IronFX Review

IronFX is a multi-asset online broker best known for forex trading. Once registered, users can access the popular MetaTrader 4 (MT4) trading platform, flexible leverage, and competitive spreads. This IronFX review will detail IronFX’s offering, including welcome power bonuses, demo accounts, plus deposit and withdrawal methods.

IronFX Overview

IronFX opened for business in Cyprus in 2010 after securing a license from the Cyprus Securities and Exchange Commission (CySEC).

By 2015, the company had offices in London, Sydney, and Johannesburg, obtaining 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).

IronFX has made the news during its relatively short history. It’s made partners of global brands, including FC Barcelona. In 2015, the broker made the headlines for closing down offices in Russia, Germany, Italy, China, Nigeria, and New Zealand, choosing instead to focus its efforts on clients in traditional markets.

In the same year, IronFX found itself under investigation by the CySEC, which culminated in a €335,000 settlement against the broker.

In 2018, IronFX was fined €2,000 by the CySEC for financial submissions failure. The company has since, however, made a concerted effort to be upfront with its operations, demonstrated through their annual pillar 3 transparency disclosures.

In 2019, the company launched a cryptocurrency exchange raising $26 million in the initial coin offering (ICO). In 2021, IronFX technically trades under the name Notesco Financial Services Limited and is registered in Bermuda.

Its financial products and trading platform are accessible in over 180 countries with thousands of users signing in to the platform to trade.

Trading Platform

IronFX uses the MetaTrader 4 trading platform. The software is considered one of the best in the industry, especially for forex trading. It’s geared towards beginners and intermediates, promising easy-to-use features and straightforward portfolio management.

Traders can use the free MT4 download to install the platform on desktop devices, including Mac. Alternatively, you can trade directly through MetaTrader’s WebTrader.

Armed with account login details, you’ll get straightforward order execution, with instant execution and pending orders available.

MT4 promises advanced charts with nine timeframes, over 30 built-in technical indicators, real-time news, plus automated trading capabilities. The MT4 platform can also be upgraded through MetaTrader’s Market and Signals, where users can buy technical indicators, add-ons, and signals for copy trading.

IronFX also offers a Personal Multi-Account Manager (PMAM) system, which lets traders manage multiple MT4 accounts at the same time.

The only drawback in reviews of IronFX’s platform offering is the lack of a proprietary system. Often bespoke software allows for extensive customization, so some traders may be disappointed by the limited choice.

Markets

IronFX offers over 200 tradable financial instruments across:

• Forex
• Indices
• Shares
• Metals
• Futures
• Commodities
• Cryptocurrencies

Spreads & Commissions

Aside from the Fixed Zero account, spreads at IronFX start at 0.7 pips for the major currency pairs while the average is 1.2 pips. Of course, spreads do widen during periods of volatility and low trading volume.

Spreads get more competitive as you move up the account tier structure, with the VIP account offering the best value for money. Overall, spreads and commission fees are competitive and similar across IronFX products.

However, there are additional trading fees to be aware of. For example, IronFX charges a $50 inactivity fee for trading accounts that sat idle for over a year. Also, the broker charges a sizeable 3% of deposited funds when withdrawals are requested during periods of inactivity.

Leverage

IronFX offers flexible leverage up to 1:1000. This enables traders with a limited bankroll to take larger positions. A margin calculator is available on the website to see how much you leverage you can access. Note, leverage trading amplifies not only potential returns but also potential losses.

Mobile Apps

IronFX’s MetaTrader 4 trading platform is available via a mobile app for Android, iOS, and Windows devices. The app can be downloaded from the respective app stores. Mobile users benefit from total trade management without having to sacrifice functionality.

The mobile offering also comes with the IronFX Research app which gives users an overview of the financial markets and major news events.

Payment Methods

IronFX customers can choose from several deposit and withdrawal methods.

Deposits

• Bank wire transfer – Maximum deposit varies among banks
• Credit & debit cards – Maximum deposit $50,000
• Skrill – Maximum deposit $50,000
• Neteller – Maximum deposit $50,000
• FasaPay – Maximum deposit $5,000
• China Union – Maximum deposit CNY 360,000
• DotPay – Maximum deposit PLN 200,000

Minimum deposits start at $100 with the Micro account and climb to $10,000 with the VIP account.

