IronFX review: multiple regulatory warnings and guilty votes by traders court.

1.321 • 245 REVIEWS
Notesco Limited (IronFX)
Updated: May 12, 2024

1 star review by Wisernow, Australia does not have a license and so is a scam. They will tell you that you are investing in the licensed version in your country such as in Australia, but they will put you into which has no license. They will then trade your money away without your authority until there is nothing left. In reality it is just a demo account and you won't be able to withdraw anyway...

What is IronFX? Is Iron FX a scam?

IronFx is a forex broker blacklisted by Forex Peace Army and declared a scam for its actions against the clients. We recommend against doing business with this company.

Iron Fx offers MT4 trading platform available as desktop, mobile or web trader versions. trading instruments include over 85 forex currency pairs, cfds, commodities, indices, futures, shares, gold, silver and oil for your personal investment and trading options.

Please read IronFx reviews below before investing with this broker and share your own live trading experiences with your fellow traders.

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 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 the company's claim that the investigation was against cheating clients was another lie.  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 that broker would have the nerve to make such an obviously false statement.


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 this broker.  If you have an account with this broker, the FPA recommends you try to withdraw your funds immediately. 


WITHDRAWAL PROBLEMS WARNING:  February 2015: The number of complaints about withdrawal issues against Iron Fx has escalated.  The FPA recommends all clients 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 Iron Fx 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 employees of this broker pretending to be clients.  These are from "Dimitri, London, United Kingdom" on 2013-08-02 and "Eva Leine, Stuttgart, Germany on 2013-02-04".

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

First IronFx Forums Spam Incident - 2012-11-12 

Second Forums Spam Incident - 2013-05-24

Third 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 this company.  The post really came from inside of the broker'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 Iron Fx 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

ASIC has a listing of other names used by this broker.  These are ETX FINANCE GROUP PTY LTD, ETX CAPITAL PTY LTD. CLICK HERE to confirm.

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

Trading Instruments

Currencies: (85+)
CFD: (5+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities

Trading Conditions

EAs/Robots: ✅ Yes

Managed Accounts & Social Trading

PAMM: ✅ Yes
Deposit Methods:
Withdrawal Methods:
* Please check broker website for more information
1.321 • 245 REVIEWS

Recent User Reviews of IronFX

Kishor, India,
Dec 28, 2023,
Registered user

Withdrawal has done in my account

Service use: Live Length of use: 3-6 Months
I have a complaint regarding Ironfx and MT4 account number is 11195584. On 16.11.23. My account account has been withdrawn 250 usd from my account and the same thing has happened in my other mt4 as well and from my clients/friends account but unfortunately it has not happened and withdrawal has been cancelled.

I have complain same time to account manager why and who is withdrawing my money and tried to stop it out but from my one account is withdrawal 250 usd and it was all matter of low security in ironfx and broker is saying that you have shared password with someone and it has happened so we are not responsible?

Then why the same thing has happened with my other clients and friend accounts?

Another thing is how and why you can sent withdrawal to anyone without my consent and asking anything to mail as well and not any security ?

and per regulation, withdrawal should be done with same medium as we have deposited, I have deposited with local depositor 500 usd the same amount must withdraw with same medium and they have sent withdrawal in usdt to someone else and they are even not replying my as well and just say that it has happened from your end.

So I kindly request you to pls look into this matter

Date of experience: November 16, 2023
Netherlands, Netherlands,
Dec 7, 2023,
Registered user

They will 'eventually' steal your money, so beware and stay away!

Service use: Live Length of use: over 1 Year
I tried to resolve my account issues with Iron FX in a constructive manner but after many failed attempts and unanswered emails, it's time the warn the rest of the trading community for their fraudulent activities.

I have multiple accounts at Iron FX (and other brokers) for a long time. Last year, after a period of absence (lack of MT5 support), I wanted to trade again with Iron FX (with a mt4 workaround).

After I reuploaded my ID documents, I received the following mail after a few weeks.

“it has been concluded that an abusive trading activity has occurred, and you are in breach of the terms and conditions relating to one or more promotions made available to these accounts.“

Since my accounts were inactive for some time, it's very hard to perform 'abusive trading activity'. I have mailed several times to their support department for clarification of the situation but they don't answer. I have also contacted the support agents several times but they always give empty promises that the situation will be resolved.

Yesterday the support agent even killed/blocked the chat window during the chat discussion but after a workaround I was able to contact them again but they gave me the same empty promises.

