🔎
·····
← All brokers

IronFX

Cyprus Cyprus
Forex & CFDs · since 2010
CySECFCA(FXGiants)FSCABVIBermudas(sin regular)what are these? →
1.8
/ 5 ★
RegulationCySEC, FCA(FXGiants), FSCA, BVI, Bermudas(sin regular)
Min. deposit$100
Leverage1:1 – 1:1000
PlatformsMT4, MT5
InstrumentsForex & CFDs
Founded2010
🏛️ Which entity will open your account?
📍 Pick your country above and we'll tell you exactly which entity opens your account at IronFX.
How is this decided and how do I verify it? →

Regulation by region

The entity you sign with — and your protection — changes depending on where you live.

United Kingdom
⚠ FCA warning (clone)
FCA warning about the clone firm 'IroneFX' (Feb-2021). The brand operates via Notesco UK (FRN 585561) but carries a history of scandals
European Union
CySEC sanctions
CySEC entity (125/10). Fined ~€335,000 (2015-16) over the bonus/withdrawal scandal and €100,000 (2024)
United States
Not available
Not registered in the US
Australia
No current ASIC license
No active ASIC authorization for retail
Rest of the world
⚠ FPA blacklist + 2015 scandal
Forex Peace Army blacklist. 2015 scandal: ~$176M hole; withheld withdrawals citing 'bonus abuse'. Offshore entities (BVI, Bermuda)

All licenses

Every regulator where the group holds a license, with its execution model. The entity that applies to you depends on your country (see above).

CyprusCySECActive with sanctionsMarket maker125/10 (Notesco)
United KingdomFCAWarning (clone)585561
British Virgin IslandsBVI FSCOffshoreMarket makerSIBA/L/24/1175
InternationalFPABlacklist

Account types

Standardfloating/fixed spread
Premiumadvanced account
Raw ECNraw spread + commission

Pros

—

Cons

✗No tier-1 regulation (offshore)
✗Withdrawal complaints / confiscation
✗Questionable transparency
✗Damaged reputation
✗Very high leverage (more risk)

Breakdown by axis

The total score (out of 100) is the sum of the 7 axes, with the same yardstick for everyone. Below each one, the rationale with its source.

Regulation: Offshore6/22 pts
Why: Notesco group: CySEC 125/10 + FCA (as FXGiants) + FSCA, BUT international retail goes to BVI/Bermuda (Bermuda unregulated). Very controversial brand
Withdrawals / payments: Denials0/20 pts
Why: HISTORICAL 2015: US$176M hole in client money (confirmed by CySEC), mass withdrawal denials, 1,000+ complaints, lawsuits; a pattern of confiscating profits over 'arbitrage/bonus abuse'
Fund safety: Segregated (no compensation)8/15 pts
Why: segregated EU/UK (FSCS/ICF); offshore BVI/Bermuda with NO compensation
Transparency: Misleading0/10 pts
Why: ForexPeaceArmy has it BLACKLISTED as a SCAM; CySEC fines EUR335k (2015) + EUR100k (2024)
Reputation: Damaged0/10 pts
Why: founded 2010; Trustpilot ~2.8; the $176M hole and the FPA blacklist weigh heavily
Costs: Average4/8 pts
Why: market maker, mid EURUSD spread

Flags detected

🚩[regulation] offshore -> Notesco group: CySEC 125/10 + FCA (as FXGiants) + FSCA, BUT international retail goes to BVI/Bermuda (Bermuda unregulated). Very controversial brand
🚩[withdrawals] denies -> HISTORICAL 2015: US$176M hole in client money (confirmed by CySEC), mass withdrawal denials, 1,000+ complaints, lawsuits; a pattern of confiscating profits over 'arbitrage/bonus abuse'
🚩[transparency] misleading -> ForexPeaceArmy has it BLACKLISTED as a SCAM; CySEC fines EUR335k (2015) + EUR100k (2024)
🚩[reputation] bad -> founded 2010; Trustpilot ~2.8; the $176M hole and the FPA blacklist weigh heavily

Sources

Don't take our word for it — check it yourself. These are the official registries and legal pages we relied on.

🔗 ⚠ FCA — clone warning 'IroneFX'🔗 Case: $176M hole in client funds (2015)🔗 CySEC €100k fine on Notesco (ex-IronFX), 2024

Trader reviews

Real experiences with IronFX. Comments go through moderation before being published.

No reviews yet. Be the first.