Withdrawals

Withdrawal options are limited. Profits can only be withdrawn via bank wire transfer, except for initial deposits, which can be paid to the original payment method used, a prepaid card, for example.

The withdrawal process is straightforward. From the client portal, navigate to payments, select ‘withdraw’ and follow the instructions.

Withdrawal times vary depending on the banking provider but range from the same day to seven days. For any withdrawal problems, contact customer support on one of the channels described further below.

Demo Accounts

IronFX offers demo accounts so traders can test the platform and practice strategies. There are four demo accounts available:

• Demo Floating Spread
• Demo STP/ECN Zero Spread
• Demo STP/ECN Absolute Zero
• Demo STP/ECN No Commission

Each demo account imitates real trading conditions, the only difference is virtual money is used. IronFX also runs demo contests so prospective users can see how they compare to other traders.

Bonuses & Promotions

Traders have a choice of welcome bonuses when they sign up for an account at IronFX:

• 100% unlimited Sharing Bonus – minimum $500 deposit
• 40% Power Bonus up to $4,000 – minimum $500 deposit
• 20% Iron Bonus up to $2,000 – minimum $100 deposit

No deposit bonuses ranging from $35 to $100 have also been available at IronFX in the past, so keep an eye out for new promotions. The online broker does also runs live trading competitions with cash prizes. See the ‘Promotions’ tab on the website for news on upcoming trading tournaments.

Note, bonuses cannot be drawn. Offers also vary depending on the country you’re signing up from. Finally, check any minimum deposit bonus terms and conditions when you register for an account as they are subject to change.

Regulations & Licensing

IronFX holds licenses in multiple jurisdictions under the group’s trading name Notesco Financial Services Limited (formerly IronFX Global Ltd). In the UK, the broker is regulated by the Financial Conduct Authority (FCA). IronFX operates in the EU under a license from the Cyprus Securities and Exchange Commission (CySEC).

The brokerage also holds licenses with Australia’s Securities and Investments Commission (ASIC) and the Financial Services Board (FSB) in South Africa.

The result of IronFX falling under multiple regulations is greater legal protection for its clients.

For example, UK traders will benefit from up to £50,000 default protection should the broker go under, while EU traders can receive up to €20,000 under a similar financial compensation scheme. Additional protection includes arrangements that client funds are segregated from IronFX’s capital.

Strict regulatory oversight also means complaints about IronFX and any scandals should be investigated, with wrongdoing resulting in potential fines or the withdrawal of operating licenses.

Overall, oversight from several of the world’s leading regulatory bodies means traders can trust IronFX.

Additional Features

Customer reviews show IronFX falls somewhat when it comes to additional tools. There is a free IronFX Research app that houses market data, commentary, and videos.

Much of the content is outdated, however, and needs attention to rival the offering at other brokers. IronFX also offers e-books and tutorial videos for less-experienced traders, which are useful, but the portal lacks the detailed insights many experienced traders will want to see.

On a more positive note, MT4 houses several useful market tools, including an economic calendar and an Expert Advisor (EA) builder. There are also helpful widgets, including a straightforward profit calculator.

Account Types

Seven trading accounts are available at IronFX.

Live floating/live fixed account types:

• Micro – Spreads start from 1.8 pips, the minimum deposit required is $100 and leverage up to 1:1000 is available
• Premium – Spreads start from 1.6 pips, the minimum deposit required is $1,000, and leverage up to 1:1000 is available
• VIP – Spreads start from 1.4 pips, the minimum deposit required is $10,000 and leverage up to 1:1000 is available
• Zero Fixed – Spreads start from zero pips, the minimum deposit required is $500 and leverage up to 1:500 is available

STP/ECN trading account types:

• No Commission – Spreads start from 1.7 pips, the minimum deposit required is $500 and leverage up to 1:200 is available
• Zero Spread – Spreads start from zero pips, the minimum deposit required is $500, and leverage up to 1:200 is available
• Absolute Zero – Spreads start from 0.3 pips, the minimum deposit required is $500 and leverage up to 1:200 is available

The primary difference between live floating/live fixed trading accounts and the ECN/STP model is market execution. Real accounts use instant execution with re-quotes, whereas STP/ECN accounts use market execution, so no re-quotes are involved.

