IronFX in trouble - Court cases and employees fired by 100s | Forex Factory

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IronFX in trouble - Court cases and employees fired by 100s

  • #1
  • First Post: Feb 5, 2015 8:17am Feb 5, 2015 8:17am
Yesterday IronFX fired 300 people from their office in China, and today a further 150 people got fired and that there are 160 court cases against them with the Cypriot court, from their clients and IBs demanding money back.. That sounds like the Global Leader is in trouble, not to mention the angry Chinese "mod" (clients and IBs) storming their offices (http://forexmagnates.com/ironfx-chin...ng-money-back/) and being exposed on TV (http://forexmagnates.com/ironfx-gril...-filed-on-air/). It is an alarming bell.
The questions are: Where do the regulators look? What the hell is going on there? When the regulators will get a backbone?
They are shouting that they will buy Alpari UK, opening a tremendous amount of offices and that they made 15 mil profit form the SNB (which is utter BS). It sounds like a hellova lot of boiler room to me.
  • #2
  • Feb 5, 2015 8:31am Feb 5, 2015 8:31am
I'm freaking pissed off about this company as you can see my other posts. I am a client of them and trying to withdraw 50K USD already for 2 weeks. First they said that the payments department is overloaded, then they said that since I made a lot of profits then compliance has to approve my withdrawal. Finally 1.5 weeks ago they approved my withdrawal. But the money is still not on my bank account. How the hell are they processing so long time?

For testing I have made 1 withdrawal this week also from Oanda and Tickmill and the money is already on my bank account.

And IronFX boasts on their website that they have ASIC, Cysec, FCA, Eurex license and membership. It's a big bullshit.

Can anybody here share their experience with withdrawing profits from IronFX. I would very much appreciate it. I've just been fool not withdrawing earlier from Iron.
  • #3
  • Feb 5, 2015 8:31am Feb 5, 2015 8:31am
Quoting FxTyran
Yesterday IronFX fired 300 people from their office in China, and today a further 150 people got fired and that there are 160 court cases against them with the Cypriot court, from their clients and IBs demanding money back.. That sounds like the Global Leader is in trouble, not to mention the angry Chinese "mod" (clients and IBs) storming their offices (http://forexmagnates.com/ironfx-chin...ng-money-back/) and being exposed on TV (http://forexmagnates.com/ironfx-gril...-filed-on-air/)....
Do you have a source? How do you know that 300 people and then again 150 people got fired from IronFX?
  • #4
  • Feb 5, 2015 9:04am Feb 5, 2015 9:04am
Quoting BobbyStar
I'm freaking pissed off about this company as you can see my other posts. I am a client of them and trying to withdraw 50K USD already for 2 weeks. First they said that the payments department is overloaded, then they said that since I made a lot of profits then compliance has to approve my withdrawal. Finally 1.5 weeks ago they approved my withdrawal. But the money is still not on my bank account. How the hell are they processing so long time? For testing I have made 1 withdrawal this week also from Oanda and Tickmill and the money is already on...
You have been a fool to trade with them in the first place. No offence!!

And as for the source, let's just say that I know a guy, who knows a guy . They will not let it go out to the news. Everything is covered. Just look at LeapRate, how they cover up everything.

And the worst part, no one really knows what goes on in their company. It's just a total mess. But, still, even worse, the regulators are just sitting there on their hands, doing nothing.

Where are you based? And did you notify the regulator?
  • #5
  • Feb 5, 2015 9:16am Feb 5, 2015 9:16am
I sent an official complaint to IronFX to which they have not even bothered to respond. My account manager there is not responding to me since last Wednesday. In LIVE chat, support agents tell me every day that they have contacted Funding Department and withdrawal will be processed shortly and nothing happens. It's like there's a complete mess in the company. I called myself last week to the funding department and some Indian-origin guy picked up the phone and spoke such a bad English that I was not able to understand him.

I'm based in Singapore and I really expected European brokers to behave in a normal fashion.

The 50K USD I want to withdraw is my trading profit, I started with a 5K USD account with them. I've withdrawn the 5K before.
  • #6
  • Feb 5, 2015 9:29am Feb 5, 2015 9:29am
Quoting BobbyStar
I sent an official complaint to IronFX to which they have not even bothered to respond. My account manager there is not responding to me since last Wednesday. In LIVE chat, support agents tell me every day that they have contacted Funding Department and withdrawal will be processed shortly and nothing happens. It's like there's a complete mess in the company. I called myself last week to the funding department and some Indian-origin guy picked up the phone and spoke such a bad English that I was not able to understand him. I'm based in Singapore...
Under which regulation did you open an account there? And did you notify the regulator?
  • #7
  • Feb 5, 2015 9:43am Feb 5, 2015 9:43am
Quoting FxTyran
{quote} Under which regulation did you open an account there? And did you notify the regulator?
I was under UK FCA regulated IronFX. And yes, I have now also informed the regulator. Although I think the FCA is currently ass-deep in the shit created by Alpari UK, BT Prime and other similar companies.
  • #8
  • Feb 5, 2015 10:10am Feb 5, 2015 10:10am
Quoting BobbyStar
I'm freaking pissed off about this company as you can see my other posts. I am a client of them and trying to withdraw 50K USD already for 2 weeks. First they said that the payments department is overloaded, then they said that since I made a lot of profits then compliance has to approve my withdrawal. Finally 1.5 weeks ago they approved my withdrawal. But the money is still not on my bank account. How the hell are they processing so long time? For testing I have made 1 withdrawal this week also from Oanda and Tickmill and the money is already on...

