IronFX Review – By An Expert Forex Trader

IronFX is a multi-asset online broker that specializes in forex. Traders can access the popular MetaTrader 4 (MT4) trading platform, flexible leverage, and competitive spreads once they’ve registered. This IronFX review will go over the broker’s features, such as welcome bonuses, demo accounts, and deposit and withdrawal options.

Is IronFX Safe And Regulated?

IronFX is registered with several jurisdictions under the trading name Notesco Financial Services Limited (formerly IronFX Global Ltd). The Financial Conduct Authority regulates the broker in the United Kingdom (FCA). The Cyprus Securities and Exchange Commission has granted IronFX a license to operate in the EU (CySEC).

The Securities and Investments Commission (ASIC) of Australia and the Financial Services Board (FSB) of South Africa have also granted brokerage licenses to IronFx. IronFX’s traders will benefit from the fact that it is subject to multiple regulations.

Trader funds are segregated from IronFX’s capital, which provides additional protection. So traders can trust IronFX because it is regulated by many of the world’s leading regulatory bodies. To protect traders’ personal information, IronFX also employs industry-standard security measures, such as website encryption. 

MetaTrader’s one-time password is used by the MT4 trading platform. The use of dual-factor platform authentication also helps to improve security.

IronFX Review – Frequently Asked Questions

What is IronFX Minimum Deposit?

A minimum deposit of $500 is required to open a live account on IronFX, which is quite high.

What is IronFX Broker Spread?

Aside from the Fixed Zero account, IronFX’s major currency pairs spread starts at 0.7 pips, with an average of 1.2 pips. During periods of high volatility and low trading volume, spreads will naturally widen.

As you progress through the account tier structure, spreads become more competitive, with the VIP account providing the best value for money. 

How long does IronFX Broker Withdrawal Take?

Withdrawal times range from the same day to seven days, depending on the banking provider. However, you can contact customer service via one of the channels listed on their website if you have any issues with your withdrawal.

Is IronFX Broker an ECN Broker?

Yes, IronFX offers ECN trading.

Can I Withdraw IronFX Bonus?

Bonuses cannot be withdrawn. Offers also differ depending on the country from which you’re signing up. When traders open an account with IronFX, they can choose from a variety of welcome bonuses:

• 100% unlimited Sharing Bonus with a $500 minimum deposit
• 40% Power Bonus up to $4,000 with a $500 minimum deposit
• Iron Bonus of 20% up to $2,000 with a minimum deposit of $100

When you sign up for a new account at IronFX, you can get a welcome bonus. However, when you register for an account, double-check any minimum deposit bonus terms and conditions because they are subject to change. 

What Leverage Does IronFX ironfx review?

IronFX offers a range of leverage options up to 1:1000. Traders with a limited bankroll can now take larger positions. On the website, you can also use a margin calculator to see how much leverage you have available. It’s important to remember that using leverage increases not only potential profits but also potential losses.

IronFX Broker Withdrawal Methods

There are only a few withdrawal options available. Except for initial deposits, which can be paid to the original payment method, such as a prepaid card, profits can only be withdrawn via bank wire transfer. The process for withdrawing funds is simple. Navigate to payments in the trader portal, then select ‘withdraw’ and follow the instructions.

IronFX Broker Commission

Across all IronFX products, spreads and commission fees are competitive and comparable. There are, however, additional trading fees to consider. IronFX, for example, charges a $50 inactivity fee for trading accounts that have been idle for more than a year. When withdrawals are requested during periods of inactivity, the broker charges a hefty 3% of the deposited funds.

IronFX Account Types And Spread

IronFX actually offers seven different trading accounts, including a swap-free Islamic trading account. These accounts are divided into 2 categories; Live Floating/Live Fixed Accounts and STP/ECN trading accounts.

Market execution is the primary distinction between live floating/live fixed trading accounts and the ECN/STP model. Real accounts use also re-quotes with instant execution, whereas STP/ECN accounts use market execution with no re-quotes.

Types Of Live Floating/Live Fixed Accounts:

• Standard – Spreads start at 1.8 pips, with a $100 minimum deposit and leverage up to 1:1000 available.
• Premium – Spreads start at 1.6 pips, there is a $1,000 minimum deposit, and leverage up to 1:1000 is available.
• VIP – Spreads start at 1.4 pips, there is a $10,000 minimum deposit, and leverage up to 1:1000 is available.
• Zero Fixed – Spreads begin at zero pips, with a $500 minimum deposit and leverage up to 1:500 available.

