IronFX Review
IronFX has long been a global presence within online trading, claiming to have 10 trading platforms with over 200 tradable instruments in Forex, spot metals, futures, shares, spot indices and commodities. IronFX is said to service retail and institutional customers from over 180 countries in Europe, Asia, the Middle East, Africa and Latin America while providing support in over 30 different languages.
Pros and Cons
Pros:
- Regulated by FCA , CySEC and ASIC.
- 200+ Instruments
- 10 trading platforms
- Built-in trading indicators
- MAM accounts
- Mobile Trading
- Multiple deposit and withdrawal options
- Live Price feeds
- Global brand
Cons:
- Minimum deposit $100
- Do not accept US clients
- Limited demo account
Account Options and Regulations
Account Options
| Broker type | Market Maker / STP / ECN |
| Minimum Deposit | $100 |
| Maximum leverage | 1:1000 |
| Minimum lot size | 0.01 |
| Swap free accounts | Yes |
| Mobile Trading | Yes |
| Demo account provided | Yes |
| Education provided | No |
| Languages covered | English, Chinese, Arabic, French, German, Italian, Korean, Slovenian, Portuguese, Russian, Spanish, Thai and Vietnamese websites |
| ESMA restrictions | Yes (EU Division) |
Regulation
| FCA | Yes |
| ASIC | Yes |
| CySEC | Yes |
IronFX Features
As a global leader in online trading, Iron FX provides clients with a variety of fundamental features and support services that helps simplify the process of trading, both virtually with practice account to and opening an live account to placing trades.
Deposits and Withdrawal Process
In order to facilitate the transfer of funds to and from a trader’s account, IronFX has several methods of fund transfer, which traders can use to help them deposit or withdraw money from the trading account.
Withdrawals at IronFX are free but are still subject to a service fee charged by the payment processor. All withdrawal requests at IronFX are processed in compliance with the applicable regulations. For the deposits of funds, the following methods can be used:
| Deposits | Provided by IronFX |
| Bank Wire Transfer | Yes |
| Cardpay | Yes |
| Credit Cards | Yes |
| CSC24Seven | Yes |
| Dinpay | Yes |
| Dotpay | Yes |
| Ecommpay | Yes |
| Neteller | Yes |
| Safecharge | Yes |
| Skrill | Yes |
| Webmoney | Yes |
| Withdrawal Methods | Provided by IronFX |
| Credit Card/Debit Card | Yes |
| Bank Wire | Yes |
| Skrill | Yes |
| Neteller | Yes |
| FASAPAY | Yes |
| China Union | Yes |
| DotPay o Mail Order & Telephone Order (MOTO) | Yes |
Commission and Fees
Depending on the type of account IronFX charges commissions on the trades made through the platform. It also has relatively low spreads, quoting as low as 0.16 on EURUSD. Certain withdrawal fees may also apply based on the bank or card processor used.
| Commission/Fees | Active | Amount |
| Commission per lot | Yes | Variable |
| Swaps | Yes | Variable |
| Spread | Yes | Variable |
| Deposit Fee | Yes | Card Provider Charge |
| Withdrawal Fee | Yes | Card Provider Charge |
| Inactivity Fee | Yes | Variable |
Platforms and Tools
For trading access, IronFX has provided their clients with several versions of the industry proven MetaTrader 4 (MT4) trading platforms. The desktop version of the MT4 platform is often regarded as the industry standard trading platform as brokers from all over the world widely adopt it. Its popularity is significant since the robust platform comes with a wide array of trading tools and is highly customizable. Its key features include:
| Platform Tools | Available (Yes/No) |
| Proprietary Platform | Yes |
| MT 4 | Yes |
| MT 5 | Yes |
| cTrader | No |
| Currenex | No |
| ZuluTrader | No |
| Physical Stock Trading | No |
| Web Platform | Yes |
| Social Trading / Copy Trader | No |
| Economic Calendar | Yes |
Web Trader
Iron FX offers a proprietary web trader that can be accessed on multiple browsers. The interface is similar to MT4, so MetaTrader users will feel comfortable using this solution.
MetaTrader
Iron FX does support MetaTrader, both the MT4 and MT5 platforms. They also offer a Mac solution.
Mobile Trading
With smartphones and mobile devices becoming the norm today, many traders prefer to have access to the financial markets using their devices. Iron FX’s do provide a mobile version to their MT4 via the MetaTrader 4 mobile app. This can be used not only on iOS but also Android. Their webtrader can also be accessed via mobile browsers.
Markets Being Offered
| CFDs | Spread Betting | Physical | |
| Forex | Yes | No | No |
| Commodities | Yes | No | No |
| Indices | Yes | No | No |
| Equities | Yes | No | No |
| Cryptocurrency | Yes | No | No |
| Bonds | No | No | No |
| ETFs | No | No | No |
Trading Education
Iron FX do not appear to currently promote any webinars, however they do have a market insight team which is led by 2 experienced market commentators. Peter Iosif and Angelos Zittis.
Charting Tools
As they predominantly use Metatrader. IronFX provides all Metatrader indicators such as moving averages, trend lines, and Oscillators like Parabolic SAR and MACD are available.
The company also has made available the MT4 Personal Multi-Account Management (PMAM) platform. With it, money managers can manage as well as trade several MT4 trading accounts simultaneously. Some of the main features of the PMAM platform include:
Activity Reports, Live news feeds, Live price feeds, Management of unlimited accounts.
How to open an account with Iron FX
Like most brokers, opening an account with Iron FX is simple. Traders must first complete the standard contact information, then state their choice of trading account, Micro, Premium or VIP. Once done the client needs to select their trading currency and potentially a bonus depending on which entity they open the account with.
To open an account you need to follow a few simple steps:
Step 1: Fill out your information on the application form.
Step 2: Submit the documents the broker requests for KYC verification.
Step 3: Start trading once your account is approved.
KYC
Iron FX requires KYC verification when opening an account. These include documents such as:
- Bank statements of up to 3 months prior to the date of the withdrawal request.
- National ID card
- Driver’s License
- Proof of residence such as a Utility Bill
Account Approval Times
Once the initial form is processed, users then need to update their KYC documents which include a proof of address and ID, which can be a drivers license or Passport. If all documents are fine, the account will be immediately approved.
Is Iron FX safe for trading?
Iron FX is fully licensed by several authorities, and seem to have been for many years. They are also a global brand in the world of trading.
Our Final Thoughts
IronFX in the past have been labelled a “bad” broker, however from our research they appear to tick all the boxes of being a good broker. They are regulated not only by ASIC, but the FCA and also CySEC. They provide support in most main languages, and have an expert markets insight team to help traders on their on-going trading journey.
