was set up in and is run from Cyprus where it is regulated by CySEC
, the Cypriot financial regulatory body. It is also registered and regulated by the FCA
in the UK and the company has 9 subsidiary offices
around the globe allowing it to offer its services in over 180 countries
IronFX offers ten different trading platforms to trade over 200 pairs including Forex, CFDs, metals, stocks and shares. The website is comprehensive and available in 16 different languages.
Compliance to Different Authorities
Speed and Ease of Procedures
Technology and Facilities
Client Support and Offers
IronFX has a bad reputation and everything about it looks brash and inflated
How does it help me learn?
The company’s website presents a lot of tools to assist clients with the required training and education for the novice trader as well as the advanced one. Traders have a access of the following:
- Demo Accounts and Account Managers – Typically, IronFX offer free demo accounts for traders to get familiar with order execution and terms and conditions of the company. Account managers will be available to help, however, on most occasions, they do everything possible to push you into trading and executing the biggest trades rather than on going assistance to the client.
- Webinars – Aimed at its worldwide audience. They discuss important aspects of trading and are suitable for the novice and the experienced trader.
- Seminars – IronFX offer a series of seminars in different cities around the world. Registration is required for them and there’s a fee to pay which some traders feel is excessive for the level of knowledge that’s imparted.
- Expos –
IronFX are regulars at conferences and exhibitions in events around world and by one to one contact hope to encourage you to open an account with them.
- Research – This section provides a daily and intra-day commentary, the week ahead report and IronFX research app.
- Encyclopedia – IronFX‘s own glossary of terms with greater detail explanation.
- IronFX Video – This section is huge and very useful, it presents a daily commentary, technical videos and a few education videos.
How is the client support service in general?
IronFX offer a live chat facility which response is reasonably quick depending on the time of day. Email response time is understandably slower but it’s still acceptable. The website promises assistance in 45 different languages and client support staff were friendly, polite and well informed.
What does the industry say?
IronFX seems to have plenty of awards that looks like they’ve scooped the ‘best at everything’. These awards include Best Forex Service Provider, Best Mobile Trading Platform, Fastest Growing Broker and Best Trading Platform.
On a more concerning note, feedback from other traders and Forex websites allege shadowy practices by IronFX. Problems have been reported as soon as the client starts winning stating that spreads can excessively widen on pairs the client trades, require a higher margin level on open positions, alter any of its trading conditions or even suspending the client from trading for a period of time without any notification. The company also labels clients according to their trading style and winnings, which is never good and is definitely unacceptable.
How safe is my money?
IronFX has a number of registrations in different countries around the world attributed to subsidiary companies. It is regulated by the Financial Conduct Authority (FCA) in the UK and by CySEC in Cyprus. The company also falls under the Market in Financial Instrument Directive in Europe (MiFID).
What platforms does IronFX offer?
Clients can trade via MetaTrader4 and MetaTrader5, as well as the company’s in house platform called Webtrader. All platforms are available for mobile, Android, iOS, Blackberry and Windows. IronFX also offers Auto Trade, a social trading platform through MyFXBook which allows clients to copy trades from other professional traders and execute them directly in their accounts.
What about its trading conditions?
Leverage offered by IronFX ranges between 1:100 and 1:500 depending on the account type. The stop out level is set at 20% on all account except the Zero Fixed Spread account and Auto Trade, where they are 80% and 5% respectively.
IronFX offers Islamic or Swap free accounts but it is limited to 10 days only, then the market standard Swap fee will be applied on overnight positions. IronFX platforms generally accepts Expert Advisors unless it is a heavy scalping EA.
The company’s terms and conditions doesn’t exclude re-quotes and slippage when using any type of trading orders even pending orders. Spreads also are subject to widen in times of volatile or il-liquid market conditions, however, these conditions doesn’t seem to be intentional.
How much will it cost me?
All IronFX accounts has a minimum deposit $500 except for the Premium account which has a minimum deposit of $2,500 and $20,000 for the VIP account. Under the Live Floating Spreads account, spread on the major pairs are between 0.2 and 1.4 pips depending on the deposit amount. Under the Live Fixed Spread account, spreads ranges between 1.6 and 2.5 pips depending on the amount of deposit. Spreads are zero for the majors when using the Live Zero Fixed Spread account and finally, spreads ranges between zero and 0.5 pips for the majors on the STP/ECN account. Whilst spreads are fixed for some account and extremely low for the rest, terms and conditions clearly state that in certain market conditions, there might be a variation between quoted spread and typical spread mentioned on IronFX website.
A useful tool IronFX has is the “Client’s Area” or user interface, which allows clients to deposit and withdraw funds easily to and from a variety of sources including bank accounts, credit and debit cards as well as e-wallets like Skrill and PayPal. Clients can also change the leverage on their accounts via the Client’s Area without having to speak with anyone of the company’s staff. Deposits are usually applied on the same business day but withdrawals can take up more time to be received.
Any special deals?
IronFX has a lot of promotions and offers, which is something seen much frequently in brokers that need to look out for business. The first offer gives clients the option to choose between the 100% sharing bonus up to $10,000, or the 40% power bonus up to $4,000. Difference between them is not clear and conditions to withdraw the bonus are extremely complicated.
The second offer is a cash rebate promotion, where clients with live and funded new accounts receive 2$ to 3$ on every lot traded or receive an iPad once traded lots reach a predefined number.
The bottom line
IronFX offers a wide range of instruments tradeable from a good set of platforms and backed up by the academy section which successfully provide the help novice traders need. From the website, IronFX feels like it designed its product for individual traders. The huge presence IronFX has is because of China’s office since it was the first to set a foot there, but unfortunately, the reputation of IronFX regarding trading malpractices, withdrawals and so on include all of its offices. The company was fined before by the CySEC which forced it to improve its internal procedures and practices, and to fully comply with the authority’s regulations.
Do you like this broker?
If you like this broker and want to open a live account, send us a request by filling the form below and we will reimburse you the full rebate generated from your trading.