IronFX Review

Richard Montana | August 2, 2022

IronFX is an award-winning global online trading broker that offers STP/ECN services to retail and institutional investors alike. I found the broker to have rapid trade execution speeds and competitive costs. You can trade a reasonable selection of around 200 financial instruments with a wide variety of account types to choose from, spreads as low as 0.0 pips and support in over 30 languages. I think they can be a good choice for beginners as there are plenty of educational resources and free demo accounts so that you can practice trading online. If you are a fan of market analysis then you will be pleased with the additional tools that they offer which can help you to scan for trading signals. The minimum deposit required to open an account is only $50 which is great when you consider the industry leading trading platforms and conditions they offer.

Pros & Cons
  • Award-winning trading platforms that are user-friendly
  • Variable and fixed spread accounts to choose from
  • Spreads starting from just 0.0 pips
  • Commission free accounts available
  • IronFX Research app great for following the markets
  • Good range of forex currency pairs to trade
  • Multiple deposit and withdrawal methods for convenient account funding
  • Trading academy for beginners to learn about trading
  • Managed accounts for investors and money managers
  • Demo accounts to practice your strategies
  • Islamic accounts that are swap-free for Muslim traders
  • Minimum deposit of just $50 to open a live account
  • Free VPS for qualifying clients
  • IronFX Crypto exchange
  • Excellent 24/5 customer support
  • Could add some more trading tools such as Autochartist and Trading Central
  • Do not accept clients from some countries due to regulations
  • Currently do not support crypto funding
  • Could add more non-FX trading instruments

Summary

IronFX is an award-winning global online trading broker that provides a professional and reliable service to traders with over 200 financial instruments across multiple asset classes available to trade, including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs. I think there is more than enough for everyone to find something that they would like to trade. You can choose from a great variety of trading platforms with low pricing and fast execution speeds.

The broker was setup way back in 2010 and is part of an established international financial group that was formed in 1972 which provides a high level of trust and confidence to clients due to its longevity. They take a customer focused approach and are committed to providing the highest standard of services with full transparency to clients. Each client is treated with the upmost esteem and as a valued partner.

Clients are supported in over 30 languages, 24/5, and can access their personal trading account from over 10 platforms so trading on-the-go is no obstacle for an Iron trader. In addition, the broker offers daily, updated educational and market news delivered by a multi-lingual professional research team. Entering the financial markets with IronFX is simple, transparent and supportive for all levels of investors.

The size of the brokerage is evident as they serve clients in over 180 countries spanning throughout Europe, Asia, the Middle East, Africa and Latin America. They are headquartered in Cyprus with global offices for international clients located across the world in London, Sydney and Johannesburg.

Trading Conditions

They incorporate advanced order execution with a vast amount of liquidity from liquidity providers (LP’s), low fees and competitive spreads (from just 0 pips) under all market conditions as well as 24-hour multilingual customer support. Order execution is instant with no slippage or delay. If the market moves in your favour, you have the opportunity to receive price improvements by getting your trades executed at a better price than originally requested.

  • Instant Execution with No Slippage 99.62% of trades executed in milliseconds
  • Market Execution with No Re-quotes 100% of trades executed in milliseconds

IronFX are renowned for their high-quality trading execution which they consistently look to improve by investing in technology advancements. The trading process is automated which keeps manual intervention to a minimum and thus helps to maximise efficiency and effectiveness. The award-winning trading platforms available provide an automated risk-management system to ensure that client accounts will never go negative.

Social Responsibility

One thing in particular I like that sets IronFX apart from many other trading brokers is their admirable support for a wide range of philanthropic and charitable activities. Going beyond daily operations, they engage with local communities, assisting in medical research and education. This shows strong business ethics and a responsible corporate attitude by supporting community development.

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AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

The broker is regulated in multiple jurisdictions by some top-tier regulators. This means that they must comply with stringent national and international regulatory authorities and demonstrates their commitment to maintaining high business standards and ethics. Trading with a regulated broker can give clients confidence peace of mind that they have full security, by using a company that operates with the upmost transparency and integrity. I would personally have no issue in trusting them with my funds and can therefore trade without worrying.

IronFX is a trade name of Notesco Financial Services Limited. Notesco Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC no. 125/10). The groups different entities are regulated by international regulatory authorities, including being authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom and Australian Securities and Investment Commission (ASIC).

