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
Forex Peace Army
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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.
 
FreddyFX,
Puerto Vallarta, Mexico,
Apr 30, 2016,
Guest

I started with this broker a few days ago, trading BO on demo so far. So far everything is functioning fine and I love their BO clock. Reading all the earlier comments from other traders, it makes me wonder why so many complaints seem to be from the same part of the world, and all in bad English and not really hitting a solid problem than to simply post garbage ?!
Going live with them this coming Monday and if ANY issues, you can bet I will post them here.
 
Jagan,
Hyderabad, India,
Apr 20, 2015,
Guest

GDMfx is fraud and cheating trading company. It will make changes in meta trader in order to make you loose. They will change the indicators, expert advisers and even windows programming to make you loose. Do NOT BELIEVE GDMFX COMPANY FOR TRADING.
 
Malaysia,
Jul 30, 2018,
Registered user

Withdrawal Problem

I m using gdmfx for a couple of year and i found that my withdrawal about 750 USD is not processed since about 2 months ago and i still have about 5300 USD in balance.

Worse still today i m not able to login to my MT4 and wonder how to make a full withdrawal since my small amount of 750 USD was not success since 2 months ago and the money still not yet bank into my account.

What can i do...next ?

Anyone can help or any advice ?

Thanks.
 
Forex Peace Army
Review moderation team note
We recommend reporting this to the police and financial authorities in your country.  Please get a thread opened in the Scam Alerts folder for more advice.
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.
 
Reply by GDMFX submitted Nov 15, 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.
Santa Catarina, Brazil,
Apr 13, 2018,
Registered user

Stolen by GDMfx 2407$

Issue escalated to Traders Court elpatron_rvw vs gdmfx.com | GUILTY
I have been a customer of Gdmfx since August 2017, I have never had any problems before.
But this year the problems started, I have withdrawals delayed since the fourteenth of March.
In the contract they give a maximum term of seven working days, which term has expired days ago.

Withdrawals:
One: https://prnt.sc/j3x7tv
Two: https://prnt.sc/j3x86u
Three: https://prnt.sc/j3x8j7

Contract of GDMfx:
https://prnt.sc/j3xcdi

The support says they will pay, but they do not give a deadline.
https://prnt.sc/j3xd0v
https://prnt.sc/j3xdp5

I mean, maybe they'll pay tomorrow, or maybe one day before Christmas.

Support also says they are having problems with their payment processors...
https://prnt.sc/j3xe6b

But I got in touch with both the neteller and the skrill, and reported that everything is fine with the GdmFx account.
Follow this answer: https://prnt.sc/j3xfdq

And then they said again that there was problem with payment processors...
https://prnt.sc/j3xhy0

Regretful of this situation...
I should have opened the complaint as soon as the deadline stipulated by them expired, but I waited patiently for as long as I could.
I need the money to pay my bills, and so far nothing, more and more difficult to live on binary options.

Regards,
Rodrigo.
 
Czech Republic,
Oct 1, 2018,
Registered user

Issue escalated to Traders Court Iridius vs gdmfx.com | GUILTY
Dont wait another second and hurry to your bank. If you made your deposits via card, you can easily chargeback their asses. The period for chargeback in this case is 540 days. I am in contact with several victims of GDMFX and all the traders who made their depo via card succeeded with their chargebacks. If you need a help with chargeback, you can use a specialized service for it. There are few good ones here on forums or gg it. Just take your money back from bastards!

Feb 20, 2018 - 0 Stars Serious warning against GDMFX!

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 useless 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?

We have a small group of traders who are involved in this mess and we are considering legal actions and even solving with help of international police organizations. If you want to join our group action, contact me in the forums.

More. Community discussion of this issue >>

  1 trader has found this review helpful
Spain,
Mar 24, 2018,
Registered user

GDMFX.COM SCAM!!!

Issue escalated to Traders Court Sr Yesvi M vs Gdmfx.com | GUILTY
5 months waiting for my money!
they always answer the same excuse. problems with the payment processor.
Here is my story.
http://www.forexpeacearmy.com/community/threads/gdmfx-com-scam-5-months-waiting-for-my-money-950.54727/
 
Prague, Czech Republic,
Jan 23, 2018,
Registered user

Bad communication, you never know what's going on with your money.

Issue escalated to Traders Court peci1 vs gdmfx.com | GUILTY
They voided my profits on trading USDTRY as they did for other traders. One month ago they told they'll send me my funds, but so far they only sent a half of them. They really lack in communication with the clients.
 
Ipswich, United Kingdom,
Mar 25, 2018,
Registered user

scam broker bastards

Issue escalated to Traders Court szwedu897 vs gdmfx.com | GUILTY
I'm waiting 1 month for my 900 euro. It's profit from trading. They do not reply to me anymore. Manager Martin Penev ignore me completly.

Mar 10, 2018 - 1 Star GDMFX refuse my withdrawal 900 euro. My deposit is 80 euro, and rest is profit.
The reason they said is problem with payment service. International transfer is coming 2-5 days in them policy. In 5th they when i ask about my money they said they need 2 days more. I have been told they need two days more. After that i keep sending them e-mails but no answer. When i said i already contact with police in New Zealand only they answer me they have payment service issue and only accountancy departament know when the problem will be solved. I ask them to contact with accountancy, they say they also waiting for answer from them. I send aprox. 20 e-mails last day and heard the same reply: the payment service doesn't work properly.

Avoid this s*** broker.