Problem IronFx : Whistleblower corner

[oscarra]

60% Welcome Bonus - Terms and Conditions

1. IronFX promotes a 60% Welcome Bonus Offer (the “Offer”) to its Clients, subject to the terms and conditions contained in the present document.

2. By opening a trading account during the term of this Offer, the Client acknowledges that he has read and agreed to be bound by these terms and conditions as well as by the IronFX Trading Terms and Conditions.

3. The promotional period specifically for this Offer shall run for the month of July 2014.

4. The Offer will be limited to one account per Client (regardless of the number of accounts which the Client maintains with IronFX). The Offer shall be available to new and existing Clients, but shall not be applicable to STP/ECN accounts as well as to zero fixed spread accounts. In addition, any previous Welcome Bonus promotions will be ceased and no further Welcome Bonus will be provided on previous promotions.

5. Subject to all existing IronFX's terms and conditions (including the Trading Terms and Conditions and the present 60% Welcome Bonus Terms and Conditions) which are currently applicable and in force and govern the relationship of IronFX and its Clients, eligible Clients will be entitled to receive a 60% bonus (the “Welcome Bonus”) on any deposits up to a maximum of $3,000 (or the equivalent amount in other currencies) per Client, irrespective of the fact that a Client may have more than one account with IronFX. Where the Client reaches a stop-out limit (i.e. his balance falls below $50), he will be entitled to an additional 60% bonus (the “Additional Bonus”) on his next deposits up to a maximum of $1,500 (or the equivalent amount in other currencies). Provided that the maximum amount limits referred to in this paragraph shall apply on a per-Client (rather than on a per-account) basis and shall in no way be affected by the number of accounts which a Client holds with IronFX. THE WELCOME BONUS CANNOT BE CASHED IN and the Clients will not be allowed to withdraw from their account(s) the Welcome bonus (see paragraph 11 for further details).

6. The Welcome Bonus applies only to Client’s deposits during the promotional period. The Welcome Bonus is only available to Clients who deposit $500 or more into their trading accounts and the life of the granted Welcome Bonus is 30 months.

7. No trading account of a Client will be credited with the Welcome Bonus if that account is already subject to another promotion. In such circumstances (i.e. where the Client's trading account is already subject to another promotion), the Client may open a separate account for the purpose of receiving the Welcome Bonus.

8. The Welcome Bonus will be credited into the eligible Client's account, as a notional sum, after all requirements set out in these terms and conditions have been met. The Welcome Bonus will not be recorded or construed as a liability of IronFX towards the Clients and may be unilaterally, retroactively and unconditionally be withheld and subtracted from the Clients’ accounts, at any time and at the discretion of IronFX.

9. The Welcome Bonus will be held solely for trading with IronFX and cannot be withdrawn by the Client. The Welcome Bonus may be removed in full by IronFX (as provided in clauses 10 and 11 below) from the Client's trading account, at any time or following a Client's withdrawal request after receipt of the Welcome Bonus (whether during or after the promotional period) and immediately prior to the fulfillment (if fulfillment is possible) of the withdrawal request.

10. In order to claim the Welcome Bonus offered under this promotion, the Client should set up an account with IronFx and then email his Client Portal’s username (i.e. his registered email address) to IronFX at promotions@IronFX.com. The Welcome Bonus shall be given provided that all the requirements set out in these terms and conditions are met. Provided further that the Client must request his Welcome Bonus within the first 5 business days from the date of each deposit date. If the Client starts trading before he requests his Welcome Bonus within the period specified above, the Client will not be entitled to the Welcome Bonus and it is on the Company’s discretion to grant the Welcome Bonus after the expiry of the 5 business days limit. In case the Client reaches his stop-out limit (i.e. his balance falls below $50) he can claim the Additional Bonus by following the conditions outlined above.