Types of STP/ECN trading accounts:

• No commissions – Spreads start at 1.7 pips, a $500 minimum deposit is required, and leverage up to 1:200 is available.
• Zero Spread – Spreads begin at zero pips, with a $500 minimum deposit and leverage up to 1:200 available.
• Absolute Zero – Spreads start at 0.3 pips, with a $500 minimum deposit and leverage of up to 1:200 available.

Note that all IronFX trading accounts come with an account manager.

IronFX Deposit Methods

They offer a diverse range of deposit options, which include the following:

• Credit/Debit Card
• Bank wire
• Skrill
• Neteller
• Fasapay
• China Union Pay
• DotPay
• Mail order and telephone order

They don’t charge any deposit fees. However, you may be charged additional fees by your respective banks or payment providers, which are beyond the broker’s control. The currencies you can deposit in are determined by the payment method you select. 

Deposits in different currencies will be converted into your trading account’s base currency at the current exchange rate. Unfortunately, the deposit currencies that they accept are finite, and only include the following options:

• USD
• EUR
• GBP
• AUD
• JPY
• CHF
• PLN
• RUB
• HUF

IronFX Review – Trading Platforms

The MetaTrader 4 trading platform is used by IronFX. The software is regarded as one of the best in the forex trading industry. It’s aimed at beginners and intermediates, and it promises simple portfolio management and easy-to-use features. 

Traders can also install the platform on desktop devices, including Macs, using the free MT4 download. Alternatively, you can use MetaTrader’s WebTrader to trade directly. A mobile app for Android, iOS, and Windows devices is available for IronFX’s MetaTrader 4 trading platform. 

The app is available for download in the respective app stores. Total trade management is available to mobile users without sacrificing functionality. The IronFX Research app, which gives traders an overview of the financial markets and major news events, is also part of the mobile app offerings.

IronFX Trading Instruments

• Forex
• Indices
• Shares
• Metals
• Futures
• Commodities
• Cryptocurrencies

IronFX Traders Education

New traders can benefit from IronFX Academy’s educational features. A broad curriculum with skill trading across a variety of topics, including market analysis, trading psychology, strategies, signals, CFDs, and technical indicators, is curated into educational videos and five e-books. 

More advanced topics would benefit the portal, but the narrow focus on newer traders makes sense as a marketing tool. There is also a locked webinar section that led to a live account application, while the seminar section only had two non-English programs in MP4 format. 

IronFX Research is a free app that contains market data, commentary, and videos. However, much of the content is out of date and needs to be updated to compete with other brokers’ offerings. 

IronFX also provides e-books and tutorial videos for less-experienced traders, which are helpful. But the portal lacks the detailed information that many experienced traders seek.

IronFX Review Pros & Cons

Signing up with IronFX has several advantages:

• traders have access to more than 200 tradable instruments across multiple markets, including forex and cryptocurrencies like Bitcoin.
• IronFX uses the powerful MetaTrader 4 system, which is a well-known and well-respected trading platform.
• IronFX provides competitive leverage of up to 1:1000, allowing traders to increase their position sizes and potential returns.
• IronFX’s spreads are competitive, according to customer reviews and research, which helps keep trading costs low.
• Customer service in 30 languages – IronFX is a global online broker that offers customer service in more than 180 countries.
• IronFX has a strong brand, as well as a regulatory license from multiple trusted bodies.
• Traders can use the Mirror Account to protect themselves against potential losses.

There are some drawbacks to IronFX’s service:

• One trading platform – While MT4 is the most popular trading platform, it is the only one available to IronFX traders, and it may not suit all traders’ trading styles.
• Limited news and research – While IronFX provides news updates and a research tool, they aren’t as comprehensive as some other brokers’ offerings.
• IronFX does not offer volume discounts to its traders, despite many positive reviews in terms of bonuses.

Summary of IronFX Review

IronFX is an excellent broker for beginners to intermediate traders. They provide the MT4 trading platform, as well as a variety of products and competitive spreads and leverage levels. The various account types will also cater to different trading styles and capital requirements. I hope this IronFX Review was helpful. Leave a comment below.