Iron FX - worst brokers? Check this...

[pipsquealer]

Facebook page https://www.facebook.com/boycott******
@boycott******
Please spread the word. They have been refusing and evading all attempts to refund my profits for over 2 months now. Sadly first time I have tried to withdraw my money and a very painful lesson it is proving to be. I have seen a lot of problems with ****** in other forums.
If you have a story to tell please visit my facebook page and add your commments and like and share...TY so much
These people shouldn't be allowed.

 

[hhiusa]

Facebook page https://www.facebook.com/boycott******
@boycott******
Please spread the word. They have been refusing and evading all attempts to refund my profits for over 2 months now. Sadly first time I have tried to withdraw my money and a very painful lesson it is proving to be. I have seen a lot of problems with ****** in other forums.
If you have a story to tell please visit my facebook page and add your commments and like and share...TY so much
These people shouldn't be allowed.

Why do they have to refund your profits?

 

[pipsquealer]

refund the wrong word then..I'm trying to withdraw my profits!!

 

[hhiusa]

refund the wrong word then..I'm trying to withdraw my profits!!

Why did you choose a broker in a bankrupt nation. The custody of your money is in Cyprus. Even if you are correct, you will have very little recourse as you are in the UK.

 

[highbury fx]

Why did you choose a broker in a bankrupt nation. The custody of your money is in Cyprus. Even if you are correct, you will have very little recourse as you are in the UK.

You're wrong. Shock !

Just because the broker is based in Cyprus it doesn't mean that the segregated client funds are also in Cyprus.

Under CySEC rules the clients funds must be segregated at an EU bank in an EU country.

Most Cyprus based brokers will take deposits in to leading UK clearing banks and you will be protected under 2 insurance schemes. The first is the Cyprus Insurance Fund which will protect your deposits with a participating Cyprus Investment Firm up to €20,000 and the second is the FSCS in the UK which will protect your deposit in a UK bank up to £85,000.

The fact he chose a broker in Cyprus has nothing to do with the location of the custody of his funds.

If ir0nfx goes bust you will have recourse to the Cyprus Insurance Fund and they will step in and pay the shortfall of your account up to €20,000. ir0nfx also participate in the FSCS scheme and escalate problems to the FOS.

I don't work for them and I have no relationship with them at all before you make another accusation that you haven't considered properly.

 

[hhiusa]

You're wrong. Shock !

Just because the broker is based in Cyprus it doesn't mean that the segregated client funds are also in Cyprus.

Under CySEC rules the clients funds must be segregated at an EU bank in an EU country.

Most Cyprus based brokers will take deposits in to leading UK clearing banks and you will be protected under 2 insurance schemes. The first is the Cyprus Insurance Fund which will protect your deposits with a participating Cyprus Investment Firm up to €20,000 and the second is the FSCS in the UK which will protect your deposit in a UK bank up to £85,000.

The fact he chose a broker in Cyprus has nothing to do with the location of the custody of his funds.

If ir0nfx goes bust you will have recourse to the Cyprus Insurance Fund and they will step in and pay the shortfall of your account up to €20,000. ir0nfx also participate in the FSCS scheme and escalate problems to the FOS.

I don't work for them and I have no relationship with them at all before you make another accusation that you haven't considered properly.

The Cyprus Insurance Fund is not going to pay out if you they are going bankrupt. Secondly, if they are going to use UK clearing houses, then why not just use a UK broker? €20,000 is only a little more than twice the minimum deposit at Interactive Brokers. Why would I put my money somewhere it is insured for so little? Most people I know are already working with more money than that. The euro is in deep trouble in my view. It is down to $1.09. Let me ask you this: "where was it 10 years ago or even a year ago?" I would not choose a majority of countries in the EU. Cyprus, along with Greece are basically defunct nations being carried by the EU.

 

[samfälldBTC]

Facebook page https://www.facebook.com/boycott******
@boycott******
Please spread the word. They have been refusing and evading all attempts to refund my profits for over 2 months now. Sadly first time I have tried to withdraw my money and a very painful lesson it is proving to be. I have seen a lot of problems with ****** in other forums.
If you have a story to tell please visit my facebook page and add your commments and like and share...TY so much
These people shouldn't be allowed.

Please provide all the conditions pending and agreements.

There should be conditions of the period allowed for payments...

Send them an email and demand to be paid in BIT COIN!

 

[highbury fx]

The Cyprus Insurance Fund is not going to pay out if you they are going bankrupt. Secondly, if they are going to use UK clearing houses, then why not just use a UK broker? €20,000 is only a little more than twice the minimum deposit at Interactive Brokers. Why would I put my money somewhere it is insured for so little? Most people I know are already working with more money than that. The euro is in deep trouble in my view. It is down to $1.09. Let me ask you this: "where was it 10 years ago or even a year ago?" I would not choose a majority of countries in the EU. Cyprus, along with Greece are basically defunct nations being carried by the EU.

