Is IronFX Scam or Legit Broker?

Based on our research IronFX is not safe to trade with. There are numerous misleads that in fact show the story from another side. The company changed its registered corporate name to Notesco Financial Services, which causes regulation questioning along with other existing issues. Regardless of the licenses, which should prove a reliable IronFX status, the Broker had cases over the past couple of years with withdrawal delays or well handling, numerous clients’ complaints, and non-compliance with the registration requirements. 


About IronFX
🗺️ Registered inCyprus
🗺️ Type of LicenseNon compliance
🛡️ Is IronFX safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia


What is IronFX?

IronFX is an online broker with established operations in the EU, Australia (Best Forex Brokers Australia), and worldwide through its registered brand in Cyprus. The IronFX Group is authorized and regulated by the competent authorities CySEC, FCA (Check The FCA Regulated Broker Fortrade UK), ASIC, and FSP with allowance to provide its services within the EEA zone through its parallel registration with various EU authorities and other world jurisdictions. The company claimed to be one of the most respected online brokerage firms with a wide offering to the investors and multiple, 30+ received global awards which should confirm the reliable status of the company.

However, in 2015, due to a large number of clients’ dissatisfaction, CySEC investigated the cases and discovered a lack of professionalism in the calculations that caused unfair customer conditions to the benefit of the brokerage. 

“IronFX was announced to a collection of a 335,000€ based on the investigation against cheating clients”

After these findings, IronFX still reconciles its statement to perform legal financial investment services due to its current non-compliance relating to the investors’ operation management and performed promotions. Therefore, it all shows the firm is not only subject to the checks by the highest instances but to the implementation of the corrective measures to ensure investors’ protection before it is safe to engage with the company. Till then it is not recommended to open an account with IronFX and put capital at high risk as of the broker’s lack of professionalism to handle operations. 

Overall IronFX Ranking 

According to our research that we conducted due to a large number of complaints coming from clients, we do not rank positively IronFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

  • IronFX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingIronFXFP MarketsPepperstone
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading EnvironmentTrading Platforms

IronFX Alternative Brokers

Based on our research on the IronFX safety issues,  here we suggest much better Alternatives to IronFX Broker with good regulations and excellent trading conditions. We select Good Brokers and reliable options for your comparison below: 

  • XM – Wide Range of Trading Opportunities
  • Pepperstone – Low Spreads and Competitive Trading Conditions
  • FXTM – Good for Beginners and Good Fees

IronFX in India

IronFX has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

IronFX in the USA

The United States is one of the countries that is not accepted by IronFX. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for IronFX, you are only permitted to trade with U.S-regulated platforms.

Deposits & Withdrawals

IronFX requires a minimum deposit of 500 GBP/USD. Payment and funding authorization is 100% automatic, and its client portal allows deposits and withdrawals using a simple, easy-to-use single interface. The available payment methods include Credit cards, Bank Transfer, Neteller, FasaPay, Debit cards, Payoneer. The deposit can take up to 24 hours to be processed depending on the method you choose. Bank Wire transfers can take up to 3 working days, depending on the bank.

The currencies in which you can deposit depend on the payment method you chose. The main currencies, which are covered, are USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, and HUF.

IronFX does not charge any fees for deposits. However, your respective banks or payment providers might charge you additional fees. You can withdraw your profits only through the Bank Wire. You can receive your initial deposit via the payment method initially used and then all excess funds (profits) will be sent to your bank account.


IronFX offers its traders MT4 Mobile trading options for both iOS and Android. With smartphones, forex traders no longer need to be tied up to their desks, spending hours watching their trading screens. Instead, they can monitor the markets through their mobiles whenever they are. Mobile trading with MT4 allows you to have complete control over a trading account and trade from anywhere 24/5.

Traders can perform all order types and execution modes, check the history of their trades, and enjoy a plethora of interactive symbol charts. The mobile version also provides them with 3 types of charts: bars, Japanese candlesticks, broken lines, and 9 timeframes from one minute to one month. Traders also have access to 30 of the most popular technical indicators.

Demo account 

IronFX offers a demo account so you can try the IronFX platform with virtual trading before you put down a payment. The demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option.

IronFX Review Conclusion  

We advise investors to avoid IronFX and choose only reliable companies to invest with. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia. FP Markets and BDSwiss are great options to start forex trading and make investments with. 

  • Overall ranking and experience for IronFx is Negative

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