They are an outright scam, you are lucky that you only put in $100 but tell your bank to do a chargeback.Based on all the negative feedback on Ironfx did not want take a Chance so started of with 100$ Investment 19th Aug 2021.
On 20th Aug I was understanding that my EA was performing in conformance with Back Test Results..
Here is the Chronology of Events:
Account Number:20101081 (IronFX)
Funded: 100$ 19th Aug 2021
Profit Made 251$ 20th Aug 2021
Received Mail from IronFX stating that my account is suspended and Profits Reversed : 20th Aug 2021 8:00 PM
Checked my Account and Observed that all profits have been Reversed : 20th Aug 2021 8:15 PM
Unable to understand the reason that IronFx stated in the mail (Please find attached Mail)
I am Told that My Profits are reversed and account Suspended and I should withdraw my Initial Deposit of 100$.
Kindly help me to understand the issue here.
Suspended Account 20101081Inbox
IronFX Dealing <firstname.lastname@example.org>
Aug 20, 2021, 7:26 PM (1 day ago)
to me, IronFX
After conducting an investigation on the trading activity of your account, we have reached to the below conclusion:
Your accounts were trading on price disparities with the purpose of benefiting from a possible pricing arbitrage to the Company's detriment.
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 7.23 and 26.4 of the Trading Terms and Conditions:
7.23 Internet, connectivity delays, and price feed errors sometimes create a situation where there is price latency on the Electronic Systems such that there is a disparity between the Company quoted prices and current market prices for short periods. Client expressly acknowledges and agrees that it shall not execute Transactions with the Company that rely on price latency arbitrage opportunities either by using additional functionalities/plug-ins (i.e. Expert Adviser, etc.) or by any other means. If the Client acts in contravention of this clause the Company reserves the right to (i) make corrections or adjustments to the relevant Transaction execution prices to reflect what would have occurred had there been no price latency arbitrage; and/or (ii) cancel all the relevant Transactions; and/or (iii) terminate without notice the Client’s Account with the Company; and/or (iv) charge an administration fee equal to 10% of the deposited funds, with the maximum charge set at $200 or deposit currency equivalent.
26.4 The Company may terminate this 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 interests of the Company and/or the Company’s clients at risk prior to terminating this Agreement.
(b) The Company have grounds to believe that the Client’s trading activity adversely affects in any manner the reliability and/or smooth operation and/or orderly functioning of the Trading Platform.
Having said the above, we will proceed with the below action:
- Reverse any profits generated as a result of the breach of our Trading Terms and Conditions.
In addition please also note that the company reserves the right to charge an administration fee which at this point has chosen to waive, and you have the right to request withdrawal of your remaining balance in the account.
The information in this email is confidential and is intended solely for the addressee. If you are not the intended recipient, any disclosure, copying, distribution or any action taken or omitted to be taken in reliance on it, is prohibited and may be unlawful.
Our products are traded on margin and carry a high level of risk and it Is possible to lose all of your capital.
Consider the environment before printing this email.