IronFX Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- 100$
- WebTrader
- MetaTrader4
- CySEC
- FCA
- FSCA
- 2010
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- 100$
- WebTrader
- MetaTrader4
- CySEC
- FCA
- FSCA
- 2010
Our Evaluation of IronFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
IronFX is a reliable broker with the TU Overall Score of 7.64 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by IronFX clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews showed that the broker’s clients are mostly satisfied with the company.
The broker is focused on cooperation with active traders, regardless of their trading experience.
Brief Look at IronFX
IronFX was launched in January 2010 by a team of specialists in finance and software development. Today, IronFX has grown to be among the industry leaders that provide online trading services globally. Customers can use the MT4 advanced trading platforms and trade more than 300 tools from 6 various asset classes. IronFX serves individual as well as corporate clients from over 180 countries. IronFX is highly valued for providing cutting-edge technological innovation on trading platforms and trading tools.
- round-the-clock communication with a multilingual support TEAM on weekdays;
- wide range of trading assets;
- the verification procedure can be repeated;
TU Expert Advice
Financial expert and analyst at Traders Union
Over the years of cooperation with Traders Union, IronFX has established itself as a partner that strictly fulfills its obligations. The broker offers accounts for both beginners and professionals.
The IronFX website has a convenient multilingual interface. Data on trading conditions are presented in full and described in as much detail as possible.
In the process of working with IronFX, clients can trade the following financial instruments: currencies, metals, indices, commodities, futures, and stocks.
- Regulatory approval is crucial for you, as IronFX is a regulated broker holding licenses from authorities such as CySEC, FCA, ASIC, and FSCA.
- You are interested in a wide range of trading instruments, including over 200 Forex pairs, metals, indices, commodities, futures, shares, and cryptocurrencies. IronFX provides access to these assets on various platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader, and the IronFX mobile app.
- You are from a select set of countries, as IronFX does not accept clients from the USA, Canada, Iran, Cuba, Sudan, Syria, and North Korea.
- A history of fines concerns you, as IronFX has faced fines from regulators in the past for violations of trading laws, although the broker claims to have resolved most of these issues.
IronFX Summary
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
💻 Trading platform: | MetaTrader 4 |
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📊 Accounts: | Live Floating/Live Fixed: Standard, Premium, VIP, Zero Fixed; STP/ECN Accounts: No commission, Zero Spread, Absolute Zero |
💰 Account currency: | USD, EUR, GBP, AUD, JPY, PLN, CZK JPY, PLN, and CZK |
💵 Replenishment / Withdrawal: | Wire bank transfers, Local bank transfers, credit/debit cards, payment apps (Skrill, Neteller, etc.) |
🚀 Minimum deposit: | $100 |
⚖️ Leverage: | 1:30 (FCA), 1:30 (CySEC), 1:1000 (FSCA) |
💼 PAMM-accounts: | No |
📈️ Min Order: | 0.01 |
💱 Spread: | Floating or fixed, from 0 pips |
🔧 Instruments: | Forex, Commodities, Indices, Stocks, Metals, Futures (ALL CFDs) |
💹 Margin Call / Stop Out: | Depending on the trading instrument |
🏛 Liquidity provider: | Not indicated |
📱 Mobile trading: | Android, iOS, WebTrader |
➕ Affiliate program: | Yes |
📋 Orders execution: | ECN, STP, Market Maker |
⭐ Trading features: | Indicators; Advanced Terminal. |
🎁 Contests and bonuses: | No |
IronFX is regulated by multiple reliable bodies, in particular CySEC, FCA, FSCA. IronFX provides clients with the best terms for active trading. The minimum amount for replenishing an account is $100, the leverage is 1:30. IronFX offers demo accounts so traders can test the platform and practice strategies. The Company serves retail and institutional customers from over 180 countries.
IronFX Key Parameters Evaluation
Trading Account Opening
We suggest you study the registration procedure closely and take a virtual tour of your personal account to know how to become a client.
Follow the Traders Union website, go through a short registration, follow the referral link to the broker's website. Click on the "Register" or "Start Trading" button on the main page.
