IronFX is regulated by international authorities including the FCA (FCA No. 585561), ASIC (AFSL No. 417482), FSCA (FSP No. 45276) and CySEC (Licence No. 125/10). While the company is a global brokerage with more than 1 million customers, due to restrictions it does not offer its services to residents of certain jurisdictions such as USA, Cuba, Sudan, Syria and North Korea.
The broker is regulated and trusted, but occasionally traders have expressed complaints about delays when they requested a withdrawal. Many ironfx complaints were about how long it took clients’ withdrawals to be processed, but once they contacted customer support, they managed to clarify withdrawal processing times and the impact of different payment methods on their funds. It usually took them 2-5 working days, but on rare occasions up to 10 working days to withdraw their funds.
IronFX has been striving to deliver great services and improve its products and has taken into consideration and addressed any of these ironfx complaints.
Regulations have become stricter the recent years to increase protection for traders. Regulatory bodies such as the SEC in the US, the FSA in the UK and the CySEC in Europe are important especially when forex brokers deal with top-tier financial institutions and liquidity providers, and client funds which need to be held in separate accounts away from the company’s own funds. FX brokers also need to tick other boxes including capital requirements.
When it comes to European regulatory bodies, the European Union has several of them in place including the Autorité des Marchés Financiers (AMF) in France, the Comisión Nacional de Mercado de Valores (CNMV) in Spain, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany, the Swiss Financial Market Supervisory Authority (FINMA) in Switzerland, the Finanstilsynet (FSA) in Denmark, the Financial Market Authority (FMA) in Austria, the Malta Financial Services Authority (MFSA) in Malta and, finally, the Comissão do Mercado de Valores Mobiliários (CMVM) in Portugal.
Many forex brokers are established in Cyprus due to its beneficial fiscal and tax structure. Any brokerage in Cyprus has to be registered, licensed, and authorised under the Cyprus Securities and Exchange Commission (CySEC), which monitors the financial markets and offers protection to traders. CySEC Forex brokers are required to have an initial share capital of at least €200,000, €750,000 in operating capital, and submit financial statements and annual audit reports by third-party auditors.
In the UK, the legal authorities that oversee financial markets are the FCA and the PRA. Companies that fall within the financial services sector need to be authorised by the Financial Conduct Authority (FCA). The Prudential Regulation Authority (PRA), which belongs to the Bank of England, has put in place various ethical and professional standards to protect all the financial firms it is responsible for. These institutions also work with other financial and regulatory bodies including the Financial Ombudsman Service, the Money Advice Service, the Payment System Regulator, and the Financial Services Compensation Scheme.
In the USA there are the NFA and the CFTC. The National Futures Association (NFA) protects investors and works with the Commodity Futures Trading Commission (CFTC) to ensure traders have the necessary protections and that they can trust forex firms which are regulated by them.
In Australia there is the Australian Securities & Investments Commission (ASIC) which is responsible for the securities and investment market. In South Africa, the Financial Sector Conduct Authority (FSCA) and the Financial Service Board (FSB) which falls under the FSCA, protect investors from scams and fraud.
While traders can read about IronFX complaints, they also need to be careful when reading reviews so as to make informed decisions based on various online resources. IronFX, like every other forex broker, operates in one of the most volatile markets in the world and traders need to be aware of the risks involved when registering with a forex broker. The Forex market is a highly leveraged market and can also be unregulated as there is not one unified international regulatory body that monitors all currency trading globally. There are several national authorities in place to protect investor funds, and each trader needs to be aware of them before making any decisions and choosing the right broker. The best broker is someone like IronFX and other reputable brokers who are regulated in multiple countries and by various regulatory authorities.