REVIEWS
IronFX Review 2022
Reviewed
Tested
Safe
IronFX is a Forex broker that was established in 2011 in Cyprus, as a trading and brand name for Notesco Limited, with the registration number of 51491.
This Forex broker is regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investment Commission (ASIC).
With IronFX, you can trade with over 200 financial instruments, through one trading platform. This Forex broker provides you with options, fixed spreads, and floating spreads, with a varying level of maximum leverage level.
IronFX offers you different types of trading accounts, and a Demo account, if you want to try out the broker without facing financial loss. Once you open an account, you will be able to use several types of payment methods, with a range of different base currencies to utilize while funding your account.
This IronFX review will demonstrate the main features and provide an in-depth analysis of the platform.
| IronFX Main Features | |
|---|---|
| 🗺️Established in: | 2011 |
| 🏢Headquarters: | Cyprus |
| ⚖️Regulations: | ASIC, CySEC, FCA |
| ⚖️Country of regulation: | Cyprus, Australia, UK |
| 💰Minimum Deposit: | $100 |
| 🖥Platforms: | MT4 |
| 🎮Demo Account Available: | Yes |
| 💱Leverage: | 1:1000 |
| 💰Withdrawal fee amount: | $0 |
| 💰Inactivity Fee: | Yes |
Background
IronFX was founded in 2011, as a trade name for Notesco Limited, a Bermuda-based company. This company has managed to expand into more than 180 countries, including the UK, Australia, and South Africa.
However, IronFX does not offer its services to countries such as the US, Syria, Cuba, and North Korea.
| Pros | Cons |
|---|---|
| • More than 6 different account types | • High minimum deposit amount required |
| • Regulated by the FCA, ASIC, and CySEC | • Inactivity fee charged |
| • Different methods of payment | • Customer support is not available 24\7 |
| • Average base currencies available | • Lack of options for educational resources |
| • Many financial instruments available | |
| • Provides Demo Account | |
| • Different means of communication |
OctaFX
Pepperstone
BlackBull Markets
Vantage
Avatrade
Learn2Trade
CryptoSignals
1000pipbuilder
DDMarkets
Etoro
Safety & Regulation
IronFX is regulated under the licenses of CySEC (Cyprus) no. 125/10, in the U.K. through FCA no. 585561 and Australia through ASIC (AFSL no. 417482). This Forex broker also provides protection through Financial Services Compensation Scheme (FSCS) and Cyprus’ Investor Compensation Fund (ICF).
This IronFX review will show you the different regulations of this Forex trading broker, and you will understand the safety measures it is taking.
| Pros | Cons |
|---|---|
| • Regulated by the Financial Conduct Authority (FCA), Australia Securities and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) | • Standard encryption for the website |
| • Provides protection through Financial Services Compensation Scheme (FSCS) and through Cyprus’ Investor Compensation Fund (ICF). | • No secondary platform authentication |
| • Funds are stored in segregated accounts | |
| • Offers negative balance protection to some clients |
Is IronFX Safe?
IronFXis considered a safe broker since they make it a priority to protect your funds and personal information, from being leaked in misuse. The Financial Conduct Authority and the Cyprus Securities and Exchange Commission provide additional safety measures with their traders through the Financial Services Compensation Scheme (FSCS) and the Cyprus’ Investor Compensation Fund (ICF).
Regulation
The website of IronFX.com is not regulated by any financial authority, but there are certain geographic areas that are regulated by the Financial Conduct Authority (FCA), Australia Securities and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). These three financial regulators depend on the residence of the traders, and its jurisdiction.
Protection
IronFX offers the storage of funds in segregated accounts away from corporate accounts, to prevent misuse. This Forex broker provides negative balance protection and operate instant execution accounts. Despite the fact that IronFX does not offer standard encryption or secondary security measures, you will find that the regulations of the Forex broker are strict and transparent.
Awards
In 2014, IronFX has been awarded with the Most Trustworthy Forex Broker from JRJ. The broker was also awarded the Best Customer Service Provider in 2014, for its quality customer support and its transparent process to traders.
Fees
With IronFX, you will find that they have average trading fees that are not relatively high, compared to the other Forex brokers in the industry.
IronFX non-trading fees are non-existent, only being charged with an inactivity fee after 12 months of inactivity. The rest of the non-trading fees are free of charge.
