IronFX Protester Bursts into CySEC Chairwoman Speech
The second day of the iFX expo has become even more eventful as the speech by CySEC chair Demetra Kalogerou

After a long and fruitful day of workshops and panels, the last scheduled speech at the iFX expo International 2016 in Cyprus was a speech by the Chairwoman of the Cypriot financial regulator, the Cyprus Securities and Exchange Commission (CySEC).
The chairwoman offered a review of all the work her office has done for improving the safety of traders, but it seems not all of them appreciate it. As she was offering her final points and saying that the Investor Compensation Fund (ICF) fund is being strengthened, a protester jumped out of his seat and started shouting that CySEC is not doing enough for the alleged victims of IronFX.
The Investor Compensation Fund overseen by CySEC and funded by the brokers regulated on the island is the last resort to return funds to clients of brokers that have gone out of business.
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He accused the regulators of not answering clients inquiry about compensation for them and said that this issue is not being addressed by CySEC. A number of clients of IronFX have been protesting online and offline for months, claiming that the brokerage is withholding their withdrawal requests. At the same time, the company has been claiming that it has been the victim of abusive traders.
Before the speech, the event’s moderator said that there wasn’t going to be a question and answer session with the regulators and no questions are allowed. This has been the standard practice for CySEC in recent years at other events where the chairwoman has been speaking.
Kalogerou seemed a bit embarrassed by the situation and didn’t respond, while security forcibly escorted the protester out while he kept shouting about IronFX. She also didn’t have a comment about the incident for Finances Magnates. In a recent interview, Kalogerou stated that IronFX has failed to identify that the broker’s bonus system had been abused.
Playing devil’s advocate here, how did you deduce he is a victim?
good point, adv
Good point that simply shows your excessive zeal to create noise around the specific company
In this particular case, I think the company itself has done the heavy load lifting on this matter.
Indeed you’re playing devil’s advocate. For me the fact that he is or isn’t a victim is secondary. The fact is that there are millions of victims of IronFX scam and CySec does nothing.
Dear Jose Sarango, 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… Read more »
Indeed, IronFX has scammed millions of clients (with thousands of $) and CySec still supports the company and not the clients.
Millions of clients ? I doubt IronFX even had 1 million clients. So you’re claiming they scammed each and everyone of their clients ? :))
Man in red !!!!
You have my blessing.
Vergogna Iron,vergogna Cysec, vergogna Cipro !!!!
It is a known fact that the cysec nor its ombudsman has been able to provide justice to clients for more than 16 months of complaints although the ombudsman as per their own rules have to give the final judgement within 6 months which itself is too much. They promised to give final judgement in Dec 2015 but still after over 4 months now they are silent and not responding. What does it mean? Ironfx is using political pressure to prevent ombudsman to rule in favour of clients as it is clear that Ironfx is a scammer and holding innocent… Read more »
Dear Balaji, 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 is illegally withholding my money and CySEC is doing nothing about it nor financial obudsman. Shame on you Cyprus.
Dear Karol,
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
Nekem sem utalták vissza a tőkét, már több mint egy éve.
Guys, CySEC doesn’t let IronFX go bankcrupcy because, obviously, CIF doesn’t have enough money to pay for those clients. Simple story.
And then you fell off your bed and woke up
https://www.youtube.com/watch?v=NwZvV4hNc2g
I hope more clients start making this type of protests. Its time for CySEC to act as a serious regulator otherwise this will be a huge political backfire at some point.
Its absurd that IronFX leaders are still working and managing different offices, this is a disgrace for the FX industry.
all scammers that should be in jale!
Dear Chong, 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 »
The main point is that Iron FX was able to pull off something like this is because CySec is not a real regulator and there should be more information out there about how little this regulation covers. FCA, NFA and MIFID are the only regulators one should consider when he decides to open a trading account with an FX Broker; even those big regulators are having problems to help retail clients when some big happens (ex: Alpari UK insolvency). If retail clients would spend a little more time doing due diligence about the company they are going to use to… Read more »
Agree. CySEC states that it is a European regulator . Obviously not . Its tracking record is closer to the 3rd world than Europe.
Dear Matt, 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 »
After Kalogerou presented the bla bla how great CySEC is and how many new companies are under CySEC now , it was definitely a refreshing, genuine most exciting moment at the Expo when this guy stood up and shouted to the CySEC chairwomen something like “all you said is worth nothing as long as Iron FX who scammed millions out of clients still has a licence and the compensation fund has no money to pay. There is no investor protection in Cyprus!”. I totally agree and I am happy that someone had the courage to publicly say that. They should… Read more »
Dear Atendee 2 iFX Expo, 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.… Read more »
In short regarding the alleged “noise”…
Thousands of customers complain from various parts of the world . Coincidence?
IronFX claims that there was abuse in bonus . Did such abuses committed by ALL these thousands of customers?
After many months of investigation , Cysec or its chairwoman say nothing CLEAR and OBJECTIVE…
CySEC chairwoman normally no answer questions in public appearances . Strange… (at least…)
It has been repeated by many that the guarantee fund does not have enough money for its goal. Why is CySEC chairwoman or any other responsible remain silent about this claim?
Dear Vitor Oliveira, 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… Read more »
Cysesc is corrupted, IronFX corrupted, Cyprus it self corrupted, 90% of the Butcher Forex Broker are unprofessional…. what is this ? Do you robe people money under the name of Financial Service? the latest model of theft, Open FX Broker in 1M USD, collect 10M USD, shut down the broker & open new Broker in Different Brand name! Amazing
Dear Mouayad, 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 »
Will never ever cooperate with ANY broker licensed in Cyprus….. that’s for sure
I guess everyone forgets a few facts:
1. IronFX is also regulated by FCA that everyone seems to point as an example in here, with no issues. Also regulated by ASIC with no issues
2. A multitude of firms (with client money missing) have gone bust under FCA
3. No regulator has fined IronFX
4. No legal case has been successfully brought against IronFX, just slander
The reality: a bunch of amateurs tried to abuse a Bonus Promotion, got caught and cannot figure it out.
Maybe the facts aren’t exactly how you tell them. 1. The fact that FCA hasn’t investigated IronFX in London, doesn’t mean that everything is OK. 2. Yes many firms have committed fraudulent activities even under FCA but at least there is a financial compensation scheme that protects retail customers up to a certain degree and things are becoming more difficult if you want to be FCA regulated; it’s not only more expensive but the compliance is really strict in comparison with CySec or ASIC 3. CySes fined IRON FX with 335.000 Euros 4. It’s hard to get money off somebody… Read more »
Very credible video on youtube with plenty of fictional facts. Who paid for it? FXCM or another competitor losing business to Ironfx and Cyprus based brokers?
Fines are imposed for corrective purposes but nevertheless you see FXCM for example, payed nearly 20 million fines the past few years and none says anything.
Dear Matt, 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 »
Why do these shills keep defending IronFX their business is dead. The only way they think they can revive it is changing its name to FXGiants….. With regulation with FCA and ASIC they are just pure fronts, no clients are on-boarded there although they will advertise they have it. All chinese clients go to their Cyrpus licence in the fine print that is not in Madarin hence why they are getting away with burning them.
Dear Joe, 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 »