IronFX, one of the most heavily marketed retail forex brands of the past decade, has settled with the Cyprus Securities and Exchange Commission (CySEC) for €100,000 over the rules that govern how contracts for difference are sold to retail clients. It did so under a new name: Notesco.
CySEC announced the settlement on 2 April 2024, with the decision to settle taken on 29 January 2024. The firm involved is Notesco Financial Services Ltd, formerly known as IronFX Limited, which operates the websites ironfx.eu and fxlift.eu. The company has already paid the €100,000 in full.
What the Settlement Covered
The settlement followed an inspection carried out during 2023 and concerns the period between January 2021 and December 2022. According to CySEC, it related to a possible violation of Article 42 of EU Regulation 600/2014 and to failures in marketing and product governance relating to CFDs and forex. In some instances, the regulator found, the firm had provided incentives to clients and had failed to have appropriate product governance arrangements in place to ensure products were marketed and sold to the target market in line with clients' interests.
In short, the settlement relates to the manner in which the firm marketed and sold its products — the part of the business a retail client actually experiences.
A Familiar Name, a Second Settlement
This is not the firm's first settlement with its home regulator. The €100,000 brings the total it has paid CySEC to €200,000, after a prior €100,000 settlement in 2017. The company remains authorised and regulated by CySEC under licence number 155/11 and continues to operate as a licensed Cypriot investment firm — now trading as Notesco rather than IronFX.
For a brand built on aggressive marketing, a rebrand paired with a settlement over marketing and product governance is a combination retail clients should notice. The licence is intact, but the record now carries two settlements on the conduct that sits closest to the customer.
BestForex.io View
What This Means for IronFX and Notesco Clients
A €100,000 settlement is a small number for a brand that spent years as one of the most heavily advertised names in retail forex. What matters more is what it is for: how CFDs were marketed and sold, and whether the products reached the clients they were actually suitable for. That is the part of a broker a retail customer feels directly.
This is also the second CySEC settlement for the same firm, bringing the total to €200,000. A brand can change its name — IronFX is now Notesco — but the regulatory record follows the licence, not the logo.
If you hold an account with IronFX or Notesco, confirm which entity and licence your account sits under, and treat marketing incentives with the scepticism a settlement over marketing conduct warrants.
About the Company
About IronFX (Notesco Financial Services Ltd)
Regulator
CySEC (Cyprus, EU)
Action Type
Settlement — CFD Marketing & Governance
Penalty
€100,000 (€200,000 total)
Licence
CySEC 155/11
Notesco Financial Services Ltd, formerly IronFX Limited, is a Cyprus-based investment firm authorised and regulated by CySEC (licence 155/11). It offers contracts for difference and forex to retail and professional clients through the ironfx.eu and fxlift.eu websites.
In a settlement announced in April 2024, the firm paid €100,000 over CFD marketing and product governance failures for the period January 2021 to December 2022. It continues to operate as a licensed Cypriot investment firm.
Editor's note & source: Factual points are drawn from the CySEC settlements register. This article is not legal advice. Last updated: 25 July 2026.