Iron FX brokerage review
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.
Education
IronFX offers free educational content that people of varying trading skill levels can enjoy without registering. However, registered traders can unlock IronFX’s exclusive content to enhance their skills. You can head to “IronFX School” on the broker’s website to find its educational content. The broker provides diverse materials, including articles, videos, podcasts, webinars and quizzes.
On its website, you can find articles explaining trading concepts and strategies for beginners and professionals. The topics discussed in its articles include steps to trade forex, trading sizes (lot) and introduction to CFDs. If you are still a newbie, you can work your way up the ladder by learning easier concepts first.
The broker also provides news articles for its website visitors. This page contains the latest updates in the financial market, including trends in the global stock market, central banks’ monetary policies and political news that can affect the market. Knowing these updates can help traders make informed trading decisions. The page is updated almost daily, although you may want to supplement it with materials from other financial websites for broader market views.
IronFX offers educational videos for learners who prefer an audiovisual approach. Its YouTube page contains videos explaining trading concepts and recent news in the global market. The page is updated fairly regularly. Videos are not only available in English. The broker has also uploaded videos in other languages, such as French and Portuguese, to accommodate its international clients.
Webinars are great for boosting traders’ knowledge and skillsets. This method not only enables you to learn trading concepts but also interact with financial experts. IronFX’s webinars are free for everyone, and some webinars are also provided in languages other than English.
Webinars at IronFX are categorized according to the level of trading skill. You can check the upcoming webinars on the broker’s website. If you miss a webinar, you can still find it later on the broker’s YouTube channel.
The podcasts provided by IronFX’s educational team allow you to learn about trading while doing other activities. These podcasts are free and can be enjoyed on its website. Alternatively, you can also head to Spotify and Google Podcasts to listen to IronFX’s audio courses. The topics range from the psychological impacts of trading to improvement tips. The podcasts, however, are unfortunately not regularly updated.
Another feature that IronFX School offers is an economic calendar. This page ensures that you will not miss out on the releases of important economic data. The calendar does not only list economic publications in the United States, and you can also find publication schedules for other countries, like Japan, Italy and Australia.
Last but not least are the quizzes on its “Courses” page. The page is arranged so that you start from the easy level to the more difficult one. These quizzes can help determine whether you are ready to learn more advanced trading materials.
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.
Safety
IronFX is a trading name for Bermuda-based company Notesco Limited. Notesco Limited is authorized by the Bermuda jurisdiction to provide trading services. The group also includes CIFOI Limited, which is registered in Gibraltar. The broker does not offer trading services to residents of several countries, including the United States, Cuba, Syria and North Korea.
As a registered broker, IronFX implements due diligence for all prospective customers and transactions. During the registration, the broker requests prospective clients to provide valid identification documents. They also need to prove the ownership of their assets. It is a part of the company’s compliance with the Know Your Customer (KYC) policy.
The due diligence is also linked to the anti-money laundering policy that is the standard for a global financial institution. IronFX monitors all transactions on its platform and will pay specific attention to large transactions. If IronFX recognizes illicit transactions under its management, it reserves the right to report that transaction to the authorities.
The broker is also committed to maintaining the data privacy of its clients. IronFX will pass your contact information to companies offering services that may be relevant to your needs, but only if you agree to it during the registration. According to its data protection policy, the company uses sophisticated technology to maintain its data security.
For trading activity, the company offers negative balance protection for all clients. This protection prevents clients from losing more money than their total deposits. If you post a loss larger than your initial deposit, IronFX will cover the remaining amount, so your account balance will never go below zero.
FAQ
How do I deposit money into my IronFX trading account?
Here are the steps to deposit funds into your trading account:
- Login to your account via the client portal.
- Select “Deposit Funds.”
- Pick the preferred funding method.
You must wait up to 24 hours until the deposit is processed because it depends on your funding method. It can even take up to three days if you use a bank transfer.
Why do I receive a “Requotes” notification when trading?
The requote statement usually informs you that the execution price has changed. You can choose whether to continue the transaction by accepting the new price. Keep in mind that the market is highly volatile, and for that reason, the price can change in a split second.
This may also be caused by poor internet connection, which delays the transmission of orders. Therefore, you see the old prices instead of the current ones. You need to ensure that your internet connection is stable before accessing IronFX’s platform.
Will IronFX charge me if I don’t conduct any trading activity?
Yes. Per IronFX’s policy, you will be charged a 3% no-trading fee if you make a deposit and later request a deposit withdrawal without conducting any trading activity.
Why is my pending order deleted from my account?
IronFX will delete your pending order from the system if the free margin is insufficient to cover the minimum margin needed for opening that order.
When can I trade on IronFX’s platform?
IronFX’s online platform allows you to trade 24 hours a day from Monday (starting at 00:00) to Friday (closing at 24:00). Please note that the broker’s server time is GMT+2 (GMT+3 during daylight saving or summer time).
Fixed spreads
Variable spreads
Stop losses
Limit orders
One-click trading
Trailing stops
Expert advisors (EAs)
Virtual private server
Direct market access
STP broker
ECN broker
Market maker
Price alerts
Signal trading
Watchlists
Charting tools
iOS App
Android App
Windows App
Major Stock markets (US UK Germany)
Indices
Penny stocks
Forex
Majors
ETF
CFDs
Bitcoin
Commodities
ETFs
IPO
Options
Futures
Bonds
Hong Kong stocks
Japanese stocks
Listed on Stock Exchange
Scalping
Hedging
Demo account
Islamic account
Micro account
Standard account
VIP account
Zero spread account
Managed account
Credit cards
Bank transfer
PayPal
Neteller
Skrill
Electronic wallets