11. Following receipt of the Welcome Bonus, if the Client requests, either during or after the promotional period, a withdrawal of funds from his account (or requests an internal transfer of funds from one account to another), IronFX may at its discretion decide to remove, proportionally, the granted Welcome Bonus prior to proceeding with any Client’s withdrawal request based on the Client’s profit and/or loss ratio. In the alternative, IronFX has the discretion to implement the following options:-

11.1 (where the Client has not received the Additional Bonus) IronFX shall be entitled, prior to the fulfillment of such request, at its complete discretion, to remove from the Client's account a sum which equals the Welcome Bonus previously granted. If there are insufficient funds in the Client's account to enable the removal of a sum equalling the Welcome Bonus, IronFX shall be entitled to remove all sums in the account; or

11.2 (where the Client has received the Additional Bonus) IronFX shall be entitled prior to the fulfillment of such request, at its complete discretion, to remove from the Client's account a sum which equals the Additional Bonus. If there are insufficient funds in the Client's account to enable the removal of a sum equalling the Additional Bonus, IronFX shall be entitled to remove all sums in the account.

Provided that IronFX proceeds with the withdrawal, subtraction or deletion of the Welcomes Bonus or Additional Bonus from the Clients’ account(s), such action shall not give rise to any cause of action, liability or remedy against IronFX.

12. The Client acknowledges that Forex and CFDs are leveraged products which involve a high level of risk. When trading in such products, it is possible for Clients to lose all their capital. These products may not be suitable for everyone and Clients should ensure that they understand the risks involved. Clients should seek independent advice if necessary.

13. IronFX offers zero charges on its Clients' deposits and withdrawals (as per the table below):

Deposit Method Policy
Credit/Debit Card Zero fees for deposits and withdrawals for any amount
Skrill & Neteller Zero fees for deposits and withdrawals for any amount
Bank Transfers Zero fees on deposits as long as the net amount received is over $10,000 (or the equivalent amount in other currencies)
14. Participating in this Offer will not entitle the Client to participate in any other promotion or program offered by IronFX. The Client is only entitled to receive the Welcome Bonus once (regardless of the number of Accounts he maintains with IronFX).

15. IronFX employees and partners cannot participate in this promotion.

16. This Offer is independent and does not affect any promotions previously offered by IronFX. Clients should contact their account managers if they have any questions (or wish to make requests) in relation to this Offer or previous promotions.

17. If IronFX suspects or has reason to believe that a Client has abused or attempted to abuse the terms of this Offer or any other promotion of IronFX, or has acted in bad faith, IronFX reserves the right, at its sole discretion, to deny, withhold or withdraw from that Client the Welcome Bonus (and the Additional Bonus if applicable) and, if necessary: (i) to withhold, cancel and subtract from that Client’s account(s) the Welcome Bonus, (ii) to terminate that Client's access to services provided by IronFX and/or terminate the contract between IronFX and the Client for the provision of services (iii) to block that Client's Account(s) (save where required otherwise by a relevant authority) and to arrange for the transfer of any unused balance (less the Welcome Bonus and any Additional Bonus if applicable) to the Client.

18. If IronFX suspects or has reason to believe that a Client has abused the terms and conditions of this Offer by hedging his positions internally (using other trading accounts held with IronFX) or externally (using other trading accounts held with other brokers), IronFX reserves the right, without the Client's consent, to withdraw immediately the Welcome Bonus (and the Additional Bonus if applicable) from the Client’s trading account(s) or from his winning hedged accounts.

19. On account of the fact that this Offer is a notional bonus made available by IronFX to its Clients, IronFX reserves the right to unilaterally modify, change or terminate this Offer or any of the terms and conditions included herein, at any time, without the Client's consent.

