Update - withdrawals go smooth and quick as expected, not a single problem since I started.
Jun 7, 2021 - 5 Stars I noticed this brokerage a few months back when I saw them on Finance Magnates and Myfxbook - this worked for me as a partial legitimization of their services so I decided to give it a shot and tried some decent trading with them. I think they are on a good way to establish a very well reputated branch among FX brokers. Not even they have good prices and quick execution of trades, but mainly it is their excellent customer support. My acc. manager Goran is always ready to help and answer my questions on Skype. I also apreciate that they offer BTC and SEPA deposits. I havent tried to withdraw my profits yet, but I expect it to go smooth. If anything changes, I will update the review. Keep up the good work guys!
Among all the well regulated broker, this one has the best forex prices. 0.0-0.3 pips on EURUSD during the liquid sessions with 2 USD/lot commission. This is hard to beat. I feel like I trade almost for free. Night spreads are also acceptable. Hope they will stay here for long with the same or better conditions (if even possible).
I had been trading with them for over 2 years and I have only good words about them. They have fair prices and the withdrawals were the quickest I have ever seen, I often received a crypto payment after a few minutes since submitting.
Reply by SimpleFX.com Representative submitted Mar 11, 2021:
Thanks, Iridius, we are doing our best to make SimpleFX better every day and such feedback gives us the energy to go on! Check out our new Binance Smart Chain (BEP-20) payments, they are much faster and cost way less than Ethereum.
I finaly recieved the funds. I change my rating to only 3 stars as I think that no reputable broker should act like this, withdrawals should be quicker and communication with clients better.
Jan 18, 2021 - 1 Star I'm waiting for almost 3 months for my 1400 USD withdrawal.
The process of withdrawing is incredibly frustrating. I click "Submit" in my user area, a confirmation appears but I don't see it in my pending withdrawals, no email confirmation etc. They have a rule that first you account manager must call you to confirm the withdrawal (they probably want to talk you out of it). And this is the problem.
The manager Christian Lee only called me once. I picked up the phone and he immediately hang off after 1 second. Then I tried to call him from my end several times, he never picks the phone. I tried to write him several emails, no answer at all. I wrote to support email and they never ever replied to me. The only way to communicate with them is live chat. I told them several times to tell mr. Lee to call me, they always confirm and claim they will do. But with no effect. I asked them to change my account manager and guess what? Yes, you are right - they totally ignore me.
I considered this broker as a good trading partner, but sudenly it seems they went dark and dont process withdrawals anymore. I am waiting for 1 month for my withdrawal, they just replied to my emails once with a very short and strange information:
Unfortunately there will be some additional delay with this due to certain operational issues."
Again, I have to change my opinion on this company. I made a final withdrawal of my balance of about 400 USD. Its been over a month and nothing happens. Seems like they are ready to go dark.
Nov 14, 2020 - 2 Stars After a little push they honored all my withdrawals. I added one star as I dont consider them a scam. Hope they can fix the withdrawal waiting times and communication with traders so they become a standard quality broker as they stand in the past.
Nov 9, 2020 - 1 Star They are ignoring my withdrawal request for 3 months with the same excuse:
"We are currently undergoing a regulatory transition hence the withdrawal time will be prolonged. Your feedback is well received and we will notify your account manager to assist you as soon as possible. Thank you"
My top 1 explanation of why they cannot pay tiny 400 USD withdrawal for 3 months is that they are in deep s*** or (and) something very suspicious is going on here.
Suspicious (by my humble opinion) are also the 5 star reviews below from "fake or paid" gantlemans. They all registered only for posting a 5 star review for this broker on the same day. No other activity on FPA. One doesnt need to be a genius to count 1+1.
I recommend all traders to be very cautious here. Will update this review if there are any news.
They dont want to process my withdrawal, just delays and excuses that dont make sense.
I have been waiting for my money for over 4 months. First they wanted a selfie with my passport. Once I sent it, they wanted me to confirm the ownership of my Skrill. I confirmed it and nothing is happening since. Here are 2 major issues:
1) The average response time of ForexStart is 1-4 weeks. It is almost impossible to have a dialogue with them and resolve any issue.
2) On 12.3. I sent them the requested ownership proof of my Skrill wallet. On 3.4. they responded me (yeah, 3 weeks dealy as usual) that my withdrawal request was cancelled because I need to proove the ownership of my Skrill wallet. Seriously? I sent them the proof 3 weeks ago and now they act like I wouldnt sent anything.
This behavior is very suspicious and it seems like they want to delay the withdrawal from a reason with bad excuses and lack of communication.
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.