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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: Serwan | Tanggal 2021-06-28
To be honest, I did not imagine that I will ever deal with a fraud broker. IronFX had good reputation and when I opened an account with them, I had no worries at all. I invested my money as usual and made my trades. Never noticed anything wrong because my trading activities are being processed normally. The problem only occurred on the withdrawal of funds. The broker did not release it and they terminated my account after three days.
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Author: Aniela | Tanggal 2021-06-24
I traded at IronFX for quite a long time. In the beginning, the experience was amazing. I was winning trades one after another and losing just a few. But then after some time, winning trades just kept being closed until all of my trades just kept losing. I didn't know that the broker had no intention of providing us with great services at all.
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Author: Hyra | Tanggal 2021-06-16
This has to be the most unfortunate event that has happened to me. For almost a year, I traded with IronFX and believed everything that they said. For almost a year, I let this company fool me. I did not even get a hint of anything wrong. I just blindly trusted the broker.
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Author: Marhonda | Tanggal 2021-06-09
It is important to dig deep about the companies that we plan to work with especially when it involves huge investments. IronFX, for instance tried to mask their past issues by re-branding their company. But if you do enough research, you would find out that the company was a fraud and took their clients' funds.
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Author: Vincent | Tanggal 2021-05-31
Can you believe that the owners of IronFX does not feel a bit of remorse for what they did to us? After being exposed of their true intentions using IronFX, they immediately started a different company and attempted to attract clients once again. Good thing, it was traced back to the owners.
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Author: Nuraima | Tanggal 2021-05-26
IronFX manipulated my trading activities. It did not notice it at first because I was mostly trading long-term positions but when I became more active, that is when I noticed the inconsistencies. The broker also closed my trades automatically when it is starting to earn high profits.
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Author: Fadzrel | Tanggal 2021-05-21
I traded at IronFX for more than a year. The experience was pleasant and the trading activity was pretty smooth. I have made a total deposit of $1000 and I did not get back any of it. When I tried to withdraw my funds, the broker blocked my account.
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Author: Fiana | Tanggal 2021-04-23
Please, the owners of IronFX should already be arrested. They are unstoppable. Look, they even started a new company after the issue that they faced through IronFX. Now that we know that Notesco is affiliated with them, they are probably creating another company name again to try to run away from their case.
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Author: Chandra | Tanggal 2021-04-16
I was with IronFX for a long time. It was very heartbreaking when I found out that the broker has been a fraud all along. I did not withdraw my money even once. I just kept replenishing my account because I wanted my money to grow. That is why all along, I had a pleasant experience. If only I tried to withdraw at least once, then I would realize right away that something was wrong with this broker.
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Author dari ironfx_runs_away_from_stinky_past: Yasmine | Tanggal 2021-04-26
I know, right? After all the trust that I gave them, I got nothing but betrayal. I wonder what my account manager was thinking when he knew that he had been successfully playing me. Now I understand why he kept on encouraging me to add more funds and prevented me from withdrawing the funds saying that I would have higher returns if I left it there.
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Author: Samayeeta | Tanggal 2021-04-08
The owners of IronFX must be arrested. That is the only way to stop them from doing fraudulent activities. Look at how audacious they are for starting a new company even after what they did to their clients. They will keep doing it if they remain free.
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