as being In Liquidation.  CLICK HERE and search  for company 3945518 for confirmation.
SCAM CONFIRMATION

2018-04-30:  GDMFx just received 4 more FPA Traders Court guilty votes for failure to pay money owed to customers.  This makes a total of 6 guilty votes against the company.

The FPA now considers GDMFx to be a scam.  The FPA recommends against depositing any money with GDMFx.  If you have money with this broker, the FPA recommends you try to withdraw it as soon as possible.


The FPA is disappointed in how the CEO of GDMFx has handled these complaints.

SCAM CONFIRMATION
2016-07-08:  GLOBAL DERIVATIVE CAPITAL MARKETS NZ LIMITED (FSP238465) has been deregistered by the New Zealand Financial Service Providers registry.  CLICK HERE to confirm.
Website is down. Company seems to be out of business.
GDMFx.com
SCAM
SCAM
1.824 • 71 REVIEWS

Traders Reviews

P
Popocatepetl
Mexico,
Dec 3, 2017,
Guest

Senior account manager resigned

GDM senior account manager Vasil Dikov sent me the following email and resigned from his post as a senior account manager before resolving the problems. The customer support said that my new account manager will be Mr Andrey and that he will contact me this week. but I discovered that some traders complain about him becuase he does not respond to their emails . They say "things are moving in the right direction." But I doubt that. A senior account manager does not leave the company if everything is going smoothly. Hopefully Mr Andrey will contact me soon and provide me with further information on the matter. I will keep posting until all the problems are resolved.


Sadly I can not give you any good news on your case.

Currently GDMFX will impose its rights to place under review all USD/TRY trades executed on its platform. The reviewed accounts will be temporarily placed under suspension. Once the review of the said trades concludes you will receive an official statement from GDMFX.

Furthermore I feel that I need to notify you that from tomorrow onward I will no longer be part of the GDMFX team and regrettably I will be unable to further aid you in resolving the matter at hand. You can expect to be contacted in the next couple of days by some of the other GDMFX associates.

Until then please feel free to contact Customer Support for additional information on the matter.


Nov 24, 2017 - 1 Star I have the same problem just like you. i made a withdrawal request last month and have been waiting almost one month. and just like you I hear the same excuse from the customer support that they have problems with the liquidity provider and that they are trying their best to fix them as soon as possible. But they never have any useful information for me. I just want to know WHEN I CAN GET OUR MONEY BACK. The whole situation is a big mess. Many of us or maybe all of us can not withdraw our funds now. I am not the kind of person who post negatives reviews or insult people online, but I am running out of patience. When I opened a trading account with them I asked them if they hold clients funds in segregated accounts, and they said they would keep it safe. I really hope they have clients money in their segregated accounts and that .I will be able to withdraw MY MONEY by the end of this month. If I can not, I will take serious action against GDM.

Reply by GDMFX submitted Nov 24, 2017 Dear popocatepetl,



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.



We realize the frustration the current situation has caused you and on behalf of GDMFX, we would like to apologize and to thank you very much for your patience. Furthermore, we appreciate the fact that you do not want to damage the name of GDMFX as that would not help anyone in this case. 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 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.
D
Derick
South Africa, South Africa,
Nov 29, 2017,
Guest

Great service GDMFX - Quick withdrawal process and time!!

Hi everyone. I just want to share my personal experience with GDMFX with everyone.
I submitted a withdrawal request on 28 Nov 2017 at 07:39 PM via Skrill and my withdrawal was deposited into my Skrill account on 29 Nov 2017 at 09:38 AM. This is all South African time.
I must say that GDMFX's service is very good and I would recommend them to anyone. I've been with NoaFX for years and has numerous issues when it comes to withdrawals. I also waited for days even weeks for my withdrawal request to even be approved by the back office, but GDMFX did it in matter of hours. They must have upped their game and turnaround time, because everything is running effective and efficient. Congratulations GDMFX with your swift response. Keep up the good work. By showing my friends the proof of GDMFX quick respons w.r.t. my withdrawal request, I convinced them to switch Brokers immediately.
Thanks
F
South Africa,
Nov 21, 2017,
Registered user

