IronFX

IronFX

4
Score: Good

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Review from

AAP
4
Score: Good
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About IronFX

IronFX is an international forex trading company established in 2010. The company has its headquarters in Cyprus, with offices in London, Sydney and Johannesburg. The broker offers several different accounts to suit a wide range of clients, and has a range of tradable instruments on offer, including forex, commodities, stocks, indices and contracts for difference (CFDs).

IronFX is fully licensed and regulated in all the jurisdictions it operates in, with regulation in Cyprus covered by the Cyprus Securities and Exchange Commission (CySEC) and in the UK by the Financial Conduct Authority (FCA). Customer support is available across the globe in a variety of languages, 24 hours a day, five days a week. The company actively serves clients from more than 180 countries. The broker offers the intuitive MetaTrader 4 trading platform, and a variety of trading tools and indicators, along with a great mobile experience. There are educational and training resources available for clients, and plenty of convenient deposit and withdrawal options. In this detailed IronFX broker review, we will take a close look at the company’s products, fees, customer service and trading tools.

Products and Trade Offers

IronFX offers a wide range of products to cater to a diverse range of online trading needs. The broker offers leveraged trading in the form of CFDs, and provides extensive trading opportunities in forex, with over 80 currency pairs available, including all the major pairs as well as a choice of minor and exotic pairs.

As well as currencies, IronFX offers the opportunity to invest in a range of stocks, commodities and indices, with a total of over 200 trading instruments available. The broker does not, at this time, offer exchange traded funds (ETFs). The platform supports a variety of different trading options, including automated trading, API trading, VPS services, hedging and Guaranteed Limit Orders. IronFX offers investors reliability, transparency, leveraged trading and a world-class trading platform. With a wide range of products and assets, customer portfolios can be fully custom-built to suit clients’ needs and preferences.

There is a range of account options available, and an investment of as little as $100 will allow you to open a Micro account, with $2,500 needed for a Premium account and $20,000 for a VIP account. The broker also offers STP/ECN accounts with a minimum deposit of $500. There is also a choice of zero spread accounts: the Zero Fixed Spread Account, the Absolute Zero Account, and the Absolute Zero Plus Account. These accounts have spreads starting from 0 pips (with leverage of up to 1:30), but may incur commissions. Take a very close look at all account conditions before opening an account as there is a lot to choose from and, as you would expect, they all have pros and cons.

IronFX offers instant trading execution with no slippage and no re-quotes. There is an extensive range of payment options available, including all major credit and debit cards, bank transfers, Neteller, Skrill, Dotpay and Ecommpay.

  • Wide range of instruments
  • Quality trading platforms
  • Regulated, licensed and reputable
  • Good customer support
  • No ETFs
  • No OCO orders
  • Research section could be better

Commissions and Fee Charges

A key aspect of any forex broker review is taking a close look at commissions and fees, with special attention to any hidden charges. IronFX offers a transparent fee structure, with no commissions taken on currency trades, as fees are taken from the spreads (the difference between the buy and sell price of any given instrument), which is, of course, common practice in forex trading. This will constantly vary as spreads are dynamic, but the minimum EUR/USD spread on a Premium account is listed at 0.7 pips and the average spread is listed at 1.2 pips.

There is, however, a wide variety of accounts, fees and routing choices that will affect what individual customers pay. Different account tiers are subject to different spreads, with a significant drop in spreads on major forex pairs between the micro and VIP tiers, but little variation on minor pairs. The listed minimum spread on EUR/USD for a Micro account is 1.1 pips, dropping to 0.7 for a Premium account and 0.5 for a VIP account.

The tier system applies mainly to forex trading, and different account types will pay similar fees and commissions when trading CFDs or spot instruments. Remember that there are options of zero spread accounts, where you will be looking at spreads starting at 0 pips but may incur other commissions and fees.

Spreads at IronFX are competitive, and fees are relatively transparent. One hidden charge that we found is an inactivity fee, which is applied to any account that is inactive for one year, and this fee starts at $50. IronFX also reserves the right to charge a fee of 3% of deposited funds for an undisclosed period when funding or withdrawals are made without any actual trading activity taking place.

What Others Say

Independent forex broker review sites are generally quick to praise IronFX in a number of different areas. An IronFX broker review on FX Empire states:

All in all, IronFX is a large and accomplished online trading brokerage that provides top of the line trading services and an extensive array of tradable instruments.

This covers an important point for many online traders. IronFX offers a great experience for forex brokers, but its wide range of other tradable instruments also makes it a good option for forex traders who want to have the opportunity to diversify their portfolios if necessary, all from one convenient account.

