IronFX Review By An Expert Forex Trader

There is an Islamic Account option for four types of accounts. As a trading platform, MT4 remains one of the most popular for its wide community support, trade execution speeds, charting tools, and customisability. Additionally, traders can take their own customised version of the platform with them should they decide to migrate to another broker. With support for Metatrader 4 only, IronFX’s trading platform choice is severely limited compared to most other brokers, but it offers the MT4 Advanced. IronFX offers a range of account funding and deposit methods, including local bank transfers, debit cards/credit cards, Bitcoin payments, and various eWallets.

All entities hold their client’s funds separately from the company’s funds and offer negative balance protection. Clients of Notesco Financial Services Ltd and Notesco UK Limited are also protected by the compensation schemes offered by regulators. High spreads for several instruments had a negative impact on the score.

Deposits and Withdrawals

Namely, the broker runs a “Global Trading Race,” offering investors a chance to win a car if they apply for the competition and invest a minimum of $750-2,000, depending on the round. IronFX is a long-lasting brokerage, present on the financial market for over a decade. As such, it built its reputation, but our research showed that it’s not as stellar. There have been some concerns and fines in the past that we’ll present in our detailed IronFX review. IronFX is a trade name of Notesco Financial Services Limited.

Firstly, the company has two entities – one regulated in Cyprus and the other one based offshore in Bermuda. It’s important to mention that the offshore company has no license whatsoever and has a branch in Gibraltar as well. Hence, you should be cautious when registering and check well under which entity you belong.

For https://forexhero.info/s, IronFX clients can use most of the options that were used to deposit funds. The withdrawal is made in the base currency of the account. There are no withdrawal fees for all options except for wire transfers under $300, but clients’ payment providers may charge such fees. IronFX provides access to 84 forex pairs, 7 FX futures, 31 commodities, 149 stocks, 33 indices, and 32 cryptocurrencies.

IronFX MT4 Trading Platform

Clients should note that both fixed and floating spreads are available for Standard, Premium, and VIP accounts. Platforms are where you trade, so they must be secure, fast, and accessible while offering you the tools you need to succeed. Each broker’s desktop, web, and mobile platforms are evaluated according to the order types, speed of execution, ease of use, and other ‘need to know’ features. We test the broker’s platforms and examine commissions, spreads, and overnight fees to ensure that you can determine if trading with this broker is worth your time and money. To get information about available accounts and typical spreads, traders should visit the account types and spread comparison pages.

IronFX also offers negative balance protection in all entities. Negative balance protection means that clients cannot lose more money than they have in their accounts. In the Deposit and Withdrawal category, IronFX received a perfect score. There are many options to choose from, and there are no deposit and withdrawal fees.

That is why FX Empire developed its proprietary rating system. We put the knowledge and expertise of our reviewers to work to bring you the most suitable brokers. A total of 200 variables have been analyzed to help you choose your broker wisely. This chart describes all the categories we evaluated and rated.

Learn everything you need to know at the IronFX Academy.

As usual, the maximum amount that could be withdrawn by each payment method cannot exceed the amount you deposited. The only exception is the wire transfer, which should be used to withdraw profits. Traders will have access to U.S. stocks, UK stocks, as well as several stocks from European markets. Trailing stop order, which is used to set a stop order that will move in case open position trends in the right direction. This order is used to protect a trader’s profits if the market direction reverses.

When it launched in 2010, it provided a significantly better trading environment. A series of regulatory fines and changes led to a drastic regression. However, IronFX has since added high-quality trading services and introduced a very competitive pricing environment. Per the information provided at the CySEC unit, bank wires are not available for withdrawals. The live chat pops up frequently, which I found disruptive.

The four-step account opening process is fully digital and accounts are generally ready for trading in one day. IronFX offers individual, joint, and corporate accounts, but we will focus on opening an individual account. IronFX’s trading fees are significantly higher than most other brokers, and it has a complicated account structure. Suddenly the freshly registered accounts start leaving positive reviews. I used to trade my fav pair with much bigger spreads, like more than 2 pips, and it was so painful.

Overall, IronFX’s non-trading fees are high when compared to other brokers. When making this calculation, we use one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread. In its current form, IronFX is recovering from a series of missteps.

The broker lists an impressive variety of well-documented account types that cover nearly all trading styles and objectives. Clients can choose between two types of floating and an equal number of fixed accounts that offer different spread schedules and fee structures. Several account types allow retail clients to bypass IronFX’s dealing desk, which carries a systematic conflict of interest, and trade directly with the interbank system. Accounts are tiered into Micro, Premium, and VIP levels, depending on capital commitment, with spreads dropping on major Forex pairs between tiers. Client funds are segregated from company funds, reducing the potential for misuse. They operate a counterparty dealing desk, raising conflict of interest issues, but offer direct interbank trading access in some account types.

