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Broker withdrawal problems - never trade with them

  • #1
  • First Post: Mar 25, 2019 1:43am Mar 25, 2019 1:43am
Just to share my experience from IronFX (Cyprus).

I'm using 6 brokers at the moment, including IronFX:

https://www.forexfactory.com/ironfx

I started to transfer some money out of my accounts in IronFX and got into real withdraw problems.

I'm trying to get 1250$ from one of my accounts there since 22-Feb-2019 (over a month).

So far my so called "account manager" is giving me some vague explanation of delays in the payment systems.
He called very often months ago to urge me to put more money in the broker - since end of Feb-2019 I did not heard from him - neither call nor e-mails.

I've sent 2 e-mails to my account manager, and 1 e-mail to the funding department at IronFX - no response.

My account is in "waiting for processing" for over 20 business days with no explanation why the bank wire transfer is not happening.

I will soon contact the regulatory authorities in Cyprus and seek for legal options to get my money back.

I've never got any issues with my other brokers:

FxPro
Oanda
AAAFx
Dukascopy
Saxobank
eToro


I will keep you informed if this broker actually sends me my money back.
  • #2
  • Mar 25, 2019 7:05am Mar 25, 2019 7:05am
IronFX - really??

Say goodbye to ALL of your money there, you won't see a penny of it anymore. Everyone knows they are scammers .. except you as it seems.. especially as this company is a well known scam for years already.

https://www.forexpeacearmy.com/forex...www.ironfx.com

CySec already started several investigations against them over the years. Take it as a lecture. Some basic research would have saved you trouble and money here.

I simply quote the Scam confirmation from 2015(!) by FPA. Just for the record, you were already a member by this time.



SCAM CONFIRMATION

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.

SCAM CONFIRMATION

  • #3
  • Mar 26, 2019 7:35am Mar 26, 2019 7:35am
cyprus is a well known money laundering center for various criminal organizations
  • #4
  • Mar 26, 2019 4:20pm Mar 26, 2019 4:20pm
We should be careful with the brokers we choose, but I must say most times the is issue is just a minor technicality problem and can be discussed with the broker.
  • #5
  • Edited Mar 27, 2019 5:25am Mar 26, 2019 10:26pm | Edited Mar 27, 2019 5:25am
Many of us still suffer in the hands of these fraudulent Brokers
I hope you actually know how it feels and hurt to lose all the money you have worked for in your life investing with the thoughts of getting returns but then it turned out It was all a scam at the end.
I have lost so much in Binary Options than I can say , I lost 94,000usd last year after being introduced to a broker "72Option”. I was lured into investing and trading with my saving and some huge funds I got from my just sold properties.
I started with 78,000 USD at first and I tried withdrawal after then, I wasn't able to make withdrawals. I complained, they told me I had issues with my account verification. Soon after, I got that resolved but still I had no chanced to process my withdrawal, I was told I needed to deposit more funds to process my withdrawal, I deposited additional 16,000 USD. I tried again and they denied me for a reason not known to me.
It was after this, I concluded and understood that 72Option was a fraudulent investment schemes. I had to set out for alternatives to get my funds out.
After several efforts to withdraw my funds, filing different reports to the security agencies, none of these worked out well for me not until last month when I discussed this with my trainer telling him all I had gone through, he immediately recommended a recovery expert that helped him too.
I sent a mail to them at securedrecovery@protonmail,com, in minutes they replied and requested for details in transaction, 90,000usd was recovered back into my account days after I consulted them.
It was really miraculous as I had lost all hopes my money could be recovered.
I will only give my little advice to everyone out there trying to invest in these so called investment schemes, I will name some of these brokers here.
72Option, NRGBinary, WMoption, 24Winner, OptionNow, Safe24Option, 777Binary, LBinary, CTOption, OneTwoTrade, PWRtrade. RBinary. OptionFM, AG Capitals and many of them not listed here.
Many of them are only ready to steal and take all of our hard earned funds from us until they get the last card on us.
Please, lets all be careful with our dealings and know the right steps to take when encountered with problems like this.
  • #6
  • Mar 28, 2019 2:48pm Mar 28, 2019 2:48pm
Quoting Michealharry
Many of us still suffer in the hands of these fraudulent Brokers I hope you actually know how it feels and hurt to lose all the money you have worked for in your life investing with the thoughts of getting returns but then it turned out It was all a scam at the end. I have lost so much in Binary Options than I can say , I lost 94,000usd last year after being introduced to a broker "72Option”. I was lured into investing and trading with my saving and some huge funds I got from my just sold properties. I started with 78,000 USD at first and I tried...
Any broker that offers Binary Options is a scam. Binary Options always result in losses for the person who deposited money in such brokers.
Don't Worry Be Happy
  • #7
  • Mar 30, 2019 9:33am Mar 30, 2019 9:33am
One of the most important things that I learnt in Pipsiology classes before starting live trading was the need for a good broker. An excellent brokerage is regulated, has reasonable transaction costs and other trading terms and has perfect and very reliable customer support system.IronFX is far from this
  • #8
  • Apr 1, 2019 4:56pm Apr 1, 2019 4:56pm
I would also quickly add that most of these problems between traders and brokers is a breach of contract or something that can be settled amicably if both parties do things right. Especially brokers, they should be more open with traders.
  • #9
  • Apr 3, 2019 5:49am Apr 3, 2019 5:49am
Oh wow, sorry to hear that. I am terrified of this happening to me as I'm new to forex trading and have very little savings to invest. The company I am with is barely known so no reviews to go by, but no red flags so far. What actions have you taken so far?
  • #10
  • Apr 9, 2019 2:40am Apr 9, 2019 2:40am
IronFx? I guess it is not a joke. As @Drolph There are endless supply of victims in the FPA forums. One of the best ones was when the guy called the office some years ago and the rep responded "Why do you need your money?" could you imagine walking into a bank or any financial institution and making a withdraw request and they ask why do you need your money?

