BROKER REVIEW

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GENERAL INFORMATION

Broker Name:

IronFX

Broker Type:

Forex Broker

Country

Cyprus

Operating since year:

2010

Regulation:

ASIC, CySEC, FCA

Address:

2, Iapetou Street, Agios Athanasios, 4101 Limassol, Cyprus

Broker status:

Regulated

CUSTOMER SERVICE

Phone:

357 25027000

Languages:

Arabic, Czech, German, English, Spanish, French, Italian, Japanese, Korean, Polish, Portuguese, Russian, Chinese

Availability:

24/5

TRADING

Trading platforms:

MT4,Webtrader, PMAM, Multiterminal

Trading platform Time zone:

GMT+2

Demo account:

YES

Mobile trading:

YES

Web-based trading:

YES

Bonuses:

YES

Other trading instruments:

Forex, Spot Metals, CFDs on commodities, indices and shares, futures, cryptocurrencies

ACCOUNT

Minimum deposit ($):

$100

Maximal leverage:

1:1000

Spread:

fixed

Scalping allowed:

YES

Introduction

IronFX brokerage was founded in 2010 in Cyprus, and since then it has expanded into more than 180 countries. The company is regulated by E.U. regulation through the Cyprus Securities and Exchange Commission (CySEC). Additionally, it is licensed as a registered investment firm in the United Kingdom, South Africa and Australia. Lately, IronFX has been focusing on client development in more traditional venues after closing down operations in China, Russia, and Nigeria in recent years.

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IronFX is a trading name of Notesco Limited – a company registered in Bermuda. Depending on their geographical location, traders can open accounts with the broker’s regulated entity from the U.K. Financial Conduct Authority or with the non-regulated entity located in Bermuda.

 

The broker offers its clients seven different types of trading accounts. The Micro, Premium, VIP and Zero Fixed packages provide a blend of live floating and fixed spreads, while the No Commission, Absolute Zero and Zero Spread accounts enable ECN/STP trading. IronFX also offers its users a blend of commission-based and commission-free trading with a maximum leverage of 1:1000, 1:200 and 1:500 depending on the client’s choice of account.0

IronFX’s account diversity is truly impressive as a tiered structure includes floating versus fixed and commission versus no commission fee schedules. They also include broker (IB) branding and a portfolio management program. Furthermore, the broker recently added cryptocurrency coverage to a broad selection of Forex, CFD and spot trading products. Earlier in 2018, IronFX declared about its partnership with EmurgoHK to open a cryptocurrency exchange. While the launch date hasn’t been announced, it’s still positive news. 

 

IronFX’s clients can trade more than 200+ financial instruments covering Forex, Commodities, Metals, Indices, Futures and Shares. It uses MetaTrader 4 – the well-known and trustworthy trading platform for PC, Mac, Web, iOS and Android operating systems. In addition, IronFX provides a copy trading facility called AutoTrade via myFXbook and free VPS hosting.

 

Unlike some other brokers, IronFX does not offer any type of educational resources. Still, they do provide live research and analysis via their Daily Market Outlook videos on YouTube and Market Insights blog. Investors can also access Trading Central features such as education on-demand and technical analysis videos. And it’s not all. The company has a variety of different bonus and promotional offers such as live trading competitions or deposit boosters.

IronFX Trading Platforms

IronFx provides MetaTrader 4 and MetaTrader 5 platforms. Investors can use more than 200 tradable instruments from 6 asset classes, which are available on IronFX’s platform. You can trade through MT4 and MT5 from any device or trade via Webtrader directly from your internet browser. 

 

MetaTrader 4 is one of the most reliable platforms available. It provides tools and resources, which are essential for successful online trading. You can trade Forex CFDs, spot metals, futures, shares, spot indices and commodities with quick execution using it. And MT5 is even more advanced, as it is the new generation of MT4 and is widely considered as the best trading platform in the world.

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Ironfix has also listed on its website Webtrader, VPS Hosting and PMAM. VPS hosting insulates websites from their neighbours by virtually partitioning them from one another. It prevents response delays and allows execution of orders to take advantage of those unique market conditions, which usually aren’t available due to the time of day or your geographical location. Furthermore, VPS hosting is flexible, reliable, and scalable. All of these makes it an attractive solution to retail traders.

PMAM has lots of benefits and trading features as well. Here are some of them:

• One-click order entry
• Managing orders, equity and positions online
• Managing unlimited accounts
• Activity reports
• Monitoring of financial instruments’ prices and forex rates

Does IronFX enable Mobile trading?

Yes! You can access your IronFX account via Android, iOS, and Windows Mobile easily. Both MT4 and MT5 support all of these devices, providing easy integration with desktop and tablet versions. Metatrader 5 also adds some important features that MT4 doesn’t offer.

Furthermore, you can use the free IronFX Research app. However, it has no trading functions. Still, it helps to get more information, which will help you to plan the next steps. All in all, IronFX’s mobile experience is quite adequate. 

