IronFX Review 2020
IronFX is an award-winning global online trading broker that offers STP/ECN services to retail and institutional investors with rapid trade execution speeds and competitive costs. The broker has over 200 tradable assets with a wide variety of account types to choose from, spreads as low as 0.0 pips and support in over 30 languages.
IronFX Review 2020, Pros & Cons
- Strict regulation
- Variable & fixed spread accounts
- Commission free accounts
- Award-winning trading platforms
- IronFX Research app
- Good range of forex currency pairs
- Multiple deposit / withdrawal methods
- Segregated client funds
- IronFX Crypto exchange
- Excellent customer support
- Free VPS for qualifying clients
- Limited trading tools
- No US clients
- Restricted leverage for EU clients
In this detailed IronFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
IronFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including IronFX.
IronFX Review: Summary
IronFX is an award-winning global online trading broker that provides a professional and reliable service to traders with over 200 trading instruments across multiple asset classes available to trade, including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs.
IronFX offer 10 trading platforms with low pricing and fast execution speeds whilst serving clients in over 180 countries in 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.
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.
IronFX offers industry leading products and services to retail and institutional clients which has been acknowledged by the numerous international awards that they have won over the years. The broker has been awarded with over 40 prestigious investing awards, these awards include “Best Global Online Trading Platform 2017” at the M&A Awards and “Best Online FOREX Trading Platform 2017” at the International Finance Awards.
IronFX was setup 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, IronFX 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.
One thing in particular that sets IronFX apart from other trading brokers is their 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.
IronFX Review: Regulation
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).
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.
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.
IronFX Review: Countries
IronFX does not offer trading services to residents of certain jurisdictions including USA, Iran, Cuba, Sudan, Syria and North Korea. Some IronFX broker features and products mentioned within this IronFX review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
IronFX Review: Trading 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, IronFX have 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.
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.
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.
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
IronFX Review: Trading Tools
Whilst the IronFX powerful and advanced trading platform already have a vast array of implement trading tools, they also provide traders 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.
IronFX Research App
IronFX 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 Traders Dashboard
There is the IronFX trader’s dashboard that shows information such as IronFX client positions (long v short) via the sentiment data, volume of positions, currency movers, trades per time and more.
IronFX Trading Widgets
The IronFX website has some widgets such as a currency convertor, pip calculator, margin calculator, profit calculator and trading hours. These widgets can help with risk management and calculating fees.
IronFX Virtual Private Server (VPS)
IronFX offer a free VPS (Virtual Private Server) to 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 anytime 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.
IronFX Review: Education
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.
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.
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 encyclopaedia. 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
IronFX also host seminars, webinars and expositions which clients can attend.
IronFX Review: Trading Instruments
IronFX offers access to trade over 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.
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.
You can trade spot metals with no currency exposure, some of the most competitive spreads and industry leading trading conditions. IronFX offers CFDs on spot metals in USD and EUR. Just 1% margin is required for spot metals.
Spot indices can be traded with no commissions and low spreads. This allows you to trade various markets across the globe with deep market liquidity and easy to use trading platforms.
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.
There is a wide range of stock, commodities and futures available for trading.
IronFX Review: Trading Accounts & Fees
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.
IronFX also offer corporate and institutional accounts, with a dedicated business account manager who can prepare a bespoke service package catered to your needs.
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.
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.
As broker fees can vary and change, there may be additional fees that are not listed in this IronFX review. It is imperative to ensure that you check and understand all of the latest information before you open an IronFX broker account for online trading.
IronFX Review: Customer Service
IronFX provides clients 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.
IronFX Review: Deposit & Withdrawal
IronFX have a variety of reliable deposit and withdrawal methods. Some clients may find the online payment processors more convenient and faster,
There may be fees charged when using certain payment methods. Bank transfers can take a few business days to clear. Accounts can be opened in 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.
IronFX Review: Account Opening
Opening an account at IronFX is quick and easy. You just need to complete the short online registration form and confirm your details. You will then need to upload documents to verify your account and can then fund your account to begin trading.
IronFX Review: Conclusion
IronFX is an established and reputable trading broker with a global client base and a wide range of trading instruments across multiple markets. They have strict regulation in multiple jurisdictions and are well respected within the industry. The advanced trading technology incorporated ensures that the trading conditions are some of the best available with competitive spreads and trading costs. There are plenty of account types 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.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.26% 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.