Being a highly competitive market, the forex market and the forex brokerages included in it, have been receiving a vast amount of both negative and positive reviews. Afterall, choosing a forex broker to go with will require clients to do in-depth research online to see what other people are saying. Looking at the multiple IronFX reviews online, it is vital to consider the bigger picture before coming up with conclusions. For example, there are many claims about not funding your account with IronFX as clients will lose money. However, to form a clear image of the company and make informed decisions, clients should verify such claims, so it is up to them to research or maybe create a demo to test things themselves. This way they will be able to determine whether the company suits their needs and is trustworthy.
Launched in 2010, IronFX is regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 125/10. In 2013, the company expanded into Australia, where it operates under the oversight of the Australian Securities and Investments Commission (ASIC) under AFSL number 417482. Its move to the UK in 2014 resulted in Notesco UK Limited obtaining a license from the Financial Conduct Authority (FCA) under license number 585561. In the same year, it also received authorisation by the South African Financial Services Board, which has since been replaced by the Financial Sector Conduct Authority (FSCA).
This list of highly regarded regulations is very impressive and is something that clients could not ignore. It is also important to mention that the company obtained a Legal Entity Identifier (LEI) in Bermuda in 2017, which is expected to expire later this year. All required legal documents are featured on the websites of the four regulated entities while the operating subsidiaries remain authorised.
Also, the Markets in Financial Instruments Directive or MiFID in the European Economic Area are followed by the company which is overseen by the Authority for the Financial Markets or AFM in the Netherlands.
IronFX provides a wide array of payment service providers for clients to both deposit and withdraw funds. These payment providers are authorised and regulated by some of the most reputable regulatory agencies. For instance, Safecharge, Cardpay and CSC24Seven are authorised by the Central Bank of Cyprus, while Dinpay is authorised by the Central Bank of China and Dotpay, by the Polish Financial Supervision Authority. Ecommpay, Webmoney, Skrill and Neteller are authorised by the Financial Conduct Authority or FCA in the United Kingdom. Therefore, fund safety through IronFX’s payment service providers, is guaranteed. However, clients should and are always advised to read the company’s terms and conditions in which it is clearly stated that it is possible for clients to lose all their capital.
Although there are multiple IronFX reviews online about clients being unable to withdraw funds or about IronFX stealing clients’ money, it should be noted that IronFX offers its clients banking and treasury services through major world banks such as Barclays, BNP Paribas, Santander, Unicredit and Westpac.
Deciding on a forex broker to fund your account with is often a difficult task considering the numerous IronFX reviews online. Depending exclusively on reviews though is not the ideal scenario. Clients should be able to form a general idea through researching, practising and testing.