IronFX Review: Avoid This Scammy Forex Broker at All Costs
How can you tell if a broker is a scammer? As a new investor, it’s very easy to fall prey to dubious brokers masquerading as genuine online forex firms. The risk now extends to seasoned investors, thanks to the rise in the number of illegitimate traders.
Is IronFX a scam? Who regulates this broker? If you are considering investing your money with this brokerage firm, read this in-depth IronFX review first.
Have you lost money trading with IronFX? We have a solution for you. We have an experienced team of experts who can help you recover your cash from unscrupulous brokers. Book a free consultation session today.
An Honest Look at IronFX
Established in 2010, IronFX is a trade name of Notesco Limited. The brokerage firm specializes in forex, indices, metals, commodities, shares, and futures.
IronFX claims to be a global broker with clients from across the world who use their platform for online trading. While they paint a perfect picture of the company, something seems off.
What Is IronFX?
Since the brokerage firm started its operations more than a decade ago, it provides access to a diverse range of trading instruments. According to the company website, traders can access more than 300 tradable instruments from six asset classes. In addition, they can discover forex trading opportunities with more than 80 currency pairs.
IronFX is registered in Bermuda under the parent company Notesco Limited. It lists its official address in Victoria Street, Bermuda.
Is IronFX Legitimate?
Before investing your money with any brokerage firm, you need to know whether they are legitimate. This is the best way to avoid losing money to a scammer.
By looking at IronFX’s product offerings and services and whether it’s regulated, we will come up with a verdict about the legitimacy of this broker.
Is IronFX Regulated?
IronFX is regulated by different bodies under the parent company Notesco Limited.
- Cyprus Securities and Exchange Commission (CySEC) under license number 125/10.
- Financial Conduct Authority (FCA), reference number 585561.
- Financial Services Board (FSB) in South Africa.
However, despite being regulated by authority bodies globally, the broker has had issues and investigations into its operations. In some cases, CySEC had to fine the broker, which raises questions about the legitimacy of IronFX and whether you should invest your money with them.
Is IronFX a Scam?
As a company that has been in operation for more than a decade, IronFX portrays itself as a legitimate broker by offering services and products that can attract investors. Here are some of them.
- Renowned trading platforms such as MetaTrader4 and WebTrader that investors can use to trade in global markets.
- Multiple account types to choose from whether you are a beginner or a seasoned investor.
- Wide range of products to trade in.
While these features are synonymous with legitimate companies, does this apply to IronFX? Let’s find out.
IronFX: Unravelling the Scam
There’s so much about IronFX that shows it’s not worth your time, money, or energy. Here’s exactly what you should know…
CySEC Imposes Fines Against IronFX
CySEC has issued warnings and launched investigations into IronFX more than once. In 2015, IronFX was ordered to pay €335,000 as compensation for refusing to withdraw client funds. CySEC announced that it was conducting investigations following an increase in the number of complaints against the broker from investors.
Three years later, IronFX was fined €2,000 by CySEC due to Financial Submission Failure. This happened because the brokerage failed to comply with the regulations in place.
From these investigations and multiple fines, we can already see that IronFX is not a straightforward company.
IronFX Withdrawing Its Licenses in Multiple Countries
In August 2021, IronFX announced that it was renouncing its license in Australia; therefore, it will no longer be under the Australian Security and Investments Commission (ASIC) regulation.
However, this is not the first time the company was withdrawing from a country. In June 2015, IronFX announced that it had voluntarily left 4 regulations; BaFin in Germany, CONSOB of Italy, CRFIN in Russia, and FSP in New Zealand. At the same time, they also closed offices in Russia, Nigeria, and China.
For a company that claims to be global, it’s suspicious that they left some regulatory bodies. Based on their reputation, it’s most likely that the brokerage firm had issues with these authority bodies.
Multiple Investor Warnings
IronFX has multiple investor warnings from different countries that shows that this forex broker is not to be trusted.
- The Brazilian CVN issued a warning against trading with IronFX in August 2015.
- In 2017, the CVN of Argentina had a legal case against IronFX Financial Services Limited.
- The British Columbia Securities Commission issued an investor warning against Notesco Limited stating that the company is not registered to trade or advise on securities exchange in the region.
Overwhelming Number of Negative Customer Reviews
Reputable review sites like Forex Peace Army (FPA) have labeled IronFX as a scam! On the site, the brokerage firm has a low score and tons of negative customer reviews. Investors have had withdrawal issues with IronFX for years; therefore, FPA has blacklisted the firm and advises investors against depositing money with the broker.
On Trustpilot, IronFX does not have positive reviews either. With a low rating of 2.8 out of 5 stars, IronFX is accused of withholding customer withdrawals and taking client money without any explanation.
In addition, Trustpilot has issued a warning on its page due to suspicious reviews and a high number of fake reviews. From this, it’s clear that IronFX has something to hide. This is why it’s important to check customer reviews before committing your money to a broker.
IronFX Review Conclusion
There is no doubt that IronFX is a scam!
The multiple investor warnings, fines from regulatory bodies, and negative customer reviews clearly portray that this company is illegitimate. To avoid losing money, you need to stay away from such brokerage firms at all costs.
If you are a victim of IronFX, we can work with you to get your cash back. Schedule a free consultation with one of our experts at Trader Protection today.