Exclusive: IronFX Eyes China with FXGiants, Offering Shares to IBs
With a new brand and ownership structure, the CySEC regulated broker aims to join forces with local Chinese partners.

Finance Magnates has learned that IronFX is launching a new subsidiary targeting the Chinese market after the reputation of its brand was affected by months of disputes about withdrawal requests with some clients. As Finance Magnates reported several weeks ago, FXGiants is the new brand which IronFX will use.
According to publicly available documents filed with the Australian Securities and Investments Commission (ASIC), IronFX Global has changed its name to GVS (AU) PTY.
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The directors of the new company are well known to readers familiar with IronFX, since they match the top executives representing the interests of IronFX Global headquartered in Cyprus. The document lists the CEO Markos Kashiouris and Director Petros Economides as directors.
IronFX is launching a new subsidiary targeting the Chinese market after the reputation of its brand was affected by months of failure to honor withdrawal requests
The Cyprus headquartered brokerage made headlines in China in 2014 after a large number of its clients asserted that the company was withholding their winnings. At the same time, IronFX Global claimed that some of its clients had abused the firm’s bonus promotions.
With the dispute ongoing, a number of legal cases have been filed against the company in Cyprus, and CySEC settled with the firm for €350,000 late last year. A number of clients spread all over the world continue claiming that IronFX has wrongly accused them of abusing the company’s promotions.
While the heat is still on and with numerous clients of IronFX actively campaigning on social media and forums that the firm is withholding their winnings and/or deposits unlawfully, IronFX continues an ongoing restructuring of its operations after some speculative media reports circulated that the firm was getting close to listing.
IronFX Australia new ownership and rebranding
According to ASIC documentation the new subsidiary under which IronFX is launching its new brand GVS (AU) PTY changed its name on the 21st of January 2016. All 1,500,000 ordinary shares of the newly named company are held by an offshore British Virgin Islands company named GVS Limited.
Sources with knowledge of the matter confided to Finance Magnates that the new venture FXGiants is allegedly owned only partially by IronFX Global. According to the information, about 45 per cent of the BVI registered company belongs to a set of Chinese introducing brokers, with another 45 per cent owned by IronFX Global, and 10 per cent in the hands of a third party which is providing financing resources.
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According to the information, about 45 per cent of the BVI registered company belongs to a set of Chinese introducing brokers
In terms of the business structure, the new venture allows IronFX to fulfill its vested interest in Chinese introducing brokers. After the Cypriot brokerage was unable to meet its obligations in the past, the new model was set up in order to ensure that the interests of both IronFX and the introducing brokers are aligned. As some Chinese IBs still have a pending legal dispute with IronFX, offering shares of the new enterprise could be understood to be a means to pay back funds.
Sources with knowledge of the matter say that while the headquarters of FXGiants are located in Australia, the firm’s marketing department and customer service management offices are going to be located in Cyprus. The company will also allegedly have an operational center in China, where the customer support of FXGiants is to be located.
IronFX in China
Back in September 2014, dozens of Chinese traders flocked to the offices of the company and claiming withdrawal delayed. The company denies the allegations.
By design, the new offering which IronFX and its partners are claiming to bring to the market is based on Straight Through Processing (STP) of client orders.
Meanwhile, ASIC has been actively discouraging the use of offshore entities when it comes to the ownership of regulated firms in Australia. Commenting on a previous occasion when the watchdog suspended the license of an OTC (over-the-counter) brokerage whose real owners were not properly disclosed, ASIC Commissioner Cathie Armour waved a red flag.
Any entity that is unable to comply with Australian licensing obligations risks having its license suspended or cancelled
“We would have concerns if new entrants to this market were trying to inappropriately bypass ASIC’s stringent AFS License application processes. Regulatory obligations on AFS licensees continue to apply after the change of control. Any entity that is unable to comply with Australian licensing obligations risks having its license suspended or cancelled,” Armour said.
Finance Magnates reporters reached out to IronFX representatives for comment, however at the time of the publication have not received any response.
They are offering CFDs on shares
FM vs Iron, seems unfair though
WHAT COULD GO WRONG?!
Good to hear more is being said in regards to the ongoing illegal withholding of clients funds. But IronFX cannot surely continue to do business is Cyprus considering the scale of the fraud that they are involved in. Cysec is just as much a sham a IronFX, the whole system is mess out there. Leading from one fraudulent venture to the next…. name change here, the odd investigation here…. but nothing changes and the scammers continue to do business. Some drastic changes need to happen in Cyprus’s murky financial system. All the evidence is here: https://www.youtube.com/watch?v=vZ2dBMLCc-c&index=36&list=PLdeCSz1ET_Az0u-cFude3fmWV1QJfry-s I myself am still… Read more »
Dear David Rees,
You are kindly requested to provide us with your particulars (i.e.name and account number) in order to allow us to attend to any queries you may have. You can also write to us at support@ironfx.com for any clarifications you may require.
Thank you
In any issue of entety default, Cysec and FSA in UK they protect broker clients, with fixe value of their deposits (i think is 20.000€ and 50.000 pounds).
Do you know if ASIC have any protection to clients brokers that are regulated by this Australian watchdog?
Because i already send an email to ASIC and they give me a complicated anwser that i honestly didn´t understand.
It seems like their job his protecting this scam brokers like IronFX.
Thank you for your help
NO UNLIKE FCA. ASIC DOES NOT INSURE CLIENTS ANY MONEY. however that being said, funds held by australian regulated brokers are confirmed and declared held by austrilian banks, which in terms mean that should there be an insolvency, client’s nett deposits are insured. bare in mind i said net deposits. ie; u deposit 10k into your mt4 acc. u grow it to 50k. only 10k insured. on the other hand u deposit 10k into your mt4 acc, u lose it to 6k. only 6k insured. i would suggest that you also check out brokers that are insured by 3rd party… Read more »
Dear Mike,
You are kindly requested to provide us with your particulars (i.e.name and account number) in order to allow us to attend to any queries you may have. You can also write to us at support@ironfx.com for any clarifications you may require.
Thank you
Who cares? Bullshit IronFX
Dear Pavlos, As a financial institution, IronFX abides by the applicable international and European regulatory standards. The IronFX Group of Companies comprises of investment firms authorized and regulated by the competent financial authorities in the UK, Australia, South Africa and Cyprus. We note that none of the said group companies has either received a fine or penalty by any competent authority or has any court ruled against any of the group companies. We would be delighted to attend to any query you may have once we are able to identify you as a client of the Company. In this respect,… Read more »
IronFX Global is a scam. Changing their name is another way of dodging bullets.
https://www.youtube.com/watch?v=vZ2dBMLCc-c&index=36&list=PLdeCSz1ET_Az0u-cFude3fmWV1QJfry-s
Why is there not more coverage on their scam activities?
FM has nothing else to do than right about IronFX? You are sponsored by Israeli brokers and I advice you to tell those Israeli brokers to improve their product rather than focusing on other brokers.