Note, an account manager is available with all of IronFX’s trading accounts. Also, the broker has an Islamic swap-free trading account.

Benefits

There are several benefits to signing up with IronFX:

• Multiple instruments – Users have access to over 200 tradable instruments across multiple markets, including forex and cryptocurrencies, such as Bitcoin.
• Reliable trading platform – IronFX offers the powerful MetaTrader 4 system, which is a solid and widely-regarded platform.
• Flexible leverage – IronFX offers competitive leverage up to 1:1000, allowing traders to increase position sizes and possible returns.
• Low spreads – Customer reviews and research show IronFX’s spreads are competitive, helping to keep trading costs down.
• Multilingual customer support – IronFX is a global online broker, providing customer support in 30 different languages across 180+ countries.
• Reputable brand – The IronFX logo and brand are strong with regulatory oversight from multiple trusted bodies.
• Hedging – Traders can use the Mirror Account to hedge against potential losses.

Drawbacks

There are certain limitations to IronFX’s offering:

• One trading platform – Although MT4 is the most popular trading platform, it is the only option available, and it may not suit the trading style of some traders.
• Limited news & research – While IronFX does offer news updates and a research tool, they are not as comprehensive as features at some other brokers.
• Volume discounts – Despite many good reviews in terms of bonuses, IronFX does not offer volume discounts to its users.

Trading Hours

IronFX trading hours run around the clock. Users can trade from 00:00 Monday through to 24:00 on a Friday. IronFX market hours run on GMT + 2 with GMT + 3 applying during daylight saving/summertime.

Note that while users may be able to trade 24 hours a day, spreads are less competitive during periods of low liquidity.

Customer Support

The IronFX customer support team is available 24/5 in 30 different languages:

• Email address – [email protected]
• Telephone contact number – +44(0) 203 282 7777
• Live chat – Chat support is accessible from the bottom right of the broker’s website
• FAQs – Found in the ‘Contact Us’ section, the FAQs can answer queries on any number of topics, from payment queries to instructions on how to close an account.
• Careers – The Careers portal lists current jobs and vacancies, and can be found at the bottom of the broker’s website.
• Affiliates –  For IronFX partners, the Affiliates portal is available at the bottom of the website.

To keep up with the latest IronFX news, you can also find the broker on social media:

• Facebook
• Twitter
• YouTube

Security

IronFX uses standard security features to keep clients’ personal information secure, including website encryption. The MT4 trading platform uses MetaTrader’s one-time password. Security could be bolstered through the use of dual-factor platform authentication.

IronFX Verdict

IronFX is a good broker for novices up to intermediates. They offer a reliable MT4 trading platform, a range of products, plus competitive spreads and leverage levels. The choice of account types will also suit varying trading styles and capital needs.

Accepted Countries

IronFX accepts traders from Australia, Thailand, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.

Traders can not use IronFX from the United States, Cuba, Sudan, Syria, Korea, Canada.

Frequently Asked Questions

Does IronFX offer negative balance protection?

Yes – IronFX does offer negative balance protection to all users. This ensures traders do not lose more than their initial deposit.

Can I cancel an instant order request?

If the server has already received and processed the order, it may not be possible to cancel an instant order request. If this is the case, you will receive a pop-up to warn you that your order may not be canceled.

Can I use MetaTrader 5 at IronFX?

The MetaTrader 5 trading platform is not currently available at IronFX. Instead, customers have access to the MetaTrader 4 platform. See here for a review of MetaTrader 4.

Can I use Expert Advisors at IronFX?

Expert Advisors (EAs) are supported on the MetaTrader 4 platform, so automated trading is possible.

Does IronFX offer sign-up bonuses?

Welcome bonuses are available at IronFX when you register for a new account. However, they do change over time and vary between countries, so check the current offers available when you sign up.

Editorial Staff

Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.