IronFX Review |
|
| 📅 Year founded |
2010 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
Limassol, Cyprus |
| 🌍 Country of regulation |
United Kingdom / Cyprus / South Africa |
| ✅ Regulators |
FCA / CySec / FSCA |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$100 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 / IronFX Web Trader App |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Indices / Commodities / Shares / Futures |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Card / Bank Wire Transfer / Skrill / Neteller / Fasapay / PaySafe / SafetyPay / PerfectMoney / UnionPay / Cryptocurrencies |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
100% Unlimited Sharing Bonus / The Battle of the Traders |
| 💰 Account Currencies |
USD / EUR / GBP / AUD / JPY / BTC / PLN / CZK |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
ECN / STP |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
High |
| 📈 Inactivity fee |
3% if no trades placed |
| 💰 Withdrawal fee |
None |
| ☎ Customer Support |
24/7 |
| 💰 Max. Leverage |
1 000:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Account type dependant |
| 💰 Spreads |
From 0.0 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
84 + |
| 🔢 Number of clients |
Unknown |
| 🥇 Instruments Offered |
500 + |
| 📙 Education |
Academy / VIP Room / Webinars / Seminars / Trading Psychology / Podcasts / Trading Videos |
WHAT IS IRONFX?
IronFX is an internationally recognised online forex and CFD broker established in 2010 offering a comprehensive suite of trading services across a variety of financial markets.
IronFX is known for its global reach and local service approach, providing tailored trading environments to suit the needs of traders from different regions.
The broker is regulated by several reputable financial authorities, which plays a crucial role in its trustworthiness and reliability.
Specifically, IronFX is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus and the Financial Sector Conduct Authority (FSCA) in South Africa.
Being under the supervision of such prominent regulatory authorities helps IronFX provide its clients with a secure trading environment.
The FCA, CySEC and FSCA are well-known for their stringent regulations and oversight, which include requirements for regular financial reporting, client fund segregation and provision of negative balance protection.
This regulation not only enhances the safety of client funds but also ensures fair trading practices and the broker’s long-term operational compliance.
IronFX’s commitment to providing secure and compliant trading services makes it a favoured choice for traders seeking a reliable broker that combines a broad range of trading instruments with a robust regulatory framework.
INTRODUCTION
Founded in 2010 and headquartered in Limassol, Cyprus, IronFX has grown to become one of the leading names in the online forex and CFD brokerage industry.
With over a decade of experience, IronFX has established a strong foundation that combines in-depth market knowledge with advanced technological infrastructure.
The choice of Limassol as its base is strategic, benefiting from Cyprus’s reputation as a significant financial and forex trading hub within the European Union. This location not only places IronFX in a vibrant economic environment conducive to growth and innovation but also under the rigorous regulatory oversight of CySEC.
The regulatory framework in Cyprus is harmonised with EU financial regulations, ensuring that IronFX adheres to some of the highest standards of safety, transparency and client protection in the industry.
IronFX’s commitment to providing exceptional client service is reflected in its personalised customer support and its adaptation to local market needs, offering services in over 30 different languages.
The firm has built a robust global presence with offices in major financial cities worldwide, enabling it to support a diverse client base with varying trading needs and objectives.
As IronFX continues to evolve, it consistently enhances its offerings, integrating the latest technological advancements in trading technology and expanding its range of instruments.
This dedication not only demonstrates IronFX’s commitment to maintaining its competitive edge but also underscores its focus on catering to both beginner and experienced traders through a comprehensive, client-centred approach.
PROS & CONS
PROS
- Diverse range of trading instruments.
- Advanced trading platforms in MetaTrader4.
- Multiple account types.
- Competitive spreads and leverage options.
- Extensive educational and research resources.
CONS
- Withdrawal process can be slow.
- High commission charges on certain account types.
TRADING INSTRUMENTS
IronFX distinguishes itself in the competitive online trading industry with an extensive array of trading instruments that cater to the diverse preferences and strategies of global traders.
The broker’s offerings encompass a broad range of asset classes including forex, indices, commodities, shares and futures, each with unique characteristics and opportunities for traders.
Forex
IronFX offers traders access to a wide variety of currency pairs ranging from major pairs like EUR / USD and GBP / USD to more exotic pairs. Forex trading with IronFX allows traders to take advantage of tight spreads, high liquidity and 24-hour market operations.
