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IronFX Broker Review

  1. IronFX is a regulated online broker boasting multiple prestigious industry awards and an international reach. Established on the EU island of Cyprus in 2010, IronFX is the trade name of Notesco Financial Services Ltd and serves customers in 180 countries in 14 languages. IronFX provides to both private and institutional investors, more than 200 tradeable financial assets, including Forex and CFDs in commodities, indices, futures, stocks and metals. A diverse choice of live trading accounts and trading platforms is available to traders at IronFX based on the highly popular MetaTrader4 software. Unlike most online brokers, we saw that promotional offers and contests are an important ongoing feature at IronFX, giving all customers, even those with Demo accounts, exciting opportunities to win substantial prizes and bonus rewards.

    Notesco Financial Services Ltd has offices in Cyprus, Australia, South Africa and the UK where different entities in the group are licensed and regulated by the authorities in each jurisdiction. The company holds licenses from the Cyprus Securities and Exchange Commission (CySEC), ASIC in Australia, the FSB in South Africa, and the FCA in the UK. Importantly, IronFX is a member of the Investor Compensation Fund in Cyprus and complies fully with the MiFID rules applying to companies providing financial services across the EU. We saw that IronFX is registered with authorities for financial markets in 10 EU countries including BaFin in Germany and the AFM in the Netherlands. Moreover, it uses top tier banks to keep customer funds segregated from corporate funds and provides negative balance protection in customers’ live trading accounts through automated risk management systems.

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    IronFX Special Promotional Offer

    A special offer currently running at IronFX is a free VPS hosting service through a secure VPS data connection. The main advantage of VPS hosting is 24/5 access to market conditions all over the globe, irrespective of where the trader is geographically located. It lets customers at IronFX take advantage of market conditions that are changing all the time. What’s more, it even allows traders to process orders using Expert Advisors for automated trading in parallel to using the VPS hosting. To qualify for the special offer for free VPS hosting, customers need to make a deposit of at least $5,000 to their IronFX account and maintain that balance for several months.

    Demo Forex Accounts at IronFX

    Demo accounts are available for risk free practice on Forex trading in the three types of STP/ECN accounts as well as for the Standard account. Interested customers are allocated $100,000 of virtual funds to use on the MT4 trading platforms with full access to trading tools, news analysis and charts. The practice trades are risk free as they are not taking place in live market conditions but a simulated setting, authentically replicating the live global financial markets.

    Tip: Consider IQ Option instead – the best regulated broker for South African traders with a minimum deposit of only $10!

    IronFX Live Trading Account Features

    We saw that people with all levels of trading experience in financial markets can find a suitable trading account at IronFX. For our review, we focused on the Micro, Premium and VIP accounts aimed at private retail traders rather than professionals. Customers can decide if they want their trading account type to have live fixed or live floating spreads and whether they choose to have a commission free account or an account where they pay commission on trades. People who trade large volumes usually prefer paying a commission on trades whilst enjoying narrow spreads on financial assets. Usually, this type of trading account results in overall trading costs being lower. Those who trade smaller volumes typically prefer commission free accounts with live fixed spreads. Notably, this type of account usually results in slightly higher trading costs as the revenue to the broker is incorporated into the fixed spreads.

    Micro Account at IronFX

    The IronFX Micro account is available in 10 base currencies: EUR, GBP, USD, AUD, CHF, JPY, PLN, RUB, HUF and CZK. To set up a commission-free Micro account at IronFX requires a deposit of at least $100. We saw that clients get a dedicated account manager and can opt for live floating spreads from 2.2 pips or live fixed spreads from 1.1 pips on the EURUSD. Trading in micro-lots is permitted and the leverage level depends on parameters set by IronFX.

    Premium Account at Iron FX

    With a minimum deposit of $2,500, clients can set up a commission-free Premium account in the 10 base currencies available in the Micro account described above. Traders can contact the dealing department hotline as well as a dedicated account manager. We saw fixed spreads on the major EURUSD currency pair from 1.8 pips and floating spreads from 0.7 pips. Lot sizes are from 0.1 and the leverage is decided by IronFX according to specific parameters not published on the website.

    VIP Account at IronFX

    A minimum deposit of $20,000 is needed to set up an IronFX VIP account that’s commission free and offers flexible leverage. Whilst traders get a dedicated account manager as well as access to the trading desk hotline, they also get personal trading guidance and plentiful educational material. We saw very low floating spreads from 0.5 pips on the EURUSD and fixed spreads from 1.6 pips.