Some people did get their money back after the ombudsman was essentially forced by ESMA to make a ruling. And there were reports of a few people getting paid, and the rest are very likely SOL. This video is very sobering:
Inserted Video


I'm surprised people are still depositing money with them in 2019. I think they even have a crypto-exchange going (IronX or IronXchange).
  • #11
  • Apr 9, 2019 6:10am Apr 9, 2019 6:10am
Quoting forevermaat
IronFx? I guess it is not a joke. As @Drolph There are endless supply of victims in the FPA forums. One of the best ones was when the guy called the office some years ago and the rep responded "Why do you need your money?" could you imagine walking into a bank or any financial institution and making a withdraw request and they ask why do you need your money? Some people did get their money back after the ombudsman was essentially forced by ESMA to make a ruling. And there were reports of a few people...

"I'm surprised people are still depositing money with them in 2019. I think they even have a crypto-exchange going (IronX or IronXchange)"

Money laundering
  • #12
  • Apr 15, 2019 11:49am Apr 15, 2019 11:49am
Quoting Jmexpat
{quote} "I'm surprised people are still depositing money with them in 2019. I think they even have a crypto-exchange going (IronX or IronXchange)" Money laundering
Maybe they don't know about !!
  • #13
  • Apr 15, 2019 11:52am Apr 15, 2019 11:52am
Quoting Klc
Oh wow, sorry to hear that. I am terrified of this happening to me as I'm new to forex trading and have very little savings to invest. The company I am with is barely known so no reviews to go by, but no red flags so far. What actions have you taken so far?
Make deposit after checking the net and never deposit above $100. If brokers are from UK, Australia, its ok.
  • #14
  • Apr 15, 2019 11:53am Apr 15, 2019 11:53am
Quoting davidvi
I would also quickly add that most of these problems between traders and brokers is a breach of contract or something that can be settled amicably if both parties do things right. Especially brokers, they should be more open with traders.
Most of the Brokers are fraud
  • #15
  • Apr 15, 2019 11:53am Apr 15, 2019 11:53am
Quoting MrPresident
{quote} Any broker that offers Binary Options is a scam. Binary Options always result in losses for the person who deposited money in such brokers.
  • #16
  • Apr 15, 2019 11:55am Apr 15, 2019 11:55am
[quote=Michealharry;12160303]Many of us still suffer in the hands of these fraudulent Brokers I hope you actually know how it feels and hurt to lose all the money you have worked for in your life investing with the thoughts of getting returns but then it turned out It was all a scam at the end. I have lost so much in Binary Options than I can say , I lost 94,000usd last year after being introduced to a broker "72Option”. I was lured into investing and trading with my saving and some

Maybe securedrecover don't help small traders.
  • #18
  • Apr 27, 2019 3:55pm Apr 27, 2019 3:55pm
Quoting MrPresident
{quote} Any broker that offers Binary Options is a scam. Binary Options always result in losses for the person who deposited money in such brokers.
I'll have to agree with you on this one. Binary option is 100% gambling, not that anyone can prove this wrong. Any broker that offers it will always be shady and look for ways to cover their losses. There is always conflict of interest.
  • #19
  • May 11, 2019 1:17pm May 11, 2019 1:17pm
[quote=michaelpelly;12151436]Just to share my experience from IronFX (Cyprus). I'm using 6 brokers at the moment, including IronFX: https://www.forexfactory.com/ironfx I started to transfer some money out of my accounts in IronFX and got into real withdraw problems. I'm trying to get 1250$ from one of my accounts there since 22-Feb-2019 (over a month). So far my so called "account manager" is giving me some vague explanation of delays in the payment

It's very risky to deposit with a Cyprus based broker.
  • #20
  • Nov 7, 2019 3:19am Nov 7, 2019 3:19am
I have had similar problem with IronFX. I was trying to withdraw money from them for more than 3 years. I wrote to CySEC and they recommended me one very usefull thing and then I got my money. Only thing you have to do is to fill in oficial complaint form at the IronFX webpage (in client portal). You will receive ofiicial number of your complaint to your email. Then just wait 1 month, and your money will come

Hope it will work for you too.
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