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.
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.
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.
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.
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.
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.
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.
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.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