20. The terms and conditions of this Offer are dated 27 June, 2014.

 

[toroks]

We request IronFx to stop immediately posting the statement “we are FCA regulated”.
This statement is a lie and damaged clients will not tolerate the public diffusion of this lie any longer. The spreading of such misleading information to retail clients is not allowed under MiFID 2.
the sanctions for infringements of MiFID 2 are at least € 5.000.000 (Art. 70). It will not come cheap for you
IronFx Global Ltd. was never FCA regulated and there is no such thing like a “group regulation”. For this reason the FCA has no supervision on IronFx and cannot impose sanctions on a Cypriot company.
As a matter of fact, there is loophole in the EU-regulation: Cypriot brokers can rob clients' money in all Europe, but underlie the sole supervision of the CySEC.
IronFx is a purely Cypriot company and is regulated in Cyprus.
The FCA regulation only applies to a small subsidiary of IronFx. This subsidiary was named “IronFx Ltd. Uk" but was forced by the FCA to change its name in "8Safe UK" Ltd.
8Safe UK is FCA regulated, but it is a very small company with no meaningful operation and therefore no wrongdoing. After abandoning its offices in London, it is a "letter-box company"
8Safe UK does not have a full license, but only a license as "matched principal broker" (which is an agent).
Here you can read the filing history and the last financial statements of 8Safe UK: https://beta.companieshouse.gov.uk/company/08111366/filing-history
From the filing it is evident that the company has very small operation, only 3 staff, had to sublet the premises before changing to a PO box, and made a loss in 2016.
Please take this warning very seriously. Remind that under MiFID 2 (Art. 5) an investment firm must have its head office in the Member State in which it carries out its business.

 

[IRONFXSCAM]

Dear IronFx representative,

The undisputed facts are:

1.You have suffered a sharp decline in turnover and clients after refusing to return clients’ funds in a widespread and systemic manner. You never had 1 million clients: all Cypriot brokers together have 1,200,000 clients (CySEC report), the largest ones being XM and FxPro.

2.The idea of not returning clients’ funds by invoking “Abusive trading criteria” based on assumptions, without any evidence, was an idea of your jailed lawyers.
It was not an idea of sales people, because sales people know the huge impact of bad reputation on volumes and revenues.
(Instead of paying lawyers, you should pay your clients, it would come cheaper)

3.You are not FCA regulated and therefore you are not object of FCA supervision. You have a subsidiary which is FCA regulated, but this company has not a full license andno meaningful operation. As for the ASIC regulation, it only applies to a small subsidiary and the ASICforced you to correct the disclosure.

4.There are a lot of judgments against you and please expect that they are made public. Let’s begin with adecision of the Financial Ombudsman, forcing you to return the funds of a clients which you had illegally withheld for 2 years

5.At least 2500 complaints were filed to the Financial Ombudsman against you. This is a huge number.

6.The investment with Nukkleus failed due to lack of regulatory approval. And the current investment by a Singapore company is still subject to regulatory approval (AML check pursuant to Art. 13 MiFID II)

7.A shortage of 176 million in clients’ money was confirmed by a public Cypriot authority. The General Auditor Report was not modified or retracted and is still a public document.
(BTW: Complaining to the General Auditor was a brilliant idea of your landlord)

8.The Petition before the EU Parliament has not failed at all, but is still open and there will be a new hearing. We expect the ESMA hitting you and/or the whole Cypriot forex industry the hard way : read the statement.

9.Retail traders are consumers: here the Decision of a Hungarian court of appeal and the Decision of Cyprus Consumer Protection Service.

10.The fine of 335.000 which you settled with the CySEC was almost the highest fine which is possible under the current legislation ($ 350.000).
But this legislation is to be changed in order to implement MiFID 2. The fines foreseen by Art. 70 MiFID 2 are at least € 5.000.000 or twice the benefit derived from the infringement.
(A fine of 352 million would be adequate in your case)

 

[IronFX Officer]

Seems our Iron Officer finally omitted their usual insulting threatening phrasings, never the less don’t expect the company ever admitting failure causing harm and damage to their worldwide customers, indeed consumers.

Dear oscarra,

Thank you for your comment.

