IronFX is an online brokerage firm that offers trading services across six classes of financial instruments, including forex, indices, metals, shares, commodities, and futures. Founded in 2010, the company is registered in Bermuda and headquartered in Cyprus. Having more than 1.2 Million clients, the broker delivers its services worldwide except for a few jurisdictions. Clients can choose between different types of accounts at IronFX. The trading cost is also quite competitive. To ensure the security of funds, the broker keeps clients’ investments in segregated bank accounts. Besides offering multiple payment methods for deposits, the broker is fast to release funds. The company offers round-the-clock customer support five days a week. In addition to being a member of the client’s funds compensation scheme, the broker is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. In this IronFX Review, we cover the services of the broker in detail.
The company holds regulations in the United Kingdom. Except for the U.K., the broker does not seem to have regulations anywhere in the world. However, the broker is also a registered member of the fund’s compensation scheme in Cyprus. Under this scheme, clients can claim their losses of up to €20.000 in case the company goes bankrupt. Listed below is the concerned regulatory authority for IronFX.
- Financial Conduct Authority (FCA) – United Kingdom
Opening IronFX Trading Account
Unlike other brokers, the signing up process with IronFX is quick and straightforward. After visiting the broker’s official website, it takes not more than a couple of minutes for clients to get started. Given below is a quick step-by-step guide that you can follow to open an account with the broker without any inconvenience.
Step1: Open the registration form on the broker’s website and enter your details, such as full name, email I.D., mobile number, country of residence, trading account type, account’s base currency, and preferred leverage.
Step2: Check the dialogue box to confirm your agreement with the terms and conditions and click on the green highlighted button captioned as open your trading account.
Step 3: Login your live trading account using the credentials shared at your registered email I.D., access the dashboard, deposit funds as specified, and start placing trades.
Note: Usually, clients need to complete the KYC process before a broker can fund their account. However, IronFX does not have any such requirement. You can deposit funds in your account straight away. However, clients based in the United Kingdom may still need to verify their identity before making deposits. Given below is the list of documents that traders can use to verify their identification.
- National ID Card / Passport / Driving License
- Utility Bill / Bank Statement
While addressing the needs of all stakeholders, the broker offers flexible account types. There are two categories of the available accounts: Fixed/Floating Spread accounts and STP/ECN accounts.
Given below is a quick overview of each account type available in each category.
Fixed/Floating Spread Accounts
Standard: While the minimum deposit amount to open a standard account with the broker is $100, the maximum leverage available is 1:1000. The broker does not charge any commission in this account. The base currency for the account can be selected between USD, EUR, GBP, AUD, JPY, BTC, PLN, and CZK. The minimum lot size available for standard account holders is 0.01, whereas the spread starts from 1.8 pips in a standard account.
Premium: Except for the spreads that start from 1.6 pips in premium accounts, all other features and services offered in the premium accounts are the same as available in a standard version.
VIP: Besides offering a reduced spread starting from 1.4 pips in VIP accounts, the broker limits the base currency of the VIP account to U.S. Dollar ($) only. Other services and features remain unchanged in this account.
Zero Fixed: While the spread starts from 0 pips, the maximum leverage available to zero fixed account holders is reduced to 1:500. Clients can have their account base currency set as U.S. Dollar ($) or Euro (EUR). The broker keeps other features and services the same as offered in other accounts except for a commission charge. The applicable commission ranges from $18 to $ 28 per lot on major currency pairs depending upon the selected pair. On the other hand, the broker charges a commission of up to $43/lot on GBP/JPY and GBP/CHF.
No Commission: Clients can sign up for a no-commission account for a minimum deposit of $100. Spread in this account start from 1.7 pips while the maximum leverage available is 1:200. In addition to EUR, USD, JPY, clients can have BTC set as the base currency in this account. No other change is noticeable.
Zero Spread: While the broker doesn’t charge any spread in this account, the commission is still applicable to zero spread account holders. Not to mention all other services stay the same as offered in the rest of the accounts. The base currency of the account can be none other than EUR, USD, and JPY.
Absolute Zero: The only change in the absolute zero accounts is the reduced spread cost from 0.3 pips.
Note: The company doesn’t offer an Islamic account separately. However, clients can request a swap-free account after signing up with the broker. Please note that the company still charges interest on positions that remain open for more than ten days.
