IronFX Review
Overview
IronFX is an online, multi-asset broker best known for forex trading. Once registered, users can access the popular MetaTrader 4 (MT4) trading platform, flexible leverage and ultra-low spreads starting from as low as 0.0 pips. This review will fully report IronFX’s offering, including exclusive deposit bonuses, demo accounts and fast deposit and withdrawal methods.
IronFX Overview
IronFX has created a solid reputation as a trusted and reliable broker. Its past and present sponsorships with global brands such as FC Barcelona, IronFX Racing Yacht team and the Korean Freediving Team, have set it apart from other brokers.
Its financial products and trading platforms are accessible in over 180 countries with more than 1,200,000 users signing up to the platform to trade.
Trading Platform
IronFX uses the MetaTrader 4 trading platform. The software is considered one of the best in industry, especially for forex trading. It’s geared towards beginners and intermediates, promising easy-to-use features and straightforward portfolio management.
Traders can use the free MT4 download to install the platform on desktop devices, including Mac. Alternatively, you can trade directly through MetaTrader’s WebTrader.
Armed with account login details, you’ll get straightforward order execution, with instant execution and pending orders available.
MT4 promises advanced charts with nine timeframes, over 30 built-in technical indicators, real-time news, plus automated trading capabilities. The MT4 platform can also be upgraded through MetaTrader’s Market and Signals, where users can buy technical indicators, add-ons, and signals for copy trading.
IronFX also offers a Personal Multi-Account Manager (PMAM) system, which lets traders manage multiple MT4 accounts at the same time.
The broker has recently launched TradeCopier with which traders can either register as Strategy Providers, get copied and earn a performance fee or as Strategy Followers, where they can copy top-performing strategies and get rewarded.
Markets
IronFX offers over 300 tradable financial instruments across:
- Forex
- Indices
- Shares
- Metals
- Futures
- Commodities
Spreads & Commissions
Lowest Spreads on Majors for Live Account Types start from 0.7 Pips, with the Daily Average being at 1.2 Pips. Of course, spreads do widen during periods of volatility and low trading volume.
Spreads get more competitive as you move up the account tier structure, with the VIP account offering the best value for money. Overall, spreads and commission fees are competitive.
However, there are additional trading fees to be aware of. For example, IronFX charges a $50 inactivity fee for trading accounts sat idle for over a year. Also, the broker charges a sizeable 3% of deposited funds when withdrawals are requested during periods of inactivity.
Leverage
IronFX offers flexible leverage up to 1:1000. This enables traders with limited bankroll to take larger positions. A margin calculator is available on the website to see how much you leverage you can access.
Note, trading on leverage amplifies not only potential returns, but also potential losses.
Mobile Apps
IronFX’s MetaTrader 4 trading platform is available via a mobile app for Android, iOS, and Windows devices. The app can be downloaded from the respective app stores. Mobile users benefit from total trade management without having to sacrifice functionality.
The mobile offering also comes with the IronFX Research app which gives users an overview of the financial markets and major news events.
Payment Methods
IronFX customers can choose from several deposit and withdrawal methods.
Deposits
- Bank wire transfer – Maximum deposit varies among banks
- Credit & debit cards – Maximum deposit $50,000
- Skrill – Maximum deposit $50,000
- Neteller – Maximum deposit $50,000
- FasaPay – Maximum deposit $5,000
- China Union – Maximum deposit CNY 360,000
- DotPay – Maximum deposit PLN 200,000
- Safecharge – Maximum deposit $70,000
- Zotapay – Maximum deposit $10,000
- IornFX Card – Maximum PLN $99,000
- Perfect Money – Maximum deposit $50,000
- Digital Assets – No Maximum
There are no deposit fees (coverage for wire transfer charges for deposits over 10k USD)
Withdrawals
Generally, no fees apply todeposits or withdrawals.
Withdrawal options include:
- Credit & debit cards
- China Union Pay
- Digital Assets
- Fasapay
- Perfect Money
- Nether
- Skrill
- IronFX Card
- Bank Transfer
The withdrawal process is straightforward. From the client portal, navigate to “Transactions”, select ‘withdraw’ and follow the instructions.
Withdrawal times vary depending on the banking provider but range from the same day to seven days. For any withdrawal problems, contact customer support on one of the channels described further below.
The minimum withdrawal via bank wire is $100. Withdrawals below $300 will have a fee of $55 per transaction.
Demo Accounts
IronFX offers demo accounts so traders can test the platform and practice strategies. There are two demo accounts available:
Demo Floating Spread
Demo STP/ECN Absolute Zero
Each demo account imitates real trading conditions, the only difference is virtual money is used.