You will struggle to get your money out of GDMFX

I have a company where I provide education for Forex and Binary. Well I have discontinued the Binary side of things due to the broker vs trader nature of the business. I have sent more than 150 clients to GDMFX (not as an affiliate) and the number of withdrawal issues my clients are experiencing is horrifying. I have clients who have been waiting for 4 months now for their money and still nothing. The clients are coming to me for help which is causing me an admin nightmare. They keep telling the clients the same thing which is "we have logged this with our finance department we are waiting for them to get back to us". The same response for months. In some cases they claim the withdrawal was rejected by the card company and they are now waiting for the card company to get back to them. This is not just one client who is struggling to get their money out of them. It's almost everyone who tries to make a withdrawal. I would suggest you stay MILES away from GDMFX because the probability of you struggling to get your money out of them is extremely high.
F
Reply by GDMFX submitted Nov 28, 2017:
Hello, FXLounge, and thank you for reaching out!
Please note that lately GDMFX has experienced issues with its counterparties (liquidity provider and payment processors) due to the significant volatility recently experienced on the USDTRY pair. As you might have already seen on this Forum, those issues are being cleared out and some cases have already been resolved. If you have had clients who experienced such issues, please send all the specifics to our Support email CustomerSupport@gdmfx.com so we can clear this out.
J
Jorge L.
Bogota, Colombia,
Nov 16, 2017,
Guest

I worry that I will lose my money

Since September I am begging this broker to return my capital. They have left me with a general excuse that they have a temporary liquidity problem. But this problem has been going on for two months without my paying off all of my capital. Last two weeks, they do not even answer my emails.

I have communicated with the authorities in New ZElanda and they inform me that being an unregulated company that does business outside of New Zealand can not do.
C
Dubai, United Arab Emirates,
Nov 15, 2017,
Registered user

Just an update to my previous review. I am pleased to say that they have paid me my funds and I have a better understanding of the issues experienced.

We did have a major fall out and there are some things that you need to be aware of such as their fluctuating margin requirements and delays to withdrawals if you have been involved in trading certain volatile instruments. In fairness to them, they do document these things. I don't like it and it doesn't suit my strategy but they are within their rights.

Nov 10, 2017 - 1 Star I have been waiting now for 10 days for my money. This is contrary to what their terms of business says which is 3 - 7 days. Furthermore, they advertise on their website that withdrawal is done in 2 days for Neteller. This is patently false.

Furthermore they change the margin requirements at the drop of a hat without advance notice. They claim that margin requirements fluctuate like spreads. This is not true. Margin requirements do change indeed change and it is their right but the good brokers let you know in advance or have a laid down policy eg weekends. They do not arbitrarily increase the margin requirements. I missed a margin call by a whisker when they increased the margin substantially without any forewarning.

Reply by GDMFX submitted Nov 13, 2017 Hello, compu-forex, and thank you for your feedback. Please note that we have experienced issues with some exotic currency pairs, stemming from our liquidity providers where we have had to face the same changes to the trading conditions as the ones you've described. This is why we have explicitly advised about this possibility in our Terms of Business that margin requirements might change without prior notice. We understand your concern, but unfortunately, GDMFX, like any other trader, is not protected by sudden changes in the trading requirements, frequently due to factors that are out of our reach.



Regarding your withdrawal, the typical processing time is from 3 to 7 business days, which in rare cases like the current one, might be slightly longer. We have also advised regarding delays due to reliance on third parties (payment processors). In case processing through Neteller takes more time, we can advise on an alternative, which is a bank transfer.



On behalf of GDMFX, I would like to mention that we are not looking for excuses - we realize that indeed there is an issue at the moment, and we are working with our payment processors to the best of our ability, to resume normal operations. To those of you who have been affected, I would like to sincerely apologize and to reassure that you will receive your money.
O
Europe, Czech Republic,
Nov 12, 2017,
Registered user

Issue escalated to Traders Court Ondřej Švehla vs gdmfx.com | GUILTY

I have been waiting for my money for 3 weeks (14 000 USD). I sent a complaint, but I have no solution. they are still writing to wait.
They deliberately delay the answer and they do not want to tell me why it takes so long.
it's a very big amount and I do not know how to force them to finish the withdrawal.

I do not recommend depositing any money.
O
Reply by GDMFX submitted Nov 14, 2017:
Dear Ondřej,

Thank you for sharing your complaint. 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.
P
pathum
Sri Lanka,
Oct 23, 2017,
Guest

don't ever use gdmfx as your binary broker they are the worst,, they will make your wining trades as a lose trade..they are market makers..i lost huge amount with them because of that.. entered the same trade in two brokers gdmfx trade was a lose trade in other broker it was a 10 pips win.. they were holding it until expiry made it a lose trade..don't ever use this broker guys. they will burn your money
P
Reply by GDMFX submitted Oct 25, 2017:
Hello, pathum.

We are sorry to hear about your bad experience and we hope we can clarify the matter.

