IronFX Account Features
Special Offer at IronFX
A promotion seen on the IronFX website, offers new and existing customers free VPS Hosting through a VPS connection in a secure data centre. The condition of the free offer, is that customers deposit a minimum of $5,000 and maintain this balance over several months. VPS Hosting lets traders execute orders 24 hours a day, 5 days a week, whilst taking advantage of special market conditions not normally available in the trader’s geographical location or at the time of day. Significantly, whilst using the VPS Hosting service, traders can run ‘Expert Advisors’ orders in parallel.
Traders can opt to open one of four types of Demo account to practice simulated trading, using $100,000 of virtual money allocated by IronFX. Three of the demo accounts are STP/ECN accounts and the fourth is a Standard account with floating spreads.
IronFX Live Trading Account Features
IronFX provides a variety of trading accounts for traders with all levels of experience. It’s up to the individuals to select the account type that suits their personal experience of financial markets, degree of risk-aversion and trading aspirations. The main categories for non-professional retail traders are the Micro, Premium and VIP accounts. Notably, each account is offered with fixed or floating spreads. Traders who prefer to know the precise difference between the Bid and Ask price at any time, can opt for fixed spreads. With floating spreads, the difference between the Bid and Ask reflects market movements, so the difference can grow wider or narrower. Typically, traders who execute large trades prefer narrow spreads as trading costs are lower. However, traders who place enormous orders tend to prefer paying fixed commissions to IronFX, rather than the high transaction costs that come from spreads. Based on this premise, IronFX provides ECN accounts with Zero or extremely low spreads for traders who prefer to pay fixed commissions. Below, we have set out some examples of popular live trading accounts currently available at IronFX.
A minimum deposit of $100 opens a Micro account, that can be funded in 10 base currencies: EUR, GBP, USD, AUD, CHF, JPY, PLN, RUB, HUF and CZK. Customers have access to a dedicated account manager and floating spreads in EUR/USD from 1.1pips and fixed spreads of 2.2 pips. Maximum leverage depends on specific parameters and no commission is paid to IronFX. Notably, customers with the Micro account can trade in Micro lots.
To open a Premium account, customers are required to make a minimum deposit of $2,500. As with the Micro account, it can be funded in 10 base currencies indicated in the Micro account description above. In addition to a dedicated account manager, traders have access to the dealing department hotline. Floating spreads are from 0.7 pips for EUR/USD and fixed spreads at 1.8 pips.
Opening a VIP account requires a minimum deposit of $20,000 and the account must be funded solely in USD. Like the Premium account, traders can contact the trading desk hotline and a dedicated account manager. However, VIP account holders get one-on-one trading guidance, access to superb educational resources and flexible leverage. Further features include the very low floating spreads, which for EUR/USD start from 0.5 pips and the fixed spreads at 1.6 pips.
Zero Spread Account
Customers who prefer to pay a fixed commission for trading forex currency pairs, can deposit $500 to open a Zero Spread account. IronFX charges commission of $18 per lot for EUR/USD with a zero pips fixed spread on this major currency pair. As with the Micro and Premium accounts, traders can have their accounts in any of 10 base currencies and they get allocated an account manager.
A $500 minimum deposit is needed to open any one of the three STP/ECN accounts offered by IronFX, all with maximum leverage of 1:200. Customers can choose from an ‘Absolute Zero’ account version in EUR or USD base currency, with 0 commission and spreads as low as 0 pips on the EUR/USD. The second choice is the ‘Zero Spread’ account version with spreads as low as zero and commissions charged according to financial instruments traded. Traders can operate the Zero Spread STP/ECN account in USD, GBP, EUR, AUD, JPY, RUB, CHF, PLN, HUF. The third version of the STP/ECN is the ‘No Commission’ account with spreads as low as 1.7 pips on the EUR/USD. Like the Zero Spread account, the No Commission account can be operated in the nine currencies indicated above.
Social Trading is a fast-growing trading phenomenon at IronFX, allowing traders with less experience to copy trades done by successful traders. The IronFX Mirror Trading account is an exclusive product offering a ‘lower risk, total returns strategy’. Customers can have leverage up to 1:200 on the STP account, with internal transfers done instantly and stop-out levels set lower.