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IronFX runs away from stinky past

Not only small and medium-sized players leave the market unable to withstand the competition, but also such major brokers with a big name like IronFX. The company, a member of the Russian CRFIN, is operating under the supervision of the world's leading regulators FCA, ASIC and CySEC. It has offices in more than 60 countries as well as many awards. Even though IronFX used to be among those drawing up the “black list of forex brokers”, its reputation turned out to be tarnished. How could it happen? What do traders complain about? Why was an investigation launched against IronFX by the reputable Cyprus Securities and Exchange Commission (CySEC)?

How it began

The Cyprian regulator is known for its loyalty, so something huge has to happen for it to seriously go after such a broker as IronFX. According to the regulator’s report, the decision to investigate was based on the negative information in the media and an enormous number of complaints from the broker’s clients.

“They are fraudsters not returning money to clients since spring of 2015, but still looking for new ones. My application for withdrawal is of August 12 and it’s still quiet. They don’t reply to my numerous requests and in support chat they tell me that they don’t have access to my account and will let my manager know. Don’t deal with them!”
Vladimir 13 November 2015 Reply

“I don’t advise this broker. It has bad trading terms, regular slippages, high spreads and boorish support team. I’ve been trying to transfer money to my e-wallet for 5 days, my application is still pending. When I call to the Finance department, I get advised in a rude manner to call my manager. My manager is the only positive sight in this story, he is highly qualified specialist. However, even he can not tell me what the problem is. So, I just have to wait and hope that I will get my money someday. Please don’t repeat my mistake, this is the worst broker. Here is my account number to prove my information: 19078388.”
Poly 12 February 2015 Reply

There are a lot more cases. Sometimes withdrawal applications had been pending for months and most of issues had never been solved. Traders also complained that the company used to hold their deals till they were lost or, otherwise, closed orders when it did not make any sense.

CySEC promised to provide a full report once the investigation was over and decide on measures regarding IronFX. In addition, the Commission advised the affected traders not to wait for the resolution and contact the Financial Ombudsman of the Republic of Cyprus so the lost money could be refunded out of court.

03 February 2016 13:56 tek-tek feedback passed moderation
I could not withdraw funds until I started sending requests to regulators. Here are links if anyone needs. Don’t wait and email them CySec.

07 March 2016 10:14 Esrtye feedback passed moderation
I don’t understand why the Cyprian regulator keeps on fining IronFX while it doesn’t bring results. Money is still frozen, so, whether the regulator only pretends to be working on the case or the broker completely ignores the CySec requirements.

“The company returned an initial deposit of $500, therefore, I decided that it was trustworthy and continued trading! When I requested a withdrawal of $13,000, I was told that my account was blocked due to suspicion that the terminal had been showing incorrect prices that helped me to gain this amount. Don’t even think of dealing with this broker! I’m a real person, I can provide screenshots and even my password to prove my words. I have $19,125 in my account at the moment! And I’m quite sure, they are not going to send me this amount. I just wasted 5 days trading with them. You can make profit with this broker, but you won’t get the money you gained. I’m looking for an honest broker, please, advise!”
Sapar 28 December 2017 Reply

It seems that the situation did not improve and the egregious cases of non-payment of funds to customers remained.

By the way, even before the problems with the Cyprus regulator occurred, IronFX started reducing its staff without paying salaries. According to media reports, the number of employees decreased by 10% in total. The broker also left the CRFIN, however, it was still in during the scandal with the Chinese traders.

Experience of Chinese traders showed that people could and should fight for their money as well as honest and fair service. This is not useless, as many believe.

How Chinese traders defend their interests

As it turned out, IronFX worked in China without licenses that allowed the company to provide access to the financial markets within the country.

Not only China’s traders fell victims, but also the affiliates of the broker. The complaints were identical: winning positions in the terminal always got closed, the opportunity to exit was provided only with a loss. As stated by traders, such things did not take place on other platforms. They also reported that IronFX did not keep its promises to transfer money for safekeeping in foreign banks. Chinese traders managed to ensure that the local authorities, the Shenzhen Public Security Bureau (SZPSB), took over the investigation.

