Beware of FXGiants - Scam broker

JanetteHildred

Junior member
Hi Guys,

Hoping someone can help.
I have had an FXGiants account for around a month. At first I thought everything was ok until I started getting messages of someone called Raphael trying to get me to add more money into my account.

I have since been trying to take my money out of my account but FXGiants will not allow me to do so.
My account is there but will not allow me to drop down and request a withdrawal. Is this because I am in profit?
The same guy that was harassing me to add extra funds also emailed me after I opened my account with a IRONFX email. Therefore he must also be working for them or the company are sharing information between the two.

I have tried to contact the customer support about this issue but there was no help. They even openly admit to me not being able to withdraw and the fact that they do share personal information with other companies.

I am sharing this to stop other people from using this broker. I still have my funds in their accounts but I have no possible way of getting this back. If anyone else has en-courted this before, please let me know what you did to resolve this.


I have attached screenshots of my account and my messages with the chat team.


ironfx email.PNG message 1.PNG message 2.PNG message 3.PNG message 4.PNG message 5.PNG message 6.PNG message 7.PNG message 8.PNG message 9.PNG message 10.PNG message 11.PNG message 12.PNG message 13.PNG message 14.PNG
 

BigDeal

Active member
Have looked this up and the parent co is Notesco, who currently own trading names IronFX and GiantFX. They appear to be regulated and authorised (hopefully you are not dealing with a clone).
However it is always a red flag when an account manager suggests adding more money. Please make sure you don't do this.
I'm pretty sure the person you've been conversing with will not work for the company - small business use remote assistants these days.
There is an email for the compliance officer on the FCA website - all regulated business have to provide this, so may be worth trying this if you have no joy through the webchat?


 

JanetteHildred

Junior member
Seems they rebranded from IronFX to FXGiants to escape the heat.


I hope it wasn't too much money.
Yes lesson learnt I guess. Still going to keep trying to get my funds back. Brokers seem to have it all one way.
 

JanetteHildred

Junior member
Have looked this up and the parent co is Notesco, who currently own trading names IronFX and GiantFX. They appear to be regulated and authorised (hopefully you are not dealing with a clone).
However it is always a red flag when an account manager suggests adding more money. Please make sure you don't do this.
I'm pretty sure the person you've been conversing with will not work for the company - small business use remote assistants these days.
There is an email for the compliance officer on the FCA website - all regulated business have to provide this, so may be worth trying this if you have no joy through the webchat?


The issue is I signed up for the version that isn't regulated with FCA? This is because they were offering me bonuses something I don't think the FCA allow.
 

JanetteHildred

Junior member
Hi guys,

still had no luck with these guys.
I have been on chats for days and get the same reply which is email the support team.
I have sent over 100 emails and do not get any replies.
They have breached their own t+c's and I have pointed this out to them and they have not replied.
They have nulled my profit and hidden my account from the dashboard but is still in their system.
I have even tried to reach out on social media where the head of the customer service at iron fx messaged me and then quickly deleted me and I have screenshotted it all for you.

Also the account manager has not replied to me despite me messaging him so many times.
How can they continue to keep advertising their company and get away with this?
 

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tomorton

Legendary member
If you deposit money with a company, why would you not expect them to recommend you send them some more? Especially if your initial deposit for trading had been a good idea, since you were subsequently making profits. Most traders don't make a profit so between you and the broker, something was working right.

Usually, when we see on discussion forums issues with brokers issuing payments to clients,, it is because they are struggling to verify the client's details. anti-money laundering laws are so stringent in many countries, and are almost always far more demanding than ordinary consumer protection legislation. Brokers will only issue payments to clients if they can show they checked to be 100% sure who the person is and that the money was 100% legally theirs.

I am making no suggestion of dishonesty.
 

JanetteHildred

Junior member
Hi Tomorton,

Not sure what you mean by asking for more money? So you think if someone makes money they shouldn't be entitled to because they have been had some good trades?
I have asked to be moved so i could be regulated by the fca but they do not reply. It's a case of them not wanting to reply and holding clients money. If you do your research on this broker they have done it before and got fined for this.

I have just been trying to get my money back out of my account. All account had to be verified before deposits could be made so not sure what you are implying there?
 

BigDeal

Active member
If you deposit money with a company, why would you not expect them to recommend you send them some more? Especially if your initial deposit for trading had been a good idea, since you were subsequently making profits. Most traders don't make a profit so between you and the broker, something was working right.

Tomorton, as an inciteful contributor to these forums, this does not sound like you. Has your account been hacked?

There is no way a legitimate broker should be encouraging further deposits in the way this business seem to have done, particularly when a client has not even made a withdrawal !
 

tomorton

Legendary member
Tomorton, as an inciteful contributor to these forums, this does not sound like you. Has your account been hacked?

There is no way a legitimate broker should be encouraging further deposits in the way this business seem to have done, particularly when a client has not even made a withdrawal !
What is the issue with a company trying to do more business with a client?

In my experience, when I buy a certain car, I start to get mail and emails and phone calls from the dealer asking me if I want to upgrade or exchange for another type - they want to do more business with me. When I open a bank account, the bank is always in touch to let me know they have new rates for clients or new products I could invest through or a new type of account that might suit me - they want to do more business with me. Same goes for mobile phones, PC security, electronics stores, online clothing suppliers etc.

