IronFX Review

1.379 · 234 REVIEWS

Notesco Limited (IronFX)

Updated: Jun 21, 2021 ·  · Is this your company?

IronFx is a forex broker. Iron Fx offers the MT4 and MT4 WebTrader forex trading top platform. offers over 85 forex currency pairs, cfds, commodities, indices, futures, shares, gold, silver and oil for your personal investment and trading options.

2019-12-13:  The British Columbia Securities Commission has issued an investor caution notice against Notesco Limited, dba IronFX.  The company is not registered to trade in, or advise on, securities or exchange contracts in BC. CLICK HERE to verify.
January 2018: The Cyprus branch of IronFx/FxGiants is now using the corporate name Notesco Financial Services.  CLICK HERE for more info.
December 22, 2017:  The Cyprus Consumer Protection Office has issued a decision against IronFx for an unfair contractual clause.  CLICK HERE to verify.  CLICK HERE for more info.
2017-03-23:  The CNV of Argentina has brought a legal case against IRON FX FINANCIAL SERVICES LIMITED, including Svetla Nakova, Marcos Kashiouris, and Demetris Kyriacou.  CLICK HERE and select the DENUNCIAS PENALES tab to confirm.
November 27, 2015:  Cysec has announced it will collect a 335,000 Euro settlement from IronFx based on the investigation announced in August.  This proves that IronFx's claim that the investigation was against cheating clients was another lie told by the company.  CLICK HERE to verify.
August 10, 2015:  The Brazilian CVN has issued a warning against IronFx.  CLICK HERE to verify.
August 6, 2015:  Cysec has announced an investigation AGAINST IronFx.  CLICK HERE to verify.  IronFx claims that the company asked Cysec to help them investigate cheating clients.  The FPA is astonished that anyone at IronFx would have the nerve to make such an obviously false statement.
ASIC listing of other names used by IronFX.  These are ETX FINANCE GROUP PTY LTD, ETX CAPITAL PTY LTD. CLICK HERE to confirm.


March 2015:  There are now 4 FPA Traders Court Guilty votes against IronFx for failure to pay money owed to clients.  The FPA has no choice but to declare IronFx to be a Scam for its actions against its clients.


IronFx is hereby blacklisted by the Forex Peace Army.  The FPA recommends against depositing money with Iron Fx.  If you have an account with IronFx, the FPA recommends you try to withdraw your funds immediately. 


WITHDRAWAL PROBLEMS WARNING:  February 2015: The number of complaints about withdrawal issues against IronFx has escalated.  The FPA recommends all clients of IronFx test the withdrawal system immediately.
Feb 2015:  Multiple fake positive reviews submitted.

2012-2015:  The FPA has repeatedly requested to communicate with the CEO of IronFx regarding the unethical behavior of employees of the company.  Many employees claimed they could stop this behavior.  All failed.  Each of them was asked to put the FPA in touch with the CEO.  Based on what happened over time, the FPA believes the CEO is aware of the unethical behavior of his employees, but does not care to do anything about it.

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

In January, 2015, someone posted an attack on a competing broker from inside the offices of IronFx.  See the review by "Jacob, Cyprus" dated 2015-01-21 below.

In June, 2015, someone claiming to be an IB from Egypt posted defending IronFx.  The post really came from inside of IronFx's offices in Cyprus.  See the review from "IB in IronFX" dated 2015-06-03 below.

These incidents began in November 2012.  The most recent was in June of 2015.

The FPA recommends AGAINST doing business with IronFx until the CEO steps in and convinces 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,,,,,,, and

 Need more info?
Read and Ask HERE.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 1000:1
Minimum to Open Live: $100
Established: 2010
Address: Bermuda
Contact:, +44(0) 203 282 7777
Regional offices:
Prohibited countries:
Trading platforms: MT4
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (85+)
CFD: (5+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
Deposit Methods:
Withdrawal Methods:

Live discussion

Join live discussion of on our forum

Go to forums profile provided by IronFX Officer, Oct 27, 2017

IronFX is the award-winning Global Leader in Online Trading, with 10 trading platforms and over 200 tradable instruments in forex, spot metals, futures, shares, spot indices, and commodities. IronFX serves retail and institutional customers from over 180 countries in Europe, Asia, the Middle East, Africa and Latin America while providing support in over 30 different languages.

IronFX clients can benefit from round-the-clock coverage delivered by one of the world’s largest and most accomplished global client coverage teams. The IronFX customer-centric model offers top trading functionalities through its platforms combined with the widest suite of products at the best pricing and execution. Daily market news feed and insightful research give clients access to the best information and data to make informed trading decisions.

lronFX Group complies with international regulatory standards and different entities in the group are authorised and regulated by the FCA (UK), ASIC (Australia), FSB (South Africa) and CySEC (Cyprus).


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1.379 · 234 REVIEWS
Forex Peace Army

Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

bangkok, Thailand,
Jun 19, 2021,
Registered user

unable withdraw my fund back.

