Problems With Slippage at IronFX
IronFX is a Cyprus-based online broker that allows users to trade on a range of markets including forex, stocks, indices, and commodities. However, despite being in operation for over a decade, the broker has received a multitude of complaints from users. Let’s delve deeper into some of the most common complaints users have raised about trading with IronFX.
1. Withdrawal Delays:
One of the biggest complaints that users have raised about IronFX is the delay in withdrawals. Some users have reported waiting for weeks or months to receive their funds, while others have claimed they never received their funds at all. The company has stated that these delays are due to issues with a third-party payment processor, but many users are still dissatisfied with the time it takes to receive their funds.
2. Poor Customer Support:
Another common complaint about IronFX complaints is the quality of customer support. Many users have complained about difficulties getting in touch with customer support representatives, long wait times, and unhelpful responses. This can be particularly frustrating for users who have urgent issues that need to be resolved quickly.
3. Slippage:
Slippage refers to the difference between the expected price of a trade and the actual price at which the trade is executed. This can happen due to market volatility, but some users have claimed that IronFX deliberately causes slippage to make additional profits. While slippage is a common occurrence in the forex market, some users have reported extreme levels of slippage when trading with IronFX, which has caused them to lose significant amounts of money.
4. Account Closure and Limitations:
Several users have reported that their accounts were closed or limited after they started making significant profits. IronFX has stated that this is due to algorithmically identified trading patterns that are considered abusive, but some users have claimed that the company selectively targets profitable traders to prevent them from continuing to make money.
5. Misrepresentation of Bonuses:
IronFX offers a range of bonuses to attract new users, but some have found that they are misleading or impossible to redeem. Some users have claimed that they were promised bonuses but didn’t receive them, while others have found that the terms and conditions associated with bonuses are overly restrictive and difficult to meet.
Conclusion:
In conclusion, while IronFX offers a variety of trading options, there appear to be many complaints that users have raised about the platform. The most common of which include withdrawal delays, poor customer support, slippage, account closure and limitations, and misrepresentation of bonuses. It’s essential to thoroughly research any broker before trading with them, and also to consider the experiences of other users before making a decision. Always judge a broker based on their reputation, trading conditions, and regulatory status.