Why should brokers be compelled to behave differently?
 

JanetteHildred

Junior member
Just re-read your first comment Tomorton,

When I contacted the FCA they mentioned that when brokers request more money in deposits it is usually a sign it is a scam. Obviously too little too late for me. That's why I put it on here. I was under the impression they were regulated by the FCA but they create other pages to make you think this but actually I was under their 'global brand'

Also they have rejected my initial withdrawal request and there's nothing I can do the customer service is about as good as talking to the wall. I get that there could be legitimate reasons for them to ask for more deposits and not replying straight away. But this is really shocking as when I want to withdraw they remove my profit and do not reply to any requests. It has been going on for months but I can not get through to them in anyway hence why I am on here!

But to answer your question why should brokers behave differently, there are ways in which they should do things. I.e not being asked on whatsapp if i am going to add more funds to get higher returns. I'm sure this is not what happens with companies that want to upsell other products. It wouldn't be an issue if it was in an email explaining potential benefits for doing it ect.. but someone on whatsapp is a bit dodgy. I am new to the whole industry but wow this is a bad broker.
 

tomorton

Legendary member
Just re-read your first comment Tomorton,

When I contacted the FCA they mentioned that when brokers request more money in deposits it is usually a sign it is a scam. Obviously too little too late for me. That's why I put it on here. I was under the impression they were regulated by the FCA but they create other pages to make you think this but actually I was under their 'global brand'

Also they have rejected my initial withdrawal request and there's nothing I can do the customer service is about as good as talking to the wall. I get that there could be legitimate reasons for them to ask for more deposits and not replying straight away. But this is really shocking as when I want to withdraw they remove my profit and do not reply to any requests. It has been going on for months but I can not get through to them in anyway hence why I am on here!

But to answer your question why should brokers behave differently, there are ways in which they should do things. I.e not being asked on whatsapp if i am going to add more funds to get higher returns. I'm sure this is not what happens with companies that want to upsell other products. It wouldn't be an issue if it was in an email explaining potential benefits for doing it ect.. but someone on whatsapp is a bit dodgy. I am new to the whole industry but wow this is a bad broker.
Sure, nobody should ever send money to someone who makes contact through social media. But it seems that it was not the broker who was contacting you through Whatsapp.

I hope the company deals with your request for a withdrawal quickly, but in my experience, early withdrawals to new clients are not a quick process. It raises all sorts of alarm bells that the broker absolutely must check into before they send any money out - because of anti-money laundering laws - that's just the way it is.
 

JanetteHildred

Junior member
I agree with that but i had the account for 2 months. Been trying to get my money back since April (mainly because I read reviews and wanted to use a broker regulated by the FCA).
Thanks, hopefully they reply to my 101st request and allow me to withdrawal. But it looks like they''ll be keeping my money because it's not worth someone time to chase them everyday for a sake of an account with 500 in.
 

JanetteHildred

Junior member
Sure, nobody should ever send money to someone who makes contact through social media. But it seems that it was not the broker who was contacting you through Whatsapp.

I hope the company deals with your request for a withdrawal quickly, but in my experience, early withdrawals to new clients are not a quick process. It raises all sorts of alarm bells that the broker absolutely must check into before they send any money out - because of anti-money laundering laws - that's just the way it is.
It was the account manager on whatsapp who contacted me. Can see on the first email he sent he put his whatsapp details on there. He messaged me first and had about 10 miss calls of him. Harassment if you ask me. Also makes you question how they deal with customers data.
 

tomorton

Legendary member
It was the account manager on whatsapp who contacted me. Can see on the first email he sent he put his whatsapp details on there. He messaged me first and had about 10 miss calls of him. Harassment if you ask me. Also makes you question how they deal with customers data.
How can you be sure it was an employee of the company who contacted you?

A good way to make sure withdrawals are delayed is to specify the payment should go to a different account than the one used to make the deposit. his will always ring an alarm bell for a broker.
 

JanetteHildred

Junior member
1660574410888.png


This was the guy who contacted me. But no longer works for them anymore.

This broker will not allow any withdrawals requests to be made on my account. Also have not specified why. I tried ringing this guy since, got no reply. I also tried their facebook, instagram and linkelin accounts. Theres no way of getting in touch with them. I can imagine they will start charging inactive fees despite until the account is theirs.
 

tomorton

Legendary member
Its hard to see this guy as an obvious villain. The company has a poor profile but he has got out of there after only 5 months.

I hope your money is provided soon.
 

JanetteHildred

Junior member
Yep, it seems a backwards company. Looks like the staff that work there are aware of this aswell. This might be why some of them are only there for a few months.
The head of customer service literally blocked me for asking for help with my account... wtaf.
 

JanetteHildred

Junior member
Update,
I was advised they will refund me. But this is looking like it will not happen. They do not reply to any emails and now the chat team keeps closing the chats and refuses to answer any questions. I have asked that I be moved over to the FCA regulated broker that they have so I can go to the ombudsman etc but they refuse to do this.

Does anyone have any inside knowledge that will help me?

Here is the proof from the chats.
No idea what more I can do, I have reached out to them on all social media pages and received nothing.
 

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