Problem IronFX - 10 days - Withdrawal with status "Waiting for Processing"

[tsai sze ling]

From cysec reply...it says Cysec has no power to order Ironfx to pay you the withdraw and will not inform you of the ongoing investigation. Does it means client must crying while waiting for nothing? This is the fate of using Cysec broker?

 

[alexx71]

From cysec reply...it says Cysec has no power to order Ironfx to pay you the withdraw and will not inform you of the ongoing investigation. Does it means client must crying while waiting for nothing? This is the fate of using Cysec broker?

" The CySEC although it has powers to take measures (which include monetary sanctions) " so that means that broker to avoid that can decide to pay you.

And.... for what I know... if Cysec says that you're right and accuse the broker you can take this as a LEGAL PROOF.

This proof will be useful in front of a court and judge will order to the broker to pay you.

 

[tsai sze ling]

Alexx
Based on cysec reply
Apart from this announcement, as a matter of policy, no other feedback/information is provided / announced regarding on-going investigations.
How can client know that clients are right and broker is wrong because cysec will not inform you anything
and if you invest $1000 .do you think you will take legal action use lawyer and court that may cost you more than $1000?
About Cysec will fine the broker, i dont see cysec announce they have fined the broker who denied paying huge number of clients in china. The withdraw problem have gone beyond china to all around the world. Any announcement from Cysec fined the broker?

 

[alexx71]

"The policy of the CySEC is to announce any sanctions imposed on its supervised entities. Apart from this announcement, as a matter of policy, no other feedback/information is provided / announced regarding on-going investigations " ....for what I understand this not means that they will not tell you
the result of investigation. If you see they refer to " on-going investigations " so they do not provide any info BEFORE THE END of investigation.

About lawyer and 1000$ I totally agree with you, unfortunately the broker know that issue and so for every 1000 customers maybe 10 go to
the court ( maybe less ) so if they steal 1000$ for 1000 customers is 1 Million of pure profit. That is the tragedy of forex market and so
many fraudulent brokers. Yes, we as trader are in the most weaker position.
Anyway write to regulators don't cost and is a must for whoever is scammed, if every trader scammed make a complain to regulator
I think that broker would think better before scam.
I really hope regulators like Cysec begin to work to clean the market......even if I think bureaucracy is a long time process especially if you
compare to the time of broker that delete your profit.... just the time to push a button !

 

[tsai sze ling]

Alex. It is very different story when come to FCA.UK. in UK, clients are better protected. In Financial ombudsman website, they provide info about third legal aid info, with 30% cost of withdraw.it means client who withdraw $1000 still can get $700 using third party legal help. And The Ombudsman(FOS) advices better not to use third party legal help if FOS can help you solve the problem which is free.Normally FOS will reply your complain with FOS ref number, they will let you know what happening in 3 weeks and will suggest helps and solutions. I dont know FOS can order broker to pay client if broker found guilty

 

[Alonedevils]

Hi! I want to share my case.
On 04-mar-2015 I sent an email to my ironfx manager relating that I need to do a withdrawal because I need that money. After that I enter in the website and requested the withdrawal. Since then the status still "Waiting for Processing". Today is 11-mar-2015.

I talk in the chat in the last 4 days and the answer is always the same: "Ok sir i will inform funding right now to prioritize the request and process it the soonest"

Also Since that the Account manager is not answering my emails anymore (The last emails was 10-mar-2015 and 11-mar-2015)

I have all the information that I need to file a case, printscreens, chats transcripts, skype printscreens.

Would you please attach your evidence here ?
thank you

 

[Pharaoh]

Cysec could handle things better, but it does sound like they are conducting an investigation. If everyone complains, although IronFx may not be directly forced to pay traders, this could result in a fine proportional to the amount imporoperly taken from traders. If that happens, IronFx would likely try to pay at least some traders to help reduce the fine.

Plus, a Cysec ruling that IronFx improperly took money would make it much easier to win a lawsuit against IronFx.

Don't forget to visit Wholesale Forex Complaints and follow the instructions in the IronFx thread.

 

[tsai sze ling]

Hi filipesantos
Have you received your withdraw?
Any update?

 

[brosnet]

Welcome to party. To complain to regulatory you need to email to: complaint.info@financial-ombudsman.org.uk but before to regulator you must make official complain to compliance@ironfx.com and wait for a week
Complain to Cysec: Cyprus Securities and Exchange Commission | COMPLAINT REGARDING CIFS
Cysec may be bribed by Ironfx. Hahaha. FCA .UK is the beat trusted

only if the account was open at ironfx.co.uk , FCA can handle the case.
if the acount was open at ironfx.com, the case can be handled only by Cysec.

 

[brosnet]

Make sure to complaint to Cysec and to the FCA and let each of them know you are complaining to both places. Complaining to both regulators prevents IronFx from saying your complaint should be with the other regulator.

I sent a complaint to Iron, FCA and Cysec. I didnt inform each other that the complaint was open also with the other regulator. some days ago, FCA replied that the case can be handled just from Cysec.