For me this was the final straw to write this review.

My advice is simple, use several different brokers for trading and stay away from Iron FX.
Don't fall into the trap of those positive reviews. They are fake or these people haven't been scammed yet. But too bad for them, eventually they will.

I will change my review to positive if this situation will be resolved in a positive way because i believe that people and companies must have the opportunity to learn from their mistakes and correct their behaviour.

If the situation will not be resolved, I will contact "ESMA" (European Securities and Markets Authority) to inform them about this behaviour.

I will keep you informed.
Minas Gerais, Brazil,
Jun 20, 2023,
Registered user


Service use: Live Length of use: over 1 Year
These guys like every market maker have A book and B book , They 'll watch your trade history for a while to see if you are a good trader and when they find out you really know what you are doing they will start manipulating the charts , manipulating the spreads and they will hunt your stoploss too , i have some dollars frozen with them since 2019 , before covid sh*t , they cancel all my withdraw requests , pure garbage . Cysec License is toilet paper , these *&5$+# doesnt do anything , DONT PUT YOUR MONEY IN CYSEC BROKERS ! SEARCH FOR ASIC , NFA OR FCA REGULATED BROKERS
Brasilia, Brazil,
Apr 25, 2023,
Registered user

Service use: Live Length of use: over 1 Year
I can't restore my account. I have registered this to them by chat some weeks ago and they asked me to send a email to their support. I ave done this, but until now they didn't answer me and didn't solve the problem.
Latina, Italy,
Mar 6, 2023,
Registered user

IronFx's Scam continue

Service use: Live Length of use: over 1 Year
After 8 years, Ironfx continue to refuse every withdrawal, in pending from months, before being cancelled. In 8 years only one mail, money blocked with an excuse: abusive trading,then complete darkness, no communication, no response to emails, on the phone, NOTHING.Even the Financial Ombudsman of Cyprus is corrupt, he wrote me a series of shameful lies to reject my complaint, meanwhile the CPS also declared their terms and conditions ABUSIVE, but nothing happens for the customers..Why Cysec does not close this cursed broker???How can they continue their work with millions in customer debt? My account : 15001690 On my account about 11000 euro

Jun 6, 2018 - 1 Star My story is on the forum, under the eyes of everyone, everyone on this forum is smart enough to understand between you and me who is the criminal.
I will fight until the end, every day, because you stole my family's money from me. You stole everything from me, deposits and profits !!! You are people without conscience, you are people without fear of God, you are joking and laughing, you make fun of people, no respect for anyone, people are ruined but you ignore everybody, go for your way. No authority stops you, all accomplices of this scandal, but the moment of judgment will come for you too, you can be sure ... Three and a half years waiting, three and a half years of suffering, three and a half years of prayers, but my money still in your hands

Mar 13, 2018 - 1 Star Terrible broker, has cheated thousands of people all over the world, but continues to operate under the eyes of all the competent bodies. This is possible because Cyprus is a corrupt country. It s now 3 years that they do not return my money(They do not return even my deposit).
I appealed to the Financial Ombudsman, but they too were bought with iron money, like the lawyers they pay to try to cover up their shameful story.
Shame Cysec, shame FO, shame Cyprus !!!! Do not pay money to them, they're already lost ...

Reply by IronFX Officer submitted May 1, 2018 Dear marc56,

Thank you for your most recent posting.

Your case has been repeatedly discussed (see e.g. posting #218 above -

For the record, we note that in all your repeated postings on the FPA site, you have chosen to intentionally conceal (i) the true facts of your case and (ii) the fact that you had your case already judged and rejected by the FOS. This defines the defamatory nature of your repeated and baseless postings.

We welcome any further factual comments that you may have.

Thank you
1 trader has found this review helpful
Santiago, Chile,
May 24, 2022,
Registered user

Can't withdraw profit - Retiro de ganancias

Service use: Live Length of use: 0-3 Months
I tell them to verify the account with the driver's license. But I have never been able to withdraw my profit. Selecting the withdrawal option tells you that the server is not available for any means of withdrawal. I already resigned myself to the fact that I lost my money. It is still very difficult to operate with this broker because the spreads are too high. For a person who is just starting to operate it is very difficult to generate profits... also this broker uses real people to influence you to work with the broker where you they join a vip telegram group and send you signals all day long and very few end in profit... these influential people are in charge of brainwashing you by promoting luxuries and profits that they have generated through trading, but this is only to influence people to invest in the broker... BE VERY CAREFUL OF FALLING INTO THIS SCAM.

