Getting an honest broker review these days is hard; we’ll provide that today in this IronFX review.
It can’t be overstated how a good broker influences one’s trading career trajectory. Conversely, falling into a detrimental broker’s hands could lead to capital loss.
Besides, IronFX aims to improve trader’s skills and provide world-class services. However, do they live up to their claims?
In this IronFX review, all the relevant information relating to this reputable broker will be discussed in the headings below:
- My Findings
- My Personal Experience with IronFX
- Demo Trading on IronFX
|Free Bonus||100% deposit bonus|
|Minimum Deposit||Deposit is $100 on standard accounts, $2500 on premium accounts, and $20,000 on VIP accounts|
|Spread||Spreads can be set to zero, fixed, or floating|
|Leverage||Maximum leverage of 1:1000 but fixed to 1:30 in European countries.|
|Deposit Methods||Wire bank transfers, Local bank transfers, credit/debit cards, Skrill, Neteller|
|Withdrawal Methods||Wire bank transfers, Local bank transfers, credit/debit cards, Skrill, Neteller|
Iron FX Review Summary and Rating
Iron FX is a forex broker that looks to improve traders’ skills through trading tutorials and expert analysis while delivering world-class services.
Regulated in multiple nations
Education and research are sound
Investor compensation scheme
Zero spreads are offered
Islamic and Cent accounts are available
High trading fees
The mobile research app isn’t updated frequently.
No copy trading
Is IronFX a Legit Company?
IronFX is a legitimate company that has grown to offer services in 180 countries. However, in recent years, they’ve closed operations in countries like Nigeria, Russia and China.
Moreover, they are registered and regulated as an investment firm by financial bodies in Cyprus, the United Kingdom, and Australia.
Besides, whatever jurisdiction you end up under, all customers enjoy similar perks. For instance, customer protection for compensation in the advent of a bankruptcy of at least EUR 20,000 is available across the board.
Furthermore, client funds are segregated from company funds, ensuring it isn’t used for business dealings by the broker. Lastly, negative balance protection is now mandated under ESMA rules.
Considering the website’s responsiveness, my first impression with the broker was great. This review shows they offer a wide range of trading products and decent platforms but lack specific strengths.
A significant setback here is the lack of copy trading, which is a large part of people’s trading habits. Moreover, PAMM accounts aren’t available as a make-due either.
Also, this broker operates with STP (straight-through processing) and ECN (Electronic Communication Network) technology so that traders can choose their preferred choice.
On the one hand, STP signifies that no intermediary or lag occurs between trades. Conversely, the same could be said about ECN, but it executes this faster.
Five main types of accounts are available on IronFX: Cent account, Standard account, Premium account, VIP account, Zero spread account, No commission account, and Absolute zero account.
The spread values vary, and leverage is fixed at 1:30 for customers in European countries. Moreover, each account mentioned above can be requested in their STP or ECN variants.
Finally, depending on your geographical location, deposits can be made in USD, EUR, GBP, AUD, JPY, PLN, CZK, JPY, PLN, and CZK on all account types.
Spreads depend on the account chosen to perform trading activities with. Per your preference, spreads can be zero, floating, or fixed.
As per the European Union laws to manage risk, the maximum leverage in European countries is set to 1:30. Nonetheless, traders in FSCA’s jurisdiction can enjoy leverage as high as 1:1000.
Micro lot sizes (0.001) are only available on absolute zero and cent accounts. Conversely, the lowest tradeable lot size is 0.01, a micro lot.
IronFX’s minimum deposit is $100 on standard accounts, $2500 on premium accounts, and $20,000 on VIP accounts.
As mentioned, 3% deposit fees are charged but aren’t an issue since customers are rewarded with a deposit bonus.
Unsurprisingly, Meta Trader 4 and 5 are the primary trading platforms. Both platforms are available on mobile and desktop devices and are powered even further by third-party add-ons.
Although IronFX doesn’t offer a trading app, a research app is available on Android and iOS devices. This application provides financial news and data as well as videos.
Unfortunately, the video tab hasn’t been updated lately, but more recent ones can be found on their YouTube channel.
The most significant blow for the broker in this category is the absence of a social copy trading platform.
Research isn’t tremendous, but education and user manuals are delivered on a plate. First, trading tutorials, news, and expert analysis improve users’ trading skills.
Advanced traders obviously will have to look elsewhere for a more robust catalogue. Nonetheless, their offerings could make for a good refresher.
This is a regulated broker; hence, nothing short of world-class customer service is expected of them.
Support is available only during weekdays and can be contacted through emails or live chat, but there is no callback option.
Expert Opinion on Iron FX’s Services
IronFX is a safe and dependable broker for trading forex. The website is encrypted, but no two-step authentication is integrated for signing in to the web portal.
Regarding fees, they are high with deposit and inactivity fees charged. Moreover, withdrawal fees aren’t exempted and will vary depending on the payment route.
Nevertheless, this broker excels in the education sector with enough eBooks and resource materials required to elevate one’s trading skills.
My Personal Experience With IronFX
Iron FX’s sign-up was speedy and straightforward, with no bumps encountered. Once I verified my account, I enjoyed several privileges and got access to trading tools.
One thing I did miss here was the absence of a copy trading platform and PAMM accounts.
Trading With IronFX
On this platform, there are 500+ instruments covering every asset class, i.e., forex pairs, CFDs, metals, commodities, indices, and stocks. This extensive array of offerings makes it suitable for all types of traders.
Furthermore, ECN and STP accounts with low spreads and fast executions ensure you always stay on top of the market.
The high fees compared to the broker’s competitors are a significant factor in why people steer clear of Iron FX.
Demo Trading With IronFX
After deploying our proven forex bot on an IronFX demo account, a win rate of 79% was achieved.
One thing we constantly realized was how high fees were, no matter the currency pair traded.
It can be dismissed that copy trading has become part of specific trader’s routines.
Sadly, the feature is missing on IronFX, and Trade Nation is a good alternative in this regard: An In-depth Trade Nation Review.
Moreover, check out IC Markets to explore even lower trading commissions and fees.
IronFX Review Summary
IronFX is a good broker that excels at providing educational value and world-class customer service.
Their trading services aren’t inadequate, but the high fees remain an issue, as highlighted in this IronFX review.