Regarding GDMFX being a market maker on Binary Options - it is actually pretty straightforward. A lot of brokers have opened accounts with other BO brokers in order to cover exposition. We also have other brokers that cover with us. In certain circumstances and under certain conditions, large expositions with longer expiry can be covered by buying actual options, which any big bank would be willing to grant to you if you are willing to pay their premium.You are right, however, that due to the exotic nature of binary options, especially the fixed-duration ones that are being discussed here, it is not really practical to cover the exposure at 100%, quite simply because people rarely open at exactly the same second and price level. As a result, achieving a perfect hedge with external providers is borderline impossible. As a result, we do have to trade as a principle and at all times at least some of the exposition is at our own risk. That by definition makes us a market maker, but that is also the only way to provide you with the service you seek. If BO were traded on a normal old-school order-driven exchange, then you wouldn't be able to open a trade whenever you want, because there might not be a counterparty willing to trade the other way at that exact time. Having the ability to open a trade at any point in time whenever you want requires someone to agree to take the risk on the other side. This can not happen without a market maker. That is where the name comes from, actually.

With regards to the differences in the prices, you have asked about. First off, it is a great question! Thank you, for that! It is important to clarify things like that, so people don't make wrong conclusions based on lack of information.
Basically, the Foreign Exchange market is not a centralized market. There isn't a single place where banks meet to negotiate and make their deals. Instead, currencies are traded all over the world in many different financial centres, exchanges, hubs and so on, at the same time.
In other words, big banks make big deals (they also place offers to buy and offers to sell) in-between each-other in those different financial centres. Those constantly changing offers to buy and sell technically form and change the charts (Order Driven Market). The FX Derivative Liquidity Providers, Quote Providers, even News Providers, then take those offers to BUY and SELL (Bid and ASK) that the banks constantly announce between each-other and deliver them to different Retail Derivative Brokers around the world. Retail Derivative Brokers like GDMFX and the one you are comparing the chart from, then display the charts to their customers, so they can trade (Quote-Driven Market).

If the broker you have mentioned and GDMFX are connected to two different quote providers (which obviously is the case here), and in turn those two different Quote Providers get their price data from two different Financial Centers, it is possible (and quite common) to see deviations like the ones you've shown. The reason is that at a given moment in time, the SELLers (for example) in Financial Centre A might be prevailing over the BUYers (pushing the price down), while at the same time the opposite might be happening in Financial Centre B, pushing their prices up and ultimately resulting in different charts coming out of those two locations for the same trading instrument.

These differences, generally don't last long, as big banks who trade physical currencies would "hunt" for such opportunities to buy cheap on one market (let's say in Singapore) and at the same time sell it more expensive almost instantly in another (let's say in London), therefore achieving a risk-free instant profit (arbitrage). By doing this, big banks actually have a stabilising effect on the global FX market, as their arbitrage makes prices converge.

I hope that clarifies things.

If you experience any issues, please contact our Livechat and provide them with your account number and order number so we can check if any technical issue on our side might have caused them. We could not find any such request or complaint from Sri Lanka at all. Is your account with us registered from Sri Lanka?

Please do not hesitate to get back to us if you have any more questions.
G
East Java, Indonesia,
Apr 11, 2017,
Registered user

excellent services, even for bonus account

it's my first time working with this broker.
i registered and get $50 bonus.
traded a pretty long time to accomplish the withdrawal requirement.
since then, they've changed some terms already.
but the most important is: THEY DON'T APPLY REVISED TERMS TO OLD CLIENT.
so, the old client still bound to the terms when (s)he registered.
THAT WAS A GREAT POLICY. ALL MY RESPECT.
up until withdrawal, they process it normally. no additional requirements.
less than 24 hours, the funds has been credited.
WITH THOSE KIND OF SERVICES, YOU DESERVE MY 5 STARS.
I
Romania,
Feb 9, 2017,
Registered user

Sorry GDMFx.com for the bad earlier review, it was a misunderstanding about promotion rules but everithing was solved. I received all the money, the only one mistake of GDMFx.com was applying me that 10 $ fee.
I spoke with their support and we solved the problem.
I recommend this broker!

