Yes, I know this is an old story but even more reason to make sure these guys don’t get away with what they’ve done. Companies like this are hoping our memories are short and they can emerge rebranded to do more of the same damage.
IronFX is like the Michael Myers of Forex. No matter how many times you think, you killed them they don’t die.
IronFX is probably the worst Forex Broker in history. Everywhere these guy’s setup they left with unpaid client withdrawals and destruction in their path. Any client who ever made money was labeled an “abusive trader.” This is code for how dare you to make money when I B-Book your trade. It has been well documented that IronFx never had any risk management.
Where IronFX got into real trouble was in China. The situation got so bad that the company was the feature and target of a television program exposing them to all the bad practices. They were offering Chinese IBs large incentives to introduce clients. Chinese IBs were getting upwards of $1000 per proposed account. Eventually and not surprising there were some questionable introductions, and IronFX stopped paying the IBs altogether. Big mistake as the next thing they knew cameras were all over the IronFX offices and it wasn’t long before the packed up and left.
The real question we need to ask is why is this company still able to operate and why does it still hold a CySEC license. It appears that IronFX has political connections and is protected by the government. Interesting since the primary job of a regulator is to protect the public.
I know this isn’t as important an issue, but I cannot believe that IronFX still uses images and are promoting the Barcelona FC “partnership”. Barcelona felt so strong about the partnership they dropped the company from their website as a partner. Who knows maybe there is some contractual obligation on the part of Barca that allows them to use Barca as a marketing tool. For IronFX they probably feel this is the best 3 Million Euros of client funds they ever spent.
The idea of a merger and listing on NASDAQ are laughable. Especially when they talk of an $800 million IPO as a reverse merger. Even if it were true, there is no chance in hell they would get regulatory approval.
CySEC needs to step up and cancel the IronFX license and try and help recoup as much of the client funds as possible. Let’s keep the pressure on!