Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighGenuine FCA, CySEC, FSCA (intermediary) and BVI licences, but seven regulators have warned about IronFX's offshore companies and ironfxglobal.com still contracts through an unlicensed Marshall Islands company.
Identity & transparency
5/10 · ModerateEvery site names its company and the registers match, but the offshore contracting company has changed repeatedly (Bermuda, Anguilla, BVI, Marshall Islands) and two global sites use different companies and different client money terms.
Withdrawals & conduct
7/10 · HighRecurring, specific reports on Trustpilot and Forex Peace Army of profits reversed after withdrawal requests; IronFX replies publicly and some clients report fast payouts.
Reputation
8/10 · CriticalBlacklisted by Forex Peace Army since 2015, Trustpilot score 2.4 with half of 722 reviews at one star, two CySEC settlements and warnings from seven regulators.
Website claims
6/10 · HighLicence statements match the registers, but the global site claims more than 17 million clients and 150 awards while the UK site says 1.2 million clients and 40 awards.
Operational history
3/10 · LowVerified since 2008 (domain) and 2010 (company), but the offshore company behind the main site changed several times and ironfx.com went dark in September 2026.
Who they are
A quick desk file on the company behind the brand.
- Brand: IronFX. The same companies are linked to the FXGiants and FXLift brands.
- Legal entity: Notesco (BVI) Limited for the global site ironfx.co; Notesco I Limited (Marshall Islands, no. 120910) for ironfxglobal.com; Notesco UK Limited (Companies House 08111366) in the UK; Notesco Financial Services Limited (Cyprus HE 260651, formerly IronFX Global Limited) in the EU; Notesco SA (Pty) Ltd as South African intermediary.
- Registered: PO Box 4301, Road Town, Tortola, British Virgin Islands; Tower 42, 25 Old Broad Street, London; 2 Iapetou Street, Agios Athanasios, Limassol; Nelson Mandela Square, Sandown, Johannesburg.
- Website: ironfx.co (global), ironfxglobal.com (global, Marshall Islands company), ironfx.co.uk (UK) and ironfx.eu (EU). The original ironfx.com has not opened a website since late September 2026.
- Licences: FCA 585561, CySEC 125/10, FSCA FSP 45276 (advice and intermediary only) and BVI FSC investment business licence SIBA/L/24/1175.
- Offers: CFDs on forex, metals, indices, commodities, shares and futures on MT4 and WebTrader, leverage up to 1:1000 on the global site, plus 20% Iron, 40% Power and 100% Sharing bonuses.
- Not accepted: residents of the USA, Cuba, Sudan, Syria and North Korea; the global site is not intended for Australian or Indian residents.
- Age claim: Founded in 2010. This matches the Cyprus company (registered 12 January 2010) and its CySEC licence (16 November 2010); ironfx.com itself was registered in February 2008.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Conduct Authority (FCA), United Kingdom
Financial Sector Conduct Authority (FSCA), South Africa
British Virgin Islands Financial Services Commission (BVI FSC)
Found by our investigation (1) — the broker does not list these on its own site
Cyprus Securities and Exchange Commission (CySEC)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
IronFX is a long-running broker group with genuine licences, but its offshore business carries too many regulator warnings and fund complaints to be treated as safe.
- Verified licences: the FCA lists Notesco UK Limited (FRN 585561) as authorised since 17 June 2013 with ironfx.co.uk as its website. CySEC lists Notesco Financial Services Ltd (licence 125/10, granted 16 November 2010, formerly IronFX Global Limited) with ironfx.eu as an approved domain. The FSCA lists Notesco SA (Pty) Ltd as an authorised intermediary, and the BVI FSC lists Notesco (BVI) Limited as currently regulated.
- Seven regulators have warned about the offshore arm: Brazil's CVM (2015), Singapore's MAS (2017), Italy's CONSOB (2019 and 2021), British Columbia's BCSC (2019), Spain's CNMV (2022), Malaysia's Securities Commission (2025) and the Anguilla FSC (2025) flagged IronFX, www.ironfx.com or its Notesco companies for offering services without a licence in their markets.