Service use: Live

Length of use: over 1 Year

scammm !!!!!
unable withdraw my fund back.

31 may 2021 "waiting for processing"
19 jun 2021 still "waiting for processing"

Don't transfer your money to this company.

Bad company ,go bankrupt.
South coast, United Kingdom,
May 28, 2021,
Registered user

No response from complaint

Service use: Live

Length of use: 3-6 Months

Hi I have a serious grievance with the company and they have not responded to my emails. You have to use the support email address. Does anyone have another email address that might help with my complaint? Reading the other reviews does not make me feel optimistic.
Keith kirby,
Lancashire, United Kingdom,
May 15, 2021,

Scam beware

Service use: Live

Took my deposit then found it was a scam they didn’t put me on auto trade as I asked but traded it down under£250 then send an email to say you can’t withdraw. Sent 3 emails asking how to access my account but no reply. Asked to stop my account and refund any monies no reply or action company name prograde Iron FX
Bucharest, Romania,
Feb 4, 2021,
Registered user

IRONFX Fraudulent Scammers !!!

Service use: Live

Length of use: over 1 Year

Fraudulent Scammers !!! GIVE ME MY MONEY BACK !!! I have deposited 3000$ into my account and made profits for a total amount of 7789$. As usually happens with scammers like them, everything was okey until I tried to withdraw some of the money, they were not processing my withdraw for days, I've got in touch with my account manager Ivans Ovcaruks who was going round around telling me different types of excuses, first time he said that there were some technical issues and I shall wait for a week for my request to be processed, more than 2 weeks passed and nothing happened, I got in touch with him again and he said that I shall change the withdraw method to Netteler, I did that and sent him my new account number, he promised that this time everything will be ok and in 2 days maximum the refund department will process my request and I will receive the funds.I was deeply believing that this time everything will go smoothly but it wasn't the case ,I have waited for a couple of days and my withdraw request wasn't processed, I've sent again an email to my account manager but never got a reply, I've done multiple attempts to contact their refunding department and customer support department as well as sending multiple emails to my account manager however none of them replied to any of my emails neither phone calls. These guys from IronFX are scammers and are pretending to be serious until you deposit money , after that they are simply disappearing. NEVER EVER USE IRONFX SERVICES IF YOU DON'T WANT YOUR HARD EARNED MONEY TO BE STOLEN LIKE IT HAPPENED FOR ME ANY MANY OTHERS ! I've got proofs and screenshots from my account for providing evidence and I will spread the world so that nobody will fall in this trap again !

They are simply washing their hands in front of new potential customers by giving their "copy" "paste" reply. Guys, never deal with this company,as soon as their are receiving your funds they are forgetting about you , you know how many emails I sent them to "" ???? Almost 20 emails and didn't received any replies back !!! If not the financial Ombudsman than Karma is going to punish them. IRONFX SCAM , IRONFX SCAM , IRONFX SCAM !!!

Jan 7, 2021 - 1 Star Fraudulent Scammers !!! GIVE ME MY MONEY BACK !!! I have deposited 3000$ into my account and made profits for a total amount of 7789$ and they are not processing my withrawn request for a couple of years. I've sent multiple emails to all their email adresses and nobody answers :,,,,

Do not invest with them if you don't want to lose all your money!!!!
Lisbon, Portugal,
Jan 31, 2021,
Registered user

Complete SCAM

Service use: Live

Length of use: over 1 Year


I have a legal complain and a law process running up against this "broker", and CYSec ans ESMA in the middle, the issue was in a a Cyprus live account

Hope they finish soon and some people go to jail

sursee, Switzerland,
Jan 18, 2021,
Registered user


Service use: Live

Length of use: 0-3 Months

deposit was fast, live chat is also not terrible BUT THE WITHDRAWAL IS TERRIBLE, after the third request my withdrawal was processed, and huge commission also (nearly10%), dont trade with this broker obviously
Sydney, Australia,
Oct 23, 2020,
Registered user

Service use: Live

Length of use: 0-3 Months

You can only deposit with World Pay who don't care if the money goes to scammers. These guys used to be legit but have obviously found scamming to be more profitable

Oct 16, 2020 - 1 Star They have upgraded theirAustralian website so that you can't log in using your login details. But you still can't register with because Australia is not in the list of countries where you reside.

Sep 28, 2020 - 1 Star It is clear that does not have any license, it does not even pretend to have a license on it's website. The problem is that they ring people up and pretend that they have a license in the client's country. They have licenses in certain countries under slightly different names but they get the client to join which has no license. If you try to register with the website does not have Australia in the list of countries where you reside. They will tell you that they have transferred you to the version where you reside. If you email to clarify where you stand, they will not reply.

Sep 23, 2020 - 1 Star It is not possible to open an account with the Australian because when you try to register you can not choose Australia out of the list of countries where you reside. If you choose another country it will direct you to which has no license. By the looks of things it is no longer possible to join a licensed version of ironfx.

