Comprehensive IronFX Review

IronFX user-ratings: $100
  • Asset varierity - 0/10
    0/10
  • Trading platform - 0/10
    0/10
  • Support - 0/10
    0/10
  • Fees - 0/10
    0/10
  • Deposit/Withdrawal - 0/10
    0/10

Facts about the company:

  • Type: Forex Broker
  • Regulation: FCA (UK)
  • Minimum deposit: $100
  • Demo account: Free
  • Markets: 200+ Forex,  Metals, Indices, Commodities, Futures, Shares
9/10
Comments Rating 9/10 (1 review)

Pros

  • Spread starts from 0.0
  • 24/5 multilingual support
  • 1:1000 flexible leverage
  • Trades executed in milliseconds 
  • Demo account is offered

Cons

About IronFX

The private company behind IronFX has only been on the market since 2010. Nevertheless, the broker has developed very positively over the last few years and has become a constant in the field of trading with Forex and CFDs. For experienced traders, IronFX has been a household name for some time now, which stands for best customer support and very customer-friendly offers.

Screenshot of the IronFX landing page

IronFX has registered its headquarters in the United Kingdom. Like any other currency pair trading brokers, IronFX is directly regulated by the UK Financial Services Authority FCA.

The experts there are directly subject to the laws and regulations of the European Union with their rules and regulations on how exactly a company should be controlled. In concrete terms, regulation in Great Britain is no different from regulation by the German financial supervisory authority BaFin. With such a regulation, the entire company is permanently monitored and checked for fraudulent acts. Among other things, the software system is important. Is it designed the way the broker promises on his pages?

As required by the European Union, IronFX stores the clients’ money in a separate account and thus separate from the business assets. In case of a bankruptcy of the broker, the client’s money is protected. All clients will get their deposits back up to a certain, clearly five-digit amount. Overall, IronFX makes an excellent impression. You can be sure that this is not fraud and IronFX is completely reputable.

Companies8Safe UK Limited
address55 Old Broad Street, London, EC2M 1RX, United Kingdom
Registration number0811136
Regulation / licenseFCA, 585561
Phone:+44 (0) 203 282 7000
e-mail:support@ironfx.com
Fax:
Call back service:available

In addition, IronFX has been voted “most trustworthy broker 2013” by the SINA Forex Billboard. Other awards such as being named “Best Provider of Fundamental and Technical Analysis 2013” by International Finance magazine have also flowed into IronFX.

To sum up:

  • Reliable customer support
  • Regulated by the FCA
  • Regulated by BaFin
  • Award-winning broker
  • The client’s money is protected in case of a bankruptcy

What clients say

As with many other Forex brokers, the World Wide Web often contains criticism denouncing the actions of a provider. IronFX is not spared from this and has to face online confrontations that are often not necessary. The basis for criticism of the top broker and the doubt whether IronFX is serious is usually the general business principle. For traders with little knowledge of the market, it may seem that the Forex principle is not serious. In this case, the broker with whom money was lost is held responsible. However, IronFX is serious, which can be read in many other customer reviews.

IronFX is generally praised for its excellent customer support, which we will discuss again later in the review. Also, the different account models provide for rapture with interested traders. We took a close look at all experiences and can draw a positive conclusion at the end: Traders are quite satisfied with the offer.

Customer support

As previously indicated, one of the biggest arguments for using IronFX is customer support. You can contact extremely friendly and helpful staff directly via the built-in live chat. In our test, we found that the staff there takes enough time for all issues and answers questions clearly and comprehensibly. In addition, telephone numbers are available in various languages, which you can also use to contact the provider directly. Of course, there is also a contact e-mail address. In our field report, it must be mentioned that we received a reliable answer to our question within a few hours, which we sent by email.

Support available:24/5
Telephone:+44(0) 203 282 7777
Adress:support@IronFX.com
Languages:several

The overall assessment of customer support is excellent. The well-being of the customers seems to be close to the company’s heart. A friendly staff gives insightful answers to any kind of question. Practically all the time, employees are available to answer questions.

Our experience

With regard to seriousness, we can give an extremely positive conclusion after our test. The broker is very transparent and shows his customers what costs they will have to pay and what services they can expect in return. Furthermore, IronFX is regulated within the European Union, so we can assume general reliability. With IronFX we don’t have to worry about anything going wrong, according to our experience report. We can only recommend a registration regarding the seriousness.

What IronFX offers

Even one of the better-known brokers in the field of Forex trading has to face our critical and scrutinizing eyes. We have taken a close look at IronFX and highlighted some of the characteristics we need to compare it directly with other Forex brokers. We can then give an overall conclusion as to whether it is really worth signing up with the top broker.