Fill in the form with personal data, indicate the country of residence, select the type of account, leverage, and base currency. NOTE: Fill in the personal data in English only.
Come up with a password for your personal account and confirm the registration by clicking on the "Open your trading account" button.
Your application for opening an account will be sent for confirmation. Then the broker will send you your account login information to your email address. Upon confirmation of the application, you will instantly be allowed to access your personal account.
In your personal account, you will have access to the following functions: financial transactions — account funds replenishment/withdrawal/transfer between accounts.
Also, the personal account allows the client to access useful extra functions from the following sections:
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"My profile". Changing your personal account settings;
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"My accounts". Managing current accounts and creating new ones;
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“Trading platforms”. Select and customize the platforms;
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"Trade requests". Trading account settings, bonus information, password collection, and recovery;
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“Instruments”. Search bar to speed up the process;
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"IronFX Card". Card information, card request, card review.
Regulation and Safety
IronFX is an international broker, operating in various jurisdictions around the world to support each client. Companies operating under IronFX trademark are:
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Notesco Financial Services Limited - regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number: 125/10.
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Notesco (SA) Pty Ltd - is regulated by the Financial Sector Conduct Authority (FSCA) with license number: 45276.
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Notesco UK Limited - authorized by the Financial Conduct Authority (FCA) with reference number: 585561.
Advantages
- Wide range of trading assets;
Disadvantages
- the verification procedure can be repeated
Commissions & Fees
Account type | Spread (minimum value) | Withdrawal commission |
---|---|---|
Standard | from $18 | No |
Premium | from $16 | No |
VIP | from $14 | No |
Zero Fixed | from $0 | No |
No commission | from $17 | No |
Zero Spread | from $0 | No |
Absolute Zero | from $3 | No |
There is a broker’s commission for transferring positions to the next day (swap). A function to disable swaps is offered for Muslim clients.
Trading commission indicators at IronFX and its competitors were also analyzed. Based on the results obtained, each of the brokers was assigned a low, medium, or high commission level.
Broker | Average commission | Level |
---|---|---|
|
$9.71 | |
|
$1 | |
|
$8.5 |
Account Types
The broker offers a wide range of trading accounts, including accounts for novice traders in the foreign exchange market and more experienced participants. The differences are in the base currency, spread size, minimum volume of transactions and, a commission for the transaction.
Types of accounts:
Deposit and Withdrawal
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To withdraw funds, you have to submit an appropriate application in your personal account, in the section "Operations", "Withdrawal". The number of withdrawal requests is not limited, and the broker doesn’t charge a commission for this operation but the trading fee may be provided by the payment system.
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You can use credit and debit cards or electronic payment systems such as Neteller, Skrill, and DotPay to deposit and withdraw money from your trading account.
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All methods, except for bank transfers, require funds to be credited to the user's account within 24 hours. Processing by the payment system can take from 5 to 7 business days when using a bank transfer.
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Withdrawals and deposits are available in these currencies: USD, EUR, GBP, AUD, JPY, PLN, CZK JPY, PLN, and CZK.
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Verify your account to carry out financial transactions.
How to withdraw money from your IronFX account | Firsthand experience of Traders Union experts
Investment Programs, Available Markets and Products of the Broker
IronFX offers the TradeCopier platform as a passive income option. Beginners can use the platform to copy strategies of experienced traders. After registering as a Follower, users can access the rating of the most effective IronFX clients called Strategy Providers. At the initial stage, a Follower can choose one Strategy Provider for copying. However, once the platform is used actively, connecting to several traders from the rating becomes available.
To start copying trades on the TradeCopier platform, follow these steps:
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Register as a Follower. The registration form can be found in the section of the website with information about TradeCopier. Provide your first name, last name, email, choose the Copy Trade account type and its base currency, and create a password;
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Pass verification (provide documents to confirm identity and place of residence) and make a deposit;
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Choose a Strategy Provider from the general list of providers and connect to their account.
