IronFx Review 2019 | Is IronFx a Scam or Legit Forex Broker?

Read our IronFx review to find out if IronFx is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

2.0/ 5

Rating breakdown

Protection & Regulations
40% Complete (danger)
2.0/5
Trading platforms
40% Complete (danger)
2.0/5
Tradable Products
40% Complete (danger)
2.0/5
Deposit and withdrawal
40% Complete (danger)
2.0/5
Trading Fees
40% Complete (danger)
2.0/5
Support
40% Complete (danger)
2.0/5
FxPro
FxPro Overview

IronFX opened for business in Cyprus in 2010 and has now expanded into more than 180 countries. In addition to EU regulation through the Cyprus Securities and Exchange Commission (CySEC), they are licensed as a registered investment firm in the United Kingdom, Australia, and South Africa. IronFX has closed down operations in China, Russia, and Nigeria in recent years, focusing client development in more traditional venues.

# Broker's Features FXPRO Availability
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 24 hour support

The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review FxPro.

Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. FxPro offers Online Financial Trading and Investment Services Such as Forex, Spot Metals, CFDs on commodities, indices and shares, futures, cryptocurrencies.

Tradable Products: The list of Forex, spot, and CFD trading instruments is well-constructed but some rivals offer more comprehensive listings.

Broker Type: Many types of brokers can be found in the most dynamic market in the world. FxPro is STP.

Features: The web-based Trader's Dashboard social sentiment indicator provides hourly updates of client positions on a subset of popular Forex pairs, spot markets, and CFDs but there's no direct interface into the MT trading platforms.

Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. FxPro recommended minimum capital is $50.

Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. FxPro is regulated by CySec, FCA, ASIC, FSCA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.

Investor Protection & Regulations: IronFX is licensed in the European Union through CySec (Cyprus) no. 125/10, in U.K. through FCA no. 585561 and Australia through ASIC (AFSL no. 417482). U.K. traders have broker default protection up to GBP 50,000 through the Financial Services Compensation Scheme (FSCS) while EU traders get protection up to EUR 20,000 through Cyprus' Investor Compensation Fund (ICF). They also provide excess insurance for UK clients, lifting coverage to GBP 1,000,000.

Account currencies: Next lets consider the Account currencies each broker offers. FxPro offers USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, CZK, HUF, BTC different account currencies for each account types.

FxPro offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.

Languages Available: Next lets have a look at each broker's different Language options. FxPro offers Arabic, Czech, German, English, Spanish, French, Italian, Japanese, Korean, Polish, Portuguese, Russian, Chinese.

Payment methods: Next lets have a look at each broker's payment options. FxPro offers Credit Card, Neteller, Skrill, Wire Transfer, Ecommpay, Webmoney different payment methods for each account types.

Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, FxPro makes MetaTrader 4, MetaTrader 5 available to clients.

Web & Desktop Trading Platforms: IronFX offers Metatrader 4 and 5 but no dedicated or proprietary trading platform. Social and copy trading options are limited, with no dedicated third-party platform.
Mobile Trading Platforms: Metatrader 4 and 5 for Android, iOS, and Windows Mobile provide easy integration with desktop and tablet versions.

Other

Trader Education
IronFX Academy provides impressive educational features for smaller and less-skilled traders. Educational videos along with an encyclopedia and five e-books round out a broad curriculum, with skill trading across a variety of topics that include market analysis, trading psychology, strategies, signals, CFDs, and technical indicators.

Support
IronFX provides 24/5 support, email, and live chat for prospective and existing clients in over 180 countries and in 30 different languages, and in chat was responsive during several contact attempts. Twitter and Facebook portals are active and populated.

Recup
IronFX offers a great fit for traders at low to medium skill levels, with flexible account types that suit many investment and trading styles. Money managers can also benefit from a personal multi-account manager (PMAM) that allows trading of multiple Metatrader accounts. Professionals trading their own accounts may wish to look elsewhere, despite tiered pricing, due to the lack of volume discounts or a proprietary high-end trading platform.

Final Thoughts
The lack of two-factor authentication in both Metatrader versions adds a security hole that needs to be fixed.

People Also Asked

Is FxPro regulated?
Yes, FxPro is regulated by top-tier regulators, CySec, FCA, ASIC, FSCA inclusive.
Where is FxPro based?
FxPro is based in , Cyprus
How does FxPro make money?
FxPro charges a spread between the bid price and ask price. In some instances it also charges a commission.
How do I deposit in FxPro account?
With FxPro you can deposit money via the following means; Credit Card, Neteller, Skrill, Wire Transfer, Ecommpay, Webmoney.
How do I withdrawal in FxPro account?
FxPro lets you request a withdrawal of funds from your account via the following means; Credit Card, Neteller, Skrill, Wire Transfer, Ecommpay, Webmoney.
What is the minimum deposit for FxPro?
FxPro has $50 minimum deposit.
What are the available account base currencies with FxPro?
FxPro trading accounts are offered in USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, CZK, HUF, BTC. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in FxPro?
FxPro has a maximum leverage is 1:500 for professional traders.
How do I open an account with FxPro?
Opening an account with FxPro is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does FxPro use MetaTrader?
FxPro platforms: Yes, FxPro use MetaTrader as well as the following platforms: MetaTrader 4, MetaTrader 5
What type of broker is FxPro?
FxPro appears to be a STP broker which offers market access to a variety of traders.
Does FxPro accept US clients?
No
Does FxPro offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with FxPro: You can trade a wide variety of instruments with FxPro: Forex, Spot Metals, CFDs on commodities, indices and shares, futures, cryptocurrencies