Brokernotes.co also make an important point in its 2019 IronFX review:

“As a nice bonus, IronFX are one of very few brokers that claim to have no requotes, so you don’t have to worry about slippage (your trades being ordered at a different price to what you executed them at).”

Slippage occurs when a market order is executed, or a stop loss closes the position, at a different rate than set in the order. Slippage is not uncommon in the forex market, especially when volatility is high or a currency pair is trading outside peak market hours. It can be annoying to experienced traders, and a shock to beginners, to find that your trade completed at a very different rate from the one you expected, so brokers that protect customers from re-quotes due to slippage are generally valued by forex traders.

A recent IronFX review on ForexTradingExpert.net also shows approval for the broker, praising its trading platform and account options. The site makes this statement as part of its independent IronFX broker review:

“Apart from no obvious deposit bonus, this broker seems to tick all of the boxes for both new and experienced traders. Their trading platform is strong and suitable for all levels of traders. They have a number of account options to choose from and they offer plenty of useful insights into the world of Forex trading.”

Most online traders are aware that deposit bonuses, while very welcome, are by no means standard at every broker, so the fact that this was the only obvious drawback that this review identified is a positive sign. Certainly, the choice and strength of trading platforms, and the different account options, are generally seen as a major strength of this broker.

Lastly, an independent forex broker review published on Investopedia noted that IronFX is a good choice for beginner traders, stating:

“IronFX offers a great fit for traders at low to medium skill levels, with flexible account types that suit many investment and trading styles. Money managers can also benefit from a Personal Multi-account Manager (PMAM) that allows trading of multiple Metatrader accounts.”

This is something to keep in mind. There are numerous advantages for less experienced traders with this broker, but also a few features that make it an interesting choice for a range of different types of traders. Money managers and professional traders may well find that it is very useful to be able to take advantage of the PMAM platform, to easily manage multiple accounts.

Customer Service

IronFX provides excellent customer support options via phone, email and live chat. Support is available 24 hours a day, five days a week, serving new and existing customers across 180 countries. Customer service options are available in around 30 different languages. The company also runs active and responsive social media accounts on both Facebook and Twitter, giving new and existing customers an extra way to easily reach out to them.

Customer service professionals are helpful and knowledgeable, and response times are quick, with live chat often instantly available. There are also local phone numbers in Cyprus, South Africa and Australia. As with many companies, live chat is often the best option, allowing most queries to be quickly addressed.

In addition to general customer service options, there is an extensive and very helpful FAQs section on the website, offering a useful first stop if you are looking for general information or answers to common account queries. Sections on the FAQs page include account opening, client funding, trading and trading platforms.

Platform Features and Tools

IronFX offers a choice of trading platforms, including both the industry-wide popular MetaTrader 4 (MT4) platform and its own custom in-house IronFX WebTrader platform. The WebTrader platform is a web-based platform, accessible from any compatible browser with no need to download a desktop app or any other software. It is a modern HTML application that runs without any additional plug-ins or add-ons, and all transmitted information is securely encrypted. The IronFX WebTrader provides full access to all trading accounts and full functionality via a very simple and intuitive interface.

For those traders already familiar with the MT4 platform, this will often be the best option, as you will already know your way around the software. MT4 is highly customisable and comes with an advanced charting package that includes an extensive range of technical indicators. MT4 also supports automated trading, via the use of Expert Advisors (EA), which is a consideration for many traders. Clients can also access the very flexible and advanced Personal Multi-Account Management (PMAM) platform, which will allow clients to manage and trade on multiple MT4 accounts simultaneously. This is a highly useful option for professional traders and money managers.

Traders can access a range of integrated technical analysis tools and customise their platform to suit their needs. As with any platform, investors may also choose to access compatible third-party tools to develop a suite of technical analysis, research and trading tools that suits their trading requirements.

Mobile Trading

IronFX provides MT4 mobile apps for both iPhone and Android devices in order to allow easy trading on the go. Mobile apps are available to download free from Google Play, the Windows Apps Store and the Apple App Store. IronFX also has MT5 technology available, allowing clients to download apps for various devices, including Android phones and tablets as well as iPhones and iPads. When it comes to mobile trading, this broker really does have you covered, in a variety of ways, so it is just a case of deciding which system suits your needs best.

Most of the features of the MT4 and web platforms are available via the apps, and IronFX does a great job of making the mobile experience intuitive and user-friendly, with all important tools and indicators available. The mobile trading interface is fast and smooth, though this will, of course, vary depending on the speed and quality of the mobile device you use. Most mobile traders using up-to-date technology will find the mobile experience more than satisfactory, allowing them to manage their portfolio, access charting tools, conduct technical analysis, and place orders on the go. It is possible to customise the apps to alert you to daily market news and live economic calendar alerts

Robo Trading

IronFX clients have full access to the MT4 and MT5 platforms, so automated trading should not be a problem. As experienced MT4 traders will already know, the platform incorporates the ability to conduct automated trading via the EA function. Remember that the MT4 platform is available for both PC and Mac, via your browser, or by downloading software to your desktop.

