A Swiss brokerage house that IronGatesFX claims to be seems to have a lot to hide. Otherwise they wouldn’t be so secretive about their company data and licenses. Everything about IronGatesFX is wrapped in secrets. So we set out on a quest to bring you the actual state of matters. Read the following IronGatesFX review carefully. It will guide you through every step of the complex scam this faux broker runs.
Throwing around claims about being the best brokerage on the market doesn’t make IronGatesFX one such firm. On the contrary. The site brags about some illusory services, yet shows no evidence of its credibility. The first thing to check is if FINMA (Switzerland) has regulated them. As the search results show, IronGatesFX is not licensed by the Swiss authority.
Next we proceeded to check other databases, such as BaFin, FCA, ASIC, CySEC, and IIROC. None of them is familiar with IronGatesFX. However, it is apparent that IronGatesFX does operate in the countries where the aforementioned authorities supervise the brokers.
If you’re wondering what it takes to obtain a FCA or EEA brokerage license, we have several basic criteria to note. First, all brokers have to invest a certain amount of cash in their business. Next obligatory condition is segregation of clients’ funds through separate bank accounts. Leverage limitations of 1:30 in both the UK and EEA lower the risk of exposure and excessive loss. The risk-reduction method also used is negative balance protection.
EEA has an independent regulator – ESMA, with headquarters in Paris, France. This regulatory entity is actively enforcing MiFID. A particularly strict set of standards refers to increasing customer protection and obligatory transparency of money flow. As evident, IronGatesFX disrespects and actively breaks all known regulations and laws in the areas of their conduct.
The very country that IronGatesFX claims to originate from has issued a warning against this broker. Of course, we’re talking about Swiss regulator – FINMA:
The domain itself exists for several months only. Yet the complaints have been detected from different countries. IronGatesFX has already managed to reach more traders than we thought. More precise statistics show the following countries are most targeted:
The reviews we found seem to be very negative. These easily describe the poor customer protection, withdrawal problems and huge money loss. Take a look at some experiences written on TrustPilot:
‘’The scam is that they take your money and claim they are investing it so that you will gain more money from it!’’
‘’What a load of horse biscuits. Nothing in that is true. They have my money and customer service never responds no one calls can’t withdraw funds.’’
IronGatesFX speaks quite highly of their trading platform. It should have the performance on par with the industry standards and lightning-fast execution speed. The broker even compares it to MT4 and MT5, which are the best on the market today.
After we made an account and accessed the user panel, there was no option to open the Web Trader.
The website didn’t provide any download links or anything of the sort, either. The only conclusion to draw from this entire mess is that IronGatesFX may as well not have a trading platform to begin with. The same talk about such evasive software we detected over at Immediate Edge brokerage site.
Boiler room agents eloquently attempt to sell you their services and products by making them sound the best possible. All they want from you is to invest and keep the money coming. The scam agent will present the story in such a way it would sound irresistible. The same thing Aron Group does with their customers to delude them into investing.
But the truth hits much later, usually when you want to ask for a payout. The fees suddenly double, triple or increase tenfold, just to postpone your withdrawal. With those come the notorious trading volume requirements, that ask of you to make unreasonable amounts of cash. They still do not allow you to withdraw anything in the end!
Another way of stealing their clients’ vital info is by using AnyDesk, TeamViewer and Telegram apps. Getting access to your machine is their shortcut to installing malicious software and controlling your crucial data.
With the leverage of up to 1:300 and supposedly very tight spreads, IronGatesFX promises you access to over 200 instruments. All of these are sorted into several major classes:
Tight spreads and seemingly attractive pricing lure in investors easier. It always adds to the piece of mind knowing you spare cash on every trade and pay lower commissions.
Or that’s at least what the scam brokers would like you to believe. These constructs are in reality severely abused. Serving the sole purpose of stealing your funds, fake fees and spreads are but a tool in a fraudster’s hands.
Analyzing the packages available at IronGatesFX made no particular impression on us. Most of the features advertised are purely illusory. By this we mean daily market signals, portfolio managers, trading recommendations, fee-free trades and others. It all comes with a price, though. Take a look how expensive these already unrealistic account types are:
IronGatesFX doesn’t even make a mention of a risk-free trading period. Most of the reputable brokers allow trial test trading with a free margin of at least $100 000 virtual funds.
But not IronGatesFX. Because there’s probably no trading platform of any kind. The broker only aims to sell you the non-existent services so they could disappear with your entire deposit. That’s why they’ve set the initial deposit requirement so high.
IronGatesFX makes it extremely difficult to perform withdrawals. We’re sure of this after reading the bonus withdrawal conditions. These state that the client has to make enough profit that is equal to 40 x (Deposit + Bonus). Only after that can they apply for payouts. But since trading isn’t possible at IronGatesFX.Com, how exactly are users supposed to achieve this?
The customer complaints also suggest that IronGatesFX support crew stops the correspondence as soon as clients request cashouts. Another way the bogus broker uses to deny withdrawals are additional conditions like fees and documents.
Taking smart steps and measures against the cyber criminal is crucial. If you want to have a chance of regaining your lost investment, you can turn to us for a free consultation. Use the Online Chat option to quickly get in touch with our agents and you will be provided with free guidance and advice.
Timing is the key, so the sooner you react, the quicker you can notify the authorities too. The relevant institutions are familiar with the right methods of tracking the criminal and bringing them to justice. In the meantime, share your knowledge and experience with us, to help protect more innocent traders from such harm.
By all means, IronGatesFX is not a reliable broker as they do not own a license issued by any Tier 1 financial authority.
No, the only packages that this broker offers are real trading accounts that cost real money to open.
The broker doesn’t have a specially developed trading app for mobile users. The only available platform is allegedly a web-based terminal.
We can neither confirm nor deny this, as registering on the domain didn’t provide access to the web terminal that the broker supposedly provides.
By all means, IronGatesFX is not a reliable broker as they do not own a license issued by any Tier 1 financial authority.
No, the only packages that this broker offers are real trading accounts that cost real money to open.
The broker doesn’t have a specially developed trading app for mobile users. The only available platform is allegedly a web-based terminal.
We can neither confirm nor deny this, as registering on the domain didn’t provide access to the web terminal that the broker supposedly provides.
The post Irongatesfx.com is anything but regulated appeared first on Global Fraud Protection.
