IronFX still in the game? The broker acquired 100 million USD in the Middle East

Yesterday, the Forex industry was very quickly informed that IronFX gained as much as 100 millions of USD in the Middle East. Interestingly, the interested person informed about it. Is this a chance for traders who have been having problems recovering their deposits from a Cypriot broker for almost three years?

The 100 amount of millions of US dollars is to be transferred to IronFX in three installments. In exchange, the broker is to make its investors available one place on the company's board. Further places will be transferred with subsequent payments.

The company's statement reads as follows:

IronFX concluded a strategic agreement with the investor for the amount of USD 100 million, which, paid in tranches, will cover the company's capital needs. IronFX intends to promote its own brand, as well as take over others, already existing in order to expand its market share. The first payment into the Company was successful. Subsequent tranches will be released to the Company over the next twelve months and will be subject to regulatory approvals. 

Unofficially, it is said that the deal became loud already last week. According to the LeapRate portal, IronFX can only be a means to drain the Forex retail industry. Big competition and the specter of ever more stringent regulations and requirements imposed on brokers by financial market supervisors, mean that only the strongest will ultimately count.

Markos Kashiouris, CEO of IronFX

Markos Kashiouris, CEO of IronFX comments:

W During the last eight years we have created a global brand focused on the quality of customer service and delivery of advanced technical solutions. We are ready to expand our business and move to the next stage of our company's development.

Ambiguities related to IronFX

On the one hand, we are dealing with a broker, which in a very short time has grown into a star on the Forex market. It took just a few years for the world to hear about them. Marketing campaigns, in particular promotions based on bonuses, attracted a whole host of investors. On the other hand, since the 2,5 year, traders (estimates say several thousand people and tens of millions of USD) complain about the problem of regaining their deposits, where apparently only a few have been able to withdraw all funds.

Despite all the turmoil, IronFX is officially in operation all the time. In a short time from the denunciations about the problems with payments, the company closed down many branches around the world (including Warsaw) and was added to the list of KNF warnings. However, the Cypriot regulator, CySEC, after more than a year from the beginning of the confusion he fined IronFX with a fine in the amount of "modest" 335 000 EUR.

Can you see the light in the tunnel?

IronFX Mailing from 02.08.2017

The title information may raise the hopes of IronFX customers, whose payouts still hang as "pending". It may be a chance to recover deposited funds for which some have been fighting for about 2 years in a Cypriot court. However, there are no official votes that would confirm the broker's intention to settle. Besides, the company itself does not admit (and does not even refer) to the allegations made by traders.

At the beginning of June, after a long break in any marketing activities, IronFX took off with a new campaign offering traders what they used to be famous for - bonus promotions. We received the promotion reminder just a week ago (August 2). Interestingly, the offer sent is for IronFX but under the British FCA regulations. Could this be another way to quickly recapitalize the company?