IronFX Review – Online Platforms, Commission, Leverage, Account Types, Features & more
In this article, we will discuss the IronFX Review, as in, company ins and outs.
We will talk about the spreads & commissions, the pros and cons, various features of all the Trading Platforms, and many more. So, let us dive in.
If you are looking for a tier-1 company that deals with forex, IronFX is one of the prime examples that you should consider.
They offer some of the best Trading Platforms available today, and the spreads are quite reasonable.
About IronFX & Accepted Countries
IronFX is a Forex Broker, which is equally competent in managing CFDs. The company has been around since 2010 and is based in Cyprus.
They also hold a license from the Cyprus Securities and Exchange Commission (CySEC) which allows them to operate worldwide.
In 2015, they obtained the license to trade in London, UK, while the UK’s Financial Conduct Authority (FCA) approves it.
Since South Africa’s Financial Services Board (FSB) approved the company, they can also do business in Johannesburg.
The same goes for Sydney as Australia’s Securities and Investments Commission (ASIC) authorized to operate there.
IronFX reached the height that many companies take decades. Very recently they tied up with FC Barcelona, which is a great way to promote the brand name.
The company also sneaks into countries like Germany, China, Russia, New Zealand, and Nigeria. You can say they are an ideal global brand.
|Founder / CEO||Markos A. Kashiouris|
|Regulations||ASIC, CySEC, FCA|
Yes, there were some recent setbacks that the company faced, but they came back with a bang; launching its cryptocurrency services.
This inclusion raised a considerable $26 million in the initial coin offering (ICO), which is massive for a newbie. As of now, traders from over 180 countries can invest in Forex and CFDs via IronFX.
Open a Forex Trading Account Now! – Fill up the Form
IronFX Trading Platforms
With the advancement of technology, everybody wants a robust service provider.
So, the Trading platforms that any Forex company use should be competent enough to deliver the needs of millions.
|Desktop Platform – Windows||Yes|
|Desktop Platform – Mac||Yes|
|Desktop Browser Platform||Yes|
|Mobile Site Platform||Yes|
|Android App Platform||Yes|
|iOS App Platform||Yes|
|Windows App Platform||No|
|Other Mobile OS Platform||No|
|Trading Platform Supported Languages||English|
That is why IronFX took a safer route and tied up with MetaTrader 4 (MT4). For those who don’t have a clue, MT4 is a Trading Platform, where you can process any order.
Of course, the platform is way more than that.
Features of IronFX Trading Platform
So, let us know some of the intriguing features that this incredible Trading Platform is offering:
- MT4 is a 3rd-party software that IronFX is offering to its clients. As per most industry experts, the platform is very easy to use and navigate. So, if you are a beginner, it is ideal for you. Of course, experienced traders can use it to get expert services.
- You can manage your portfolio with ease with robust features to assist you.
- MT4 is, primarily a desktop application. Now, one of the best features that the app is offering is the fact that you can access it on Windows as well as on Mac.
- In case you don’t wish to download a file and install it on the computer, you also have the option to open your web browser and use MetaTrader’sWebTrader, simply by logging onto the official website of the company.
- Processing and order, whether you are buying or selling, is pretty straightforward.
- There are over 30 built-in Indicators that you can use.
- If you wish to access multiple accounts at the same time, you can avail of the Personal Multi-Account Manager (PMAM) system.
IronFX Mobile App
People want every update to be instant. So, for those kinds of traders who like to receive critical trading information, MetaTrader 4 Trading Platform also offers a mobile app version.
The app is for Android & iOS users, which makes sure everybody can use it. You just need to download it from either Google Playstore or the Apple Store.
Now, while you are using the app, you should not think the functionalities are limited. It is every bit of the same as it is for the desktop version or web browser version.
Also, you will find a dedicated research option from where you can get an overview of the financial market, and whether or not there is any significant news about the company.
Check out Mobile Apps of more Forex Brokers
IronFX Commission or Brokerage or Fees
IronFX offers 4 kinds of accounts – Zero, Standard, Premium, and VIP. The commissions or spreads they charge vary on every other account.
While the Zero account is, as it says, 0 spreads, the Standard account’s spreads start from 1.8 pips.
Moving on to the Premium account, it begins at 1.6 pips, whereas it is 1.4 pips in the VIP accounts.
|Commission on trades||Yes|
IronFX Exposure or Leverage
One of the contributing factors people love to be associated with IronFX is the fact that the company offers flexible leverage.
Now, the company is offering a static leverage ratio if you are a Standard, Premium, or VIP account-holder, which is a maximum of 1:1000.
As for the Zero account holders, they will get up to 1:500 as leverages.
Payment Methods provided by IronFX
IronFX cares about the payment convenience of its clients, especially because every country has its limitations and the clients typically face them.