With over 80 currency pairs available, this makes it an ideal platform for those who wish to engage in day trading, scalping or swing trading strategies.
Indices
Traders at IronFX can speculate on the price movements of major global indices such as the Dow Jones, NASDAQ, FTSE and DAX. These indices represent the performance of a sector or economy and are popular among traders looking to diversify their portfolios without directly investing in individual stocks.
Commodities
IronFX provides the opportunity to trade a variety of commodities which include precious metals like gold and silver, energy commodities such as oil and natural gas, as well as soft commodities like coffee and sugar.
Trading commodities can be an excellent way to hedge against inflation and diversify a trading strategy, given their often inverse correlation with other asset classes.
Shares
For those interested in stock markets, IronFX offers trading on shares from multiple global exchanges. This allows traders to take positions on the performance of major companies from the U.S, Europe and Asia without needing to purchase the actual stocks, providing a flexible and accessible way to benefit from stock movements.
Futures
IronFX also offers futures trading, which involves contracts that obligate the purchase or sale of an asset at a future date and a predetermined price. Futures are particularly popular among those looking to trade commodities or indices and are used for both hedging and speculative purposes.
By offering such a diverse range of trading instruments, IronFX meets the needs of various trading styles and strategies, enabling traders to maximise their market exposure and potential returns. This diversity, coupled with IronFX’s advanced trading platforms and tools, facilitates an enriched trading experience, providing traders with the flexibility to pursue a wide array of financial strategies and objectives.
TRADING PLATFORMS
IronFX provides its clients with robust and versatile trading platforms, designed to cater to various trading preferences and strategies.
The availability of both MetaTrader4 (MT4) and the proprietary IronFX Web Trader app ensures that traders can access the markets efficiently and effectively, leveraging tools and functionalities that enhance their trading experience.
MetaTrader4 (MT4)
MT4 is one of the most widely respected trading platforms in the forex and CFD industry renowned for its reliability, extensive functionality and user-friendly interface.
IronFX’s integration with MT4 allows traders to benefit from a range of features including advanced charting tools, a plethora of technical indicators and extensive back-testing options.
MT4’s powerful trading system also supports both automated trading through Expert Advisors (EAs) and manual trading, catering to all levels of trading experience.
The platform is available on multiple devices, including desktop (Windows and Mac) and mobile (iOS and Android), ensuring traders can monitor and execute trades from anywhere at any time.
IronFX Web Trader App
The IronFX Web Trader app is a proprietary platform designed to provide an intuitive and accessible trading experience directly from your mobile device through an app.
The mobile app is fully integrated with the MT4 platform, allowing traders to enjoy a seamless trading experience with access to their MT4 trading account and the same depth of features and trading instruments.
The IronFX Web Trader app is equipped with a range of practical trading tools and features including real-time quotes, one-click trading and a selection of preinstalled technical indicators.
Additionally, the platform offers a customisable trading environment, with features such as drag-and-drop functionality to rearrange the layout according to the trader’s preferences.
Both platforms provided by IronFX are designed to cater to the needs of global traders, emphasising flexibility, accessibility and user empowerment.
Whether traders choose the technically rich MT4 platform or the more streamlined IronFX Web Trader app, they have access to real-time market data, advanced trading tools and a secure environment to execute their trades.
ACCOUNT TYPES
IronFX provides a comprehensive range of account options designed to cater to the varying needs and strategies of different traders.
These account types are broadly categorised into two main groups: the Live Zero Fixed Spread accounts and the ECN/STP accounts, each with its own subcategories that offer unique features and benefits.
This structure allows traders to select an account type that best fits their trading style, capital requirements and cost considerations.
Standard Account
The Standard account is tailored for traders who prefer trading with floating spreads. This account type offers a user-friendly introduction to the forex market with relatively low entry requirements and no commissions, making it ideal for newcomers and those with moderate trading volumes.
The spreads on this account type are floating from 1.6-1.9 pips with flexible leverage of up to 1 000:1 being available.
Premium Account
Designed for more experienced traders with higher trading volumes, the Premium account provides tighter floating spreads starting from 1.4-1.7 pips. This account requires a higher minimum deposit than the Standard account but offers reduced trading costs that benefit active traders.
