Home / Regulators / CYSEC / CySEC Scam Tourism – Spanish police arrested boiler room agents in IronFX scheme


CySEC-regulated Notesco Financial Services Ltd has been the operator of the IronFX scheme for 10 years. The Cypriot company with CIF License No. 125/10 formerly operated under IronFX Global Limited and IronFX Limited and is part of a group of unlicensed companies that attack consumers and retail investors in other regulatory regimes with the IronFX brand. In July 2020, the Spanish police raided an illegal boiler room in Madrid, arrested two people and identified another nine people as suspects. The boiler room was part of the IronFX scheme.

Well-known Patterns

The IronFX scheme has been active for 10 years and is accused by many investors worldwide for being a scam. The a former BBC journalist and IronFX victim has turned the background of IronFX into an exciting documentary (click here to watch the video). The patterns of the CySEC-regulated IronFX scheme are also deployed by other regulated investment firms:

  1. Global brands to establish awareness and create trust;
  2. Regulated domains and entities: www.ironfx.eu operated by CySEC-regulated Notesco Financial Services Limited, www.ironfx.co.uk operated by FCA-regulated Notesco UK Limited, www.ironfx.com/au regulated by the ASIC and www.ironfx.com/za regulated by the South African regulator;
  3. Unregulated domains and offshore entities: www.ironfx.com operated by Notesco Limited, registered in Bermuda.

The different legal entities share resources such as technology, trading infrastructure, and boiler rooms and are under strong centralized management based in Limassol, Cyprus. For many years the CySEC has tolerated this intentional investor deception. Don’t make a mistake, the CySEC is well aware of the business practices of the IronFX schema. Time and again, the CySEC has imposed penalties, as the Spanish newspapers correctly point out. It is therefore incomprehensible that the regulator did not suspend the license and ban the individuals.

So far, we identified some of the operating entities in the IronFX scheme which comprises brands such as IronFX, FXGiants, Neural4x, FXFellow, FXPace, Office Forex, ArgoMarkets:

EntityJurisdiction & RegulatorRemarks
Notesco Financial Services LtdCyprus
CySEC CIF 125/10
operates domain www.ironfx.eu, www.ironfx.tv, www.fxlift.eu
Notesco UK LimitedUnited Kingdom
FCA Ref No 585561
www.ironfx.co.uk and www.fxgiants.co.uk, www.neural4x.co.uk
controlled by Markos Andreas Kashiouris
Notesco LimitedBermudaoperator of www.ironfx.bm redirecting to www.ironfx.com, www.fxgiants.com, www.neural4x.com redirecting to www.neural4x.eu/en, www.fxfellow.com
Salvax LimitedBermudaoperator of www.fxpace.com
Notesco Pty LimitedAustralia
ASIC AFSL no. 417482
the operator of www.ironfx.com/au, www.officeforex.com, www.argomarkets.com, registered owner of business names FXFellow and FXPace
Notesco SA (Pty) LimitedSouth Africa
Financial Sector Conduct Authority FSP no. 45276
the operator of www.ironfx.com/za
List of Entities, regulators, and domains

The founder and CEO of the IronFX scheme is the Brit Markos Andreas Kashiouris, born in December 1972. We identified the following individuals also connected to the scheme

Markos Andreas KASHIOURIS
Founder and CEO
Notesco Financial Services Limited
Notesco UK Limited
Notesco Pty Limited
Andrew Raikes HARGREAVES
Notesco Financial Services Limited
Notesco UK Limited
Dimitrios HATZIS
Notesco UK Limited
Notesco Financial Services Limited
Notesco Financial Services Limited
Yun Ma
Notesco Pty Ltd
Kirgiakos Kangleas
Notesco SA (Pty) Ltd
Jacobus Johannes de Wet
Notesco SA (Pty) Ltd
Individuals in the IronFX scheme

Controlling entity and beneficial owner

IronFX founder and CEO Markos Andreas Kashiouris

On the basis of the personnel interrelationships the control structure, it can be stated that the CySEC-regulated Notesco Financial Services Limited acts as the scheme’s holding company. The IronFX Group is also headquartered in Limassol, Cyprus.

The FCA regulated entity Notesco Uk Limited and the other entities in Australia and on the Bermudas are under the control of the directors of the CySEC entity.

According to the published conflict of interest policy, Notesco UK Limitedacts as a matched principal or riskless principal broker and generally hedges market risk with Notesco Financial Services Ltd.” The South Africa entity too acts as a direct marketer in terms of the FAIS Act, rendering only an intermediary service for the Cyprus entity.

As mentioned above, the most important beneficial owner and controlling person is the Brit Markos Andreas Kashiouris. He is known as the Medallion Man because of his preference for wide open shirts and the striking medallions he wears on his chest.


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