ChoosaBroker IronFX Broker Review
Our team of analysts at ChoosaBroker review the online brokerage Iron FX. Some elements of the brokerage could be improved such as market insights and social trading opportunities but traders will find a wide variety of account and fee options available at IronFX.
|IronFX Broker Benefits||IronFX Broker Drawbacks|
|Wide variety of shares and forex markets available||Poor and infrequent market analysis|
|Traders can access multiple different account types which include fixed spreads, variable spreads, or zero-spreads||Limited social trading opportunities|
|Traders can also access STP and ECN brokerage accounts||No cryptocurrency markets trading available|
The former Barcelona football club forex broker partner IronFX has had a mixed history since its founding in Cyprus in 2010. While the online brokerage has many attractive elements, users have been underwhelmed with the quality of the investment research issued by the IronFX analysts.
More importantly, issues with regulators have tainted the history of the forex broker. Analysts at Choosabroker reviewed this online brokerage to detail what type of forex traders this broker is suitable for and whether the history of the forex broker should be a concern for future users.
IronFX Key Company Details & Regulation
IronFX was founded in Cyprus in 2010. Although the online brokerage is rumoured to have privately applied to complete an IPO in 2015, the IPO never happened and IronFX remains privately owned.
IronFX mainly serves users in the European, Middle Eastern, Asian, African, and Latin American markets. The forex broker caters for both retail and institutional traders but the services are unavailable for users based in the United States.
IronFX was investigated by CySEC in 2015. The case was ultimately settled. The firm was further fined by the CySEC in 2018 for issues relating to financial reporting. While our analysts do not see such incidents as materially impacting the IronFX trader experience, we do recommend that traders extremely concerned about using brokers with an impeccable record consider other forex brokers. With the FCA being a leading financial regulator recognized worldwide, our best UK London forex brokers review holds strong considerations for authorized forex brokers.
Wide Access to Forex & Shares
|Asset Class||Number of Markets Offered||Major Instruments|
|Forex||83||EUR/USD, USD/HKD, ZAR/JPY|
|Stocks||120+||Apple (AAPL), Tesla (TSLA), Microsoft (MSFT|
|Commodities||3||WTI, Brent, Natural Gas|
|Indices||16||US500Cash, UK100Cash, HK50Cash|
|Precious Metals||6||Gold, Silver, Platinum|
|Futures||26||E-mini S&P 500, E-mini NASDAQ-100, USD Dollar Index|
Over 200 tradable products are available to IronFX traders, mainly through CFD instruments. The most extensive offering available to IronFX users is the forex and stock markets.
Major forex pairs are available to IronFX traders along with some more exotic forex pairs. In terms of shares, IronFX users can access the US, UK, French, Spanish, and Czech Republic stock markets.
Wide Variety of Account Types
IronFX offers various account types to their users. Trading accounts can be set up for as little as 100 USD. IronFX caters for various sizes of traders with micro, standard, and VIP accounts available. Traders can also trial the IronFX features by setting up a demo account.
Traders can choose accounts with a variety of fee types including fixed spreads, variable spreads, and zero spreads. STP and ECN brokering services are also available.
STP brokering passes the orders of traders directly through to a liquidity provider without the intermediation of a dealing desk. ECN connects traders in an electronic network, also providing the benefit of no dealing desk.
In some cases, traders can access leverage up to 1:1000. This means traders can put a fraction of a percentage point as equity and with the rest of the value of a position used as leveraged capital. In some cases, this can lead to outsized returns but it also means that the trader’s position is liquidated quicker if the trade moves against the trader. All IronFX accounts also benefit from a dedicated account manager with 24/5 customer support.
IronFX Traders Access Markets Through MT4
IronFX traders have access to the available financial markets through the MetaTrader 4 (MT4) trading platform. MT4 offers versatile functionality and is a popular choice among forex traders.
MT4 can be accessed by traders on all major devices and software for mobile, PC, and tablet. IronFX traders also have the option to access MT4 Webtrader which is a useful option for accessing the market.
IronFX Market Insights and Education
One major critique of the service provided by IronFX is the quality of the research provided by IronFX analysts. In a time where major online brokerages provide frequent high-quality analyses, the research of IronFX has been noted to be particularly poor.
In some cases, the market research is noted to be outdated by several years. IronFX has recently improved their market analysis but the trading insights are still infrequent when compared to other major online brokerages. However, on a more positive note, IronFX does have a library of evergreen educational resources which traders may find value in.
Don’t Miss the Small Print
Trading fees are reasonable for the IronFX online brokerage services. Traders can access a variety of fee types including fixed spreads, variable spreads, and zero spreads.
However, there are some key trading fees hidden in the small print which IronFX traders need to take into account. IronFX holds the right to charge $50 after one year of inactivity. IronFX also holds the right to charge 3% of deposited funds after an undisclosed period in which a deposit or withdrawal is made without trading activity.
Is IronFX the Forex Broker for You?
IronFX does not offer as many markets as many leading brokers. However, with over 200 markets, many forex traders will find markets suitable for their needs, especially if the trader is interested in the forex and stock markets.
The main upside of choosing IronFX is the wide variety of account and fee types available. The IronFX brokerage caters for trading clients of various sizes and users can also set up an account with a fee structure that suits them the best. Furthermore, IronFX offers an Islamic (swap-free) account catering for the niche needs of some clients.
One of the key downsides to IronFX is the quality of the research and analysis released by the team. ChoosaBroker can suggest considering brokers such as Saxo Bank, IG Markets, and City Index for high-quality analysis content.
A downside to some traders may be the lack of cryptocurrency markets and limited social trading. This is not important to all traders but if this is a key consideration, several high-quality online brokerages offer cryptocurrency trading and eToro offers high-quality social trading opportunities.
Overall, IronFX is a good choice for traders of various sizes who want a wide choice of account and fee structures. This online brokerage should only be chosen by forex traders who are satisfied to use the MT4 trading platform. The previous regulatory issues of the brokerage do not impact its current operation and should not be an issue in the future for IronFX users.