GDMFx.com Review

Scam!
1.824 · 71 REVIEWS
Updated: Nov 5, 2021 · Visit site  · Is this your company?

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.

GDMFx.com
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.

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GDMFx.com profile provided by GDMFX, Jan 19, 2018

Global Derivative Capital Markets NZ Limited (GDMFX) is a global broker providing online currency trading services. The company is registered in New Zealand and listed on the New Zealand Company’s Office site under Number 3945518 with its regional headquarters based in Auckland New Zealand since August 2012.

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Scam!
1.824 · 71 REVIEWS
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Traders Reviews

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.
 
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.
 
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.
 
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.
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
 
Popocatepetl,
Mexico,
Dec 4, 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.
 
Switzerland,
Dec 5, 2017,
Registered user

Problem solved!

gdmfx has now transferred my money. It seems the problems are solved..................

Nov 7, 2017 - 1 Star I have been waiting for the transfer of my money from GDM FX (gdmfx.com) for 40 days now. The amount was deducted from my trading account the same day, but never transferred. I did not receive any information about this from GDM FX (gdmfx.com) support as of now.

I must warn everyone and advise against investing money with GDM FX. (gdmfx.com) At the moment GDM FX (gdmfx.com) could be a scam!
 
Pretoria, South Africa,
Dec 13, 2017,
Registered user

Update since told "normal services restored"

Hi, update on my withdrawals and a question no one at GDMFX want to answer even on the review channel.

1) I mentioned that my account never traded anything with the TRY currency before and still my withdrawals are affected greatly, I am bringing this up because they claim the source of the situation come from that in other review replies, and they mention the word 'accounts'. So why am I so affected?
2) After an update from their agents confirming services have been restored to normal, Two weeks later my withdrawals have not been process yet, in the review below I have stated my withdrawals dates.
3) In the first week of December while trying to get the status of my situation I was told by a different agent that GDMFX is still trying to resolve the issues and that the problem is not solved. NOW IMAGINE MY SURPRISE AND LITTLE TRUST I HAD BEEN TORN TO PIECES reason being I had agents conveying completely opposite information. SOLVED THEN NOT SOLVED.
4) When in need of real help my account manger replied to my first email but not giving an answer to the main question in the email, so I send the second email acknowledging the information he provided but insisted on an answer to the main question I asked, Now the conversation went cold (No reply).

I really hope I get my withdrawals before the 2 months lapses. During this situation I had hoped for better information and communication especially between clients and account managers as agents are often very generic. I am not trying to encourage anyone from not working or working with GDMFX as experiences are different, some are very happy some not so. This is my personal experience.


Dec 1, 2017 - No Rating Hi everyone, Spoken to an agent on the 30th November 2017 and they told me everything (services) is back to normal meaning all this trouble we been having should with our withdrawals should be solved in normal timeframe. Now I personally will wait 3-7 days from 30th and give them a chance to process my withdrawal made on the 25th Oct and 10th Nov 2017. Will keep an update my initial review till this issue is sorted out completely.

Nov 21, 2017 - No Rating 1000USD withdrawal made on the 25th Oct 2017 and another on 10th Nov 2017, To this day 21 November 2017 I still don't have my payments or an email saying they processed them at least. Live chat agent from GDMFX keep saying it will be processed "soon" for the past 2 weeks, Now I don't know how to take it because "soon" can also be 2 years. The review below submitted a their withdrawal request on the 26th October 2017 and luckily for them they eventually received their funds now why I am still waiting I do not know. Also the account have not been traded for over a month prior to the withdrawal and never attempted to trade any Turkish Lira pairs. This is worrying. Asked them about an alternative to get my funds, They have none.
 
john,
Canada,
Dec 31, 2017,
Guest

This scammer fake price to make your balance negative to take all your profit and money. I had a buying position of Dowjone at 22900 which is in profit and they fake the price down to 19900 to take all my money. In fact, DowJone has never slumped to 19900.
 
Reply by GDMFX submitted Jan 3, 2018:
Hello, John.

Please send all specifics to our Support team so they can check. We could not find a complaint from a Canadian client regarding Dow Jones.
Portia Rabany,
South Africa,
Jan 4, 2018,
Guest

my name is Portia Rabany I really don't know what to do any more GDMFX it's been 4week now still no answer waiting for my withdraws , school are about to open I was hoping my funds will be out by now to pay off the school fees, am really in a situation. can you please help me out here
 
Lars,
Cologne, Germany,
Jan 9, 2018,
Guest

I have been waiting for the transfer of my money from GDMFX since 5th of december now (Account number: 8159089).
The amount was deducted from my trading account the same day, but never transferred.

I received everytime the same information to process the request as soon as possible from the support team but nothing happens. They will tell you allways "We are checking with our Accounts team on a daily basis.Unfortunately this is all we can do on our side to make sure that it is processed as soon as possible."

I must warn everyone and advise against investing money with GDMFX. At the moment it seems for me that i will not receive my withdrwawal. in the next step I opened an official complaint aganist GDMFX.