Bonuses & Promotions
Traders have a choice of welcome bonuses when they sign up for an account at IronFX:
100% unlimited Sharing Bonus – minimum $200 deposit.
40% Power Bonus up to $4,000 – minimum $500 deposit
20% Iron Bonus up to $2,000 – minimum $100 deposit
Note, bonuses cannot be withdrawn. Offers also vary depending on the country you’re signing up from. Finally, check any minimum deposit bonus terms and conditions when you register for an account as they are subject to change.
Additional Features
IronFX offers the Trading School, where both beginners and professionals can benefit from e-books and tutorial videos, glossary, economic calendar as well as tips for forex trading and developing a forex strategy.
The broker also offers an advanced blog section with numerous articles on the markets.
Traders can also benefit from Trading Central’s latest features offered via the Client Portal as well as from trading widgets including a Currency Converter, a pip, margin and profit calculator.
Account Types
Seven trading accounts are available at IronFX.
Live floating/live fixed account types:
- Micro – Spreads start from 1.8 pips, the minimum deposit required is $100 and leverage up to 1:1000 is available
- Premium – Spreads start from 1.6 pips, the minimum deposit required is $1,000 and leverage up to 1:1000 is available
- VIP – Spreads start from 1.4 pips, the minimum deposit required is $10,000 and leverage up to 1:1000 is available
- Zero Fixed – Spreads start from zero pips, the minimum deposit required is $500 and leverage up to 1:500 is available
STP/ECN trading account types:
- No Commission – Spreads start from 1.7 pips, the minimum deposit required is $500 and leverage up to 1:200 is available
- Zero Spread – Spreads start from zero pips, the minimum deposit required is $500 and leverage up to 1:200 is available
- Absolute Zero – Spreads start from 0.3 pips, the minimum deposit required is $500 and leverage up to 1:200 is available
The primary difference between live floating/live fixed trading accounts and the ECN/STP model is market execution. Real accounts use instant execution with re-quotes, whereas STP/ECN accounts use market execution, so no re-quotes are involved.
IronFX also offers the Cent account with which clients can start with less funds and smaller lot size.
Note, an account manager is available with all of IronFX’s trading accounts. Also, the broker has an Islamic swap-free trading account.
Benefits
There are several benefits to signing up with IronFX:
- Multiple instruments – Users have access to over 300 tradable instruments across multiple markets, including forex.
- Reliable trading platform – IronFX offers the powerful MetaTrader 4 system, which is a solid and widely-regarded platform.
- Flexible leverage – IronFX offers competitive leverage up to 1:1000.
- Low spreads – Customer reviews and research show IronFX’s spreads are competitive, helping to keep trading costs down.
- Multilingual customer support – IronFX is a global online broker, providing customer support in 30 different languages across 180+ countries.
Drawbacks
There are certain limitations to IronFX’s offering:
- One trading platform – Although MT4 is the most popular trading platform, it is the only option available, and it may not suit the trading style of some traders.
- Volume discounts – Despite many good reviews in terms of bonuses, IronFX does not offer volume discounts to its users.
Trading Hours
IronFX trading hours run around the clock. Users can trade from 00:00 Monday through to 24:00 on a Friday. IronFX market hours run on GMT + 2 with GMT + 3 applying during daylight saving/summertime.
Note that while users may be able to trade 24 hours a day, spreads are less competitive during periods of low liquidity.
Customer Support
The IronFX customer support team is available 24/5 in 30 different languages:
- Email address – support@IronFX.com
- Telephone contact number – +44(0) 203 282 7777
- Live chat – Chat support is accessible from the bottom right of the broker’s website
- FAQs – Found in the ‘Contact Us’ section, the FAQs can answer queries on any number of topics, from payment queries to instructions on how to close an account.
- Careers – The Careers portal lists current jobs and vacancies, and can be found at the bottom of the broker’s website.
- Affiliates – For IronFX partners, the Affiliates portal is available at the bottom of the website.
To keep up with the latest IronFX news, you can also find the broker on social media:
Security
IronFX uses standard security features to keep clients’ personal information secure, including website encryption. The MT4 trading platform uses MetaTrader’s one-time password. Security could be bolstered through the use of dual-factor platform authentication.
IronFX Verdict
IronFX is a good broker for novices up to intermediates. They offer the reliable MT4 trading platform, a range of products, plus competitive spreads and leverage levels. The choice of account types will also suit varying trading styles and capital needs.
Disclaimer: The offerings in this review relate to Notesco Ltd , which is registered in Bermuda with registration number 51491
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