FX broker IronFX raises $100 million from Middle East investors


IronFX office

Breaking Forex News… Cyprus based retail FX broker IronFX has announced that the company has arranged a $100 million investment from a major family office investment outfit. We understand that the family office is out of the Middle East, and that the investment will be made by the family office’s regulated fund based in Singapore.

The investment will be made in several tranches, with the first tranche (which we believe is in the $10 million+ range) to be made immediately.

We understand from sources close to the negotiations that the investors will initially receive one seat on IronFX’s board of directors, and will receive more board seats as further tranches of the investment are made.

The plan apparently is to use IronFX as a platform for acquisitions and consolidation in the FX industry. As LeapRate has written numerous times in recent months, smaller players in FX industry are finder it tougher to make money in the face of tougher regulations and increased competition, providing good opportunities for deeper pocketed, larger brokers to pick off competitors.

We also understand that the new investment does not really affect one way or another IronFX’s long-delayed merger with FXDD, Forexware, and Nukkleus Inc (OTCMKTS:NUKK), a company controlled by longtime FX industry executive Emil Assentato. Mr. Assentato has an effective 80% interest in both FXDD and Forexware via Currency Mountain Holdings which he controls (Tradition et Cie owns the other 20% in each), and he fully owned Nukkleus heading into the planned transaction. That deal may or may not go ahead, but if it does it will be with a much-strengthened IronFX.

We would also note that over the past year or so there has been a lot of “fake news” circulating about IronFX, with one or two lightly-read FX blogs in particular seeming to have a particular vendetta against IronFX and its controlling shareholder Markos Kashiouris. Titles of articles covering IronFX included wording such as “fraudulent”, “corruption”, “ham-fisted”… We would also note that a quick web search shows that many if not all of those fake-news articles have since been taken down by the blog(s) in question, without any announcement, explanation or apology having been made.

Markos Kashiouris IronFX
Markos Kashiouris, IronFX

Commenting on the investment, IronFX CEO Markos Kashiouris stated:

Over the past eight years IronFX has established itself as a global retail FX business and brand focusing on quality of service, wide and sophisticated product range, impeccable execution and localised presence. We are now ready to expand our capital base to ensure the next phase of the Company’s growth.

Our ability to attract sizeable investment and the quality and reputation of our new international partners demonstrates the significant strides made by the Company over the past years, as well as its current market position and future outlook. It also signifies an important foreign direct investment and a vote of confidence in the Cyprus financial sector where the large majority of the Company’s operations are located. This reflects the fact that Cyprus combines many favourable features that make it a unique investment destination since, among others, investment firms are subject to a robust fair and proactive supervisory environment.

We are pleased to be welcoming an institutional investor that shares our vision about the evolution of the market and our differentiated value proposition. The Company is aiming at expanding its partnerships, brands, account management force, offices as well as effect further operational enhancements and automations that will drive both top and bottom line growth. IronFX will also be looking for acquisition opportunities in the broader retail and institutional FX sector.

The full press release (minus the quote from Mr. Kashiouris posted above) reads as follows:


IronFX successfully concludes agreement to raise US$100 million from strategic family office investor

IronFX is aiming to use the funds to further expand its global footprint

IronFX (the “Company”) has successfully concluded an agreement with a prominent MENA region family office investor for a strategic investment of $100 million, which will be made in tranches to fund its growth capital needs.

IronFX is aiming to expand its markets of coverage and launch additional brands, as well as, acquire existing brands and books of business. The initial investment into the Company has already been completed.

The additional investment tranches are set to be completed during the course of the next twelve months and will be subject to regulatory approvals.

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  • David

    Not surprised for this. I hear they are doing pretty well lately recovering in all aspects.

    Time will tell.

  • freddy krugar

    Seriously? Fake news? IronFX is so incredibly guilty it casts a dark cloudy shadow over the rest of the industry. It would have been better if they just ceased doing business and the industry could recover from their bonus fraud and casino-like sales techniques. They have done nothing positive for the industry and as things progress and customers are harder to come by having ironFX is a company that is once again in business just further destroys the reputation.
    Cysec should be ashamed of themselves for not prosecuting this company to the full extent of the law.

  • Peter

    Is the statement of the European Securities and Markets Authority fake news? I don’t think they will take it down and apologize https://www.esma.europa.eu/sites/default/files/library/esma43-318-752_statement_to_ep_petitions_committee.pdf

    • Harvey K

      that just deals with “disputes with customers”. all brokers have disputes with customers. all the noise around ironfx was created by those like you who are probably competitors of ironfx, and have blown everything way out of proportion. same as that nonsense that freddy krugar posted.

      • Gabi999

        Butaság .
        Több Magyar ügyfélnek nem fizeti vissza a pénzét .
        Például , nekem sem . Évek óta .