STP and Market Maker Accounts

IronFX is versatile. Prospective customers notice this already with the first look at the site of the provider. And it is this versatility that ultimately makes IronFX stand out. IronFX offers two different account concepts: STP- and Market-Maker Trading. This unconventional combination shows that IronFX is not a classic broker.

In this context, it should be pointed out that there are different types of accounts, which we could not all verify ourselves in our test. For private investors and beginners, the micro account is particularly suitable. The next higher level is the premium account. Above this is the VIP account. Professional traders should take a special look at the Zero Fixed Spread Option. The advantages and disadvantages of all these trading options and accounts will be explained in the following text on the respective topics.

Maximum leverage of 1:200

With a maximum leverage of 1:200, which is usually only given on more familiar currency pairs, it is difficult to make higher profits even with a small bet. The offer is therefore probably not aimed at beginners. Rather, the aim is to force significant transaction sizes.

The first distinction between the individual account types is made with the Spread. Basically, it is possible to trade with a spread of 0.0 pips at IronFX. However, this does not apply to private investors with a micro account. For standard currency pairs, a spread of at least 2.1 pips is required, which is not likely to please beginners and is comparatively high in the current market. For users of the Premium Account, the spread is reduced to 1.6 pips. There is also the possibility to choose between fixed and variable spreads. VIP customers will ultimately be offered a rate of 1.4 pips, which is in line with the market average.

For traders with a Zero Fixed Spread account, the spread to be paid is actually 0.0 pips. However, they have to pay fees in the form of a commission.

Get in from 100 Dollars

Traders can open an account from 100 Dollars. This is then a micro account. For a premium account, interested parties must already have amounts starting at 2,500 Dollars. On the other hand, the coveted VIP account is only available from 25,000 US dollars deposit. It is managed entirely in American dollars. Compared to competing providers, these values are already very high.

There is also a bonus offered.

Deposit and withdrawal

Deposits at IronFX can be made conveniently by credit card and bank transfer. Additionally, a number of different online payment services are available. Although PayPal is unfortunately not among them, programs like Skrill and Neteller are offered. In our experience, withdrawals are processed within a few business days. However, the respective bank account has to be legitimized before. Furthermore, transactions can only be made to deposited credit cards and no other accounts. This principle was chosen for security reasons.

Over 200 underlying assets

According to IronFX, the number of tradable stocks has now exceeded 200, but there are restrictions. They again depend on the type of account that traders use to manage their accounts. A micro account, for example, only offers nine different currency pairs, which can be traded freely and at will. This is where IronFX should definitely make up for it in order to remain competitive.

MetaTrader 4 in the range

In addition to its own trading software, IronFX also offers connectivity through programs such as MetaTrader 4. This allows traders to automate their trading and make individual settings. Furthermore, a functional overview of all tradable markets is provided. Many different tools and tools can be added individually. For this reason, MetaTrader is considered essential among professional traders.

IronFX also has its own app, which is available for iOS, Android, and Blackberry. We have also tested these extensively and can draw a positive conclusion regarding usability. Nevertheless, we would like to point out that a rather poor overview of the individual quotes and charts is possible via mobile devices like smartphones and tablet PCs. Trading becomes more difficult. Mobile trading is therefore not recommended for beginners.

Rich training academy

At IronFX, the Center for Continuing Education is referred to as the Training Academy. The word “academy” already implies an enormous offer, which IronFX can hold in the test. Not only training videos, webinars, and an own encyclopedia are available. We were especially enthusiastic about the seminars, which the Forex Broker raises from time to time.

In addition, beginners and professional traders alike enjoy the demo account, which is available at IronFX to all registered users who have deposited money into their accounts. This demo account can be used indefinitely and helps newcomers to try out strategies directly on the market and gain further experience before speculating with real money on the risky market.

Conclusion

IronFX is definitely aimed less at beginners and more at traders who have already gained some experience. Although the educational offer is also tailored for beginners, the minimum deposit and spreads are too high for newcomers. The number of tradable currency pairs is also extremely limited with too low a minimum deposit. All in all, IronFX is highly reputable and makes a rarely reached offer, as there are two different account types available. Registration can be recommended to interested traders.


Most asked questions:

What is the minimum volume for trading?

IronFX offers trading from a minimum deposit of $100. The minimum trading volume is 0.01 lots which make the broker perfect for private traders and beginners.

Are fees charged for making a deposit?

IronFX doesn’t charge any fees for making a deposit no matter what payment option is chosen. However, the payment service itself may charge a small commission for making a deposit.

Can the bonus be withdrawn?

No, the bonus will always be removed from the accounts credit while making a withdrawal. However, the bonus can be used for investments.

What are the trading hours?

In spite of other regulations with different brokers, IronForex assets are tradable 24/7. This means, that the trading hours are always open and never end.

One Response

  1. Andre Witzel September 21, 2020

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