Forex Broker

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.
I did not get my money back, so my issue is forlorn.

Latest comments about IronFX
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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.


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: Deka | Date 2019-05-16
I've been hearing and seeing Notesco Financial Services for the past two months. They were advertising themselves as a reputable and trustworthy Forex broker. If I hadn't read this article and had no idea that Notesco is actually owned by the same people who run IronFX, I would have fallen to their convincing words. This information should be spread more to make other people especially my fellow Europeans aware.
Author: Pol | Date 2019-05-14
They left so many people without money and although continue under a different name. This says that they have no conscience. It is necessary to eliminate and punish such people. Denying the right to start a business forever. This is fair.
Author: Xenxen | Date 2019-05-09
I will take note of their new company name and will make sure to warn everyone I know to be wary of this broker. I don't think they ever felt remorse on what they did to thousands of clients. Not only did they damage their reputation, it also affected people's view on Forex trading. IronFX is one of those companies that stain the image of Forex trading. There is quite a wide array of opportunity in Forex trading but people like me (who have become victim of fraudulence) are now hesitant to invest again due to the fear of being deceived again.
Author: smart | Date 2019-05-06
I never trusted to irons. I did not trade here myself, but I saw how my wife was trading. Almost two years of work and lost all profit in December at the very end of the year. We have lost a lot of money, still hurt that they did not restore the balance due to a technical mistake. I do not trust them after that
Author: Edno | Date 2019-04-24
I haven't attempted to enter the Forex market again after the incident with IronFX. It is still traumatizing for me and I don't think I can handle just yet the emotions and stress in trading. They have damaged me a lot and we never even received at least an apology. What they did is unforgivable and they should be punished properly. How are they freely operating a new brokerage firm? This is so unfair. Thank you for including in this article the name of the new company. At least other traders will be warned to avoid them.
Author: Fred | Date 2019-04-16
Thank you for their new name. Now they are on my cheating list. The article has the facts, not the emotions of users, it is very useful.
Author of ironfx_runs_away_from_stinky_past: Mark | Date 2019-05-06
I never trusted to irons. I did not trade here myself, but I saw how my wife was trading. Almost two years of work and lost all profit in December at the very end of the year. We have lost a lot of money, still hurt that they did not restore the balance due to a technical mistake. I do not trust them after that
Author of ironfx_runs_away_from_stinky_past: Joe | Date 2019-04-22
Unfortunately, not everyone will learn about their new name. I myself several times came across such things. And then knowledgeable people said that my broker was a scammer in the past.
Author: Vishal | Date 2019-04-15
Isn't it too cruel for them to do this to us? How can they sleep at night knowing that they are taking other people's money? The money we deposited to this broker are not just picked up on the streets! We worked hard to earn them. And what? They live comfortably benefiting from these hard-earned investments? Trying to operate another brokerage firm under a different name and hiding their malicious past is just too much. They should be greatly punished.
Author of ironfx_runs_away_from_stinky_past: Meng | Date 2019-05-02
They probably have no conscience at all. Greed controls their lives that is why they were able to do this. I really do hope they get punished. Fining them is not enough. They would pay the fine but they won't pay their clients? That's just ridiculous. Now, look. Because they were not strongly punished, they built a new company and continued their operation.
Author: Akbar | Date 2019-04-03
I inquired at Notesco Financial Services because I heard that IronFX has re-branded into a new name. I contacted them through call and guess what, the person who answered sounded very familiar. I heard the same enthusiasm in the voice of the person I usually speak with at IronFX. I got very frustrated and I just brought up IronFX. Then after a few seconds, the line was cut. I can't believe how thick-faced they are to continue operating like they didn't do anything. I am sure, they have the same employees. Don't they have any conscience?
Author: Muhamed | Date 2019-03-27
Even after the new investor, the company did not return anything to anyone. I know that for sure. Apparently the regulator was bribed, since they never crossed them off their list. You can make a list of scam regulators!
Author of ironfx_runs_away_from_stinky_past: Urip | Date 2019-04-11
Now that you mentioned it, I'm starting to lose my trust with the regulator as well. I can affirm that nothing was returned to the clients because I invested more than $3000 with them and not a single penny has returned to me. Do they even have the face to start with a new company and forget about the past? This is so frustrating! I don't want to accuse anything on the regulator but I never felt assured that my money is coming back to me. I just honestly lost hope with regards to that. Right now, I just sincerely hope that no one else falls victim to their fraudulence.
Author: Haikal | Date 2019-03-25
IronFx did not return my money when I closed my account with them. Back in 2016, a lot of issues occurred in this broker. Their platform started to become laggy which does not usually happen. Then I've been hearing complaints from other traders who were having troubles in their withdrawal requests. I decided to close my account when a fellow client (whom I became friends with) told me that this broker terminated his account after sending a withdrawal request. I immediately asked for the closing of my account before it's too late but I guess it was already too late because they closed my account without paying my remaining balance (approx. $2400). They also blocked me from all their communication channels.
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