Is IronFX Regulated? Is it safe? - TU Expert review
License is the most important document you have to consider when choosing a broker. Many traders, who would like to start working with IronFX try to check whether it is regulated. Traders Union experts have already done that. In this article, you will learn whether IronFX is regulated, what regulatory authorities supervise the broker and whether it is safe to work with the company in general.
Short summary about the broker 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.
💰 Account currency: | USD, EUR, GBP, AUD, JPY, PLN, CZK JPY, PLN, and CZK |
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🚀 Minimum deposit: | $100 |
⚖️ Leverage: | 1:30 (FCA), 1:30 (CySEC), 1:1000 (FSCA) |
💱 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 |
Pros and cons of IronFX
👍 Advantages of trading with IronFX:
•round-the-clock communication with a multilingual support TEAM on weekdays;
•wide range of trading assets;
👎 Disadvantages of IronFX:
•the verification procedure can be repeated;
Why is it important to work with a regulated broker?
License is a document that certifies that a broker operates legally and guarantees fulfillment of its obligations to the traders. A financial license is issued by a financial regulatory authority of a country (the National Bank) or a specialized authority (for example, Securities Commission, Futures Trading Commission, etc.). It is important to choose licensed brokers for the following reasons:
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A license guarantees that the broker operates in compliance with the rules of the financial regulator that issued the document.
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In order to obtain the license, a broker must comply with certain requirements, for example, the size of the authorized capital or personnel qualification. It is simply not lucrative for scammers to comply with such requirements.
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A broker’s license provides access to real markets, and you can be sure that the quotes are real and up-to-date.
The best option is to work with a broker that holds the license of the jurisdiction, where the trader resides. You can also choose a company with a financial license of another reliable jurisdiction, for example, the U.S. or the European Union.
Is IronFX Regulated? Broker’s license
Security (Protection for Investors)
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
Brokerage fees
Broker’s regulation is the most important choice criterion. However, before you start working with the broker, it is also important to analyze its commissions and fees. TU analysts have studied the commissions and fees charged by IronFX, which you can see below.
Trading terms at IronFX were analyzed by specialists at the Traders Union for trading and non-trading commissions. There are no hidden trading fees and no commission is charged for deposits or withdrawals. An exception may be the transfer fee set by the payment system.
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 |
Brokers that are similar to IronFX
Many brokers operate legally, obtaining relevant licenses and permissions. However, when choosing a broker, it is important to compare their trading conditions. TU experts have prepared a comparative analysis of IronFX conditions with its closest competitors.
Comparison of IronFX with other Brokers
IronFX | RoboForex | Pocket Option | Exness | Eightcap | Libertex | |
---|---|---|---|---|---|---|
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 |
Libertex, MT5, MT4 |
Min deposit |
$100 |
$10 |
$5 |
$10 |
$100 |
$100 |
Leverage |
From 1:30 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:30 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
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 0.1 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
STP, Market Maker, ECN |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
No deposit bonus |
No |
No |
No |
No |
No |
No |
Cent accounts |
No |
Yes |
No |
No |
No |
No |
The broker is focused on cooperation with active traders, regardless of their trading experience.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
Eightcap has favorable working conditions due to a large choice of instruments, tight spreads, high leverage, and no withdrawal fees. Integration with popular trading platforms and basic deposit/withdrawal options greatly facilitates work with the broker and reduces the entry threshold. In addition to comfortable conditions and low financial costs, traders get free educational materials and special services for technical analysis. Some solutions, like Capitalise.ai, have no constructive counterparts. A relative disadvantage is the absence of opportunities for passive income. Also, the broker works only with CFDs, so other groups of trading instruments are not available.
Libertex is a reputable broker. It would be worthwhile to look at the platform as a technical solution. It will appeal to those who can not imagine their life without gadgets and are eager to keep up with the time.
Conclusions
IronFX is a quite reliable broker for trading. IronFX operates on the license of a reliable jurisdiction and its operation is regularly monitored. However, the company does not offer the best trading conditions compared to competitors. You can choose this broker and not worry about the safety of your funds, but there are better options in terms of trading conditions.
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FAQ
How difficult is it to obtain a brokerage license?
The procedure for obtaining a license differs depending on the jurisdiction, but it is very difficult and expensive to get the document in a reliable jurisdiction. This is why only reliable brokers obtain licenses.
Why is it not recommended to work with offshore brokers?
Offshore brokers have to meet minimum requirements for obtaining a license and reporting, which is why often scammers get such licenses.
Can an offshore broker be reliable?
Yes, although there are not many of such brokers. There are brokers with a good reputation, but with an offshore license. You still need to be very cautious when working with such companies.
How do I check a broker’s reputation?
In order to check a broker’s reputation, you need to read user reviews. However, it is recommended to only use independent websites for that.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.