IronFX Trading Accounts

The broker has listed seven accounts, which are well diversified. Depending on how experienced the trader is, he or she can choose the most fitting package. IronFX has Demo account as well. Here is the list of its packages:

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Micro account

Spread from: 1.8
Minimum Deposit: 100 USD
Flexible Leverage Up to: 1:1000
Base Currency: USD, EUR, GBP, AUD, JPY, BTC, PLN, CZK
Min Lot Size: 0.01
Commission: No
Dedicated Account Manager Available: 24/5
Dealing Department Transaction Hotline: Yes

Premium account

Spread from: 1.6
Minimum Deposit: 1.000 USD
Flexible Leverage Up to: 1:1000
Base Currency: USD, EUR, GPB, AUD, JPY, BTC, PLN, CZK
Min Lot Size: 0.01
Commission: No
Dedicated Account Manager Available: 24/5
Dealing Department Transaction Hotline: Yes

VIP account

Spread from: 1.4
Minimum Deposit: 10.000 USD
Flexible Leverage Up to: 1:1000
Base Currency: USD
Min Lot Size: 0.01
Commission: No
Dedicated Account Manager Available:24/5
Dealing Department Transaction Hotline: Yes

Zero Fixed

Spread from: 0
Minimum Deposit: 500 USD
Flexible Leverage Up to: 1:500
Base Currency: USD, EUR
Min Lot Size: 0.01
Commission: yes
Dedicated Account Manager Available: 24/5
Dealing Department Transaction Hotline: yes

No Commission

Spread from: 1.7
Minimum Deposit: 500 USD
Flexible Leverage Up to: 1:200
Base Currency: USD, EUR, JPY, BTC
Min Lot Size: 0.01
Commission: No
Dedicated Account Manager Available:24/5
Dealing Department Transaction Hotline: yes

Zero Spread

Spread from:0
Minimum Deposit: 500 USD
Flexible Leverage Up to: 1:200
Base Currency: USD, EUR, JPY
Min Lot Size: 0.01
Commission: yes
Dedicated Account Manager Available:24/5
Dealing Department Transaction Hotline: yes

Absolute Zero

Spread from:0.3
Minimum Deposit: 500 USD
Flexible Leverage Up to: 1:200
Base Currency: USD, EUR, JPY
Min Lot Size: 0.01
Commission: –
Dedicated Account Manager Available: 24/5
Dealing Department Transaction Hotline: yes

How is IronFX Regulated?

IronFX is regulated by the European Union through CySec (Cyprus) no. 125/10. Its also licensed in the U.K. through FCA no. 585561 and in Australia through ASIC (AFSL no. 417482). 

 

In case of scam or some other damage, E.U. traders get protection up to EUR 20,000 through Cyprus’ Investor Compensation Fund (ICF). On the other hand, U.K. traders’ broker default protection is up to GBP 50,000 through the Financial Services Compensation Scheme (FSCS). This regulator also provides excess insurance for U.K. clients, rising coverage to GBP 1,000,000.

 

The company has other defensive mechanisms in place as well. Client funds are segregated from company funds, which reduces the misuse potential. 

 

Even though IronFX operates a counterparty dealing desk, which raises conflict of interest issues, it offers direct interbank trading access in several account types. The company also provides no guaranteed stop-losses. However, negative balance protection is mandated under ESMA rules currently. On the other hand, secondary security features are average, with standard encryption at the website. The broker doesn’t demand two-tier platform authentication beyond Metatrader’s one-time passwords (OTP).

IronFX Investment Products

Investors can trade Forex, spot, and CFD on IronFX platform. However, while trading instruments is well-constructed, some rivals offer more comprehensive listings.

The broker recently added cryptocurrencies, which you can trade directly on the Metatrader platform. Pricing for Forex, CFD, and spot instruments is average-to-competitive. Costs are significantly lower at higher account tiers. 

Even though there’s no bond CFD coverage, metals, spot, and index products cover the most popular instruments worldwide. And additionally, the U.K. and Ireland clients can place spread bets, although the costs are not fully disclosed.

Does IronFX have any Special Features?

The answer would be – Yes! IronFX offers an impressive variety of well-documented account types that cover almost all trading styles and objectives. Traders can choose between an equal number of fixed and two types of floating accounts that have different spread schedules and fee structures.

Furthermore, some account types allow retail clients to bypass IronFX’s dealing desk, and trade directly with the interbank system, which is a good advantage. Depending on capital commitment, accounts are tiered into Micro, Premium, and VIP levels, with spreads dropping on major Forex pairs between tiers.

Customer Support

IronFX provides 24/5 customer support in over 180 countries and 30 different languages. You can contact the company via Live Chat, email or phone. The broker is also active on social media. Its Facebook and Twitter accounts are quite popular. However, while phone numbers are provided for satellite offices in Cyprus, South Africa, and Australia, there’s no U.K. or international phone number.

Email: [email protected]

Phone: +44(0) 203 282 7777

Address: Iapetou 2 ag. Athanasios, Cyprus

IronFX Review – Conclusion:

IronFX is a well-diversified broker, and its offering list is quite impressive. The company is also well-regulated, which means that its safe and you won’t get scammed. IronFix’s platforms are excellent, as MT4 and MT5 offer the best tools for trading. The website is easily navigated, and traders can access their accounts via mobile apps as well. 

Furthermore, IronFX has some great additional features, and its accounts are intended to satisfy the different demands of various traders. Still, while this broker is a great fit for traders at low to medium skill levels with flexible account types, professionals may find it less adequate for their needs. Despite tiered pricing, the lack of volume discounts and a proprietary high-end trading platform is less fitting for high-level players. 

However, money managers can benefit from a personal multi-account manager (PMAM) as it allows trading of multiple Metatrader accounts. 

All in all, IronFX is the average broker. It’s not bad, but it’s not top-notch either. In the end, it all comes down to your needs and aspirations. If you are content with IronFX’s products and service, go for it. If not, you can certainly find another company which suits you better.  

Please, consider that IronFX is not available in the following countries: U.S., CU, IR, SD, SY, KR due to the regulator restrictions.

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