- A shifting offshore company: ironfx.com was run by Notesco Limited, which presented itself as a Bermuda company, and in February 2025 by Notesco Int Limited of Anguilla, which the Anguilla FSC says has never been licensed. By January 2026 the global site named the BVI-licensed company instead, but ironfxglobal.com still contracts through Notesco I Limited in the Marshall Islands with no licence named.
- Client money: the BVI terms dated 24 September 2026 say deposits pass to the company under title transfer, are not segregated and may be used for its general business.
- Profit reversals: clients on Trustpilot (2026) and Forex Peace Army (2023 to 2025) describe profits cancelled or accounts closed after withdrawal requests, with account numbers and amounts. IronFX's replies confirm reversals under terms that let it cancel profits for broadly defined abusive trading, including hedging at another broker or not answering an email for 15 days.
- Regulatory history: CySEC settled with IronFX Global Ltd for EUR 335,000 in November 2015 and with Notesco Financial Services Ltd for EUR 100,000 in April 2024.
- No register links: none of the IronFX sites links its licence numbers to the regulators' registers; each entry above was located on the regulator's own site.
- Why high risk and not a scam: the warnings concern unlicensed activity rather than misuse of client money, the licensed companies are genuine, the group has traded since 2010 and many clients report paid withdrawals. The risk lies in which IronFX company you end up with and how it treats winning accounts.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The FCA register lists Notesco UK Limited, reference 585561, as authorised since 17 June 2013 and able to hold client money, with www.ironfx.co.uk as its website and Tower 42, 25 Old Broad Street, London as its address. Name and website match the UK IronFX site.
Hard proofFCA Financial Services RegisterE2CySEC lists Notesco Financial Services Ltd, licence 125/10 dated 16 November 2010, company 260651, previous names IronFX Global Limited and IronFX Limited, with www.ironfx.eu and www.fxlift.eu as approved domains and permission to deal on own account.
E3The BVI FSC lists Notesco (BVI) Limited as currently regulated for dealing as principal, dealing as agent and arranging deals in investments. IronFX's global terms name this company (BVI no. 2112827, licence SIBA/L/24/1175) as the contracting party for www.ironfx.co.
E4The FSCA register shows Notesco SA (Pty) Ltd, FSP 45276, trading as IronFX SA, authorised since 15 July 2014 for Category I advice and intermediary services on shares and derivatives only. IronFX's South African page confirms it acts solely as an intermediary for CFDs supplied by Notesco (BVI) Limited.
E5Companies House shows Notesco UK Limited (08111366) active, incorporated 19 June 2012, formerly IronFX UK Limited, IronFX Global UK Limited and 8Safe UK Limited, with accounts filed to 31 December 2025.
ModerateUK Companies HouseE6The Cyprus companies registry shows Notesco Financial Services Limited (HE 260651) registered on 12 January 2010 and still registered, with previous names IronForex Limited, IronFX Financial Services Limited, IronFX Global Limited and IronFX Limited.
ModerateCyprus Registrar of CompaniesE7Spain's CNMV warning, published through IOSCO on 11 October 2022 and updated on 27 October 2026, lists www.ironfx.com, with Notesco Limited as additional information, as an unregistered or unlicensed entity offering financial services.
Hard proofIOSCO I-SCAN (CNMV warning)E8Malaysia's Securities Commission added IronFX (www.ironfx.com/en/, with its Facebook and Instagram pages) to its Investor Alert List on 31 March 2025 for carrying on unlicensed capital market activities of dealing in securities.
E9The Monetary Authority of Singapore's Investor Alert List includes IronFX Global Limited with www.ironfx.com/en, first published by MAS on 23 March 2017.
E10The BC Securities Commission placed Notesco Limited dba IronFX (website www.ironfx.com) on its Investment Caution List on 13 December 2019 after it accepted funds from a BC resident without being registered there.
Hard proofBCSC Investment Caution ListE11Brazil's CVM declared in August 2015 that IronFX, using www.ironfx.com, was not authorised to offer forex investment opportunities to Brazilian residents by any means.