We refer you to our last reply relating to your case.
Please look at the link below, post #36: https://www.forexpeacearmy.com/community/threads/ironfx-whistleblower-corner.53703/page-4

For the record we would like to note that from your conduct in the forum so far, it is evident that you are not genuine clients of the Company. You have chosen to keep your identity undisclosed by using nicknames and usernames with the sole purpose of engaging in defamatory comments, untrue and unfounded statements. The Company has repeatedly requested that you provide your particulars either via this forum or via e-mail to a dedicated email address, however, you have not done so to date in order to allow the Company to attend to any genuine query you may have.

We note that your continuous defamatory attempts are aimed at creating impressions, disgrace and damage to the Company’s reputation and goodwill. Such inappropriate conduct is not welcome by the Company and is against ethics and morals. Unless you have a genuine query, the Company does not intend to attend to any further unsubstantiated comments or statements.

Regards

 

[IronFX Officer]

IRONFX lawyers arrested!

http://www.emilianomorrone.eu/ironf...onviction-son-sent-to-jail-financefeeds-blog/

Dear IRONFXSCAM,

Without identifying yourself as a client of the company, you continue posting repeated and baseless defamatory allegations.

For your latest attempt to defamate the company (or any other issues or repeated defamatory commentary or false allegations you want to post on the FPA site) please refer to the “IronFX – Falsely Accused Broker” thread: https://www.forexpeacearmy.com/community/threads/ironfx-falsely-accused-broker.54115/ and in particular Point (7) and Point (8) of the said posting.

Should you have any specific, factual complaint, we welcome you once again to identify yourself as a client of the company by providing the relevant details.

Thank you

You could regret to have opened this thread, because we are going to post here all sort of documents, which provide evidence for IronFx being a "scheme" since late 2014.

Let's begin with your financial statements 2014

These statements contain a lot of information, if you can read them. For example, on page 37 you find the amount of segregated clients' money being just $ "18,000,614" .

With 400.000 clients, they segregated just 18 million? This is evidence of fraud.

On page 17, read the figures related to bonuses for accounts "under investigation". With a little math, you can calculate how much money these clients deposited.

Please also read the Notes on the last pages. After the Swiss franc crisis, you had litigation with Sucden Financial Ltd., which you settled by accepting to pay them 2,500,000 in 10 installments.
Here you find a comment on these financial statements: http://bit.ly/2h8JE9g

Dear IRONFXSCAM,

You are kindly requested to provide us with your particulars (i.e.name and account number) in order to allow us to attend to any queries you may have. You can also write to us at responses@ironfx.com for any clarifications you may require.

For what it seems to be a blatant attempt to defamate the company by regurgitating information from clean audited accounts (or any other issues or repeated defamatory commentary or false allegations you want to post on the FPA site) please refer to the “IronFX – Falsely Accused Broker” thread: https://www.forexpeacearmy.com/community/threads/ironfx-falsely-accused-broker.54115/ and in particular Point (2), Point (3), Point (4) and Point (5) of the initial of the said posting.

Should you have any specific, factual complaint, we welcome you once again to identify yourself as a client of the company by providing the relevant details.

Thank you

Read IronFx financial statements carefully. Page 37: only 18 million clients' money were segregated. And much more hot information

https://www.dropbox.com/s/n044usgyta94xha/IronFx Financial statement 2014.pdf?dl=0

Dear IRONFXSCAM,

You are kindly requested to provide us with your particulars (i.e.name and account number) in order to allow us to attend to any queries you may have. You can also write to us at responses@ironfx.com for any clarifications you may require.

For what it seems to be a blatant attempt to defamate the company by regurgitating information from clean audited accounts (or any other issues or repeated defamatory commentary or false allegations you want to post on the FPA site) please refer to the “IronFX – Falsely Accused Broker” thread: https://www.forexpeacearmy.com/community/threads/ironfx-falsely-accused-broker.54115/ and in particular Point (2), Point (3), Point (4) and Point (5) of the initial of the said posting.