Some traders from Russia also managed to obtain justice. Thus, Dmitry not only sent claims to the broker, but filed a lawsuit against the company and against the regulator (the CySEC). He wanted to make sure that Cyprus’ Ministry of Finance and other higher authorities were familiar with the problem. This is what a trader writes.

“I’m happy to announce that actions of my lawyer made CySec to release an official statement about its awareness about investors’ complaints and the ongoing investigation:
As I already said, the broker did not know who they were dealing with. In this case, I am right in everything and ready to pay all legal expenses. I aim to get my money back and also compensation on top of it, otherwise the broker should declare itself bankrupt. Justice must triumph.
I wish my example to help other investors in protecting their funds from dishonest brokers. Actions have consequences.”

Most of traders were confident that after the bitter experience IronFX would cease to operate. It was clear already in 2015 that the company had problems with solvency.

Surprisingly, the regulators were passive, including CySEC, who only commented on the situation and did not take decisive actions other than fine. Investors began to suspect that IronFX bribed CySEC to remain on track and carry on with business. They could not find any other logical explanation. Perhaps, it is still not found.

Rebranding of IronFX

In January 2018 it became known that the Cyprian subsidiary of the notorious forex and CFD broker IronFX would be renamed as Notesco Financial Services. In other words, the business was planned to be rebranded. The official Cyprus registrar reported about it.

Gemini Financial Services, some investment company from the Middle East that is connected with the Saudi royal family, invested USD 100 million in IronFX. After this transaction had been conducted, a member of the royal family got a seat in the board of directors in the company that changed the legal name.

Remarkably, the notorious broker is still described as the awarded world leader in the sphere of online trading. Allegedly, this group of companies corresponds to the international standards and is regulated by the FCA (the UK), the ASIC (Australia), the FSP (South Africa), and the CySEC (Cyprus).

Thus, the company has got a new name but problems remained the same, judging by clients’ feedback.

Hi, everyone. I want to share my experience of working with this company (IronFX, or as it is now called Notesco). Let me start with the livechat support. It is useless. “Send an email to” or “I will transfer your issue to the corresponding manager” - this is what they answer to all questions. Sometimes, they just leave the chat without answering questions. Next, the company provides a personal manager. However, it was very hard to contact my manager as he was always out of office. Moreover, the phone number is often unavailable. The call back function does not work. The worst thing is that big sums (over 50 thousand dollars) cannot be withdrawn for over 2 months already. So, I strongly recommend avoiding this broker.
Ramil, July 4, 2018

This broker can change names as many times as it wants. As far as I know, now it is called Notesco. The fact is, this company got under my skin. It refuses to return my money that I earned in 2016. I’ve got nothing. There were no answers to my questions. Since it’s a new company now, old problems do not bother it.
Cons:
I did not get my money back, so my issue is forlorn.

Latest comments about IronFX
Leave a comment
28.09.2018 Vladimir: it is a scam company. Don’t even think about opening an account there. You will never get your money back. I registered an account with this broker, and then tried to withdraw my money. I waited for 3 weeks but nothing happened. This is a scam company.

Conclusion

It seems that rebranding is a good method for cleaning one’s reputation and starting from a blank slate. However, this method does not work in the case of Notesco Financial Services Limited. A new name is just a mask.

IronFx was registered by the CySEC under the number 125/10 while Notesco Financial Services Limited has the same number. In fact, the company has not been even registered under other number. Moreover, the broker still corresponds to all international standards, having received numerous awards in the online trading sphere. Meanwhile, hundreds of its clients from all over the world cannot withdraw their money.

It is time to forget about IronFX or, as it is now called, Notesco Financial Services. There is a great choice of trustworthy STP/ECN/DMA brokers that provide much better trading conditions, pay their clients, and offer high-quality services.

