Summary of Gedik Forex Trading Company
Gedik Forex is a Turkish scam broker that entered the market in 1996. In reality, the broker is a division of Gedik Investment, one of the five companies that contributed to the stock market crash in Turkey in 2022.
Gedik Forex operates without a license from regulatory authorities. Due to this lack of regulation, numerous client complaints have marred the broker's history.
Traders have reported delays and refusals in withdrawing funds, along with a lack of response from client support. Hidden fees were imposed on clients, diminishing their profits. Newcomers were lured in with wildly unrealistic promises of high returns, only to face difficulties when withdrawing their earned money.
Traders also reported platform malfunctions and technical issues.
Because of these problems, Gedik Forex is not recommended for either beginner or experienced traders. The broker is blacklisted.
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FAQs
Why has Gedik Forex been placed on the Forex Broker Blacklist?
Possible reasons:
• multiple complaints have been filed against Gedik Forex by traders claiming the broker failed to fulfil its obligations, including process withdrawals;
• the website of Gedik Forex is down, not updated or operates with clear errors and some features are not available;
• Gedik Forex has been blacklisted by the regulatory authority, and a warning has been published on the regulator’s website.
What should I do if Gedik Forex got blacklisted and I still have money in my account?
Don’t panic right away. First, try to find out the reason why Gedik Forex got blacklisted. The situation may be temporary. Contact Traders Union client service for details. If the situation is critical, try to withdraw money. The best way to do it in parts, so that the broker does not suspect that you want to withdraw your entire balance and close the account.
What should I do if I cannot withdraw my money from Gedik Forex?
If your broker refuses to process withdrawals under various pretexts, your algorithm of actions is as follows:
• Get a clear response from the broker’s Support Service with reference to the clauses of the Terms of Use (User Agreement). Save your correspondence and download the transaction history from your account.
• With a full package of documents, appeal to the following organizations: the broker’s regulator or corresponding law enforcement agencies. If you make your deposit with a bank transfer, try to initiate a chargeback request.
• Share your situation on traders’ forums, add the broker to blacklists of various websites, as it will help others avoid the mistake.
Is there any chance to recover my money if Gedik Forex is a scam?
On rare occasions, yes, for example, if the broker was a member of a compensation fund, or upon a court’s ruling.
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