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IronFx.com Review MT4 - MetaTrader Platform

Overall Rating: (2.800)
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Total Reviews: 71
Last Updated: 2014-10-24
Special Notes:

The FPA has repeatedly requested to communicate with the CEO of IronFx regarding the unethical behavior of employees of the company.  Two employees who have been asked to put the FPA in touch with the CEO have refused to do so.

Readers of this review page should note the fake reviews left by IronFx employees pretending to be clients.  These are from "Dimitri, London, United Kingdom" on 2013-08-02 and "Eva Leine, Stuttgart, Germany on 2013-02-04".

IronFx employees have also spammed the FPA's forums on three occasions.

First IronFx Forums Spam Incident - 2012-11-12 

Second IronFx Forums Spam Incident - 2013-05-24

Third IronFx Forums Spam Incident - 2014-02-05

These incidents began in November 2012.  The most recent was in February of 2014.

 

The FPA recommends AGAINST doing business with IronFx until the CEO steps in and convices company employees to stop acting in an unethical fashion.  If this is how employees follow simple forum and review site rules, can you trust them to follow rules about handling your money?

 

Other websites of this company include IronForex.com

Click here to join live discussion of IronFx.com on our forum
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court COURT file case Cases Open - 0 | Not Guilty - 0 | Guilty - 0   reviews REVIEWS submit review

FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2011-04-14
Review: We haven't tried a forex trading account at IronForex.com. If you've traded forex with this broker, please leave a review here.

Ali Khan, Rawalpindi, Pakistan

Rating:
Date of Post:2014-10-14
Review: This is absolutely a scam broker, orders are not fulfilled in time and the specific rates.Their representative 'Kaushik" is really a stupid person who always try to make people fool.

Lorenz V., , Germany

Rating:
Date of Post:2014-09-23
Review: I have been trading with IronFX since the 11. June 2014 on their fixed spread account with "instant execution" mode. It´s important to know that "instant execution" mode gives them the possibility to requote or reject the trade completely. Since this time I have been making good profits (with high risk) with a mixture of a modified version of the Million Dollar Pips EA (which trades price-spikes) and some manual straddle trades during news and I´ve also been trading the Scottish independence referendum last week. With those trading methods and using a high risk exposure for each trade, I was able to make a great profit of several hundred percent during these 3 months (about 500%), though I also had a longer lasting drawdown for around the last month before making profit again during the Scottish independence referendum.

Right after making profits after the Scottish independence referendum, I received the following email on the 19. September 2014:

"Dear Client,

Please be informed that your account (20017857) is under investigation on suspicion of abusing our Trading Terms and Conditions, and in particular of trading with lagging prices.

We are in the process of initiating an investigation and we will inform you of the outcome the soonest.


Regards,

Dealing Desk

t +357 25027222 | e [email protected]

IronFX Global Limited
t +357 25027000 | f +357 25027001 | w www.IronFX.com"


After emailing them back right away and explaining them my trading methods (as you can see above), I have been ignored by them - no reply to my emails. I also requested a withdrawal of my complete account 140,98 Euro on the 19. September 2014, since it was clear to me whatever the outcome of their "investigation" is, I don´t want to continue trading with this unhonest broker. Of course I did not receive the withdrawal and all my emails to them have gone unanswered.

On the 23. September 2014 I received the following email from them:


"
Dear Client,

After conducting an investigation on the trading activity of your account, we have reached to the below conclusion:

Account 20017857 was trading on lagging prices on various currency pairs, particularly on rapid price movements, with the purpose of benefiting from pricing arbitrage and therefore riskless profit.

We took a step further to verify the above by comparing our pricing with another major FX provider. For this purpose we chose Dukascopy Bank because they provide tick prices per second historical data.

Please find a tick price comparison with Dukascopy Swiss Bank available at:

Historical Data Feed :: Dukascopy Bank SA | Swiss Forex Bank | ECN Broker | Managed accounts | Swiss FX trading platform

Also excel file attached; note that time is GMT.

Trading logs of account 20017857:

2014.09.19 05:33:56.495 185.35.77.50 '20017857': instant sell 0.10 GBPUSD. at 1.64844 sl: 0.00000 tp: 0.00000

Dukascopy Pricing

Time
Ask price
Bid price

19.09.2014 02:33:56.544
1.64807
1.64798

Trading logs of account 20017857:

2014.09.19 05:53:34.000 185.35.77.50 '20017857': instant buy 0.10 GBPUSD. at 1.64811 sl: 0.00000 tp: 0.00000

Dukascopy Pricing

Time
Ask price
Bid price

19.09.2014 02:53:34.050
1.64933
1.64913

As it can clearly be observed, there is a large deviation between the opening price offered by IronFX and Dukascopy Bank.

This comes as a violation of our Trading Terms and Conditions to which the Client has to comply with before opening an account with the Company.

At this point we would like to draw your attention to Paragraph 6.29 and 24.4 of the Trading Terms and Conditions:

“6.29 In case where a Client is trading in a way that aims to take advantage of price disparities resulting from rare/occasional price latencies with the purpose of benefiting from a possible pricing arbitrage to the Company’s detriment, either by using additional functionalities/plug-ins (i.e. Expert Adviser, etc.) or by any other means, then the Company has the right to activate any clause under section 24, including clause 24.4”

“24.4 The Company may terminate the Agreement immediately without giving five (5) business days written notice, and the Company has the right to reverse and/or cancel all previous transactions on a Client’s account, in the following cases:

a) The Client involves the Company directly or indirectly in any type of fraud, in which it places the Company’s as well as other Company’s clients interests at risk prior to terminating the Agreement.

b) The Company has grounds to believe that the Client’s trading activity affects in any manner the reliability and/or smooth operation and/or orderly of the Company’s Trading Platform.”