VIP Account
The VIP account is ideal for high-volume traders who seek the best trading conditions IronFX has to offer. This account features the lowest floating spreads starting from 1.2-1.5 pips and comes with personalised services such as dedicated account managers and access to exclusive market insights and analysis.
Live Zero Fixed Spread Account
This special account type offers the benefit of zero spreads on selected instruments. Aimed at scalpers and high-frequency traders, this account maximises trading efficiency by minimizing the cost per trade.
Commissions on this account type are slightly higher and are charged at $13.50 to $43 USD per lot depending on the instrument traded.
ECN/STP Accounts
No Commission Account
This ECN/STP account offers direct access to deep liquidity and real market pricing, which is typically reflected in the spreads being variable and market-driven. It is called ‘No Commission’ because it eliminates the trading commission, which is ideal for traders starting to use ECN accounts and has spreads starting from 0.9 pips.
Zero Spread Account
Targeting advanced and high-volume traders, the Zero Spread account offers spreads from 0 pips in exchange for a fixed commission per trade of $13.50 USD per lot traded. This account type is particularly suited for scalpers and day traders who benefit from predictable transaction costs.
Absolute Zero Account
The most elite ECN/STP account, the Absolute Zero account, typically offers raw spreads received directly from liquidity providers. This account is designed for serious traders who operate with significant volumes, providing virtually zero-markup spreads with a very low commission structure and leverage of up to 200:1 being available.
IronFX’s varied account offerings ensure that both new and seasoned traders can find an option that meets their trading needs while maximising their trading potential and managing costs effectively.
HOW TO OPEN AN ACCOUNT
Opening an account with IronFX is a straightforward process and can be done via the broker’s website. Firstly, traders need to upload their personal details and the documents required by the broker.
Once documents are verified by the broker, traders can select their account types, deposit funds and begin trading.
DEMO ACCOUNT
IronFX provides a demo account option, allowing new traders to practice trading strategies without risking real money. This feature is also useful for experienced traders looking to test new approaches in a risk-free environment.
SOCIAL TRADING AND COPY TRADING
IronFX offers social and copy trading options, enabling traders to mimic the positions of experienced traders automatically. This is particularly beneficial for beginners looking to learn from seasoned market participants.
The broker provides its very own TradeCopier Platform for its clients to utilise. This platform is easily integrated into the MT4 trading platform, ensuring a seamless experience for traders.
COMMISSIONS AND FEES
IronFX maintains a transparent fee structure with no hidden charges. The broker profits mainly from spreads except on the Live Zero Fixed Spread and Zero Spread Accounts where commissions are charged at between $13.50 to $43 USD per lot and $13.50 USD per lot respectively.
LEVERAGE
Leverage at IronFX can go as high as 1 000:1, depending on the account type and trader’s geographic location. This high leverage allows traders to open large positions with a relatively small amount of capital.
On the ECN/STP accounts leverage is limited to 500:1 and 200:1 on the Absolute Zero account.
WITHDRAWALS AND DEPOSITS
IronFX supports multiple deposit and withdrawal methods including credit and debit cards, bank wire transfers, various eWallets and cryptocurrencies. The broker strives to process withdrawals quickly, although some methods may take several business days.
Additionally, the broker does not charge any deposit or withdrawal fees, ensuring traders costs are kept to a minimum. However, if traders withdraw funds without placing any trades, there is a withdrawal fee of 3% applied by the broker.
CUSTOMER SERVICE
Customer service at IronFX is available 24/7 and supports multiple languages. Clients can reach support via live chat, email and phone.
Feedback on the quality of support varies, however most customers have positive reviews regarding the customer support available with IronFX.
SAFETY AND SECURITY
IronFX places a high priority on ensuring the safety and security of its clients’ funds and personal information. The broker’s commitment to security is underscored by its adherence to stringent regulatory standards enforced by several well-respected regulatory bodies.
These include the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus and the Financial Sector Conduct Authority (FSCA) in South Africa. Each of these regulators is known for its rigorous oversight and strict compliance requirements, which IronFX must meet to maintain its licenses.