IronFX Regulation

IronFX Regulation

Funds

Client security is a key aspect of the groups philosophy with client funds being held in segregated accounts in accordance with strict policies and procedures, separate from their own funds. Each clients account is provided with a unique code which is used to ensure that the funds are only for the funding purposes. This helps to reassure clients that their funds are safe.

Countries

IronFX does not offer trading services to residents of certain jurisdictions including USA, Iran, Cuba, Sudan, Syria and North Korea. If your country is not accepted, please feel free to take a look at our broker comparison tool for alternative options.

Platforms

Many years of experience within the trading industry has made IronFX experts at delivering flexible, bespoke and multifaceted trading platforms. By paying special attention to user interface design, they ensure that platforms are user friendly, practical, powerful, efficient, easy to navigate and satisfying to the needs of all different types of traders. Through exceeding client’s expectations and setting the bar so high, the broker has been rewarded with numerous awards for their innovative and advanced trading platforms.

IronFX offer a “one account, 10 platforms” trading functionality. This means that you can trade from one account across all platforms which is useful if you plan to switch between your desktop, mobile and other devices. If you do not have internet access, customer support is on hand to place orders and provide you with updates.

You can get direct access to trade the markets with cutting-edge technology on the tailored IronFX MetaTrader 4 (MT4), the IronFX Personal Multi-Account Manager (PMAM) the IronFX MultiTerminal and the web based social trading platform. Each platform includes an advanced charting package with a variety of fully customisable tools for each individual traders’ requirements.

IronFX MetaTrader 4 (MT4)

MT4 is perhaps the most popular online trading platform that is used by millions of traders across the world of all experience levels. It is very user friendly with an abundance of implemented trading tools for efficient markets analysis and trade management. MT4 has a short learning curve whilst there are plenty of online tutorials that can help to familiarise new users to the platform.

MetaTrader 4 (MT4) Platform

MetaTrader 4 (MT4) Platform

IronFX clients can benefit from trading over 200 trading instruments from 6 asset classes on the MT4 platform, via desktop, iOS/Android mobile devices, or the in-house developed WebTrader directly from a modern web browser. They provide fast trade execution speeds with no requotes and spread starting from just 0.0 pips. I think the desktop version of the platform is great for running automated systems (expert advisors) whereas the mobile trading app is perfect for taking the markets everywhere with you in your pocket.

MetaTrader 4 (MT4) App

MetaTrader 4 (MT4) App

Some of the IronFX MT4 core features include:

  • Fully customisable user-friendly interface
  • Multiple chart & order types
  • Multiple timeframes
  • 200+ trading instruments from various asset classes
  • Manage orders, positions & equity online
  • Monitoring of financial instruments’ prices via the market watch window
  • Advanced charting and indicators
  • Online streaming news
  • Activity Reports
  • Support automated trading with expert advisors (EAs)
  • Strategy tester to back test EAs over historical data
  • MQL4 programming interface to create custom indicators, scripts & EAs
  • Online community to share trading tools, ideas & strategies with other MT4 users
  • MT4 is available for desktop, web and mobile devices (iOS & Android)

IronFX Personal Multi-Account Manager (PMAM)

The PMAM platform enables money managers to trade and manage multiple MT4 accounts simultaneously. Users can enjoy one of the most flexible and advanced platforms in the industry today, available for both professional traders and money managers.

IronFX PMAM Platform

IronFX PMAM Platform

PMAM benefits and trading features include:

  • Manage orders, positions and equity online
  • One-click order entry
  • Manage unlimited accounts
  • Monitoring of financial instruments’ prices and forex rates
  • Activity reports

Tools

Whilst the powerful and advanced trading platform provided already has a vast array of implement trading tools, they also provide you with a good selection of stand-alone tools to help deliver a complete online trading experience. These tools can be used to assist with finding potential trading opportunism, analysing the markets, risk management and more. I was especially impressed with the market analysis and research tools. If you want to run your platforms 24/7, the VPS is another fantastic tool they provide. I think they could improve by adding some tools for automated signals such as Autochartist or Trading Central, both which you can access for free through other some other brokers including GO Markets.