Hard proofIOSCO I-SCAN (CVM Brazil warning)E12The Anguilla FSC investor alert of 15 May 2025 states that Notesco INT Limited, trading as IronFX, is not licensed and has never been licensed to carry on financial services business such as forex CFDs.
E13CONSOB ordered Notesco Limited, among other firms, to stop providing unauthorised investment services to the Italian public in September 2019, and named it again in a December 2021 order.
E14The ironfx.com homepage as archived on 24 February 2025 named Notesco Int Limited, an Anguilla company (A000001800), as the provider of the services and cited no licence.
E15ironfxglobal.com names Notesco I Limited, Marshall Islands company 120910, with no licence. Its terms (11 August 2026) apply Marshall Islands law and route payments through CIFOI Limited of Gibraltar, which they describe as wholly owned by Notesco Int Limited.
E16IronFX's global terms (24 September 2026) state that client deposits pass to Notesco (BVI) Limited under a title transfer arrangement, are not treated as client money, are not segregated and may be used for the company's general business purposes.
E17The same terms let the company cancel profits at its sole discretion for Abusive Behaviour, defined to include hedging internally or at other brokers and failing to answer an email for 15 days, and to cancel trades and charge 10% of deposits (up to USD 200) for price latency arbitrage.
E18CySEC settled with IronFX Global Ltd for EUR 335,000 (board decisions of 2 and 18 November 2015, announced 27 November 2015) under the Investment Services and Activities and Regulated Markets Law and two 2012 directives.
StrongCySEC board decisionE19CySEC settled with Notesco Financial Services Ltd for EUR 100,000 (board decision of 29 January 2024, announced 2 April 2024) under Regulation (EU) No 600/2014.
ModerateCySEC board decisionE20Trustpilot's ironfx.com profile has 722 reviews and a 2.4 score, with 50% one-star and 34% five-star. 2026 reviews give account numbers and amounts for profits reversed after withdrawal requests (for example USD 4,944 under a hedging clause) and one reviewer says a USD 1,250 deposit was removed after a profit adjustment; IronFX's replies confirm profit reversals under its terms.
E21Forex Peace Army's IronFX page shows a SCAM label, a 1.294 rating from 247 reviews, a March 2015 blacklisting after four Traders Court guilty votes for failure to pay clients, and 2023 to 2025 reviews citing ticket numbers, account numbers and a transaction hash.
E22Finance Magnates reported in January 2018 that Cyprus's Consumer Protection Service found IronFX's clause allowing it to refuse, withhold or withdraw bonus payments at its sole discretion to be a violation of consumer law.
ModerateFinance MagnatesE23Public DNS for ironfx.com now points to a local loopback address, so the domain no longer opens a website; the last captured live page is from 20 September 2026. A UK client reported in late September 2026 that the site had vanished, then received a withdrawal on 2 October after IronFX pointed to new domains.
E24IronFX's global site claims more than 17,000,000 clients and over 150 awards, while its UK site says 1.2 million retail clients and over 40 awards.
E25Registry data shows ironfx.com registered on 10 February 2008, ironfx.co.uk on 21 May 2010 and ironfx.co on 20 July 2010, consistent with the claimed 2010 founding.
E26Spain's CNMV also lists www.fxgiants.com with Notesco Limited as additional information, linking a second brand to the same company named for ironfx.com.
E27New Zealand's FMA warned in November 2025 about a site at ironflisq.cc using the IronFX name. That domain is not one of IronFX's, so the warning is treated as an impersonation and not attributed to IronFX.
E28A July 2025 BabyPips forum thread accuses IronFX of withholding funds and recaps the 2015 withdrawal freeze, without new checkable account details.
WeakBabyPips forum
The other side
The strongest case in this broker’s favour.
There is a fair case that IronFX is a real, if aggressive, broker rather than a scam.
- Its UK company has held full FCA authorisation since 2013, may hold client money and is up to date with its Companies House filings.
- Its Cyprus company has held CySEC licence 125/10 since 2010 and kept it through two settlements.