Financial Conduct Authority (FCA)
As one of the leading financial regulatory bodies globally, the FCA provides a framework that ensures the highest standards of behaviour in the financial markets. Regulation by the FCA instils confidence among traders, as it involves stringent operational standards, the integrity of financial reporting and the security of client funds.
The FCA mandates that client funds be held in segregated accounts separate from the company’s funds, ensuring that client money is protected in the event of the company’s insolvency.
Cyprus Securities and Exchange Commission (CySEC)
IronFX is headquartered in Cyprus and thus falls under the regulatory oversight of CySEC. This EU regulator ensures that IronFX complies with all financial regulations of the European Union including MiFID II (Markets in Financial Instruments Directive II), which aims to enhance financial transparency and protect retail investors.
CySEC also requires regular audits and reports from IronFX, ensuring transparency and fair treatment of traders.
Financial Sector Conduct Authority (FSCA)
In South Africa, the FSCA oversees IronFX’s operations, ensuring that the broker adheres to local financial regulations designed to protect investors. The FSCA’s oversight helps ensure that IronFX maintains fair trading practices and ethical financial reporting within South Africa.
In addition to regulatory compliance, IronFX implements various security measures to protect its clients’ data and funds including SSL encryption, two-factor authentication and negative balance protection.
These regulatory and security frameworks demonstrate IronFX’s commitment to providing a safe and secure trading environment. By adhering to the high standards set by multiple regulatory authorities and employing robust security measures, IronFX ensures that its clients can trade with confidence, knowing their interests are well protected.
PROMOTIONS
IronFX often runs various promotions including deposit bonuses and trading contests. These offers are designed to enhance the trading experience and reward active clients.
Currently, the broker runs a 100% Unlimited Sharing Bonus and a Battle of the Traders contest. These promotions and contests are often updated and the terms thereof can easily be viewed on the broker’s website.
RESEARCH
The broker provides comprehensive research tools including economic calendars, market news and in-depth analysis, helping traders make informed decisions. The broker provides further tools including financial news, market trends and a VIP Room.
IronFX’s research offering is certainly one of the best in the industry today.
EDUCATION
Like the research tools available with IronFX, their educational offering is also one of the very best in the industry. The broker offers an extensive range of educational resources such as webinars, seminars, podcasts, trading psychology and trading courses.
These materials are geared towards improving the trading skills of clients at all experience levels.
GLOBAL AWARDS
Over the years, IronFX has been recognised with multiple awards for its services, platforms and customer support, underscoring its commitment to excellence in the forex trading industry.
Some of their most recent awards include the following:
- Best Forex Trading Seminar (2024) – World Business Outlook Awards.
- Best Islamic Forex Broker (2024) – World Business Outlook Awards.
- Best Multi-Asset Broker (2024) – Global Business and Financial Magazine Awards.
- Best CFD Brokerage Firm (2024) – Global Excellence Awards.
- Best Educational Broker (2023) – Global Business Awards.
- Best Trading Experience Europe (2023) – Global Forex Awards.
These are just some of the broker’s recent awards, with over 18 awards being won in the past 5 years alone, underscoring the broker’s commitment to excellence.
SAFE OR SCAM?
IronFX has established itself as a reputable broker in the forex and CFD trading industry, largely due to its compliance with multiple rigorous regulatory frameworks and its long-standing history of operations.
IronFX is regulated by some of the world’s leading financial authorities including the FCA in the UK, CySEC and the FSCA in South Africa. These regulatory bodies enforce strict guidelines regarding financial transparency, client fund security and fair trading practices.
Compliance with these regulations provides a significant layer of safety for traders and is often seen as a benchmark for legitimacy in the financial services industry.
IronFX continues to operate under strict regulatory oversight and has taken measures to enhance its transparency and client service. The firm’s commitment to regulatory compliance and ongoing efforts to improve its service offerings reflect its dedication to maintaining a secure and trustworthy trading environment.
CONCLUSION
IronFX offers a robust trading environment with a wealth of resources for traders. While it has its drawbacks, such as occasional slow customer service and high fees for certain operations, its comprehensive offerings and regulatory oversight provide a solid foundation for trading.
After conducting the above review into IronFX, the team at Brokersuggest.com can certainly recommend the broker as a solid brokerage choice, however, for traders looking for lower fees and spreads, there may well be better options out there.
