Forex trading is growing by leaps and bounds as the world is getting smaller and global trading systems are possible because of the World Wide Web. IronFX is a brokerage firm that offers a platform to the traders and investors where they can register and start investing Foreign Exchange. However, before you plan to register with this Forex broker, try reading this IronFX review and understand what you are getting into!
Forex trading is a very sensitive market and as the world’s finance system is now globally dependent, it makes FX market more volatile than before. Yet, there are ways and formulated strategies to make money in Forex trading. All you need is a trustworthy Forex broker and a thorough understanding of how this market works.
IronFX.com is a trading platform owned and operated by a Cyprus based Investment Firm (CIF), IronFX Global Limited. Registered in 2010, IronFX is a leading online Forex broker which operates under the regulation of CySEC (Cyprus Securities Exchange Commission) with a CIF license.
Over the years, IronFX has established its presence globally with several subsidiaries registered in UK, Australia, and South Africa. Besides online Forex trading, the firm also offers different types of asset trading such as Shares, Metals, Commodities, and Spot Indices.
Being set up in multiple countries, IronFX follows international regulatory standards approved by authorities such as CySEC, ASIC, FCA, and FSB. As of today, IronFX holds its presence in 4 different countries with over 5 offices globally with over 200+ employees and provides online trading services to clients globally. The customer service at IronFX is available in 30+ different languages.
IronFX is renowned for its funds' protection policy and offers funds protection of £1,000,000 per client. It says all about this trading platform and the brand IronFX as the FSCS limit is only £50,000 per client.
You can trade using 200+ instruments which include spot trading on Forex, Commodities, Metals, Indices, shares, and futures. IronFX is a globally recognized brand because it has both retail and institutional customers spread across 180+ countries located in Europe, Middle East, Asia, Latin America, and Africa. MT4 is the primary trading platform offered to the customers and the traders also get the benefit from the CFD market at IronFX.
Types of Accounts
You can register your trading account and start trading based on the budget and investment criteria at IronFX. You get the choice of three different individual account types and you can choose any one of your preference. The base account or Micro account requires a minimum $100 deposit and offers 10 base currencies. Leverage for Micro Account is flexible ranging from 1:1 to 1:500. You also get a dedicated account manager with the Micro Account round the clock during the five working days.
With a minimum $2,500 deposit, you can choose premium account where you get all the benefits of Micro account in addition to a dealing department hotline to make an instant transaction.
For VIP accounts, you have to deposit a minimum of $20,000. However, the only difference or benefit of a VIP account from Premium account is that the denomination accepted is only in USD.
In addition to these three general accounts, you can also choose from 3 STP/ECN accounts based on your preferences whether you wish to opt for No Commission, Zero Spread, or Absolute Zero Spread. With STP/ECN accounts, the clients can enjoy flexible leverages ranging from 1:1 to 1:200 and get spreads as low as 0 pips.
The investment firm is the first to introduce the STP/ECN account trading where it allows 0.01 lots for $500 accounts. Traders can either opt for best market spreads or trade extensively with zero commission with STP/ECN accounts. While the accepted denominations are in EUR and USD, the flexible leverage offered goes up to 1:200.
In addition to the individual accounts, IronFX also offers business accounts for corporate companies, institutions, and trust fund managers. To understand and get a live experience at trading, you can also try a demo account.
The Trading Platform
Like every other big player in the Forex trading spectrum, IronFX also offers MT4 as the trading platform for its clients. MT4 is one of the leading trading platforms and besides the basic terminal; it is also available in different versions accessible through the cloud or mobile platforms. Brokers and traders around the globe recommend MT4 as it is one of the toughest and reliable platforms. It is also highly customizable and comes with a wide range of trading tools required in the currency market.
Besides MT4, IronFX also offers MT4 Personal Multi-Account Management platform for fund managers and multiple account managers. With PMAM, fund managers can easily operate and trade for multiple MT4 trading accounts at once.
Spreads and Leverage
Spreads and leverage offered by the Forex broker are very important factors that either make or break a deal. Well, as explained in the types of accounts section already, the spreads offered by IronFX are highly flexible. While you get spreads on EUR/USD as low as 1.1 pips for a Micro Account, you can enjoy much better spreads as you upgrade your account to Premium and VIP levels.
You can also opt for fixed spread accounts but it will be a bit on a higher side without any flexibility. Leverages offered at IronFX are also flexible and you can enjoy leverages ranging from 1:1 to 1:200 on STP/ECN accounts.
In addition to these, you can also win bonuses based on your investments as loyalty rewards. Two types of trading bonuses are offered at IronFX. You can either get 100% Sharing Bonus or 40% Power Bonus. You can also participate in regular trading competitions and win attractive prizes as a trader at IronFX.
Diverse Funding Options
Well, at the end of the day, you need diverse funding options to fund and withdraw your accounts whenever you need. Just like all other top online brokers, IronFX also offers a wide range of funding options to choose from. You can either use Wire Transfer, Credit/Debit cards, Cardpay, CSC24Seven, Dotpay, Ecommpay, Skrill, Webmoney, Safecharge, Dinpay, and Neteller to fund your account or you can withdraw the money using any of the options such as credit/debit card, Wire transfer, Skrill, Dotpay, FASAPAY, Neteller, China Union, and MOTO (Mail Order & Telephone Order).
While the withdrawals are absolutely free at IronFX, the payment processor will charge a service fee. So, choose your payment processor wisely while funding and withdrawing. Thanks to the CySEC regulations, you can also withdraw funds at any time of the day and IronFX ensures that the request is processed on the very same day.
Last but not the least is the customer support offered by IronFX. Well, you get a dedicated account manager round the clock at your service for 5 working days. Also, if you are a Premium or VIP account holder, you also get a dealing department hotline for live transactions.
Being available globally, IronFX also offers customer support in 30+ different languages and the website is also available in dozen different languages for users around the world. The customer support is available via email, live chat or over the call and you can choose any based on your preferences.
Established in 2010, it hasn’t been very long for IronFX coming into the Forex scene. However, the investment firm has earned a global recognition and holds a trustful reputation in the Forex industry as one of the best online brokerage firm.
It is also offering competitive spreads and excellent leverages to its clients in addition to the occasional loyalty rewards in the form of bonuses to encourage them to invest and gain more. It is also the first of its kind trading platform offering STP/ECN accounts.
Without a doubt, it is your best bet for launching your trading journey into Forex and currency market. Yet, the dedicated account manager isn’t available during the weekends and for anyone interested in setting up trades during the weekends can find it a bit troublesome.
Besides that, IronFX looks like a real deal and is regulated by different authorities such as CySEC, ASIC, FCA, and FSB; IronFX is highly trustworthy to handle your funds.
Our Rating: 4.5/5