Being part of the forex trading world, forex brokerages become subjects of multiple complaints, reviews and comments online. In fact, there are some IronFX withdrawal complaints stating that the company withheld clients’ funds without giving any real explanation. However, IronFX gives clients a wide variety of payment suppliers for deposits and withdrawals as well as banking and treasury services through major world banks such as Barclays, BNP Paribas, Santander, Unicredit and Westpac.
These payment services are regulated by a few of the foremost administrative organisations. For example, the Central Bank of Cyprus authorises Safecharge, Cardpay and CSC24Seven, while the Polish Financial Supervision Authority authorises Dinpay. Regarding Ecommpay, Webmoney, Skrill and Neteller, these are authorised by the Financial Conduct Authority or FCA in the United Kingdom. As a result, the security of clients’ funds through IronFX’s payment service providers is a top priority and part of the laws included in the above organisations.
In some of the IronFX withdrawal complaints, people claim that IronFX will get investors to open accounts at their less regulated or non-regulated entities in Cyprus without them knowing and then upon a complaint, the regulator will say they cannot help you because the account is not covered. Nevertheless, since 2010, IronFX is regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 125/10. Besides this, the company is regulated by the Australian Securities and Investments Commission (ASIC) under AFSL number 417482, by Financial Conduct Authority (FCA) under license number 585561 and lastly by the Financial Sector Conduct Authority (FSCA) under license number 45276. The company obtained a Legal Entity Identifier (LEI) in Bermuda in 2017 and follows the Markets in Financial Instruments Directive or MiFID in the European Economic Area which is overseen by the Authority for the Financial Markets or AFM in the Netherlands.
IronFX has an impressive list of highly regarded regulations, which is what clients should look for before posting a review online or before choosing a forex broker to trade with. All required legal documents are featured on the company’s websites and clients are advised to read all of them before proceeding to opening an account with the broker.
Depending on the payment provider you chose to fund your account with, withdrawal requests may take up to 10 working days. This information is always portrayed, as a notification, on top of each page in the client portal. As seen in other brokers too, withdrawals are exceptionally strict in terms of filling out individual information etc. It is vital for clients to also provide proof of their identity and/or proof of their address, as most brokers require profile verification before proceeding with any withdrawal requests. Any false information or failure to provide accurate or sufficient documentation may result in the broker declining your request.