Para poder hacer un retiro de tu cuenta debes realizar una verificación de identidad que nunca es a tu favor. Siempre el documento no es el indicado. Además me di cuenta que los graficos no son los reales, a parte que los spreads son super altos. Realice la prueba con una cuenta demo en MT5 y la cuenta real de ironfx en MT4, monte las mismas operaciones en ambas app y es muy evidente la manipulación de los gráficos en cuando incias sesion en MT4 con ironfx.
istanbul, Turkey,
May 19, 2022,

Thieves سرقت

Service use: Live Length of use: 3-6 Months
Every time we make a profit, IronFX removes our profit by making corrections under false pretenses.
Never work with this broker. 1000% is a scam.

این بروکر هربار که سود میکنیم به بهانه ها واهی سود ما را برمیدارد و اصلاحیه میدهد.
هرگز با این بروکر کار نکنید . 1000 درصد کلاه بردار است
Sydney, Australia,
May 2, 2022,
Registered user

I shut down

Service use: Live Length of use: 0-3 Months
You will be pleased to learn that I complained to ASIC about the scam operating as in Australia. It was just a front with no clients but had an Australian financial services licence to operate as a Forex broker in Australia. Scammers operating as a global fake Forex broker supposedly out of Bermuda was conning Australians into joining them saying that they had an Australian financial services licence when they didn't, only the Australian version did. They then sent fake documentation to the client saying that they were with the Australian version when in fact they weren't. The Australian version now does not exist but they have a website called which does not have an Australian financial services licence and is conning Australians into joining that thinking that that is the Australian version. If you have been conned into putting any money into tell your bank immediately and say that they are a scam and ask them to do a charge back. If you are with the Commonwealth Bank you are out of luck because they are the only bank in Australia that refuses to do chargebacks against scammers even though they are required to by MasterCard. ASIC and MasterCard let's them get away with it. At least I shut down the ironfx Australian office like I told them that I would do.

Dec 25, 2021 - 1 Star does not have a license and so is a scam. They will tell you that you are investing in the licensed version in your country such as in Australia but they will put you into which has no license. They will then trade your money away without your authority until there is nothing left. In reality it is just a demo account and you won't be able to withdraw anyway. I informed the Australian Securities and Investment Commission but they are completely incompetent and would not know a scam if they fell over one.

Oct 23, 2020 - 1 Star 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 their site 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 its 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 their site 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 support about this 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 their .com site which has no license. By the looks of things it is no longer possible to join a licensed version of the broker.

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 their .com site 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.
Wut M
BKK, Thailand,
Dec 6, 2021,
Registered user

IronFX took away my money without evidence

Service use: Live Length of use: 0-3 Months
My account number is 12112765. IronFx tried to take advantage from Muslim account by complain about SWAP free abuse.
I am a long term trader. IronFX Live chat allow me to hold position for maximum 10 days, so I hold my position for 10 days. I always ask before trading especially exotics currency. Live chat said yes, no problem.
On October 21, 2021, After I got profit $3710, IronFX took all my profit away, and complain about my SWAP free account. ???
To all Muslim traders, please stay away from this scam broker as far as you can. This broker will take advantage from you whenever you get profit.
IronFX will find a way to reverse all your profit away. It is the way they run their business.
1 trader has found this review helpful
Scott H.
Melbourne, Australia,
Nov 25, 2021,
Registered user

Okay experience, withdrawal was fine

Service use: Live Length of use: 6-12 Months
I don't want to discount the experience of others here who look they've had a really horrible time, but just want to relay that my experience with IronFX was average. Getting money into the account was a bit tricky but I got help from their support person and it was fine in the end.

Trading was okay - there was a delay in positions being opened, but they always seemed to open at the price that was active at the time I clicked the market order. That is, if price moved after I clicked enter, my position would be opened at the historical price, rather than at the current price, so that was completely fine with me.

I ran the account up about 60% over 7 months, and then was able to withdraw the money fairly easily. They needed an additional document which I provided, and I got the money in my account via bank transfer in 2 days which I believe is completely fine.

I did have some connectivity issues over MT4 with the trading server, which I resolved by getting a VPN located in London and connecting through there, and after that I was connected all the time with no issue. I think their no commission account is very good.

Overall my experience was fine and my review is here just to provide context.

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