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Author: Jazz | Date 2019-03-11
With the number of people that they have deceived, it surely won't be easy for IronFX to just start anew with a new name like nothing happened. We will never forget what they did to us and we will try our best to warn others so they won't be victims of this fraud. I deposited $300 and worked diligently to earn and really grow my investment. With the help of learning materials, videos, and articles, I was able to at least up my account with 8% profit rate. It was a happy moment, seeing the fruit of your work. I tried to withdraw my profit but was denied. They said they are trying to fix something and that I just had to request again. I requested after a week and was on queue. Then my account was suddenly terminated for no apparent reason. And I couldn't reach them in their communication means anymore.
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Author: Magalie | Date 2019-03-06
It is alarming that they still get to continue operating under a different name. Shouldn't they be punished for the crime they did? Many traders have already complained and shared their experience. I am also one of their victims although the amount I lost was relatively lower than the other traders'. Fortunately, I decided to deposit only the minimum amount. But I guess they don't care whether the amount is high or low. What matters for them is they accumulate all of our investments and take it. They simply closed my account after I refused to add more funds.
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Author: Zepna | Date 2019-02-26
More than the frustration about IronFX taking all our funds, I also feel that this whole incident is very regrettable. Somehow, IronFX already has a name in this industry. That's why I opened an account with them in the first place. So it's a pity that they did not invest on their clients' trust in them. Instead, they broke that trust and did us wrong. I invested $10,000 at this broker. It was a good start at first: stable platform, tight spread. But they suddenly terminated my account for a reason they can't disclose. And because my account was terminated, I had no right to take my fund.
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Author: Heidi | Date 2019-02-22
I testify on how pointless their live chat is. It is supposed to address issues immediately but all it does it giving emails of the different departments concerned with the problem. So in the end, I still had to wait for days before my email is acknowledged. Although I am lucky enough to not become one of the victims of the fund transfer issue, my experience trading at this broker was still not favorable. Also, at that time, withdrawal requests were often delayed already (but still transferred). Now that they have changed their name, I hope they get rightfully punished first before they could start anew.
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Author: Bruce | Date 2019-02-14
Now I've confirmed that there really was a problem with IronFX. I already stopped trading at this broker a few years ago. At that time, I already had issue withdrawing my funds. I was about to close my account due to personal reasons so I requested for a withdrawal of my whole fund. It took months of email exchange before they actually process my request and when they did, they only gave me half of my fund. It took four more months before I got everything. I guess this was when they started to have a problem. I was lucky to be able to take my fund but I feel sorry for the others who didn't get that chance. I hope they are not plotting any scheme now that they start operating under a different name.
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Author: QUI | Date 2019-02-08
This is my favorite bag! I'm half a year, every day I tried to pick up my 400 dollars! They have become like family to me! And if you are serious, then everything is very sad. Alas, no legislation helped me, I am trite, I gave them money ...
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Author: Herfin | Date 2019-02-06
Before I opened an account at IronFX, I looked for reviews about the broker. This was in 2014 and there was guite a good number of positive reviews so I decided to try it out. The first few months went well and were actually productive. However when I tried to withdraw in late 2015, they kept rejecting my request. I requested a few times but to no avail. Until one day I couldn't access my account anymore. There was no explanation or notice at all. And it goes without saying, I didn't get my money back.
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Author: Himmat | Date 2019-01-31
How dare they try to continue their operations under a different name? Aspiring traders should be aware of the background of Notesco Financial Services because the people behind it have deceived many traders when it was IronFX. Do they really think they could just run away after taking their clients' funds. They might have taken only $500 from me but other traders could have invested 10 times more than my capital. That's a big scale of fraudulence and they should be punished for it.
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Author: Anurak | Date 2019-01-23
IronFx can't just simply run away from what they did to their past clients. I entrusted them my money and my time but they just took away my $1000 investment. It's still good that I did not get swayed by them when they tried to persuade me to invest more in order to have greater returns. But honestly, if I had money that time, I probably would have followed them because they really are very convincing. There are many others who have been victim and I hope they just stop their fraudulent schemes.
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Author of ironfx_runs_away_from_stinky_past: Jimmy | Date 2019-02-07
Didn't expect such news about IronFX. When my friend was working with them several years ago, I've heard only good reviews about them. Thanks God he stopped trading there and go to another broker till bad times for IronFx came.
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Author: David Sp. | Date 2019-01-22
I've read many bad reviews about IronFX for a long time. Yes, I saw complaints from their real clients. Several year ago I've been completely sured that I would not invest to this broker. And that's the final - they deceived their clients. I knew that! I am convinced now. Thank you for this article.
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