Seems they're fully unregulated as there are no sanctions imposed from regulators. But if their claims are true, then.. regulation gives nothing and the only reliable source to make decision on is feedback of tested traders.
  • #9
  • Feb 5, 2015 10:20am Feb 5, 2015 10:20am
Quoting leebsurag
{quote} Seems they're fully unregulated as there are no sanctions imposed from regulators. But if their claims are true, then.. regulation gives nothing and the only reliable source to make decision on is feedback of tested traders.
I went to IronFX initially not without a reason. They always cover negative balances. My strategy is very simple. I take 1-2 week bets with extremely leveraged positions. So statistically over the past 5 years I'm blowing up my account ever 3-4 trades I make and then IronFX covered also my negative balances. But in 1 instance out of 5 I make a killing. This is also the reason for my strong profit in general. My bad was that I got greedy lately with the EUR/USD short and did't withdraw before.
  • #10
  • Feb 5, 2015 10:32am Feb 5, 2015 10:32am
Quoting FxTyran
Yesterday IronFX fired 300 people from their office in China, and today a further 150 people got fired and that there are 160 court cases against them with the Cypriot court, from their clients and IBs demanding money back.. That sounds like the Global Leader is in trouble, not to mention the angry Chinese "mod" (clients and IBs) storming their offices (http://forexmagnates.com/ironfx-chin...ng-money-back/) and being exposed on TV (http://forexmagnates.com/ironfx-gril...-filed-on-air/)....

You mentioned that: " there are 160 court cases against them with the Cypriot court".

What are these court cases about?
  • #11
  • Feb 5, 2015 10:34am Feb 5, 2015 10:34am
Quoting BobbyStar
{quote} You mentioned that: " there are 160 court cases against them with the Cypriot court". What are these court cases about?
Angry Chinese IBs and Clients wanting back their money.
  • #12
  • Feb 5, 2015 12:51pm Feb 5, 2015 12:51pm
Bobby you should not withdraw all your profits at the same time. Try withdrawing 10k multiple times. Brokers makes money on your trading so if you withdraw all your account they might want to make it slow for you.
If you aim for the stars- but miss, you still get the moon...
  • #13
  • Feb 9, 2015 5:48am Feb 9, 2015 5:48am
Just in case you have not seen this:

Inserted Video


Trading should involve some sort of humour
  • #14
  • Feb 11, 2015 9:26am Feb 11, 2015 9:26am
So they are working hard, I see...

http://postimg.org/image/9cl83ba7f/
  • #15
  • Feb 13, 2015 9:57pm Feb 13, 2015 9:57pm
I believe there's something happen here.
Attached Image (click to enlarge)
Click to Enlarge Name: wd.jpg Size: 174 KB

small amount request, use electronic payment method. as today 14th, happy valentine, it's still waiting for processing.
  • #16
  • Feb 14, 2015 3:17pm Feb 14, 2015 3:17pm
Hello, I was able to withdraw my deposit.... but many many mails and many days.... please note that when I made the deposit in just ONE day money was
in my account... different story when I made withdraw....

Anyway they scam me more than 8.000 Eur of profit with very STUPID excuses .... http://www.forexpeacearmy.com/forex-...tal-trade.html

Now... if we as traders make our good job choosing fully regulated broker instead strange and not regulated.... IronFx is PLURIregulated....
but really BIG scammers.... where are regulators ??? I really hope they will make something to solve these problems.....
  • #17
  • Feb 17, 2015 2:16am Feb 17, 2015 2:16am
Quoting FxTyran
They are shouting that they will buy Alpari UK, opening a tremendous amount of offices and that they made 15 mil profit form the SNB (which is utter BS). It sounds like a hellova lot of boiler room to me.
Wow! this is some bad news, i actually thought IRONFX fared well during the crisis. But like you said why would they want to fire their employees if they made profits from SNB. No broker is safe in this market.
  • #18
  • Feb 17, 2015 3:29am Feb 17, 2015 3:29am
I never traded with IronFX, but to me it seemed a bit as a shady broker.
No doubt that they have one of the best bonus offers on the market, but you could also see a company growing just too fast.
It seems to be that they have been making quite a nice profit and reinvesting it without thinking much about possible impacts.
Just think of it, they are firing 300 people in China...Do you know any other broker that employs 300 people in China? Do you know many brokers that employ more than 300 people at all?
  • #19
  • Mar 2, 2015 5:35am Mar 2, 2015 5:35am
I tried to withdraw from ironfx after i made about 3,000 euros on a tip given by marshall gittler about the yen. the withdrawal took a couple of weeks plus a follow up phonecall to my account manager but i recieved the money last week.

Yes FxBonusLab, i agree that the numbers quoted in this string of comments are a little absurd.
  • #20
  • Mar 5, 2015 7:48am Mar 5, 2015 7:48am
Guys, Any update about IronFx? Anybody could withdraw from them recently?
So what is the benefit of CySec, FCA and other regulations now?
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