Research App

The broker offers the powerful and customisable IronFX Research app that you can use to research the markets and manage your portfolio on the go, via a multimedia interface. Market data is fully integrated with financial viewpoints and videos to help with your trading decisions. You can get real time economical news alerts as well as fundamental and technical analysis written by the award-winning Global FX Strategy Team. The team has appeared on some of the world’s most popular television channels including Bloomberg, BBC World, CNN, Sky News, Reuters, BNN and CNBC.

IronFX Research App

IronFX Research App

Traders Dashboard

There is the handy trader’s dashboard that shows information such as client positions (long v short) via the sentiment data, volume of positions, currency movers, trades per time and more. I think this is a superb tool to use as part of your market analysis. After all, it is the sentiment that moves the market a lot of the time. I just wish more brokers had this tool or that the MT4 platform provided it by default. That being said, you can actually find it as an add-on for the platform if you want to view the sentiment on your chart.

Sentiment Data Traders Dashboard

Sentiment Data Traders Dashboard

Trading Widgets

The brokers website has some helpful widgets such as a currency convertor, pip calculator, margin calculator, profit calculator and trading hours. These widgets can help you with risk management and calculating fees. I found them a pleasure to use and they saved me time from manually doing some repetitive calculations.

Virtual Private Server (VPS)

The broker has a free VPS (Virtual Private Server) for new and existing clients who make a deposit of at least $5,000 and maintain the balance in following months. Having a VPS allows you to run trading platforms 24 hours a day, 7 days a week. This means that you do not need the trading platform running on your computer and can access the VPS from anywhere at any time to place or manage trades. A top specification VPS can cost up to $100 per month so this is a great offer for those who meet the minimum requirement. I use a VPS to run my automated systems around the clock and think it is an invaluable tool. You can also get a free VPS from other brokers such as Axi.

Education

Market Insights

The IronFX research and analyst team display frequently updated market insights on their website covering a variety of different trading topics and markets. These analysis tend to be very detailed and include screenshots to illustrate. These insights can be used to identify possible trading opportunities as can the economic event calendar provided.

Economic Calendar

The economic calendar is an extremely useful tool for staying up to date with the latest market news and as part of a trading strategies fundamental analysis. Using the calendar, you can track financial news releases that have an impact on various markets. The calendar displays the previous/forecasted/actual results of the news releases and the markets they are expected to have an impact on. You can filter according to level of impact, date/time and markets. I think this is a vital tool for being aware of what is happening around the markets before taking any trades.

Trading Academy

The IronFX trading academy is a very useful educational resource for clients looking to improve their trading knowledge and skills through a series of videos, e-books, guides and trading encyclopedia. The academy is regularly updated and covers a wide range of both beginner and advanced trading topics so there is something for everyone.

Seminars & Webinars

The broker also hosts seminars, webinars and expositions which clients can attend. This is a great addition and not something you will find with many brokers although FXPRIMUS compete in this aspect.

Markets

IronFX offers access to trade a decent amount of around 200 trading instruments across multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs. Spreads start from just 0 pips whilst all trading instruments can be accessed using one account across all trading platforms. Whilst you will find the most popular cryptos, major currency pairs and stocks on major companies, they don’t quite compare to brokers such as Swissquote who have thousands of instruments.

Forex

There are over 120 forex currency pairs (major, minor and exotics) to trade, 24 hours a day, 5 days a week. You can choose your own leverage and have unlimited access to some of the largest liquidity providers through IronFX.

Metals

You can trade spot metals with no currency exposure, some of the most competitive spreads and industry leading trading conditions. The broker offers CFDs on spot metals in USD and EUR. Just 1% margin is required for spot metals.

Indices

Spot indices can be traded with no commissions and low spreads. This allows you to trade indices on various markets across the globe with deep market liquidity and easy to use trading platforms.

Cryptos

IronFX also have cryptocurrency denominated accounts. Leverage on Crypto is 1:5 and you can deposit, trade and withdraw in Cryptocurrency. They also have their very own Crypto exchange.

Stock

There is a wide range of stock, commodities and futures available for trading.