The TradeCopier platform is not available in all countries. For example, it is not offered by the FCA-regulated branch in the United Kingdom. As an alternative, traders can use the signal copying service directly in the MetaTrader 4 platform. All conditions of its operation are described on the MT4 website in the Signals section.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Additional Trading Tools
IronFX offers clients a range of services and tools to enhance their trading efficiency. These include:
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Personal Multi Account Manager (PMAM) platform. With its help, professional traders can manage multiple accounts of connected investors and conduct block trading on them. The PMAM platform is not available in all countries.
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Forex Blog. It features market news, tips for beginner traders, analysis, and research from IronFX financial experts.
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Webinars and Seminars. The company offers online training and conducts group Forex sessions in various countries with the opportunity to interact with the lecturer. Participation in IronFX seminars and webinars is exclusively reserved for the broker's clients.
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Live TV. From Monday to Friday, from 9:00 to 11:00 (GMT), live online sessions and streams with IronFX experts are available on the broker's YouTube channel.
Customer Support
If any problems or questions arise, you can contact the broker's support service, which works around the clock, 5 days a week.
Advantages
- Multilingual support
- A large number of communication methods
Disadvantages
- The support doesn’t work on weekends
- No callback function
This broker provides the following communication channels for existing clients and potential investors:
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by email;
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call the hotline;
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message to online chat;
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search for answers in the FAQs section.
Communication with the support service is carried out both from your personal account and directly from the broker's website.
Contacts
Foundation date | 2010 |
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Registration address | Iapetou 2, Agios Athanasios, 4101, Limassol, Cyprus |
Regulation | CySEC, FCA, FSCA |
Official site | https://www.ironfx.eu/ |
Contacts |
+357 25027212, +27 11 017660, +44 (0) 207 416 6670
|
Education
A section on the official website of the IronFX is devoted to Forex trading education. It offers a wealth of useful content for novice traders, including articles, tutorials, and educational podcasts. Additionally, to assist clients in adapting their trading strategies to market changes, the company publishes market trends and financial news.
To reinforce theory with practice, traders can use the demo account provided by the broker on MT4. The risks of losing funds are eliminated since the trader uses virtual money. The available amount of virtual deposit is $100,000.
Comparison of IronFX with other Brokers
IronFX | RoboForex | Pocket Option | Exness | Vantage Markets | InstaForex | |
Trading platform |
WebTrader, MetaTrader4 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5, WebTrader, Mobile Apps | MT4, MultiTerminal, MobileTrading, MT5, WebTrader |
Min deposit | $100 | $10 | $5 | $10 | $50 | $1 |
Leverage | From 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:1000 |
Trust management | No | No | No | No | No | Yes |
Accrual of % on the balance | No | No | No | No | No | No |
Spread | From 0 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0 points |
Level of margin call / stop out |
40% / 20% | 60% / 40% | 30% / 50% | No / 60% | 100% / 50% | 30% / 10% |
Execution of orders | STP, Market Maker, ECN | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Instant Execution |
No deposit bonus | No | No | No | No | No | No |
Cent accounts | No | Yes | No | No | No | Yes |
Detailed Review of IronFx
IronFX provides its services to traders globally. The broker considers its main goal to provide clients with the most comfortable trading terms. The broker allows its clients to engage in active trading. For traders with different needs, the company provides a wide range of trading instruments —from standard to exotic currency pairs, stocks, metals, and commodities.
IronFX by the numbers:
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over 1,200,000 traders have opened accounts here.
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communication with the support service and personal managers is carried out 24/5;
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during 10 years of work, the broker has received over 30 local and international awards;
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over 300 trading assets are available for trading.
IronFX is one of the best solutions for active trading
IronFX is an online trading broker that offers wide functionality and comfortable trading terms for both novice and professional traders. The company offers a choice of demo account and 7 types of real accounts. There are micro-accounts for novice traders and classic and professional trading accounts. The main feature of the professional accounts is the STP/ECN mechanism for bringing transactions to the interbank market, which makes it possible to increase the speed of order execution.
For trading, you can choose a trading platform of your choice: from the classic MetaTrader 4 to the portable version of WebTrader.
Advantages:
wide range of trading accounts;
a trader can choose the best trading platform for himself;