Sep 14, 2020 - 1 Star I have reported ironfx and Notesco to ASIC with comprehensive information. From what i can find Notesco is no longer in Australia and any phone numbers I can find are disconnected. They still have an AFSL license number when you look up the ASIC website.When you go to it tells you their AFSL license number and a phone number which is disconnected. When you log in it takes you to which does not tell you an AFSL license number, but it says the company is based in Bermuda. Why ASIC has not cancelled their license yet is puzzling but I think it is just a matter of time.
POLAND, Poland,
Sep 16, 2020,
Registered user


Service use: Live

Length of use: over 1 Year

ESCAPE THIS COMPANY, because if you earn something, they will take it away. I have had this case twice. I started with my $ 30,000 and went on to earn well over $ 100,000. Then, at the moment of major movements with EURUSD, Iron set up trading in such a way (I suspect a short-term change in leverage) that suddenly there was no funds and they closed my account in an instant. PAY AS ONLY YOU WILL EARN SOMETHING OR OTHERWISE YOU WILL LOSE EVERYTHING NOT THROUGH YOUR FAILURE. The case was dealt with by specialized lawyers from Bermuda.
The last of these situations follows
On 27-07-2020 at 16:43 I was deprived of all funds from my IronFx account number 13109448 and leverage 1: 1000. All my EURUSD deals were closed at 1.17616 within 3 seconds. There was no such price at this hour. There was a maximum price of 1.17575. Earlier at 3:10 PM the price was above 1.17616, and I had around $ 40,000 in free funds at the time and kept checking my account by opening opposite BUY positions which significantly inhibited the loss of free funds.
At 4:43 pm with around $ 30,000 in free funds, all of a sudden all positions closed at 1,17616, which was not there at the time. This price didn't come until 5:33 PM.
That's how it is possible to close all my orders at one time, suddenly. I have been trading in IronFx for about 8 years, having full confidence in the IronFx Company and this happened to me, but it was followed by closing orders, but never at the same time all orders were closed at the same time. Friends of traders say that the reason is probably a short-term change of the lever to a much lower one, and then a return to the leverage 1: 1000
Let me mention that the trade was not dynamic at that time, but the increase in the EURUSD price was very slow. In the simulator, with my starting amount of $ 117,000 at 20:00, the current profit was $ 46,615. I had a large reserve of funds, and for some unknown reason my account crashed. Attached screen.
I believe it was impossible to suddenly close my account due to my mistake.
In the meantime, I asked for an analysis of the resulting situation in people dealing with trading.
All three people agree that the reason lies in the lever that was briefly changed at 4:43 pm.
None of the competent persons at IRONFX VEL NOTESCO LTD responded to my complaint showing my error.

More. Community discussion of this issue >>

Cali, Colombia,
Jul 28, 2020,
Registered user

Almost two months waiting for Withdraw from Ironfx

Service use: Live

Length of use: 0-3 Months

I decided to close my Ironfx account, I asked to withdraw since 11 June 2020, but I didn't have any answer from them.
I have been waiting for my money and to close the Ironfx account since 11. June 2020 (1 month).

More. Community discussion of this issue >>

  2 traders have found this review helpful
Yorkshire, United Kingdom,
Jun 23, 2020,

Terrible service,not recommended at all

Service use: Live

Length of use: 0-3 Months

my experience with ironfx has been atrocious. As soon as I put my money into this brokerage, I found it hard to find ways of withdrawing. I started seeing bad reviews of people with a plethora of reasons as to why joining this brokerage is a pitfall. Several of them complaining about how ironfx wont allow them to take out their profits. After much research and lost confidence, I decided to withdraw my money. Low and behold I experienced those same difficulties I read online. Over 3 months later and I'm still trying to get my money back
  1 trader has found this review helpful

Frequently Asked Questions

👮‍♂️👮🏽‍♀️ Are there regulatory actions against IronFx?

There have been many regulator actions against IronFx and related websites/companies. 

CySEC investigated IronFx and collected a €335,000 settlement from them.  This was after IronFx tried to claim that the CySEC investigation was to investigate cheating clients.  Later, the Cyprus Consumer Protection office decided against IronFx regarding allegations of contractual unfairness.

IronFx has also been the subject of regulator warnings or actions from Brazil, Canada, and Argentina.

⚠️ Is IronFx a good and legitimate broker?

The FPA believes that IronFx is not a good or legitimate broker.  Reasons for this include:

  • A history of fake positive reviews submitted from inside IronFx's offices.
  • Four separate FPA Traders Court guilty votes against IronFx.
  • Multiple regulator warnings and actions against IronFx.
  • Continuing complaints against IronFx in the FPA's reviews and forums.
The FPA recommends against doing business with IronFx or any related company.

💵 What can I do if I can't withdraw my money from IronFx?

The Forex Peace Army has set up a special thread with instructions for traders who are having trouble withdrawing their money from IronFx. 

Please go here and follow the steps laid out in the first post:
Instructions for IronFx clients who are having trouble withdrawing their funds