  • James R

    IronFX is regulated by both Cysec and the FCA in England. Those are real regulators, and they have real courts in cyprus and England. If IronFX had done even half of what all the fake news and the Freddy Krugers of the world claim then they would have been shut down by either regulator or by the courts. But they haven’t. Which to me means that they are no better or worse than any of those other CFD brokers.

    • Philippos

      Hello James

      We all know the Cyprus courts are corrupt.
      Explain to me why i have been waiting for 1.5 years for 67k from a STP account i had with them for 3 years with trading history. I never received any bonus and never even requested a withdraw for the time i was there.

      MONEY STUCK .

      I have spoken to my lawyers in Cyprus and reason i haven’t got my money yet is because they said it can take up to 2-3 years for court cases. Thats why we haven’t seen any guilty verdicts from the courts. Not because IronFX is in the clear.

      • IronFX Official Representative

        Dear Philippos,
        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 [email protected] for any clarifications you may require.
        Thank you

  • Simone de Santis

    I hope that, if this article tells the truth, iron uses these money to pay the thousands of people they cheat on. Iron brought shame on Cyprus throughout the industry. Let’s see if at least they decide to pay, after more than two years, thousands of families ruined by them …

    • IronFX

      Dear Simone de Santis,
      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 [email protected] for any clarifications you may require.
      Thank you

  • VADERinc

    Middle Eastern Family office regulated in Singapore? Very strange because when I looked at this recently the Monetary Authority of Singapore was very clear that they DO NOT and have NO PLANS to regulate/ license Family Offices. Am I missing something?

    • Johnny the Money

      Yes you are missing a lot in your haste to write rubbish.

      The investment is done by a Singapore-regulated Investment Fund. Which is in turn funded by the Family Office. Standard investment flow my knowledgeable friend.

      • VADERinc

        Easy there tiger. I just asked a question. Didn’t realize that “Johnny The Money” world renowned Investment Fund Specialist was going to get offended by a simple question.

  • Yes, Harvey K, James R, Johnny the Money: all good news of IronFX and Mr Kashiouris will be poisoned by ugly comments. This is annoying but you have to live with it. As long as you do not honour your contracts with the investors.

    In other parts of europe such behaviour is sancioned by public measures, bad reputation etc., which such firms do not survive (insolvency, change of name). Apparently in Cyprus you can continue a reputable business even though you systematically disregard obligations towards small investors.

    This is, in many peoples view, embarrassing for the CySEC, the Cyprus courts, maybe the Cyprus government. But it is also embarrassing for the ESMA. After all, IronFX used and continues to use the name of this EU-body to advertise its products.

    The ESMA is only “considering to restrict or ban certain products”, which is not enough.

    • Floyd Blank

      You seem to forget that IronFX is regulated by 4 global regulators (FCA, ASIC, FSB, CYSEC) and to date has received zero fines or warnings (CYSEC was a settlement). The same is true for any legal case globally.

      Surely not all global regulators are corrupt and not all judges are corrupt. Surely also the Investment Fund has done it’s due diligence before parting with any money.

      Abusive trading behaviour, whether by small or large investors and breach of contract cannot be tolerated whatever the context.

      As for ESMA and any EU institutions, fruitless anonymous petitions are thrown out of the door with the jurisdiction of the Republic of Cyprus and CYSEC reconfirmed.

      • IronFx is NOT regulated by 4 global regulators. They changed their names to Safe8 (UK) and GVS (AU) to avoid persecution. They do not unboard retail clients there and Australia actually did order them to disclose that IronFx Au was actually just using IronFx Cy to offload their clients and/or be the final counterparty (effectively negating the regulation). So IronFx changed their name to prolong their death a bit.

        Their South African license (if they still have it) is a joke unto itself. Contact the regulator and ask them basic questions about what kind of diligence the company must go through.

        They mention those additional licenses just to give the appearance that they are more legit than they are. Why would a broker have a license in a different [developed] jurisdiction without actually offering their clients real services or protections afforded by that jurisdiction?

        • Baron

          1. Financial Conduct Authority (FCA no. 585561)
          2. Australia Securities and Investments Commission (AFSL no. 417482)
          3. Financial Services Board (FSP No 45276)
          4. Cyprus Securities and Exchange Commission ((Licence no. 125/10)

          Simple stuff. Can be checked online.

          No fines or warnings. Only one settlement with CySEC.

          • Did you actually read my reply? The lengths of IronFx to troll and scam unsuspecting customers is commendable…long cons type of movies are always fun to watch. Too bad this is real life.

          • IronFX Official Representative

            Dear AwarenessForex,
            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 [email protected] for any clarifications you may require.
            Thank you

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FX broker IronFX raises $100 million from Middle East investors

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