Richard Montana | May 24, 2022
Table of Contents
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.
Broker Pros / Cons
- Award-winning trading platforms that are user-friendly
- Variable & fixed spread accounts to choose from
- Commission free accounts available
- IronFX Research app great for following the markets
- Good range of forex currency pairs to trade
- Multiple deposit / withdrawal methods for account funding
- Trading academy for beginners to learn about trading
- Managed accounts for investors & 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
- Strict regulation from top-tier regulators
- Segregated client funds
- Could add some more trading tools such as Autochartist & 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
- Restricted leverage for EU clients
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.
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.
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.
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).
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 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.
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.
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.
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
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.
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.
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.
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.
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. I think this is a vital tool for being aware of what is happening around the markets before taking any trades.
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.
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.
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. The broker 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.
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.
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.
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.
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.
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.
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.
What is the IronFX minimum deposit?
The minimum deposit required by IronFX is $100.
You will discover that the minimum amount of $100 is relatively low if you compare it to some brokers who peg their minimum deposits above $1,000. With as little as $100, you can access the IronFX trading platform and place trades before eventually committing a greater amount.
How do I deposit money into IronFX?
To deposit money into IronFX, you should log into your secure client portal and submit your deposit request. IronFX provides clients with a range of safe and secure deposit options, including bank wire transfers, credit/debit cards, and some common online payment processors: FasaPay, Neteller, SafeCharge, Skrill, and more.
Please note that deposits can take up to 24 hours to be processed, depending on your chosen payment method. Bank wire transfers can take up to 3 working days, depending on the bank.
The currencies in which you can deposit depends on the payment method you chose. The main currencies covered are USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, and HUF. Deposits in different currencies will be converted into the base currency of your trading account at the prevailing rate at the given time.
What are the IronFX deposit fees?
IronFX does not charge any fees for deposits. However, your respective banks or payment providers might charge you additional fees.
How do I withdraw money from IronFX?
You can withdraw your profits only through the bank wire. You can receive your initial deposit via the payment method initially used, and then all excess funds (profits) will be sent to your bank account. For the above to take effect, you need to apply for a bank withdrawal from your client portal.
What are the IronFX withdrawal fees?
IronFX does not charge any fees for withdrawals, but the payment processor or financial institution might charge some fees.
What is the IronFX commission fee?
The Zero Fixed Account charges commission fees ranging from $18 to $43, depending on the financial asset. However, other account types at IronFX charge zero commissions.
Are there any IronFX inactivity fees?
IronFX does not charge any inactivity fees on dormant accounts.
What are the IronFX account types?
IronFX offers a choice of seven live trading account types. The account types are categorized into Live Floating/Live Fixed and STP/ECN accounts. The Live Floating/Live Fixed accounts include the following: Standard, Premium, VIP, and Zero Fixed accounts, while the STP/ECN accounts include the No Commission, Zero Spread, and Absolute Zero accounts.
Is there an IronFX demo account?
Yes, a demo account is available at IronFX.
The demo account is designed to allow clients to get acquainted with the broker’s platforms before trading with the live account. It comes preloaded with virtual funds for practice purposes.
What are the IronFX spreads?
The spread is the difference between the bid-ask prices, which you must pay on each trade you take with a broker. The narrower the spread, the lesser the price needs to move in your favor before you start to make a profit — or if the price moves against you — a loss.
IronFX offers low floating and fixed spreads starting from 0.0 pips.
What is the IronFX leverage?
The maximum leverage at IronFX is capped at 1:1000.
Leverage allows you to trade a more significant position size greater than you can without it. Although this can improve potential profit, it also significantly increases risk. Therefore, it is imperative to ensure that you clearly understand what leverage is and how it works before trading leveraged positions.
What are the IronFX margin & stop-out levels?
The margin at IronFX is 40%, while the stop-out level is 20%.
So, your order will be stop-out when the margin level (Equity/Used Margin) of your trading account goes below 20%. This will trigger a stop-out, and your positions will start closing, starting from the most unprofitable.
Do IronFX allow hedging, scalping & expert advisors?
Yes, IronFX allows most trading strategies, including hedging, scalping, and expert advisors.
Is there an IronFX Islamic account?
Yes, IronFX does offer an Islamic account. It is suitable for traders who follow the Muslim faith. Islamic account does not incur any swap interest fees and therefore is fully compliant with Sharia law.
What are the IronFX trading instruments?
The following trading instruments are available at IronFX: Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs.
How do I open an IronFX live account?
The account opening procedure is easy and fast and takes less than 1 minute: visit the IronFX website and click on the button marked “Register” at the top right corner of the website. Please fill in the form and then submit it.
How do I verify my IronFX account?
To verify your account, you need to upload the following documents:
1) Personal ID: a copy of your Passport or your national ID card or Driver’s license (with your photo). And it must not be expired.
2) Proof of your address: the broker requires a recent utility bill (Water/Electricity bill) or a recent bank statement dated within the last six months. Please note that we are not accepting online statements and mobile phone bills.
What is the IronFX trading platform?
IronFX provides traders with the intuitive MT4 trading platform. It is one of the most popular online trading platforms that are used by millions of traders of all experience levels. It is user-friendly with an abundance of implemented trading tools for efficient market analysis and trade management. The MT4 trading platform is available in desktop, web, and mobile versions.
Where can I download the IronFX platform?
The desktop platform can be downloaded from the broker’s website; you can get free instant access to the WebTrader platform directly from the broker’s website or download the mobile platform app on your iOS or Android mobile device from the relevant app store.
Where is IronFX located?
IronFX is located in Australia, with offices in Cyprus, United Kingdom, and South Africa.
Is IronFX regulated?
IronFX is a trading name of Notesco Financial Services Limited. Notesco Financial Services Limited is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC no. 125/10). The broker also obtained licenses to trade from the UK’s Financial Conduct Authority (FCA), Australia’s Securities and Investments Commission (ASIC), and South Africa’s Financial Services Board (FSB).
What countries does IronFX accept?
The broker’s services are intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Is IronFX a scam?
No, IronFX is not a scam. They are regulated in multiple jurisdictions and have been offering reputable financial services since 2010.
How can I contact IronFX support?
IronFX offers a knowledgeable client support team who are available 24/5 to respond to clients’ general, technical, and account-related inquiries via the following contact channels: email, phone, social media, and online chat.
|Broker Features||AvaTrade||IG||IC Markets|
|Regulated||ASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSA||FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF||ASIC, CySEC, FSA, SCB|
|Country||Australia, Ireland, South Africa, Japan, British Virgin Islands||Australia, UK, USA, Switzerland, UAE, Singapore, Japan||Australia, Seychelles, Bahamas, Cyprus|
|Min. Deposit||Min $250 Deposit||Min $100 Deposit||Min $200 Deposit|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFs||Forex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDs||Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, Mobile||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, Mobile||MetaTrader 4, MetaTrader 5, cTrader, Web, Mobile|
|Type||Market Maker, STP||STP, ECN, DMA||ECN|
|Funding||Wire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, Skrill||Wire Transfer, Credit/Debit Cards, PayPal||Wire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli|
|Visit Broker||Visit Broker||Visit Broker||Visit Broker|
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.