So, take a look at the mode of payments for both while you try to deposit or withdraw funds. We have summarized that in the table below:
|International wire transfer (The maximum amount may be different from one bank to another)||International Wire Transfer (1 – 7 Business Days)|
|Debit Cards ($50,000 maximum)|
|Credit Cards ($50,000 maximum)|
|China Union (CYN 360,000 maximum)|
|DotPay (PLN 200,000 maximum)|
The clients must make a minimum of $100 – $10,000 depending upon the kind of accounts you are choosing.
The deposit process may vary depending on the mode you choose to pay. However, it typically doesn’t take more than 3 business days.
When it comes to funds withdrawal, you need to go to the client’s portal, where you will get an option to withdraw from the balance you hold in your account.
Then, you need to process an International wire transfer or a bank transfer. It usually takes between 3-7 business days to receive the funds to your bank account.
Find out Payment Methods provided by other Forex Brokers
Investment in Asset Classes or Markets by IronFX
IronFX is an experienced company that focuses on several forms of trading in an international market.
So, let us take a look at the core market services that the company is offering:
Forex: Some of the trending currency pairs that the company deals with are AUD/CAD, AUD/CHF, AUD/JPY, AUD/DKK, and many more.
Metals: You can deal in Silver, Gold, Platinum, and Palladium.
Indices: EU50Cash, JPY225Cash, US30Cash, and FRA40Cash are a few global indices that you can trade.
Commodities: Commodities like crude oil, sugar, or coffee can yield high leverage while you are trading.
Futures: IronFX offers Commodity futures, currency futures, stock index futures, U.S. Treasury futures, and precious metal futures for you to trade.
Shares or Securities: The company offers trading company shares with CFDs, which is the market trend now.
|Total Tradable Assets||6|
|Number Of Currency Pairs||NA|
|Number Of Cryptocurrencies||NA|
|Number Of Stocks||NA|
|Number Of Indices||NA|
|Number Of Commodities||NA|
|Number Of Futures||NA|
|Number Of Options||NA|
|Number Of Bonds||NA|
|Number Of ETFs||NA|
IronFX Virtual Trading Account or Demo Account
IronFX’s research team did a lot of studies to let the clients understand the process correctly. Apart from all the tutorial videos available, they took the extra initiative and provided a Demo account.
In this account, you can practice trading using virtual money which in the long run can be very profitable.
Now, they offer 4 different demo accounts – Demo Floating Spread, Demo STP/ECN Zero Spread, Demo STP/ECN Absolute Zero, and Demo STP/ECN No Commission.
The idea is to put the clients in real-life difficult scenarios and see how they can cope up with them and overcome them. So, you should capitalize on this situation as much as you can.
|Virtual Money||$ 5000|
IronFX Offers or Deals
IronFX facilitated 4 significant offers that you can avail of. They are as follows:
- 100% unlimited Sharing Bonus: It is when you join the company and make your first deposit. However, you must make a minimum of $500 deposit.
- 40% Power Bonus up to $4,000: This promotion is there for you to achieve the settled trading goals. Again, the minimum amount that you must deposit is $500.
- 20% Iron Bonus up to $2,000: This promotion is for those traders who are new to forex trading, so, they can make a minimum deposit of $100 to avail of this offer.
Please understand that these are company promotions that can change at any time. So, we suggest you keep an eye on the company’s website to get the authentic information.
|Free Learning Courses||Yes|
|Free Demo Account||Yes|
|Discount on Brokerage||Yes|
|Flexible Brokerage Plans||Yes|
|Forex Trading Contest||No|
|Trading Bonuses & Rewards||No|
IronFX Regulation or Licensing
When it comes to regulations, IronFX has got it covered. First and foremost, the company holds the license from Notesco Financial Services Limited (previously known as IronFX Global Ltd).
Let us take a look at the company’s various authorizations:
- From the Cyprus Securities and Exchange Commission (CySEC), the company has a license to operate in the EU.
- The UK segment is regulated by the Financial Conduct Authority (FCA).
- In Australia, the Australia Securities and Investments Commission (ASIC) issued the license to operate.
- The Financial Services Board (FSB) regulates in South Africa.
- As there are several leading regulatory entities that oversee the company, we can say that it is trustable.
Regulations ASIC, CySEC, FCA
Find out Regulations & Licensing of more Forex Brokers
As of now, we have already discussed some of the essential features that the company is offering. So, it is time we can focus on that and check out some of the useful features:
- IronFX delivers MT4 as its Trading platform, which we all can agree with that it is one of the best in the market right now.
- You can get commentaries, videos, and market data from the IronFX Research app, which is free to access.
- There are tons of tutorial videos that you can check. So, if you are a new trader, it would be of great help.