- The global company now holds a BVI investment business licence, replacing the Anguilla company that the Anguilla FSC warned about.
- Most of the warnings concern selling into a country without a local licence, a common failing of offshore brokers, rather than taking client funds.
- IronFX replies to every negative Trustpilot review, several 2026 reviewers report fast withdrawals, and a Forex Peace Army reviewer who could not withdraw in 2016 reports being paid in full in June 2024.
- The profit cancellation powers are written into its terms, so they are disclosed, even if they are one-sided.
What would change this
What we would need to see to revise the verdict.
New evidence could move this rating in either direction.
- Lower risk: ironfxglobal.com closing or moving its clients to a licensed company; the BVI terms replacing title transfer with segregated client money; a year of independent reports showing withdrawals paid without profit reversals; regulators lifting their warnings.
- Higher risk: a regulator action against Notesco (BVI) Limited or Notesco I Limited; any licence being suspended or withdrawn; a cluster of refused withdrawals or a demand for a fee to release funds; another domain switch that leaves clients unable to reach their accounts.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FCA register: Notesco UK Limited (FRN 585561)
Confirms the UK company's authorisation, client money permission and website ironfx.co.uk
CySEC register: Notesco Financial Services Ltd (125/10)
Shows the Cyprus licence, former IronFX names and approved domains
BVI FSC regulated entities: Notesco (BVI) Limited
Lists the global contracting company as currently regulated
FSCA FAIS register search
Enter FSP number 45276 to see Notesco SA (Pty) Ltd and its intermediary-only categories
IOSCO I-SCAN: CNMV warning on www.ironfx.com
Spanish regulator's unlicensed entity warning naming Notesco Limited
IOSCO I-SCAN: Securities Commission Malaysia alert on IronFX
Malaysian investor alert for unlicensed dealing in securities
BCSC Investment Caution List: Notesco Limited dba IronFX
British Columbia caution after IronFX accepted a resident's funds while unregistered
Anguilla FSC investor alert: Notesco INT Limited (IronFX)
States the Anguilla company trading as IronFX was never licensed
CySEC settlement with IronFX Global Ltd (2015)
EUR 335,000 settlement announced 27 November 2015
CySEC settlement with Notesco Financial Services Ltd (2024)
EUR 100,000 settlement announced 2 April 2024
Companies House: Notesco UK Limited
UK company record with former IronFX names and filing status
IronFX Terms of Business for ironfx.co
Names Notesco (BVI) Limited and sets out the title transfer and profit cancellation clauses
IronFX Terms of Business for ironfxglobal.com
Names Notesco I Limited of the Marshall Islands under Marshall Islands law
Frequently asked questions
Quick answers about this broker’s safety.
Is IronFX a scam?
IronFX is not a fake or cloned broker: its UK, EU, South African and BVI companies hold licences that appear on the regulators' registers. But seven regulators have warned about its offshore companies, and clients keep reporting profits reversed after withdrawal requests. We rate it high risk rather than a scam.
Is IronFX a fraud?
We found no regulator or court finding of fraud against IronFX or its Notesco companies. The regulator warnings say its offshore companies offered services without a local licence, and CySEC's two settlements (2015 and 2024) concerned compliance failures. That is a serious risk record, but it is not a fraud finding.
Is IronFX regulated?
Partly. Notesco UK Limited is FCA authorised (585561), Notesco Financial Services Ltd holds CySEC licence 125/10, Notesco SA (Pty) Ltd is an FSCA intermediary (FSP 45276) and Notesco (BVI) Limited holds a BVI licence. The sister site ironfxglobal.com contracts through Notesco I Limited in the Marshall Islands, which names no licence.
Which IronFX company will I be dealing with?
It depends on the website. ironfx.co uses Notesco (BVI) Limited, ironfxglobal.com uses Notesco I Limited (Marshall Islands), ironfx.co.uk uses Notesco UK Limited, and South African clients are introduced by Notesco SA to the BVI company. The company is named on the first page of the Terms of Business.
Is my money safe with IronFX?