Ironfx Deposit, Withdraw & Fees
To speed up the deposit process, the broker offers multiple payment methods. The minimum deposit to sign up with the broker is $100. The broker does not charge any fees on deposits. However, any fee charged at the source bank is out of the scope of IronFX. Suppose you deposit funds in your accounts in a currency other than your account’s base currency. In that case, the conversion charges might also apply.
All deposits made at IronFX can take up to 24 hours to reflect in your account. The lead time for wire transfers is up to three working days. Clients can fund their accounts using USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, and HUF. Unlike other brokers, IronFX process withdrawal request through bank wire only. However, clients can have their initial Deposit withdrawn via the same method used to deposit funds in their accounts. All funds exceeding the initial deposit amount are sent to a client’s bank account via bank wire. The broker neither specifies a minimum withdrawal amount nor states the relevant withdrawal charges anywhere on the website. IronFX does not impose an inactivity fee on dormant accounts.
Note: The minimum deposit amount applies to all investors who opt for bonus deposits. However, if you haven’t selected the bonus option, you can deposit as low as $10.
Given below is the list of supported payment methods available at IronFX.
- Debit Card/Credit Card
- Master Card
- Digital Assets
- Fast Pay
- Bank Transfers
- Union Pay
- Perfect Money
- IronFX Card
- Local Agent
Spread with IronFX
As compared to industry standards, trading cost with IronFX is competitive. The broker offers both fixed and floating spreads. Spread starting from 0 pips do not exceed 2.2 pips on major currency pairs such as EUR/USD. Since the spread keeps changing, it is best to consult the broker’s website to know the real-time cost. However, the average spread stays between 1 to 1.2 pips.
FX Pairs Average Spreads
Leverage with IronFX
IronFX offers excessive leverage to both retail and institutional investors. Clients can use maximum leverage of up to 1:1000 with IronFX, while the minimum leverage available for traders is 1:200. Leverage enables traders to open sizeable positions with limited funds. Besides increasing market exposure, substantial leverage also magnifies the risk of loss. The broker does not offer a leverage of more than 1:30 to clients residing in the United Kingdom.
IronFX User Experience
IronFX makes every effort to offer its clients a pleasurable trading experience. Being a customer-oriented broker, IronFX keeps things as simple as possible. From the account opening process to profit withdrawals, everything seems well organized. The broker offers flexible account types, along with competitive pricing structures. Equipped with the latest trading tools and indicators, IronFX’s user-friendly trading platforms come with minimal trading restrictions. However, the company does not have a mobile trading app. Instead, on-the-go traders have to rely upon the MetaTrader4 (MT4) mobile trading app. The broker also allows copy trading services. Multiple payment methods accompanying the fast Deposit and withdrawal process make real-time funds accessibility very convenient. IronFX rich educational resources are also commendable.
We are concerned that the broker does not have any restrictions concerning account verification. Clients only need to verify their identity at the time of withdrawals. Although, some investors might assume it to be a positive aspect of the broker. Still, it could be a point of concern for many traders as to why a broker doesn’t care about identity verification. Since the broker is not regulated anywhere except the U.K., traders residing in other parts of the world might assume it to be unsafe. However, being one of the world’s most respectable regulatory authorities, FCA regulations should be sufficient to offer reasonable assurance that the broker is legitimate.
Who Is IronFX For?
IronFX is well suited for all classes of traders. Low deposit requirements with excessive leverage encourage small-scale investors to explore profitable opportunities in the world’s most liquid markets through IronFX. Unlimited demo accounts and the availability of copy trading services can be helpful for both novice and skilled traders. PMAM account enables high-volume traders to manage multiple accounts via one-click trading. Risk management tools, such as negative balance protection, hedging techniques, and trailing stops make the broker a perfect choice for everyone.
While the broker offers round-the-clock customer support five days a week, clients can connect with the company’s representatives via telephone, email, and live chat. Moreover, the website of the broker is accessible in 13 languages of the world. The broker is quick to respond to your queries and solves your complaints within the communicated turn-around time.
Although there is much room for improvement, IronFX seems to meet the average industry standard. While it focuses on customer facilitation, the company should also consider developing its proprietary trading app for on-the-go traders. An introduction of Islamic accounts for shariah practising traders could be a splendid addition to IronFX’s existing line of products. The rest of the features and services offered at IronFX are satisfactory and well suited for all traders.
Countries that IronFX is NOT available in:
Listed below are the countries where IronFX does not offer its services:
- North Korea
- United States
The minimum deposit is $10 at IronFX.
IronFX offers maximum leverage of up to 1:1000.