IronFX Review 2021
Our review of IronFX will investigate 11 key areas that we have deemed of importance to the novice or experienced trader searching for the best forex brokers with whom to join.
Founded in 2010, IronFX is an online broker based in Cyprus that provides services for more than 1 million clients from 180 countries around the globe. Despite its popularity as an online broker, as recently as 2015, IronFX was embroiled in scandal relating to their refusal to process withdrawal requests to over 150 clients. Nevertheless, IronFX remains a popular choice for many traders due to the services that they offer which we will discuss below.
Our IronFX review found that unfortunately, this forex trading broker does not cater to US clients. This is due to strict regulatory requirements whereby the USA regulatory body that oversees US forex brokers, the SEC, does not allow contract for difference (CFDs) instruments to be made available to residents under their jurisdiction.
There are four main regulators that oversee the conduct of IronFX, these agencies are:
- The Cyprus Securities Exchange Commission (CySEC) – Who provides oversight of IronFX’s operations in Cyprus under license number 125/10.
- The Australian Securities and Investment Commission (ASIC) – Who regulate and oversee the company in Australia under AFSL number 417482.
- The Financial Conduct Authority (FCA) – Who regulates the company in Britain under license number 585561
- The South African Financial Services Board – Who regulates the company in the South African jurisdiction.
Reliability and Security
Clients of IronFX receive reliable service and strong security. Because the brokerage is regulated in four jurisdictions by highly respected regulatory agencies, potential clients can rest safe in the knowledge that the company’s operational practices are being closely watched. Furthermore, the brokerage is involved in the FCA’s Financial Services Compensation Scheme and CySEC’s Investor Compensation Scheme which offers protection of up to 50,000 pounds of client money.
In terms of security, both the FCA and CySEC apply regulations that ensure that customer funds are protected by being stored in segregated accounts within tier-1 banks that are separate from IronFX’s own operating funds. Additionally, the brokerage protects client data and personal information by using encrypted Secure Socket Layer (SSL) technology that maintains customer data and personal information on secure servers.
IronFX Trading Platform
Our IronFX forex review identified that the brokerage company offers the hugely popular MetaTrader 4 trading platform to their clientele. MetaTrader 4 is considered the world’s preferred trading platform for forex traders and it is easy to see why. It possesses a great navigational interface and is highly customizable. The key features of MetaTrader 4 are:
- A plethora of activity reports
- Advanced charting packages
- Live price feeds
- Real-time news
- Support from Expert Advisors
- Ample range of technical indicators
- Support for multiple order types
For money managers, IronFX also provides the MetaTrader 4 Personal Multi-Account Management Platform which enables users to manage and trade several MetaTrader 4 trading accounts at the same time.
Mobile Trading Capability
Our IronFX review 2021 also looked at the mobile trading capabilities that the brokerage provides. Because so many traders are looking to execute trades while away from the home and office, it is essential that reputable brokerage firms provide them the capability to do so. Therefore, IronFX has provided a version of MetaTrader 4 that has been optimized for use on mobile devices and is downloadable from the Google Play Store and Apple App Store.
Types of Trading
With IronFX, clients can execute trades in:
In addition, at IronFX you can trade cryptocurrency against other currencies, but it must be noted that, at this time, clients do not have the ability to deposit or withdraw with cryptocurrency. The types of cryptocurrency offered for trade, and the global currencies with which you can trade them against, are:
- Bitcoin – You can trade Bitcoin against the USD, EUR, and JPY.
- Bitcoin Mini – You can trade Bitcoin mini against the USD.
- Ethereum – You can trade Ethereum against the USD and EUR.
- Ripple – You can trade Ripple against the USD.
- Litecoin – You can trade Litecoin against the USD.
For those looking to purchase digital currency, check out our list of the best cryptocurrency exchanges 2021.
Our IronFX review found that this brokerage offers seven options of different trading accounts for their expansive retail client base. The account types on offer include:
IronFX Demo Account: A free account that is available to anyone who may want to trial this brokerage. The IronFX demo account provides the user with $100,000 of virtual money to use that will help them to familiarize themselves with MetaTrader 4 and forex trading prior to outlaying any real money.
The Micro Account: For the novice trader this is an ideal account type requiring a minimum $100 deposit, and providing micro lots, fixed or variable spreads, as well as access to a dedicated account manager.
The Premium Account: For the more serious trader, this account type requires a minimum outlay of $2500 and provides access to fixed or variable spreads, a dedicated account manager, and the dealing department hotline.
The VIP Account: For the bigger spending traders, this account type requires a minimum deposit of $20,000 and offers fixed or variable spread, access to a dedicated account manager and the dealing department hotline.
The Zero Fixed Spread Account: This account requires a minimum deposit of $500, offers micro lots with low commissions and provides a dedicated account manager.
STP/ECN Accounts: Requiring a minimum deposit of $500, these account types provide spreads from as low as 0.1 pips and flexible leverage from 1:1 through to 1:200.
The Mirror Account: This account provides lower stop-out levels to traders and provides instant internal transfers.
Spreads and Commissions
Our IronFX review identified that, much like other brokerage firms, this company does not charge commissions on trades. Instead, they profit by implementing a spread on each trade executed by their clients. The spreads vary largely but for the most popular currency trading options, such as EUR/GBP and EUR/USD, the spreads are very competitive compared to many of their competitors.
When it comes to making deposits or withdrawals, there are many options available to clients. Traders need simply to enter the Client Portal and follow the easy-to-use navigation to make both deposits and withdrawals. Payment options include:
- Bank wire transfer
- Credit Card (incl. Visa, Mastercard, Maestro)
- China Union Pay
IronFX does charge fees for deposits and withdrawals for some of the above payment options, but for the most popular types (bank wire transfer and credit card payment) there are no deposit fees and only a small withdrawal fee when it comes to the use of credit/debit cards. All withdrawal requests are processed within one business day but please be aware that some clients have had issues with the withdrawal process in recent years.
Promotions and bonuses
IronFX offers exceptional promotional and bonus offers to their large client base. This is done to reward loyalty. The bonuses that they offer include:
- IronFX bonus no deposit – The ironfx no deposit bonus is an attractive offer to new clients. This provides any trader who opens a live trading account with an automatic $35 within minutes.
- Cash Rebate offer – This offer provides new cash rebate account holders with up to a $3 cash rebate on every lot traded.
In addition, IronFX occasionally launches promotions with attractive cash prizes.
With such a large client base spread out all over the world, it is essential that IronFX provides high-quality customer support for their clientele. They do this by offering access to support in 30 different languages across 12 separate countries through toll-free telephone numbers. The twelve countries that have their own unique support number are:
- Czech Republic
- South Korea
- South Africa
- United Kingdom
Email support and live chat are also offered as well as a centralized telephone number for those trading from outside the 12 countries mentioned above.
– High-quality customer support service
– IronFX demo account available
– Good bonuses including the IronFX no deposit bonus
– access to the popular MetaTrader 4 trading platform
– Well-regulated and highly secure
– Cryptocurrency trading available on popular currency pairings
– Many trading account options
– Recent regulatory troubles with CySEC
– No alternative options for trading platforms for those who aren’t fans of MetaTrader 4
– No USA clients accepted
– Minimum deposit required of $100 for real-time money trading is at higher end of scale
Our IronFX review 2021 has shown that there is little doubt as to why this brokerage firm is a popular choice for online forex traders. With many trading account options, cryptocurrency trading available and strong bonuses and promotions this is an ideal forex brokerage for the loyal client. Despite, recent regulatory issues with CySEC, many continue to join IronFX and it seems they are a worthy choice of broker for those looking to enter the forex marketplace.