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||IRONFX Availability|
|#||Accepts US traders||❌|
|#||24 hour trading||✔|
|#||Trading by phone||❌|
|#||1st deposit bonus||❌|
|#||Forex contests competitions||❌|
|#||Interest charges on the balance||❌|
|#||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 IronFX.
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. IronFX offers Online Financial Trading and Investment Services Such as Forex, Spot Metals, CFDs on commodities, indices and shares, futures, Cryptocurrencycurrency.
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. IronFX 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.
IronFX allows you to execute a minimum trade of 0.01. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As IronFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. IronFX also offers a number of useful risk management features, such as Negative Balance Protection, price alerts and much more.
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. IronFX 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. IronFX 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. IronFX offers USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, CZK, HUF, BTC different account currencies for each account types.
IronFX 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. IronFX 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. IronFX offers Credit/Debit Cards, Neteller, Skrill, Bank 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, IronFX makes MT4, MT5 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.
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.
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.
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.
The lack of two-factor authentication in both Metatrader versions adds a security hole that needs to be fixed.