Only the UK company is supervised by a tier-1 regulator under UK client money rules. The BVI terms say deposits become the company's property under title transfer, are not segregated and may be used for its business, so you would be an unsecured creditor if it failed. The Marshall Islands company has no financial regulator at all.
Can I withdraw money from IronFX?
Many clients report paid withdrawals, some of them fast. The recurring problem is different: after a withdrawal request, profits are reversed or the account is closed for hedging, price latency arbitrage or bonus breaches, which the terms allow at the company's discretion. Test a small withdrawal first and avoid bonuses.
Why does ironfx.com no longer work?
Since late September 2026 ironfx.com no longer opens a website. The same BVI-licensed global site now runs at ironfx.co, and IronFX told a UK client its UK site had moved to ironfx.uk, which forwards to ironfx.co.uk. Only log in through addresses you have checked against the regulators' records.
Who is behind IronFX?
A group of companies named Notesco. The oldest is Notesco Financial Services Limited in Limassol, registered on 12 January 2010 and previously named IronFX Global Limited, among other IronFX names. The UK arm, Notesco UK Limited, was incorporated in London on 19 June 2012.
How long has IronFX been in business?
Since 2010. The ironfx.com domain was registered in February 2008, the Cyprus company in January 2010 and the CySEC licence was granted in November 2010. The FCA authorised the UK company in June 2013.
Is IronFX a clone?
No. The FCA register lists ironfx.co.uk and CySEC lists ironfx.eu for the Notesco companies, and the Notesco names run through every IronFX site. A different site, ironflisq.cc, was flagged by New Zealand's FMA for using the IronFX name; it is not one of IronFX's domains.
What happened with IronFX in 2015?
Withdrawal complaints surged early in 2015, and Forex Peace Army blacklisted IronFX in March 2015 after four Traders Court guilty votes for failure to pay. CySEC investigated, and in November 2015 IronFX Global Ltd paid a EUR 335,000 settlement. In December 2017 Cyprus's Consumer Protection Service found its bonus withholding clause unfair.
Should I take an IronFX bonus?
We would not. The global sites offer 20%, 40% and 100% bonuses, and bonus rules and abusive trading clauses are the usual grounds clients cite when profits are reversed. One 2026 reviewer who took a 100% bonus reports a stalled withdrawal.
What should I check before depositing with IronFX?
Check the company named in the Terms of Business and look it up on its regulator's register. Read the client money clause and the abusive trading and bonus clauses. Start with a small deposit and complete a withdrawal before adding more.
What can I do if IronFX refuses my withdrawal?
Complain in writing and keep every statement, ticket and email. Then escalate to the body for the company in your contract: the FCA and Financial Ombudsman Service for Notesco UK, CySEC and the Financial Ombudsman of Cyprus for Notesco Financial Services, or the BVI FSC for Notesco (BVI). Ask your card issuer about a chargeback and ignore paid recovery offers.
What we recommend
The practical takeaway from everything above.
If you are considering IronFX, find out which company you would be dealing with before you deposit.
- Read the first page of the Terms of Business: ironfx.co contracts with Notesco (BVI) Limited, ironfxglobal.com with the unlicensed Notesco I Limited (Marshall Islands), and ironfx.co.uk with the FCA-authorised Notesco UK Limited.
- UK residents should open an account only through ironfx.co.uk and confirm FRN 585561 on the FCA register.
- Avoid the Marshall Islands company: no financial regulator supervises it.
- Decline deposit bonuses. Bonus and hedging rules are the usual grounds for reversed profits.
- Deposit a small amount first and complete a withdrawal before adding more.
- Keep statements, trade tickets and every email. If a withdrawal is refused, complain in writing, then escalate to the regulator or ombudsman for the company named in your contract, and ask your card issuer about a chargeback.
- Ignore anyone who offers to recover your money for an upfront fee.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed November 3, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
What traders say about IronFX
Comments on IronFX are posted on its profile
Nobody has commented on IronFX yet. If you have traded with them, your experience helps the next reader decide.
Write the first comment