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IronFX Review

IronFX

IronFX is a global online trading forex and CFDs powerhouse. The broker is owned by IronFX group and it is regulated on Cyprus through IronFX Global Ltd but also in UK, South Africa and Australia. This will be more than enough for traders to have trust that their deposited funds with the broker are safe and that they can completely focus on trading. There are more than 200 instruments that can be traded on platforms run by IronFX. From currencies to commodities, all popular types of underlying assets are available. Its really hard to do a thorough overview of all the features offered by the broker in our IronFX review, but we will try to touch the most important aspects of the experience.

IronFX Account

IronFX is trying to cover all bases with their offering. This is why they have a really broad selection of account types, a little to broad in our opinion. While many experienced traders will have no problem finding an account that is right for them, the account “matrix” on their page in many cases can make things more confusing for beginners.

Special Offer – ECN/STP IronFX Absolute Zero Account

  • trade with the tightest EURUSD spread, from only 0.18 pips
  • $0 commission
  • get savings of up to $9.6 compared to biggest competitors*
  • min $3000 deposit

The basic premise is that there should be accounts for people who are beginners, for people who have done some trading and accounts for people who are experts and have high requirements. Experts will have no problem finding what they need, however the first two categories might get a bit lost. With IronFX accounts one can start from the account level which could correspond to experience level and risk aversion. The levels are Micro, Premium, VIP accounts. Then each of those has a version with fixed or floating spreads.

Which ones do you prefer – fixed spreads are easy since at every point the trader knows the difference between bid and ask. Floating spreads will move with the market and will be sometimes higher and sometimes lower than fixed. If you are trading larger amounts, you can save by trading when spreads are tighter. Traders who put in huge orders probably don’t like spreads since as the order grows so does their transaction cost – they prefer commission which they usually get with ECN accounts – with super low or 0 spreads but fixed cost of each transaction.

Now that we have in a way cleared some basic logic, lets introduce the IronFX accounts:

IronFX Micro Account

  • Minimum deposit $100
  • EURUSD spread fixed: 2.2 pips
  • EURUSD spread floating: from 1.1 pips
  • Dedicated account manager
  • 10 account currencies

IronFX Premium Account

  • Minimum $2500 deposit
  • EURUSD spread fixed: 1.8 pips
  • EURUSD spread floating: from 0.7 pips
  • Hotline with dealing department
  • Account manager

IronFX VIP Account

  • Minimum $20000 deposit
  • Only USD as base currency
  • EURUSD spread fixed: 1.6 pips
  • EURUSD spread floating: from 0.5 pips
  • Account manager
  • Dealing department hotline

IronFX Zero Spread Account

  • Minimum deposit $500
  • Fixed 0 pips spread on EURUSD
  • $18/lot commission for EURUSD
  • 10 base currencies
  • account manager

IronFX ECN Account

  • starts from $500 deposit
  • available in USD, EUR, GBP, AUD, JPY, CHF, PLN, HUF
  • spreads from 0 pips
  • can be No Commission account or Zero Spread
  • EURUSD spread from 1.7 pips on No Comission type
  • Commissions from $7.5/lot (FX) on Zero Spread type
  • Leverage up to 1:200

In case traders want to copy other experienced trades in a form of social trading, IronFX also offers the Mirror Account.

*EURUSD, vs XM, may be subject to change

IronFX Bonus

IronFX offers bonus up to 100%

Trading Software & Assets

IronFX bets on the MT4 platform and while someone might think that offering just one platform is maybe not enough in this competitive environment, technically, IronFX is not just offering the one platform, they are offering several types of MT4 for several types of devices. In a way we get paradox of choice – similar one as with the accounts, however,here are things much easier for everyone – because all platforms can be used at the same time with one MT4 account.

IronFX supported devices are practically almost all types of devices dominant today. One can get MT4 for PC and Mac, Android and iOS tablets and also MT4 for mobile phones that run iOS, Android and even Windows Phone.

Asside from that, MT4 is available in several versions

  • Multiterminal: offers trading from several accounts at once
  • Advanced: with additional packages for analysis
  • Standard
  • Web Trader: browser run, requires no download

IronFX Bitcoin Trading

IronFX offers Bitocin trading with CFDs without a need to have a wallet. This is a good way to profit from the cryptocurrency’s volatility since with CFDs one can trade when the price is falling. With Bitcoin wallet this would mean the total value of your wallet is being reduced. With SELL CFDs, falling price is beneficial.

We could not find out how much is the leverage with BTC, so we asked the support and they told us its 1:5. Compared to Plus500, that is lower, they offer 1:30, and AvaTrade has 1:20. For more info on Bitcoin and a full list of cryptocurrencies offered on the market, read our crypto-trading guide.

IronFX Scam

We did not receive any complaints about IronFX scam. Being a global brand, IronFX has set up a very good customer support. Not only do they communicate digitally with their customers, they are present around the globe. At the point of writing this IronFX review, they have offices on Cyprus, in London, Sydney and Johannesburg – all the places where they have regulation. But that is not all, via the phone they can be reached in many more countries – for free. Numbers are below in case you want to use them.

  • Brazil 0800 7621358
  • China 4008066068
  • Czech Republic 800500374
  • Germany 0800 589 0742
  • India 0800 100 7639
  • Japan 005 311 225 50
  • Korea 0079 8443 41283
  • Poland 00800 1213702
  • Portugal 800855296
  • South Africa 0800 982381
  • Spain 800 600 263
  • United Kingdom 0800 158 8003

However, in 21st century, most of communication uses the Internet so we imagine most customers will simply just go to IronFX website and use the live chat in case they have not yet established contact with their dedicated account manager in some other manner. The IronFX website itself is translated into 14 languages, which will definitely make it easier for most traders to find information too. We found the FAQ to be a bit too basic.

IronFX Minimum Deposit

IronFX client portal is the place where you do all your depositing and withdrawing. It is easy to use and the fact that the company is regulated and keeps accounts segregated in respectable bank makes sure the funds are safe and not used for broker’s own operations.

The deposit and withdrawal methods are:

  • Credit & Debit cards with withdrawal fees of up to 1.5 EUR per transaction
  • Direct transfer (via Skril) – fast bank wire
  • Skrill: withdrawal fees 2%, max $10
  • Neteller: withdrawal fees 2%, max $30
  • FasaPay: withdrawal fees 0.5%, max $5
  • ChinaUnion: withdrawal fee CNY20
  • DotPay: no fees
  • Boleto – Brazil

In case you have 2 IronFX accounts, you can actually move money from one to the other, also, just by entering the client portal and activating internal transfers.

Under FCA regulations, IronFX includes the FSCS insurance, but with them, each client is insured up to £1,000,000 in the unlikely event of the company running into liquidity or solvency problems.