IronX Concerns

I have to say that I am concerned with EmurgoHK’s investment in IronX. After two members of the Cardano General telegram channel claimed that they had issues with IronFX, I decided to do a quick Google search into their operations, which surfaced a number of poor reviews and critical articles.

[In reply to M
Yes I did
It was 2014
And the account automatically closed

I’m actually really disappointed in what appears to be an investment into a compromised company. Providing traditional investors with an avenue to diversify a percentage of their portfolio into Cardano and other crypto assets using a secure and regulated Forex exchange would have been very bullish for the ecosystem.

Then again, it appears that you can already trade a number of cryptocurrencies (ADA, BTC, ETH, LTC and XRP) on the IronFX exchange:

EU MEP Tibor Szanyi speech on IronFX -

“Regrettably, thousands of Hungarian small investors turned to other European asset management companies, such as the Cypriot IronFX, which also appears not to fulfil its financial obligations. More than a hundred consumer complaints received by the MNB claim that IronFX operates like a one-way tube, swallowing citizens’ money and giving nothing in return.
With regard to the growing number of complaints that IronFX does not provide customers with access to their funds despite their requests, considering the inability of small investors to pay for proper legal assistance, and in light of EU consumer protection law, does the Commission plan to investigate this case?”

Source -

Critical documentary by ex BBC reporter, Freddie Rostand:

IronFX corrects disclosure about Australian regulation and counterparty arrangements:

The company’s Chinese customers and introducing brokers (IBs) brought 160 complaints against IronFX in a legal case in the District Court of Limassol.
The plaintiffs alleged that IronFX denied withdrawal requests totaling $1.25 million.

In August 2015 CySEC announced an investigation related to IronFX
In November 2015, CySEC settled all charges against the firm, agreeing to a €335,000 settlement
CySEC: “a settlement has been reached with IronFX for which there was reasonable suspicion of it committing possible violations of the Investment Services and Activities and Regulated Markets Law of 2007 (the ‘Law’) and of the Directives issued pursuant to the Law.”

IronFX officially informed leading industry directories that they have voluntarily left 4 regulations in June 2015:
Germany - Federal Financial Supervisory Authority (BaFiN)
Italian - Companies and Exchange Commission (CONSOB)
New Zealand - Financial Services Provider Register (FSP)
Russia - Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN)

Facebook Groups -

IronFX law suit and debt collection - 458 Members

Boycott Ironfx - 232 Followers

IronFx victims - 135 Members

Justice for Ironfx victims - 42 Followers

IronFx - The global leader in online SCAM - 95 Followers


From what I read it looks like they’re not scammers but maybe a bit too quick to freeze the accounts of those who are suspected of trying to scam them. And there are many of those due to quite large scale organised attempts to game their bonus scheme.

What about the speech from Tibor Szanyi, Member of the European Parliament?

That doesn’t really seem to add anything as far as I can see. (Not impressed by politicians’ understanding of such issues.)

I don’t have any reason to defend this company, but I was in the position of having to decide whether to use a different one that had similar complaints against it. After doing due diligence I decided the complaints were probably not justified, went ahead and eventually put in several thousand GBP, later got it back with no problem.

Not saying this case is necessarily the same, just that there’s another side to the story.


When providing complaints, it usually helps to have the opposite number, which is how many people are content with the service or product. Usually if something is rotten at its core, the number of negatives will, over time, outweigh the number of positive reviews. Often, those who have a positive experience will not leave a positive review, which only exacerbates the negative reviews.

Last but not least, it’s wise to look at where any company’s HQ is - are they in a civilized country with a rule of law, or are they in some third world s**thole where a dictator and his cohorts are the rule of law and they sack your head if you don’t give in to their racket?

If Emurgo is partnering with this company, the least they would do is their due diligence before they commit or plunk down cash.

And as with anything, the world could collapse tomorrow and none of this matters.


If it’s cfd ADA bucket shop I’m against it

We need bitmex for ADA

“bump” Just curious how this exchange is doing now. I heard they don’t allow people to sell their tokens below ico price.

This project is looking more and more like a scam.

  1. IronX used some third party exchange software and trying to modify it. (Not confirmed by me) The exchange quality feels shitty, in comparison to modern exchanges like Binance/Liquid. And this is with 26 000 000 $ raised and 1.5 years of development.
  2. They restrict trading on IRX token, so it is only possible to put sell 10’000 IRX and at 0.42$ or higher price. Of cause nobody buying this token.
  3. The real price of IRX token is 0.005$ on permissionless DEX (!/trade/0xf28463c616bd7b14287b0a4a950d35324f2d7280-ETH) it means ICO investors lost 99.988% or pretty much everything.
  4. They are censoring people in the telegram. Admins are always replying with “we will pass it to the team,” naturally nobody from the team is available for comments or AMA, so investors spread the word on bitcointalk and other forums. Just google: “ironx scam”.

I’m writing all this because I invested in pre-ICO and received zero feedback from IronX team. I’m surprised how Cardano co-founders were endorsing such a shitty project. It also raises my concerns about Cardano…

They removed the team from a website. But here’s the full project team and advisors:

Executive team:
Markos A. Kashiouris (Founder & Chairman),
Dimitris Hatzis (Chief Executive Officer),
Stefanos Kashiouris (Chief Risk & Exchange Officer),
Loukia Kanarini (Chief Legal & Compliance Officer),
Elena Panagiotou (VP Marketing),
Stella Ermogenidou (VP Human Resources),
Socrates I. Socratous (Chief Technology Officer),
Marios Stylianou (Chief Security Officer),

Kenji Sasaki (Cardano Co-Founder) ,
Alex Hayashi (Ex EmurgoHK CEO),

Andrew Raikes Hargreaves,
Hillik Nissani,
Ophir Gertner,
Tal Cohen,
Paolo Tasca,
Nicolas T. Courtois,
Theodosis Mourouzis,
Shamyl Malik,
Yoon Heuiseon,
Krishan Rattan,
Ivan Didur,
Kunal Nandwani,
Neoklis Nicolaou,
Gal Ron


Do any IronX investors feel like collaborating on a group lawsuit? PM please

1 Like

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