Educational Services No Social Trading / Copy Trading No Trading Signals Yes Email Alerts No Guaranteed Stop Loss No Guaranteed Limit Orders No Guaranteed Fills / Liquidity No OCO Orders No Trailing SP/TP No Automated Trading No API Trading No VPS Services No Trading From Chart No Interest On Margin No Offers Hedging No Offers Promotions Yes One-Click Trading No Expert Advisors No Other Trading Features No
IronFX Account Types
IronFX, as we have mentioned before, provides 4 kinds of accounts for the clients, when it comes to the Live Floating category. Let us know them a bit better:
|Account Type||Standard Account||Premium Account||VIP Account||Zero Fixed Account|
|Commission||0||No||0||$18/Lot on EUR/USD|
$18/Lot on USD/JPY
$23/Lot on GBP/USD
$23/Lot on USD/CAD
$23/Lot on USD/CHF
$23/Lot on EUR/GBP
$23/Lot on AUD/USD
$28/Lot on EUR/CHF
$28/Lot on NZD/USD
$28/Lot on EUR/JPY
$43/Lot on GBP/CHF
$43/Lot on GBP/JPY
Standard or Micro Account: You can start small by investing a minimum of $100, and you can get a leverage of up to 1:1000. 1.8 pips are the initial spread you must deal with.
Premium Account: The spread comes down to 1.6 pips for this kind of account where the minimum deposit amount must be a minimum of $1,000. The leverage you can earn is 1:1000.
VIP Account: Here too, the minimum deposit amount is $1,000, and the leverage ratio remains the same with 1:1000. However, the spreads go down even more – 1.4 pips.
Zero Fixed Account: As the name suggests, the spreads are zero on investment. For this account, you must pay a minimum of $500 as deposits, while the leverage is 1:500.
Similar to Live Floating categories, let us check the accounts related to STP/ECN category
No Commission: In this account, the spreads start at 1.7 pips, whereas you need to pay a minimum of $500, and the leverage is up to 1:200.
Zero Spread: Over here, you need to pay a minimum of $500 as deposits, and you will get a leverage of up to 1:200, while the spreads start at 0.
Absolute Zero: In comparison to the other 2 accounts, only the spreads’ initial value has changed – 0.3 pips. The other 2 remain the same – $500 minimum deposit and up to 1:200 leverage.
IronFX Trading Account Features
Check below all the trading account features under various account types:
|Trading Desk Type||Bank, ECN, STP|
|Maximum Leverage||Up to 1:1000|
|Suitable for beginners||Yes|
|Suitable for professionals||Yes|
|Suitable for scalping||No|
|Suitable for daily trading||No|
|Suitable for Weekly trading||No|
|Suitable for swing trading||No|
IronFX – Research & Advisory
Find below all the different reports and support provided by its Research & Advisory team :
|Daily Market Commentary||No|
|News (Top-Tier Sources)||Yes|
|Company Stock Review||Yes|
|Free Stock Tips||Yes|
Some of the benefits which are worth mentioning are as follows:
- The entire fee structure is comparatively lower than what most companies charge.
- What makes IronFX unique is they don’t charge a fee while you process a withdrawal.
- There is no account inactivity fee.
IronFX Cons or Drawbacks
IronFX had a bad reputation while they are in operation. So, that often plays negativity around the company.
Apart from that, experts believe that the stocks’ fees are comparatively higher than most companies.
IronFX Trading Hours
The usual trading hours of IronFX are from Monday to Friday, 00:00 to 24:00 hours.
Now, you should keep in mind the 2-3 minutes delays while adjusting the Day Light Savings.
IronFX Customer Care or Contact Details
IronFX offers decent customer care support, and most of the time, there aren’t any massive complaints. Check out how to contact them:
- Email: support@IronFX.com
- Contact Number UK: +44(0) 203 282 7777
- You can initiate a chat by clicking on the icon on the right-hand bottom.
Dedicated Dealer Yes Support During Weekends No Online Trading Yes 24*7 Support Yes Email Support Yes Live Chat Support Yes Customer Support Languages Chinese, English, Hindi, Indonesian, Russian, and 39 more languages
IronFX Safety & Security
MT4 is the Trading platform they are offering to its clients. That comes with prebuilt 256-bit site encryption, which makes all the payments in this site secure to proceed.
In addition to that, you can set up a two-factor authentication while you are logging in to your accounts.
IronFX Rating & Review
Based on the user experience, the following rating and reviews are provided.
|User Experience||7.5 / 10|
|Products & Services||7.8 / 10|
|Brokerage Charges & Fees||8.1 / 10|
|Research & Advisory||8.2 / 10|
|Trading Platforms||8.1 / 10|
|Overall Ratings||8.0/ 10|
|Total Client Reviews||65|
IronFX Forex Trading – Conclusion or Verdict
IronFX has its fair share of flaws that you should check before you commit. However, that doesn’t nullify the positive sides of the company.
The brokerage fees are reasonable, the Trading Platforms are robust, and they have got the overall experience in this industry to aid you if in case you need help.
So, you should definitely consider IronFX, but do your bit of research as well.
Open a Forex Trading Account Now! – Fill up the Form
Learn everything about Forex Trading