Should you have any specific, factual complaint, we welcome you once again to identify yourself as a client of the company by providing the relevant details.
Thank you

 

[luxotik]

BREAKING: a Cypriot lawyer has applied for the liquidation of Ironfx on the basis that the company is unable to pay its debt. The case is set for a court hearing in early March.

 

[IronFX Officer]

BREAKING: a Cypriot lawyer has applied for the liquidation of Ironfx on the basis that the company is unable to pay its debt. The case is set for a court hearing in early March.

Dear luxotik

Thank you for your comment.

We refer you to our last reply relating to your case and your attempt to conceal information as to the true facts of your case.

Please look at the link below: https://www.forexpeacearmy.com/forex-reviews/7653/www.ironfx.com?page=2&per-page=10

For the record we would like to note that your query was attended by the Company and a response was sent to you and your attorney on 4/6/2015 and 01/02/2016 respectively.

We further note that had your complaint referred to the Financial Ombudsman Service which was terminated by the Financial Ombudsman Service on 31 October 2017.

For your latest attempt to defamate the company (or any other issues or repeated defamatory commentary or false allegations you want to post on the FPA site) please refer to the “IronFX – Falsely Accused Broker” thread: https://www.forexpeacearmy.com/community/threads/ironfx-falsely-accused-broker.54115/ and in particular Point (5) of the said posting.

Thank you

 

[IRONFXSCAM]

DEAR IRONFX OFFICER
all the newspapers and TV stations of the world talk about the IRONFX scandal. do you have
vision problems ??
http://www.wallstreetitalia.com/caso-iron-fx-annunciata-class-action-per-i-trader-truffati/
http://www.wallstreetitalia.com/truffa-ironfx-speranza-per-i-1-700-clienti-ue-truffati/
http://www.wallstreetitalia.com/truffa-ironfx-in-cina-si-e-aperto-processo-penale/
http://www.wallstreetitalia.com/scandalo-ironfx-confermato-dalla-corte-dei-conti-di-cipro/
http://www.wallstreetitalia.com/truffa-ironfx-bilancio-broker-contiene-dati-esplosivi/
http://www.wallstreetitalia.com/come-broker-di-cipro-ha-imbrogliato-migliaia-di-italiani/
https://www.financemagnates.com/fm-home/ironfx-victim-bursts-into-cysec-chairwoman-speech/
http://cyprus-mail.com/2017/12/11/cyprus-tops-eu-view-corruption-index/
https://atozforex.com/news/ironfx-china-criminal-trial-against-ironfx-china-ceo-peter-han/
https://www.financemagnates.com/forex/brokers/exclusive-ironfx-withdrawal-delays-a-story-of-176-
mln-client-money-hole/
https://www.financemagnates.com/forex/brokers/ironfx-faces-cyprus-court-complaints-160-chinese-
clients-ibs-2/
http://www.emilianomorrone.eu/ironfxs-ham-fisted-and-aggressive-lawyer-handed-criminal-
conviction-son-sent-to-jail-financefeeds-blog/

 

[I THE TRUTH]

Honestly I do not understand why a normal person should open an account with these people, there are so many serious brokers around, who never had any problems, why give to iron the money and then do not sleep at night? Also I think another thing, normally only one person on 10 makes a complaint to the authorities after having undergone a scam, this means that 2500 complaints are just the tip of an iceberg, the real situation is dramatic. Same thing on the forums, probably a small percentage of the scammed exposes his case on a forum, the others perhaps have a not high amount, so they prefer to accept the scam as a wrong operation and wait without doing anything ... If we then talk about lawyers the situation is even worse, 1/100 goes to a lawyer after a scam, it costs money, a lot of time passes and people are not willing to do that, this is the luck of scam borker

 

[oscarra]

BREAKING: a Cypriot lawyer has applied for the liquidation of Ironfx on the basis that the company is unable to pay its debt. The case is set for a court hearing in early March.

Most likely company’s accountants needs to be jailed as well, unless they provide the true figures (hard to believe)