Cypriot Financial Ombudsman regarding the IronFX company

Being part of the broader financial industry, IronFX has become the subject of multiple IronFX complaints online. In fact, in 2018, there was a petition regarding the Cypriot Financial Ombudsman and a complaint about IronFX being a fraud, lacking effective protection of investors in Cyprus. It appeared that at some point, IronFX stopped processing withdrawal requests of client funds, which gave sufficient reasons for the petition. The petitioner addressed the matter to the Financial Ombudsman in December 2018 and found out that it takes between six and nine months to process such complaints. However, it is worth mentioning that IronFX is regulated in multiple jurisdictions and follows all rules and regulations defined by:

 

Cypriot Securities and Exchange Commission (CySEC) under license number 125/10

 

Financial Conduct Authority (FCA) under license number 585561

 

Australian Securities and Investment Commission (ASIC) under AFSL number 417482

 

Financial Sector Conduct Authority (FSCA) under licence number 45276

 

Petition: Withdrawal Issues

 

Part of the IronFX complaints was about withdrawal of funds. Specifically, the petitioner was an IronFX investor who claimed that when asked for the withdrawal of his funds he received no payment which resulted in substantial losses. There were also complaints about the company defrauding hundreds of people with hundreds of millions withheld. However, since 2018 the company has made huge efforts to improve their withdrawal process and these are now processed within maximum 10 working days depending on the payment provider. Delays, if any, are usually caused because not all the necessary documentation was provided by the client and/or an incorrect payment method was requested.

 

Nevertheless, as seen from the numerous legal documents featured on IronFX’s CySEC website and under the applicable EU laws, the brokerage is required to make adequate arrangements to safeguard clients’ rights and funds and to prevent using them for its own account, unless it is with a client’s consent. IronFX is also obliged to keep records and accounts in order for the Commission to easily and quickly be able to separate assets held for one client from assets held for any other client as well as from their own assets.

 

Does IronFX reply to complaints?

 

IronFX is a leading online forex broker and has dealt with past regulatory issues and IronFX complaints successfully. If clients feel that they are being deceived, they should contact their account manager or the company itself. IronFX offers 24/5 multilingual customer support in more than 30 languages along with a comprehensive FAQ section and a live chat. If you surf the net you can easily see that the broker tries to reply to almost all complaints regarding any issue, by asking the clients for more information. There is always willingness to help. Also, it is essential for clients to see the bigger picture before proceeding to exchange false accusations regarding a broker. For example, they can easily open an account with the broker, or a demo one, fund their account and request a withdrawal. It is also crucial for clients to always read the terms and conditions prior to checking the relevant box hence agreeing to them.

 

Shall I open an account with IronFX?

 

IronFX is trusted by more than 1,200,000 clients across 180 countries worldwide. It is also an award-winning broker with over 40 prestigious international investing awards. The broker continuously improves its services to meet all clients’ needs. They achieve this by delivering bespoke quality and unrivalled level of high-quality services. Not to mention the company’s round-the-clock coverage delivered by one of the world’s largest and most accomplished global client teams. Clients can benefit from regular market updates and latest trends.