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Resolved
Yunnan Scam Group, Qingyun, Jingcheng, and GFS Brokers to Earn High Commission Fees and Large Spreads.
Object
GFS GFS
Issue

Scam

Requirement

compensation

Amount

$13,605(USD)

Time

152day5hour

Mediation Progress
Solved after user's confirmation
BU
Supplemental Materials
BU
I deposited 99,997 RMB and withdrew 13,565 RMB, leaving 86,432 RMB in the account.

Supplemental Materials

Supplemental Materials
BU
No matter what GFS platform says, I demand compensation for my principal! I deposited 99,997 RMB and withdrew 13,565 RMB, leaving 86,432 RMB. If there is no compensation, I will file complaints on various platforms! I joined a group through their scam team, where they organized competitions and held training sessions, guiding us to buy and sell in the group just to earn high fees and slippage. The fee for one lot is as high as $50, and the spread is around 60 to 70. They call out trades every day, and we are stop-lossing daily; in less than two weeks, I lost a lot of money. My fees alone are 5,700 USD, not counting the spread, which means I’m losing 12 points for every lot I buy. GFS is in cahoots with them. Many people in the group have suffered serious losses or have been wiped out. I suspect our trades aren't even in the market; they have set up a scheme to make us lose money. I started with 100,000 RMB and now have only 10,000 left, and most of the time after they call trades, we end up being instructed to stop-loss out. When opening the account, customer service did not mention the spread or the fees; the $50 fee and the 70-point spread were only known afterward. I didn’t understand the spread or the fees at all, and I kept stop-lossing every day, realizing that the fees exceeded my losses. If there weren't any transactions in between, why wouldn't this scam group promote other platforms? Is GFS really better? Global Femic Services charges high fees, inventory fees, and high exchange rates, none of which are disclosed in advance. They deduct without asking or informing. This is my first experience with forex, and I only discovered this after researching on my own.

Supplemental Materials

Supplemental Materials
BU
Global Femic Services charges high fees, inventory fees, and high exchange rates, all of which are not disclosed in advance. They deduct without asking or informing. When I inquired with other platforms, they didn’t have these issues either. Additionally, during the deposit process, I was not informed about the fees. This is my first experience with forex, and I only found out about this by exploring on my own.

Supplemental Materials

Supplemental Materials
BU
The customer service did not mention the spread or the fees. The $50 fee and the 70-point spread were only known afterward. I was unaware of both the spread and the fees and have been stop-lossing every day, with the fees exceeding the losses. It only became clear afterward. If there weren’t any transactions in between, why would this scam group not promote other platforms? Is GFS really superior?

Supplemental Materials

Reply
GFS
According to the platform records, the total deposits by the client amount to $13,605, while the total withdrawals are $1,894.57. The trading spreads and fees are not hidden charges; clients can clearly see them when trading. If you have any questions about the trading fees, please contact the platform. Clients are advised to understand the trading costs before deciding whether to proceed with the transactions.

Reply

Supplemental Materials
BU
With a $50 fee and a 70-point spread, why not just rob a bank? It would be quicker to get the money.

Supplemental Materials

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BU
This is a gang. If this issue cannot be resolved, I will post and expose it on various platforms, and I suspect that this scam group may be collaborating with GFS.

Supplemental Materials

Supplemental Materials
BU
With such high spreads, excessive fees, and ongoing losses, no one can make money here.

Supplemental Materials

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WikiFX Mediation Center

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BU
I was deceived into opening an account with GFS after joining a group; I had never dealt with forex before. The group leaders Qingyun, Jingcheng, Jianghe, and GFS collaborated in the scam, extracting high commission fees and large spreads from transactions.

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