Do you want to make the right choice of a brokerage company, but you cannot make up your mind? Yes, it is very difficult for you not to make a mistake because of the abundance of offers on the market. But the quality of services of a financial intermediary directly affects your success in trading. You may encounter a platform of fraudsters who talk about their many years of experience in this field, positioning themselves as a solid, reliable broker. Our independent review of Gdmax Ltd will help you with the choice of the project. It is possible that you will give up the idea of cooperation with this Hong Kong company for security reasons.
Key Features
- Company Name: Gdmax Ltd
- Website: https://gdmaxs.com/
- Available Contacts: [email protected]
- Foundation: 2009
- Services: Trading
- License: No
- Initial Deposit: Not indicated
From Sign-Up to Payout
First, we will scrutinize the official website — a business card, which can tell us a lot. After all, the most important thing in choosing a broker is the ability to analyze information, and not just believe in the platform’s reliability because of the “beautiful wrapper”.
Unfortunately, the site did not open in Google Chrome and we had to switch to another browser. The design looks, at first glance, quite aesthetically pleasing.
The resource is available in English and Chinese, which indicates the company’s international status or the founders’ desire to look like a solid, international organization. However, these are the two official languages of Hong Kong, and such an interface seems logical to us.
The firm offers a version of trading with virtual money, which also earns our respect for the developers. However, by clicking on the “Demo” button, we get not to the terminal, but to the account registration page. In addition, some sections of the site do not open, for example, in the Education Review.
We tried to fill out a simple registration form, but the computer’s security was refusing to send us the data. A warning in large red font about the maliciousness of the program came up every time we tried to open an account.
If you don’t have reliable antivirus protection on your device, we advise you not to send your data to this broker. It is not safe!
As for transactions, the firm offers:
- More than 15 payment options.
- Choice of 10 base currencies.
- Deposits are credited instantly and free of charge.
Commissions are not withheld when withdrawing funds, according to the administration of the resource. However, you should know that this procedure can take up to 2 weeks or up to 10 business days, depending on the terms of your bank.
Our Trading Experience With Gdmax Ltd
The intermediary uses unknown trading software, calling its platform MT. This is probably a ploy as it conjures up associations with the popular MetaTrader.
Indeed, if you follow the download links, you will see the familiar MetaTrader logo. However, we strongly advise against downloading this software, as the links lead to completely incomprehensible domains.
If the broker really offered licensed MetaTrader software, then you could download the terminal from the MetaQuotes website. Otherwise, there is a high probability of using fraudulent software with backdoors that will not affect your transactions in the best way.
The company also encourages traders to use GDMAX Mobile applications for more efficient work and mobile transactions. However, there is no such software in the AppStore and Google Play.
The Reality Check
The brokerage firm repeatedly claims to be financially regulated and licensed by the Financial Services Authority (NFA). However, this is either a ridiculous mistake that indicates unprofessionalism and carelessness on the part of developers, or it is a deliberate ploy to mislead traders.
NFA stands for National Futures Association. In addition, the link provided on gdmaxs.com to access the NFA directs resource visitors not to the Financial Services Authority page, but to the page of FINCEN, a financial crime organization.
This regulatory confusion takes us away from the main question: does GDMAX LTD have a brokerage license? Most likely, there is no regulatory authorization. In addition, in the “About Us” section there is information about Blue Whale Capital Ltd. What kind of company is this? What is its connection with the hero of our review? Note that we did not find answers to these questions. Also, both of these companies are absent in the global database of legal entities, which makes the platform we are investigating even more suspicious.
How Long Has Gdmax Ltd Been in the Game?
We see on the site the long history of Blue Whale Capital Ltd, which started in 2009. This mysterious firm has many awards and is somehow related to Gdmax Ltd. Meanwhile, we don’t understand when exactly this project started.
We found information that the domain was registered only in June 2024, that is, 2-3 months ago. Apparently, the developers created this site in a hurry and put data about some unauthorized company on the “About Us” page. However, this was likely done intentionally to mislead visitors to the site.
Extra Fraud Indicators
Trading conditions are too vague at this broker. The huge leverage of 1:500, which is prohibited in many jurisdictions, carries the risk of losing your funds. In addition, the footer of the site shows the spread sizes in 2019, probably as proof of both the efficiency and longevity of the project. This already looks like outright fraud, as Gdmax Ltd did not yet exist at that time.
Another major warning sign was the information about 25 liquidity providers. Where is the confirmation of this? The statistics about 2 million customers and 5 million transactions are not supported by any reporting. Can a firm have such figures if it has been operating for a couple of months? The lack of online reputation and information about the project team confirms our suspicions that the platform owners are fraudulent.
Is Gdmax Ltd the Right Fit?
We have concluded that you should stay as far away from such a dubious resource as possible. The honesty of this company is not confirmed by anything, and several factors indicate bad faith. When checking the site, we identified a short period of work, learned about the lack of regulation of the broker’s activities by financial commissions, including the regulator of Hong Kong. There is no evidence that the firm is allegedly registered in this jurisdiction, either on the site or in the global corporate database.
I decided to keep up with modern trends and start earning on financial markets too. At first I practiced here on a demo account. Trading was going great at this stage and I was already drawing pictures of successful trading in my imagination. However, everything changed dramatically when I opened a real account and trading went for real money. As a result, these crooks stole 1,200$ from me in a month and a half.