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    FCA MM Licensee GMG Markets Blocked Investor' s Withdrawal

    Abstract:WikiFX has exposed countless low-rating Forex brokers with cloned license or without valid regulation at all, but recently we received a complaint that with FCA(UK)' s MM license, a broker blocked investor' s withdrawal.
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      WikiFX has exposed countless low-rating Forex brokers with cloned license or without valid regulation at all, but recently we received a complaint that with FCA(UK)' s MM license, a broker blocked investor' s withdrawal.

      Ms. Liu complained to WikiFX about her difficult withdrawal at GMG Markets. She didn' t received the money withdrawn, though her application was approved and the money in her account was deducted. Meanwhile, GMG Markets' customer service offered no feasible solution.

    1.jpg

      Ms. Liu' s ID card

      According to Ms. Liu' s experience, a friend recommended her GMG Markets early this year, saying that some Forex professionals can help her in trading. On January 30th, Ms. Liu opened account and made deposit to GMG Markets.

    2.jpg

      Ms. Liu' s deposit record

      After that, Ms. Liu conducted a dozen of trades and was profiting overall, so she applied to withdraw $1,840 from her profit on April 30th, 2019.

    3.jpg

      Ms. Liu' s withdrawal application record

      On the next day, her application has been approved and the sum was deducted, the record showed the withdrawal was successfully processed.

    4.jpg

      Money deducted from Ms. Liu' s account

      But after waiting for nearly 2 weeks, Ms. Liu still couldn' t receive the money, so she contacted GMG Markets' customer service and was told to “wait patiently as the platform has expedited the withdrawal process.”

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      Ms. Liu' s conversation with the customer service

      Having waited patiently for several more days without receiving her money, Ms. Liu contacted the customer service again, who simply repeated that they have “expedited processing the withdrawal”, and her later attempts were still in vain.

    6.jpg

      MS. Liu' s conversation with the customer service

      Ms. Liu also sent the broker an email about the withdrawal issue with her bank statement attached, yet just like the customer service on WeChat, they simply told her to keep on waiting without offering any deadline or concrete solution for the problem.

    7.jpg

      GMG Markets' email to Ms. Liu

      Ms. Liu showed WikiFX her bank statement since she filed the withdrawal application, and the transaction record indicates that though GMG Markets claimed to have sped up the process, she still hasn' t received the money to date.

    8.jpg

      Ms. Liu' s bank statement

      WikiFX checked GMG' s information upon receiving Ms. Liu' s report and found the following risk warning about heavy complaints against the broker.

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      GMG Markets' risk warning from WikiFX App

      WikiFX information shows GMG Markets has been bombarded with investors' complaints for blocking withdrawals.

      Further investigation shows GMG Markets is in regulation with FCA(UK)' s MM license.

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      GMG Markets' regulatory information from WikiFX App

      MT4/5 verification suggests GMG Markets uses white-label MT4 software with server set in the UK, and white-label brokers are usually more risky due to relatively lower cost.

    MT4-英.jpg

      GMG Markets' MT4/5 verification from WikiFX App

      Network diagram shows GMG Markets is related to 1 white-label broker, One Global Market.

    族谱-英.jpg

      GMG Markets' network diagram from WikiFX App

      WikiFX information indicates that with a rating of 7.17 on WikiFX App, GMG Markets is a generally compliant broker that has been operating for 2-5 years with valid FCA(UK)' s MM license.

    GMG

      GMG Markets' interface from WikiFX App

      However, due to withdrawal commonly unavailable, perfunctory customer service and inefficiency in solving problems, GMG Markets has bad WOM recently, which doesn' t seem to match its license. Investors should beware of the risk.

      Conclusion

      WikiFX reminds investors that in addition to broker' s qualification, its complaint rate is equally important, as investor' s experience often reflects the real situation of a broker.

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