    Live Zero Fixed Spread Account at IronFX

    A minimum deposit of $500 is needed to open the Zero Fixed Spread account with commission payable per traded lot. We saw commission of $18 per lot on EURUSD and a pip spread of zero. Clients opening this type of trading account get access to an account manager and leverage depending on parameters set by IronFX. The account can be in 9 base currencies, EUR, GBP, USD, CHF, JPY, PLN, RUB, HUF and AUD.

    STP ECN Accounts at IronFX

    There are three types of STP ECN accounts offered by IronFX. These are the ‘Absolute Zero’ that’s commission free and has spreads from 0 pips on major forex currency pairs. The Absolute Zero account can be operated in the USD or EUR base currencies only. Secondly, traders can select the ‘Zero Spread’ account with commission payable, but pip spreads starting at Zero on the EURUSD currency pair. The Zero Spread can be operated in any of the 9 base currencies accepted for the ‘live zero fixed spread account’ described in the paragraph above. Thirdly, clients can opt for the ‘No Commission’ STP ECN account with no commission payable but fixed spreads from 1.7 pips for the EURUSD currency pair.

    Mirror Account at IronFX

    IronFX like many online brokers offers social trading opportunities through a Mirror account with some features exclusive to IronFX. A ‘lower risk, total returns’ strategy includes lower stop out levels, greater leverage on STP accounts up to 200:1 and instant internal transfers. The mirror account lets traders follow and copy talented traders with proven records of success. Copy trading may be a beneficial way of learning about online trading and is favoured by quite a few traders who are new to trading in financial instruments on global markets.

    Trading Software at IronFX

    The cross-device trading platforms at IronFX are based on the popular MetaTrader4 software. Traders can choose to download the MT4 software for Windows and for MAC to their desktops. Moreover, they can access the MT4 trading platform using the MT4 WebTrader without software download. Additionally, there are IronFX MT4 mobile trading apps for iPhone, iPad and Android phones and tablets. From any of the cross-device platforms offered by MT4, traders get access to all the integrated trading tools, real time quotes and technical analysis. The download version of MT4 offers automated trading with Expert Advisors.

    Cryptocurrency Trading at IronFX

    IronFX offers CFDs for trading in the cryptocurrencies Ethereum and Bitcoin without owning a digital currency wallet. Customers can speculate on whether the cryptocurrency prices will move up or down in what are historically volatile markets. Whilst cryptocurrency trading offers higher opportunities than traditional financial asset classes, it is risky because of the volatile nature of the markets and should be approached prudently. We saw that IronFX offers up to 1:5 leverage on cryptocurrency assets. This is low when compared to the 1:30 leverage offered by PLUS 500 or the 1:20 leverage offered by AvaTrade.

    Customer Support at IronFX

    Customers at IronFX can access the website in 14 languages including Chinese, Spanish, Dutch, French, German, Italian and Arabic. We saw that live chat is available on the interface 24/5, and on weekends clients are invited to leave a message in the chat box. Toll free telephone numbers are given on the Contact page for 12 countries across the globe. The countries include South Africa, Brazil, Australia, China and the UK. As all traders get allocated a dedicated account manager with any type of live trading account, there is always somebody to contact during trading hours, in addition to the support team. We were impressed by the fully comprehensive FAQs page at IronFX, where we found answers to almost anything we could think of asking about trading with IronFX.

    IronFX Deposits and Withdrawals

    A large choice of payment methods is supported by IronFX directly through the Client Portal, reflecting the broker’s global reach. Customers can select from multiple secure credit and debit cards, bank wire transfer and electronic payment methods including Neteller and Skrill. Customers can deposit in 9 base currencies: EUR, GBP, USD, PLN, AUD, JPY, CHF, RUB and HUF and all deposits are free of charge from IronFX.

    However, fees are charged on withdrawals from IronFX and these vary according to the type of payment method selected. We saw that clients can open several trading accounts simultaneously and transfer money internally between accounts, free of charge. Withdrawals to credit cards are charged up to €1.5 per transaction. To Neteller, the withdrawal fee is 2% with a limit of $30 per transaction, whereas to Skrill the fee is 2%, with the limit set at $10 per transaction. Withdrawing from IronFX using Fasapay, incurs a 0.5% fee with a limit of $5 per transaction. However, using China Union Pay, the withdrawal fee for each transaction is CNY20. Customers using DotPay are not charged withdrawal fees.

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