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IronFX Broker Review 2020

FairBinaryOptions Broker Certificate
  • Min. Deposit $100
  • Max. Leverage 1:500
  • Spread EUR/USD from 0 pips
  • Mobile Yes
  • Platform MT4/Webtrader
  • LiveChat Yes

Founded in Cyprus in 2010, IronFX is award-winning global brokerage for online trading in 200+ financial instruments in forex, metals, commodities, indices, stocks and futures. Significantly, IronFX provides a leading service to retail clients, as well as institutional investors in 180 countries and support in 30 languages. IronFX is owned by the IronFX Group with offices in Cyprus, Australia, the UK and South Africa. In Cyprus, IronFX is regulated through IronFX Global Ltd by the Cyprus Securities and Exchange Commission (CySEC), in Australia by ASIC, in South Africa by the FSB and by the FCA in the United Kingdom.

IronFX provides a protected online trading environment with secure financial transactions and fast withdrawals. Customers at IronFX have a choice of 10 trading platforms, including a web trader directly accessible without software download and a mobile platform compatible with Android and iOS devices. Multiple types of trading account are available, designed to meet the diverse needs of online traders. Because of the large choice, we are covering a representative selection of account types in this review, along with the main trading platforms for retail clients. Setting it apart from most brokers in financial instruments, IronFX motivates its customers with exciting contests and promotions, such as risk-free demo and live account competitions. Whilst reviewing IronFX, we saw that new promotions appear regularly on the website, providing opportunities for participating customers to win valuable prizes.

  1. Website Preview

  1. 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.

    Demo Accounts

    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.

    Micro Account

    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.

    Premium Account

    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.

    VIP Account

    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.

    STP/ECN Accounts

    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.

    Mirror Account

    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.

  2. IronFX Trading Software

    IronFX has chosen the popular MetaTrader4 platform as its trading platform. Notably it comes as a Standard platform or an Advanced platform with additional analytical tools.  Whilst we talk about a single trading platform which sounds very simple, in fact, the MT4 comprises of multiple platforms designed to work with a variety of devices. Importantly, customers can use any of them according to needs, once they have selected a trading account. The MT4 can be accessed from a PC or MAC as well as from tablet devices powered by Android or iOS operating systems. The mobile trading platform is accessible by downloading free mobile phone apps for iPhone and Android from Google Play and the App Store.  Significantly, the MT4 platform is available as a Web Trader straight from the browser, without software download. It’s also comes as a multiterminal version, so traders can trade from multiple accounts in parallel.

    Bitcoin Trading at IronFX

    Customers at IronFX can trade in Bitcoin without owning a Bitcoin wallet. The way this is done, is that IronFX offers CFDs for trading in the crypto currency even when the price is falling. By trading in CFDs, traders have the opportunity to profit from the typical volatility of Bitcoin or any other crypto currency indicated on the website. IronFX provides 1:5 leverage for Bitcoin trading, we found this low when compared to the broker, ‘PLUS 500’ who provides 1:30 leverage and AvaTrade, who provides 1:20 leverage. To find out more about Bitcoin and other crypto currencies traded on financial markets, read our informative crypto-trading guide.

    Your capital might be at risk
  3. IronFX Support Information

    The IronFx website is available in 14 languages and provides excellent customer support befitting of a leading global broker in financial instruments. Interestingly, the contact page shows photos of the four IronFX offices in Cyprus, South Africa, Australia and the UK. Phone, fax and email addresses for customer contact and support are listed beneath each office address.  Additionally, clients can get support by phoning the toll-free numbers in 12 countries across the world, ranging from Brazil, UK, China and Japan to South Africa, Korea and Australia. However, we saw that customers don’t need to rely on phone support only as they can simply communicate through live chat directly on the interface or contact the dedicated account manager allocated to every IronFX account holder. To find basic information about trading with IronFX, a FAQs page provides a good selection of questions and answers.

    Support Information
  4. IronFX Company Information

    Customers at IronFX are presented with a huge choice of payment methods, including credit/debit cards, E-Wallets and bank transfer with some of the payment methods being country specific. Importantly, any fees charged by IronFX depend on the method selected by the customer. Credit and Debit card withdrawals, are charged fees up to 1.5 Euro per transaction. Withdrawals with Neteller are charged a 2% fee, capped at $30. Skrill withdrawals are charged a 2% fee, capped at $10. The withdrawal fee using FasaPay is 0.5% capped at $5. Withdrawals using ChinaUnion are charged a fee of CNY20 per transaction. Customers using DotPay to withdraw funds are not charged any fees.

    All deposits and withdrawals are made through the IronFX client portal. Not only is it safe and easy to use, but customers can rest assured that their funds are segregated in top tier from IronFX company accounts. Conveniently, customers with more than one account at IronFX can move funds between accounts themselves through the client portal. Because of rules enforced by the Financial Conduct Authority in the UK, traders with live accounts registered at IronFX, are insured by the FSCS for up to £1 million per person in the unlikely event of the company becoming insolvent. Similar rules imposed by CySEC, in Cyprus, compensate clients investing in Cyprus Investment Firms, with up to €20,000 through the Investor Compensation Fund.

  5. Your capital might be at risk
IronFX Global Ltd
IronFX is licensed by CySecIronFX
is licensed by
CySec
Reg. Num.: 125/10

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