Accounts

Where many brokers only offer a few accounts, IronFX have a great range of different trading accounts to cater to the needs of many different styles of traders. There are accounts with floating spreads, fixed spreads, no commission and spreads starting from zero. Each account has a minimum deposit requirement ranging from $100 to $20,000 depending on the account type. They also offer corporate and institutional accounts, with a dedicated business account manager who can prepare a bespoke service package catered to your needs.

I am really impressed with the variety of accounts and think it is very advantageous how you can choose depending on what matters the most to you, whether that be low spreads or no commission fee. I would personally be looking at the zero spread account as I use trading strategies that rely on low spreads at all times. I don’t mind paying the small commission fee as the broker needs to cover costs somehow. FXTM also have flexible account types if you want to compare them with a direct competitor.

Variable Spread Accounts

If you are looking for the smallest possible spreads (starting from 0 pips), then you may consider the zero spread accounts. These do charge a commission which ranges from $7.5 to $18 (FX) depending on the level of the account. In general, the more you deposit, the lower the commission will be. I must admit that the commission is not the lowest I have seen, but I also feel that the quality of the broker makes it worthwhile.

Fixed Spread Accounts

If you prefer a fixed spread for your trading strategy then you could consider a no commission account. These tend to have higher marked up spreads but you do not pay a commission on trades. It is actually quite rare to find a broker that has fixed spread account, CAPEX being another option. The problem with fixed spread account from my experience is that there are usually terms and conditions that mean during hours of low market liquidity or highly volatile markets, the spreads will actually increase which defeats the objects if you are using a scalping strategy pre-Asian session for example.

Demo Account

If you are new to trading online, then you will be pleased to find a demo account option. This can be the perfect way to get used to using the platforms and for testing your trading strategies in a risk-free environment. This is not something exclusive to this broker, you will find most have a demo account available.

Islamic Account

For those of you who are of Muslim faith, I am pleased to say that the broker does have swap-free accounts which comply with Sharia law. It’s great that they serve clients from all different backgrounds and with different religious beliefs. However, as with demo accounts this is something that you would expect from all brokers nowadays.

Account Signup

Opening an account is a quick and easy process that shouldn’t take more than a few minutes to complete. You just need to fill out the short online registration form and confirm your details. The broker sends over your account details right away. You will then need to upload documents to verify your account before you can fund your account to begin trading. The demo account is available without confirming your account if you just want to try things out without any commitment.

Support

The broker provides you with top class global customer support in over 30 different languages. Friendly representatives are hand to answer all of your questions 24 hours a day, 5 days a week via phone, email, and online chat. The responses arrive in a prompt and efficient manner from my experience. If you want 24/7 support, you could have a look at Plus500 instead.

Funding

This is another area in which the broker really excels in my opinion. You will find that they have an excellent variety of convenient deposit and withdrawal methods to meet everyone’s needs. Some clients may find the online payment processors more convenient and faster. I personally use digital wallets as they allow me to move my funds around faster. This can be vital if there is a scenario where there is some major market news that I need to try and capitalise on. If that was the case, I wouldn’t want to be waiting around for days whilst a bank transfer clears.

There may be fees charged when using certain payment methods but I generally found them to be negligible. Of course, if you are moving large amounts then you might notice more of a difference. Just make sure you check beforehand any costs you will incur. Trading accounts can be opened in a generous range of currencies which are USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, HUF & CZK. The various different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. They could improve by adding some crypto payment options like Hugo’s Way.

Conclusion

Overall, IronFX is a very well established and reputable trading broker that serves all types of traders from around the world. They give you convenient access to a decent range of trading instruments across multiple markets. The advanced trading technology incorporated ensures that the trading conditions are some of the best available with competitive spreads (fixed/variable) and competitive trading costs. There are plenty of account types and payment options to suit all types of traders whilst each client is treated equally. Furthermore, the charitable work they do is very commendable and good for the community. The broker offers industry leading products and services that I think can be a great option for retail and institutional clients alike. I like how they have strict regulation in multiple jurisdictions and are well respected within the industry. The high quality of their services has been acknowledged by the numerous international awards that they have won over the years.

Iron FX Logo

Min $50 Deposit

IronFX is a globally recognised award-winning CFD broker offering a great range of trading products and services to retail traders and institutional investors. The broker has a decent choice of over 200 tradable assets, a variety of account types, spreads from as low as 0.0 pips and excellent support in over 30 languages.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

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Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.