What is IronFX?
IronFX is a renowned Forex broker that has been in the industry since 2010. With offices in more than twenty countries, the broker offers leverage up to 1:500, tight spreads, fast execution and a variety of platforms for traditional Forex and contracts for difference (CFDs) trading. In addition to FX, traders can also buy and sell commodities, cryptocurrency, indices, and stocks from one platform. The IronFX team also provides clients with access to a number of free educational materials, tutorials, and analytical tools from leading market experts.
IronFX Blacklisted by Forex Peace army
Unfortunately, IronFX has been found short of client trust and was subsequently blacklisted by Forex Peace Army in 2015. The broker was accused of not honoring profitable orders and confiscating deposits and profits from its clients. Subsequently, the broker made amendments to its services and modified its trading conditions upon which it was removed from the blacklist. Despite this, IronFX has been mired with further issues over the years, primarily for its client-unfriendly policies.
Trading with IronFX
Despite being a high risk proposition, IronFX is still a frequently used broker. That being said, traders who decide to make use of the platform should ensure they are aware of its conditions and take any necessary precautions prior to investing funds. Aside from it’s checkered past, IronFX’s biggest issue stems from its rough customer service policy. Various complaints have been raised in the past, citing long wait times and questionable responses from the support staff. As redemption, IronFX has made attempt to foster a more client-friendly atmosphere. For instance, the team extends event invitations and educates its users on the best practices of trading the forex market.
In conclusion, IronFX is a highly speculative broker due to its tainted past. While the team has made various amendments with trading conditions and customer service policies, there is still a hefty amount of mistrust placed upon the platform due to the events of past years. Therefore, prospective traders should research and exercise caution when trading with IronFX as caution should always be first priority. , objective
IronFX Forex Peace Army Review
IronFX is a Forex broker established in 2008 and it is highly rated by traders. Despite this, their activity has been subject to discussion and critical reviews. It appears that the Forex Peace Army (FPA), a renowned forex watchdog, have placed a strong warning about IronFX functionality, which culminated to a scam label. The news of a scam is quite alarming and potentially damaging to the industry, so the purpose of this article is to review the facts and expose the truth.
The Background of IronFX Scam Allegations
The FPA’s accusations appear to date back to July 2019 when they released a statement labelling IronFX a scam. Despite this, IronFX’s website began operations in 2008 and the company has grown to become the world’s third-largest retail forex broker. The allegation suggests that B2B activities were not transparent and IronFX refused to comply with existing regulations to safeguard its customers’ funds. Because the company is subject to oversight from the Cyprus Securities and Exchange Commission (CySEC), these accusations support the argument that IronFX failed to operate in accordance with their stipulated practices.
Evidence about IronFX Scam Allegations
The FPA accumulated evidence to solidify their claim and outlined further details regarding past misbehaviour by IronFX and its affiliates. In a press release, the FPA suggested that all related companies should be viewed as suspicious and potentially dangerous to investors. Furthermore, they complained about the lack of cooperation from IronFX regarding their requests for evidence to support their case.
IronFX’s practices were said to have been illegal and Mathieu Ghanem, the Chief Executive, refused to provide the FPA with information about the company’s activities. These accusations lacked solid evidence to back them up and were found to be unsubstantiated, but such a report does weaken IronFX’s credibility and could give traders pause for concern.
Consequences of the FPA Review
No company can afford ill-reputation, especially when it is placed by a highly popular and respected watchdog like the FPA. Consequently, the reputation of IronFX was questioned and the claim that it is a scam has resulted in a reduction in the number of customers and a lack of confidence from trading clients.
The FPA’s report suggests that certain discrepancies have been discovered with respect to how funds are managed and that there have been delayed payments. These delays are often seen as fraudulent behaviour and, as such, investors may want to exercise caution when trading with IronFX.
The FPA’s report also stated that traders were not receiving withdrawals from the company. This could have been the result of unauthorized changes within the company’s system, which affected clients’ accounts. As such, it is possible that traders have not been able to make a withdrawal or experienced difficulties in doing so.
Conclusion
IronFX has been in operation since 2008 and has long been a reliable name in the FX market. Despite this, their activities have been subject to scrutiny and accusations of being a scam. While the allegations have not been proven, the FPA’s report is concerning, especially for those considering investing with IronFX. All traders should take due diligence and research thoroughly before investing any funds with a broker, regardless of whether it is an FX broker or not. Although IronFX has had a good reputation until now, the current situation suggests that traders should proceed with caution.
