Is IronFX suspicious of violating the company’s Bonus Promotion Terms and Conditions?

IronFX complaints are floating online regarding withdrawal requests and violations of the bonus terms and conditions. In fact, a complaint states: “withdraw are processed by our Back office team within 24 hours”, what a joke!”. Actually, this is not a joke. The site indeed displays a notification which specifically says:

Important Notification

All withdrawals, excluding profits, can only be paid back to the credit/debit card that the deposit was initiated from, up to the deposited amount.
IronFX does not charge any commissions or fees for deposits via credit/debit cards.
Withdrawal requests for accounts with open positions may be rejected if your free margin is not sufficient.
Any withdrawal of funds from your trading account will result in the proportional removal of your trading bonus, if applicable.
Withdrawal requests are processed by our Back office team within 24 hours unless additional documents / information are required. Once your withdrawal has been approved, it takes up to 10 business days for the funds to reflect on your bank account.

As seen from the last point, IronFX states that it takes up to 10 working days for the money to be deposited in the client’s account. The same goes with other payment providers. So, it all depends on the method clients choose to withdraw their funds with. If they choose China Union Pay for example, it takes a few minutes for their funds to be reflected on their bank account, as stated in IronFX’s client portal.

Ironfx Bonus Terms and Conditions

Some IronFX complaints involve removing more bonuses than received or that the broker promises huge bonuses which are not then given. However, as seen in the notification above, upon a withdrawal request, there might be a proportional removal of the clients’ trading bonus. This is something that clients need to be aware of as it shows why sometimes the end-amount may be less than expected. Also, each bonus that IronFX offers, comes with its dedicated Terms and Conditions, which are found on the broker’s website and which clients need to read before agreeing to them.

For example, the document states that if clients are entitled to another promotion they cannot receive the bonus or if they perform an internal transfer from a trading account that is already entitled to another bonus, the requested bonus will be automatically subtracted and removed so that they can receive the bonus in the new account. If clients are not aware of these, they may end up wondering why they did not receive any bonuses. In the scenario of funds missing from an account, clients can always go ahead and contact their customer support team or account manager. IronFX offers 24/5 multilingual support in over 45 languages and serves more than 1.2 million clients in 180 different countries.

Are bonuses and withdrawals safe with IronFX?

IronFX adheres to the laws and regulations of Cyprus Securities and Exchange Commission (CySEC) under license number 125/10 in Cyprus. In Australia, the company is regulated by the Australian Securities and Investments Commission (ASIC) under AFSL number 417482, and in the UK by the Financial Conduct Authority (FCA) under license number 585561 and lastly by the Financial Sector Conduct Authority (FSCA) under license number 45276.

Although there are IronFX complaints regarding its payment providers they are also regulated by some well-known and trusted administrative authorities including CySEC, the Polish Financial Supervision Authority and the Financial Conduct Authority or FCA in the United Kingdom. Fund security through IronFX’s payment service providers is not something clients should worry about. As long as they carefully read all terms of business and understand that the broker is fully regulated, they can go ahead and perform any withdrawal or deposit requests.