Please note that such incidents are inevitable when trading over the internet due to latency or various other factors and can take place with any broker. Certain clients are aware of this and try to fraudulently exploit such riskless profit taking opportunities by developing certain software or by other means.

For this purpose:

a. We run regular reporting to identify such incidents.

b. We have alerts in place that trigger upon the detection of price disparities or in the event of trade rejections from our liquidity providers

c. We specifically provide for such cases in our trading terms and conditions and in particular section 6.29 & 24.4 above

Considering the above and the findings provided by the Trading Department, IronFX has decided NOT to pursue legal actions against you, but instead to proceed as per below with immediate effect:

· Reverse positions that were generated as a result of execution under lagging/wrong prices


Best Regards,

Dealing Desk

t +357 25027222 | e [email protected]

IronFX Global Limited
t +357 25027000 | f +357 25027001 | w www.IronFX.com"

Afterwards I look at my account and they´ve simply set it to 0 balance, removing the complete account balance - and that even though I did just made 20 Euro profit during the Scottish independence referendum and deposited 100 Euro the day before via Skrill. They also just referenced the 2 trades listed above, the rest of the trades was simply concluded to be "illegal" too without further explanation - all of the trades I ever did in the account according to them.

Now this is a completely fraudulent behavior to me. First off: I thought I am trading with IronFX, not Dukascopy, yet they say Dukascopy is the final reference for the prices your trade was executed on, which means that for any trade you do: if the price at Dukascopy was a different one at the time you traded at IronFX, they have the right to remove your profits! What this means is a very easy option for them to basically reverse ANY trade they want, telling you that the price at Dukascopy was different compared to the price they offered you and voila, your profits are gone as per their terms and conditions.

Secondly it means that they admit that their feed is of bad quality and that they reference a better broker for the final conclusion if you trades with IronFX have been legal. This opens the doors to really remove any trade they want. You also have to remember that the account I have been trading on has "instant execution" mode, which means they could simply have requoted me instead to accept the trades.

This is a completely fraudulent behavior from IronFX. I will be informing all of their regulators too so that they see how this brokerage is operating and will also open a FPA court case right away.

Winston, Metro Manila, Philippines

Rating: No Rating
Date of Post:2014-09-17
Review: Seems to be some kind of problem with their MT4 system, affiliate program and account funding in China!

http://forexmagnates.com/ironfx-grilled-on-chinese-tv-by-affiliates-criminal-fraud-investigation-filed-on-air/

GIANFRANCO, ROMA, Italy

Rating: No Rating
Date of Post:2014-08-16
Review: WARNING
WARNING BONUS 60 PER CENT!
ON MY ACCOUNT, THROUGH THE HISTORIC MT4 TRADES FOR 3 MONTHS AND THE BALANCE, RESULT THAT IRON FX HAVE NOT APPLIED THE BONUS.
I HAVE APPLIED FOR EXPLANATION OF THE BACK OFFICE, BUT THE BACK OFFICE HAS NOT PROVIDED CLARIFICATIONS.
IN THE CHAT SUPPORT SAID "WE ARE SORRY, WE DO NOT KNOW WHAT TO SAY !!!!."
IRON FOR THE MATHEMATICS FX IS "AN OPINION."

dongle, Johor, Malaysia

Rating: No Rating
Date of Post:2014-08-05
Review: Placed a withdrawal request on 1/8, confirmation received on 2/8, and I receive the fund today. I withdrew all my fund, meaning no more business with them, but still they honored my request.
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Peter, Budapest, Hungary

Rating:
Date of Post:2014-05-06
Review: Usually I don’t write comments and overviews, but now I’m streching a point to let you know about a nice thing:
I was very disappointed because of my bank and Skrill made a mistake during the money transfer to the trading account, so I lost some transaction fees.
One time when I was chatting with the IronFX support I told them what happened, and Im feeling sad myself and don’t really undersatnd how can these kind of unfair things happen.
Once again: it was not the IronFX's fault, but they compensated my loss just to make me happy.
After this kind thing, I think this is the minimum to write about it here, and say Thank You again! :)

Mohammad Khajeheian, Turku, Finland

Rating:
Date of Post:2014-04-29
Review: I have been trading live with IronFX since December 2013. I like their costumer service and their bonus system, had no problem concerning my account manager.
They have been trying to answer my questions and concerns.
Spread is not the lowest one and I haven't withdraw any money yet, so can't comment about that.
So far so good and I recommend IronFX.

João Azeredo, Porto, Portugal

Rating:
Date of Post:2014-04-29
Review: My name is João Azeredo,
I'm trading with IronFX for the last 8 months I've made some deposits and withdrawals and everything went quick and smooth I have a PMAM in Ironfx with more than 30 accounts attached already, more than 50.000 USD invested, and i don't have any complainant about Ironfx.

I'm getting all the help I need by e-mail and phone from my account manager from London Ironfx Office.

So far I'm very impressed from their Professionalism and Service

Regards,
João Azeredo.

Rasel Masud, Dhaka, Bangladesh

Rating:
Date of Post:2014-04-16
Review: If you make profit in Ironfx this broker will start crying.They give bonus to loose your all money by opening big lot.An account manager Amit Dutta is just a classless people i have ever talk.If i want to withdraw money he call me and tell me not to give wd.moreover one time he threat me also for my withdrawal.Is this a professional activities>??how people like Amit Dutta can do work in a broker like ironfx? moreover he watch each and every trade of mine.This is totally insecure.i left this broker forever.big scam
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