The Cyprus Insurance fund is funded by the CySEC regulated firms in the form of a premium they pay each year. It is identical to the way in which the FSCS works in terms of the pot of money it builds from each regulated company to fund a bail out in the event another regulated firm goes under. The government, be that the UK one or the Cypriot one underwrites the guarantee. The government will not be responsible for the entire client money shortfall, only the bit (if any) that remains once the Cyprus Insurance Fund is empty. The insurance premium for each regulated company is huge, often millions per year.

EUR20k on deposit at a broking company may be a small amount with the people you mix and work with but not everybody is in the same position and nor does everyone with a CFD or spread bet account trade for their living. The majority of retain clients will have less than EUR20,000 on deposit at their brokers and a lot of them will play the markets for entertainment as well as hoping to create a windfall every now and then. YOU ask why you'd put your money with them but the post wasn't about YOU it was about pipsquealer and his problems getting his money back. Your comments about his funds being at risk because he had an account with a cyprus broker wasn't correct.

Your rant about the euro and your prediction where it is headed is irrelevant in the context of this post.

 

[neil324]

The FSCS covers £50,000 held in broker accounts and £85,000 in bank accounts, but this will be dropping to £75,000 January 2016.

 

[hhiusa]

The Cyprus Insurance fund is funded by the CySEC regulated firms in the form of a premium they pay each year. It is identical to the way in which the FSCS works in terms of the pot of money it builds from each regulated company to fund a bail out in the event another regulated firm goes under. The government, be that the UK one or the Cypriot one underwrites the guarantee. The government will not be responsible for the entire client money shortfall, only the bit (if any) that remains once the Cyprus Insurance Fund is empty. The insurance premium for each regulated company is huge, often millions per year.

EUR20k on deposit at a broking company may be a small amount with the people you mix and work with but not everybody is in the same position and nor does everyone with a CFD or spread bet account trade for their living. The majority of retain clients will have less than EUR20,000 on deposit at their brokers and a lot of them will play the markets for entertainment as well as hoping to create a windfall every now and then. YOU ask why you'd put your money with them but the post wasn't about YOU it was about pipsquealer and his problems getting his money back. Your comments about his funds being at risk because he had an account with a cyprus broker wasn't correct.

Your rant about the euro and your prediction where it is headed is irrelevant in the context of this post.

Where the euro is heading has a great deal to do with this post. If the euro continues to plunge, it would not matter if they backed it up to €200,000. If the euro is worth less and less (also worthless), you will have less purchasing power. If you are British, why would you hold your money in the euro?

 

[highbury fx]

Where the euro is heading has a great deal to do with this post. If the euro continues to plunge, it would not matter if they backed it up to €200,000. If the euro is worth less and less (also worthless), you will have less purchasing power. If you are British, why would you hold your money in the euro?

You tend to write the first thing that comes in to your head without considering what you're saying.

I've already said that just because you are with a Cyprus regulated broker it does not mean you have to deposit Euros. You have to deposit money in to an EU bank in an EU regulated country but that can be GBP it can be USD it can be AUD it can be CHF it can be many other currencies as well. It won't be a GBP equivalent of EUR it will be deposited in GBP and maintained in GBP.

If you do decide to deposit Euros, your Euros up to 20,000 are safe. It doesn't make any difference to the value of your EUR20,000 on deposit if the Euro continues to plunge.

You just like to argue.

 

[postman]

You tend to write the first thing that comes in to your head without considering what you're saying.

...

You just like to argue.

And he's not very good at it either.

 

[hhiusa]

You tend to write the first thing that comes in to your head without considering what you're saying.

I've already said that just because you are with a Cyprus regulated broker it does not mean you have to deposit Euros. You have to deposit money in to an EU bank in an EU regulated country but that can be GBP it can be USD it can be AUD it can be CHF it can be many other currencies as well. It won't be a GBP equivalent of EUR it will be deposited in GBP and maintained in GBP.

If you do decide to deposit Euros, your Euros up to 20,000 are safe. It doesn't make any difference to the value of your EUR20,000 on deposit if the Euro continues to plunge.

You just like to argue.

There is one thing that is for sure about Cyprus - They are still in financial trouble, even though they are improving.

IMF approves €280m Cyprus bailout
http://www.ft.com/cms/s/0/34b84450-16c7-11e5-b07f-00144feabdc0.html#axzz3hCWJaM00

 

[darktone]

 

[HansHauf]

How about recent CySEC investigation about ******?

 

[jamesuk]

I read this article the other days in Finance Magnates http://www.financemagnates.com/?s=******
CySec Head explains how Iron FX misuse of its bonus system. I was one of those traders facing delays etc, calling repeatedly, claiming my money back as I was shocked from the comments. Fortunately, at the end I got my money. A year ago I had serious withdrawal problems with alpari and so I was shocked. Am cool as long as I got my money. I believe issues have been sorted now in iron fx, still trading with them and I can withdraw any time. Just to be on the safe side I cooled down with my deposits though. Recently opened an account with yesfx new broker, totally unprofessional behavior in comparison with other brokers. The account manager was totally naive. So i stick to iron fx, at least their support knows what they are talking about.