Exclusive: IronFX Founder Quietly Joined Prop Trading Craze with ‘Ultimate’

It seems that the founder of IronFX, Markos Kashiouris, has further expanded his presence in the retail trading industry with the launch of a prop trading platform, Ultimate Traders, Finance Magnates has learned.

IronFX Founder Has the Majority Stake

The prop trading platform is operated by the UK-registered company Ultimate Traders Evaluation Ltd, incorporated in February 2023, with Kashiouris as the majority shareholder. According to Companies House, Kashiouris holds more than 75 percent ownership of the prop trading platform.

IronFX, a forex and contracts for differences (CFDs) broker, is operated by Cyprus-registered and headquartered Notesco Financial Services Ltd, which was founded by Kashiouris. The broker brand also operates in the UK under a local entity regulated by the Financial Conduct Authority (FCA). Furthermore, it operates globally under an entity registered in the offshore jurisdiction of Bermuda.

Interestingly, Ultimate Traders' sole Director is Andreas Pogiatzis, a resident of Cyprus, which brings the broker closer to the Mediterranean island’s broad retail trading industry.

Finance Magnates reached out to IronFX and Kashiouris for confirmation but has not received a response as of press time.

However, the customer service of IronFX told Finance Magnates that the broker still does not have a prop trading offering, but is "working on it... and once its done, we will post it on the website".

Brokers Find Prop Trading Lucrative

Meanwhile, many large and small FX and CFDs brokers have entered the prop trading industry in recent months. The trend was set by big names like OANDA and Axi, but now brokers such as IC Markets, ThinkMarkets, Trade.com, Blueberry Markets, and Traders Trust have also launched their own prop trading brands. Several other former brokerage executives have also launched prop trading platforms.

However, FTMO took the opposite route, initially becoming a prop trading firm before expanding into the brokerage space. Earlier, Finance Magnates exclusively reported that FTMO generated $213 million in revenue in 2023.

The prop trading industry remains unregulated for now, allowing anyone to quickly enter the industry by streamlining the technology and trading platforms. However, multiple regulators are now taking an interest in the fast-growing prop trading industry.