Feb 6, 2017 - 2 Stars I try the ,,No deposit bonus ,, from GDMFx.com (50$).
First they said: <<you must trade 1 lot to withdrawal the profit and first wd will be free from any fees>>.
After they changed 1 lot in 5 lots and charged my withdrawal with 10$ from my 50$ profit.
I have print screen from my trades, withdrawal, the rules of bonus and the live chat.
A broker who not respect their own rules.
I don't recommend.
W
WAIDATT HAZIM
LOS ANDES, Argentina,
Jan 19, 2017,
Guest

ONE OF THE TEN BEST BROKERS IN THE WORLD. BY THEIR MAGNIFICENT SELECTION OF INVESTMENT INSTRUMENTS, THE BEST SPREADS OF INDUSTRY, GREAT EXECUTION, AND FINALLY, THE SUPPORT THAT IS,PERHAPS, THE BEST FOREX SUPPORT IN THE WORLD...
M
Magrs7
Latvia,
Jan 19, 2017,
Guest

Low level of service. The high appreciation here looks like a man-made, inadequate reality.
M
Reply by GDMFX submitted Jan 23, 2017:
Dear Magrs7,

I see that you are copy-pasting this same text in several websites already. Maybe I would be able to help if you shared more information about your issue. Please contact us at CustomerSupport@GDMFX.com or our Livechat on www.GDMFX.com. Thank you.

Kind Regards,
GDMFX
V
Valter Pratas
Lisbon, Portugal,
Dec 15, 2016,
Guest

The Support is excellent

Hello traders, I just want to say that I am very satisfied with the Services GDMFX has delivered. The Support is excellent, and the Trading was flawless. The Spreads are also very low and I have seen those go wide on news, but not as wide as other quite more well-known brokers.
I am still trading with them and all my dealings with them are fantastic. I recommend GDMFX to all experienced traders out there!!!!
V
Vader
Korea, Republic of,
Dec 13, 2016,
Guest

Hi, I am reading the comments and I can not understand! I have absolutely no problems with the company! Everything is smooth especially with the help of my account manager - Andy. GDMfx is the best broker, I have wor
ked with!
H
Viet Nam, Viet Nam,
Dec 9, 2016,
Registered user

GDMFX is scammer!!!

Dear all traders, I have an account at GDMFX number 8151179. I traded get profit of 4,461$ and when I made withdrawal, GDMFX used all way to delay my fund. Whenever I join to live chat, the support told me that its processing and I will get fund as soon as possible but till now I get nothing.
Recently, I sent email to them but they don’t reply. They don’t respect clients, they are cheating my fund. They still advertise as a good broker, but when client make deposit and get profit, they don’t pay .They are real cheater, please don’t trade at this broker anymore.
I have enough proof for their cheating and I will do all thing to against this broker if they don’t pay fund to me.
In the meantime, I warn all traders in the world, let avoid this broker. Scammer.
H
Reply by GDMFX submitted Dec 15, 2016:
Dear Hua,
Thank you for reaching out! We would like to clarify a few things.
1. A person with your name or account number has never "join to live chat".
2. GDMFX cannot refuse to pay profits just like that, without a valid legal reason. This reason most frequently is an abuse of our Terms and Conditions or more specifically unallowed trading practices. We've seen a lot of people who break the rules and then try to twist our hands by posting "scam broker this", "scam broker that" online but this has never and will never scare us. If you play by the rules then we honestly wish you to make as much profits as possible and no one will be able to legally not pay you. This would not be true however if you are a part of an abuser group all under the same IB, all trading from the same IP, all breaking the Terms of one and the same custom promotion, which you were all specifically warned what you can and cannot do with.

Kind regards,
GDMFX
T
Viet Nam, Viet Nam,
Nov 17, 2016,
Registered user

Sorry GDMFX for my this below review.

This is just a misunderstanding and its now solved.
Sorry GDMFX for my this below review.

Thanks for GDMFX support.


Nov 13, 2016 - No Rating GDMFX is a real cheater. Let stay away from this broker!!!
PLEASE GUIDE ME TO LITIGATE THIS BROKER AND GET BACK FUND.

GDMFX joined and opened representative offices in my country and programs in order to attract investors. However, they really are a fraud when attracting investment from traders, and then disappear .I deposited and got profit, then i made withdrawals of profit. GDMFX delayed my request because of the excuse neteller matter and lasted until now.I have repeatedly contacting their support, they promised me that would process as soon as possible. Their presentitives always told me wait and try to push them pay. 2 month passed, I still try to wait in hope but so far, they have not processed my order, i burned my capital there. They are actually scammer, real market maker, just hope clients burn account, try to attract investments then bring money run away.

My account number is 8151352,i have 2 pending withdrawals of total 8,919 $.
Dear all traders, please guide me to litigate this broker and get back fund.
PLEASE HELP ME AND WARN WITH THIS BROKER. SCAMMER!!!
Page 3 of 5