Unlicensed Forex Broker Exposed: Ironwave Capital Blocks Client's Withdrawal

Investment scams are becoming increasingly sophisticated, with many scammers taking advantage of people's desire for wealth and setting traps for investors under the guise of “legitimacy”.

Although investment scams often take different forms, they often have one thing in common - they are not overseen by any financial regulator and offer no legal protection for client funds.

Ironwave Capital hit with client complaint

Recently, a Spanish investor, Montse Capella, filed a complaint against unlicensed broker Ironwave Capital for allegedly preventing the client from withdrawing his funds.

According to this investor, there were many bugs on the trading platform, and the prices were not consistent with the real-time prices of the real market.

From the screenshots of the trading history provided by the user, he has been trading currency pairs and cryptocurrencies through Ironwave Capital between September and November last year, and has also earned good profits. The account screenshot shows that Montse has a balance of about €4,700.

_{The screenshot of trading account}

The client didn't provide any further details, but said that Ironwave Capital “blocked his withdrawal”. He had no choice but to close his account and quit. After all, for an investor, any “balance” that can't be withdrawn is just a bunch of meaningless numbers.

Ironwave Capital is not regulated

The regulatory information presented by Ironwave Capital on its official website is misleading.

The broker claimed to be operated by Alpha International Markets LTD, a company regulated by the “FCA”. Interestingly, the firm said that the Financial Services Authority of Seychelles (FSA) is the so-called “FCA”.

_{Ironwave Capital claims to be regulated by the Seychelles FSA and FCA}

In fact, FCA is the financial regulator in United Kingdom, which stands for the Financial Conduct Authority.

Our team searched both the official websites of the regulators in Seychelles and the UK and found Ironwave Capital was not regulated.

Ironwave Capital is not under the supervision of these two regulators, because the official websites of the UK FCA and the Seychelles FSA do not contain any information about a regulated company named “Alpha International Markets LTD”.

_{Ironwave Capital is not regulated by FCA or Seychelles FSA}

In recent years, global financial regulators have been cracking down on illegal online trading platforms. Scammers use advanced technology and sophisticated techniques to create the illusion of “wealth” for investors, and then cruelly take money from innocent victims.

If you don't want to be a victim of investment scam, it is important to scrutinize your choice of financial service provider before making any investment decision and avoid dealing with unregulated financial companies.