Additionally, as MT4 mobile apps for both Android and iOS allow you to access all major features of the platform, this will include automated trading tools. Those who trade with MT5 software will also already be familiar with the platform’s easy integration with EA technology. So, while IronFX does not provide a dedicated robo trading service for its customers, a high level of automated trading can certainly be accessed if needed.

Research and Learning Section

IronFX provides impressive educational resources for new and less experienced traders via the IronFX Academy, making it an excellent choice for beginners, hobby traders, and those who are still learning. The online academy provides a wealth of free training and learning resources, including educational videos, an encyclopaedia and several eBooks, which, combined, provide an excellent training in the basics of online trading, covering strategies, signals, analysis, trading psychology and CFDs. There is not a huge amount of material on more advanced topics, but for newer traders, what there is highly valuable.

Remember that when it comes to learning specifics about the IronFX company, accounts and platform, there is also the FAQs page, where many platform-specific frequently asked questions are addressed. This is often a useful first stop if you have a specific question about trading with IronFX or if you need to check details related to topics such as account opening or funding.

The broker also provides a research section along with a free research app, which allows clients to access market data, financial news and videos. This is, however, somewhat of a weak point for this broker compared to many competitors, with little up-to-date information or insights. The broker has clearly chosen not to integrate cutting-edge research into the site and app, which may be off-putting for some more experienced traders who may be used to this being a highly integrated and useful part of various other trading firms and platforms.

Regulatory Details

IronFX is an international broker headquartered in Cyprus, a well-known financial and trading centre, and has offices in London, Australia and South Africa. The broker is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) in Cyprus (and throughout the EU), the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Financial Sector Conduct Authority (FSCA) in South Africa.

The company is committed to upholding the highest standards of ethics and customer service, and provides banking and treasury services via world-class, top-tier independent banks. Client money is kept separately from broker-owned funds, in segregated bank accounts, with strict policies and procedures in place to protect these funds. This means that if IronFX was ever to run into financial difficulties, client accounts would be protected, and in the case of insolvency, all funds held in client accounts would be returned to clients, rather than being treated as recoverable assets by any creditors who might have claims on IronFX company assets. Each client account has a unique code to ensure that accounts are used solely for client funding purposes.

All transactions are conducted via an encrypted connection designed to prevent the possibility of the system being compromised or unlawfully accessed. The company uses an automated risk management system to offer negative account balance protection to all clients.

The broker has won several awards, including Most Trustworthy Forex Broker (decided by a public vote organised by JRJ, China’s leading financial portal) and Best Customer Service Provider (voted by over 3 million readers of World Finance Magazine.

It is, of course, vital that you protect your personal IronFX account from being compromised by following best practices regarding personal and device security, using strong passwords, and ensuring that personal finance and banking details are kept private. No financial company can be held liable for security breaches that happen as a result of clients’ personal negligence regarding their financial data and affairs.

OUR SUMMARY

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4
Score: Good
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There is no doubt that IronFX provides an interesting option for many forex traders across the globe. The broker offers an excellent choice of trading platforms, MT4 and MT5 technology, a quality mobile experience, responsive customer service, and a wide range of highly adaptable trading tools. The company is reputable, fully licensed and well-regulated, and follows all best practices when it comes to the security of client funds. The wide choice of currencies and other tradable instruments also makes the company a good choice for both dedicated forex traders and investors who like to diversify their portfolios.

IronFX is far from perfect, however. While it has a wide range of accounts to suit traders at different levels, its education and training seems mainly aimed at beginner traders or those with less experience. There is little ongoing professional development for more experienced or professional traders, and the research section also needs improvement. There are a few restrictions when it comes to trading offers and tools, with no ETFs available, for example, and the higher-tier accounts require a significant investment, though there is a Micro account available for smaller traders, with a minimum deposit of just $100. It is, as always, important to weigh the pros and cons and decide which features are most important to you, according to your current needs and trading style.

As this IronFX broker review has demonstrated, this forex broker is a good choice for new traders, incorporating user-friendly trading platforms, a comprehensive online training academy, and the option of a Micro account for a modest investment. More experienced traders will find that the higher-tier accounts cover all their needs and can always incorporate third-party news and research options into their trading tools and strategies to overcome the shortfalls in that area. It is certainly easy to see why IronFX remains a popular broker for forex traders at all levels.

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