Scam Warning! Be Careful of The Unlicensed Broker IronTrade

Many people have made money on Forex, but unfortunately, there are also a multiplicity of scams intended to take advantage of people who want to make money quickly. A common problem is when the scammers refuse to allow clients to withdraw their money. This is what is known as a forex withdrawal scam. Besides, when searching with the broker's name on Internet, clients may also find that the broker runs with no license.

Recently, BrokersView learned that many investors have fallen victims to such a scam operated by the forex broker IronTrade, where they could not get back their money.

Unable to Withdraw

One client posted that he could not withdraw his money from Irontrade. When he submitted to withdraw, Irontrade's website showed his withdraw request was done and the money would back to his credit within 30 days. After he waited for 30 days, he received no payment. Then he applied to withdraw again, but the broker said his paycard was not credited and asked for globe pay ID. After he sent his globe pay ID, he was still waiting for money for over 40 days, the broker did not pay back his money. Finally, he lose all his money.

Claims to be Regulated

IronTrade claims to be registered in Cyprus, but there is no regulatory information about IronTrade can be found on the Cyprus Securities and Exchange Commission (CySEC) registry, as well as on any other financial regulators' websites. That means investors' funds in this broker is unsafe and cannot be protected by any laws. 

Besides, IronTrade claims to be registered in Saint Vincent and the Grenadines(SVG), when checking on SVG Financial Services Authority (FSA) with its claimed regulated name, we found no results.

All of these show that the IronTrade is a scam.

Most brokers operating without legit licenses are engaged in foul play. Therefore, BrokersView strongly advice you to avoid the broker and find yourself a legit and properly regulated broker.