IronFX Broker Commission

IronFX offers the standard out-of-the-box MT4 platform together with an upgraded package labeled MT4 Advanced. A multi-page PDF is available to explain the added functionality. Overall, IronFX offers a wide range of deposit and withdrawal methods, but it charges a fee of 50 USD for bank transfers under 300 USD, which is relatively expensive.

• Additionally Ethereum denominated accounts are available as well as accounts denominated is Cardano .
• We suggest you read IronFX’s risk disclosure, customer agreement, and terms of business before you start trading.
• IronFX is a colourful, enjoyable trading platform that simplifies trading, and makes it easier for the trader to do business.
• There’s no bond CFD coverage but spot, metals, and index products cover the most popular instruments worldwide.
• IronFX PMAM (Personal Multi-Account Manager) – A favourite of money managers and professional traders, this platform makes it possible to manage and trade on multiple accounts at the same time.

Spread for No Commission accounts starts from 1.7 pips, from 0 pips on Zero Spread accounts and 0.3 pips on Absolute Zero accounts. If you’re trading on USD/EUR frequently, you also have a trading fee of €5.35 to pay, along with a spread depending on what account you use. If you compare these fees to the likes of trading with Apple and Vodafone shares, you’ll find that IronFX forex is much cheaper in the long run. However, the Zero accounts are where things will start to get a little pricey.

What Trading Services are offered with IronFX?

🤩 Thank you for choosing IronFX, and we look forward to providing you with excellent trading conditions and services. Thank you for taking the time to share your positive experience with IronFX.🦾 We appreciate your trust in us and we’re glad to hear that you find our services to be genuine. Across all IronFX products, spreads and commission fees are competitive and comparable. IronFX, for example, charges a $50 inactivity fee for trading accounts that have been idle for more than a year. When withdrawals are requested during periods of inactivity, the broker charges a hefty 3% of the deposited funds.

• IronFX does not charge anyone for setting up an account, or for any kind of deposit.
• Their withdrawals are also very quick – depending on your payment method, you could have your funds in your account from anywhere between 24 hours to three working days.
• It offers traders a range of features such as charting tools, automated trading systems , backtesting capabilities, and more.
• Clients should note that both fixed and floating spreads are available for Standard, Premium, and VIP accounts.
• Besides MT4, the company has WebTrader mobile app, which is also compatible with all devices.

The “Live Economic News” showed up to date reports, but “Live Currency Quotes” produced a dead link. The “Intraday Comment” section had a single 18-month old entry about the Eurozone. So happy to hear you were impressed with our withdrawal process.

Check out the best Forex broker without any IronFX scam activities. Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. I myself had similar situations with several brokers in my life.

ZERO FIXED

IronFX does offer bonuses to traders, T&Cs apply, including the Unlimited 100% Sharing Bonus, the 40% Power Bonus up to $4,000 and the 20% Iron Bonus up to $2,000. The trader cannot withdraw the bonus amount (i.e. the amount of the bonus can be used to trade with) and the bonuses are only available to traders who deposit $500 or more. 74-89% of retail investor accounts lose money when trading CFDs. You should ensure you are aware of the risks involved in trading and if you can afford to take the high risk of losing your money. Since its establishment in 2010, Iron FX has become one of the most trusted brokers among the retail traders. And according to IronFX reviews by the Forex traders, both the popularity and reliability of this broker is increasing every day.

Additionally, if you want your fund safety, they have also some schemes for both individuals and teams. It means if IronFX breaks any commitment to the retailers they’ve to compensate the loss. According to this scheme, trader accounts are protected up to 50,000 pounds and the maximum amount of compensation is 20,000 euros.

✅ ironfx review – ASiC, CySEC, FCA, FSP, MiFID ✅ Company – Notesco Financial Services Limited. Discover a broker you can trust by reading our in-depth and honest reviews, created by industry experts. IronFX PMAM (Personal Multi-Account Manager) – A favourite of money managers and professional traders, this platform makes it possible to manage and trade on multiple accounts at the same time. For some accounts, Bitcoin is available as a base currency. It’s a good idea to use the demo account for practicing and learning the trading platform, but do not spend too much time on the demo.

Though there are such claims by many retail traders, according to most of the IronFX reviews you can rely on this broker. Like other brokers, IronFX makes money from mainly spreads & commissions from the registered money makers. That means, you can check the spread before your trading and also get your spread in the middle of your trading. Besides, a small commission is also charged by IronFX for certain types of trading.

This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing.