IronFX Review - A global leader in forex trading with a recent history of regulatory issues
Our IronFX Review - global broker with troubled history
IronFX was established in 2010 and is based in Cyprus, however the broker has offices in Sydney, Johannesburg and London. IronFX is licensed and regulated by CySEC , FSCA, ASIC and FCA. The broker offers 200+ tradeable assets to its customers such as Forex, futures, indices, shares, etc. IronFX is available to both retail and professional customers in over 180 countries globally.
The reputation of IronFX is definitely not the strongest in the industry due to the multiple fines the broker faced over the years. IronFX received financial penalties from CySEC for not complying with regulations related to clients’ fund withdrawal. Due to this, traders should consider the broker's history before trading with them.
IronFX operates three platforms: MetaTrader 4, which is the most preferred by traders as well as WeTrader4 which is a proprietary platform developed by IronFX in house and is a browser-based platform. In addition to this, IronFX offers mobile trading. IronFX MT4 is quite a versatile and easy platform to use with extra features that we found quite helpful.
IronFX offers common funding methods such as credit/debit card payments, wire transfers and numerous popular e-wallets such as Neteller, Skrill, Eccompay and Webmoney.
IronFX is a market maker, also offering an account with STP/ECN execution where no re-quotes are involved.
IronFX offers different account types to users, such as ECN, VIP, Premium and Micro accounts. Each of the account types have their own distinctive features to fit the needs of different brokers. For example, to open an ECN account, the trader must deposit $500 minimum. The spreads for ECN accounts vary, the average being 1.7 pips. The lowest minimum deposit is $100 and is available only for Micro accounts. The leverage within all the account types of IronFX is the same – up to 1:30 which abides to FCA and ESMA restrictions. IronFX does not charge deposit fees, but the broker does charge commission fees depending on types of trades.
IronFX offers a variety of bonuses to their clients through live trading competitions that they host throughout the year. The rewards include cash prizes as well as upgrades to VIP accounts that contain special features.
The VIP accounts of IronFX, have a minimum deposit of $20,000, have no commission and offer spreads on EUR/USD as low as 0.7 for floating accounts and 1.8 for fixed accounts. Generally, IronFX offers high spreads in comparison to its competitors. Despite that, the Live Zero spread account offers spreads as low as 0 pips but requires a $500 minimum deposit. As you can see, spreads will vary depending on account the account type.
IronFX allows withdrawals only through bank wires, which unfortunately delays the process of withdrawing funds. The broker insists that withdrawal payments are automatic however after applying for bank withdrawal, we were not informed how long it will take for our request to be processed.
IronFX does offer good customer support that is available in various languages through methods such as phone, live chat, email, skype and forums. Customer support was quick to respond to our queries when needed.
IronFX allows users to open free demo accounts to try out the platform and test the waters before creating a live account. Unfortunately, the demo accounts are not integrated into live platforms which may be confusing for traders. IronFX does offer their customers education tools such as vides, webinars, as well as live seminars in different cities.
Overall, while IronFX does have some positive features related to their platforms, customer support and education, the broker’s industry reputation leaves traders skeptical about the safety of their funds.
Forex Broker Ratings
Monday, April 12, 2021