This IronFX review allows you an in-depth analysis of the fees that revolve around this Forex broker. You will find out the different non-trading and trading fees, as a part of IronFX.
| Pros | Cons |
|---|---|
| • Trading fees are average | • Inactivity fee required |
| • Average spread is listed at 1.2 pips | • Minimum deposit amount is high |
| • No deposit fee | •18USD commission per lot |
| • No withdrawal fee | |
| • No account fee |
Trading Fees
In regards to IronFX and trading fees, they are relatively low. You will find that the spreads for all of their financial instruments, are considered to be really low, compared to other Forex brokers in the trading industry. However, depending on the trading account, you will have to consider that you might be charged with a commission. The commission is 18USD per lot, in the Zero Spread Account.
Non-Trading Fees
IronFX can be considered to not have any non-trading fees, which are fees that you are required to pay excluding from the trading process. These trading fees including deposit fee, withdrawal fee, and account fee are free of charge with IronFX; you will not be required to pay them. You will be required to pay a minimum deposit amount of 500USD to open an account, and an inactivity fee will be charged of 50USD, if you have been inactive on your trading account for a year.
| Deposit Fees and Withdrawal Fees | ||||
|---|---|---|---|---|
| Deposit Fees | 0USD | |||
| Withdrawal Fees | 0USD | |||
| Iron FX Fees Compared To Competitors | |||
|---|---|---|---|
| IronFX | Pepperstone | Axiory | |
| Account Fee | No | No | No |
| Inactivity Fee | Yes | No | No |
| Deposit Fee | 0USD | 0USD | 0USD |
| Withdrawal Fee | 0USD | 0USD | 0USD |
Leverage
IronFX offers flexible leverage levels, depending on the trading account you signed up with. The Micro Account has a 1:100 maximum leverage level, along with the Premium Account and the VIP Account. The Zero Fixed Account provides a 1:500 maximum leverage level.
With IronFX, you will find that they have average trading fees that are not relatively high, compared to the other Forex brokers in the industry.
Account Opening
IronFX offers traders four different types of trading accounts, which are: Micro Account, Premium Account, VIP Account, and Zero Fixed Account.All four trading accounts have different spreads, minimum deposit amounts, and leverage. However, you will find that they share the same minimum lot size and opening an account is the same with all four of them.
| Pros | Cons |
|---|---|
| • Fast opening process | • High minimum deposit amount |
| • Completely digital | • Commission charged 18USD per lot, in Zero Fixed Account |
| • Several account base currencies | |
| • Hotline for dealing transactions available | |
| • Allows EAs | |
| • Account Manager available |
Minimum Deposit
The minimum deposit amount differs from one IronFX account to another. You will find in the Micro Account, you will be required to deposit a minimum of 100USD, while in the Premium Account the minimum deposit amount is 1,000USD. The highest deposit amount required is for the VIP Account of 10,000USD. However, the Zero Fixed Account requires an average of 500USD.
Accounts Types
- Micro Account
- Premium Account
- VIP Account
- Zero Fixed Account
- STP\ECN Account
Micro Account
The Micro Account has spreads starting from 1.8, with a required minimum deposit of 100USD. If you’re a novice trader, then we suggest starting with the IronFX Micro Account, where your leverage level could be up to 1:1000. You will have access to all eight base currencies to choose from, and you will not have to worry about commissions, since there are none. As a holder of the Micro Account, you have an account manager and direct access to the dealing desk.
Premium Account
The Premium Account has spreads starting from 1.8, but with a required minimum deposit of 1,000USD. This is a trading account fit better for those who are intermediate with trading, where your leverage level could reach 1:1000. You will be able to select a base currency from all eight currencies that are available, and you will not have to consider being charged commissions with the Premium Account. You also get the chance to contact a hotline for a dealing-desk interaction and a personal account manager. IronFX also allows scalping and hedging, under the approval of your jurisdiction.
VIP Account
The VIP Account has spreads starting from 1.4, which is lower than the Micro Account and the Premium Account. You will be required to pay a minimum deposit of 10,000USD and that is a very high amount.
If you’re an experienced trader who knows more than most people about trading, then we suggest going for the IronFX VIP Account, where your leverage level could be up to 1:1000. You will only have access to one of the eight base currencies (USD), but you will not have to worry about commissions, since there are none. As a holder of the VIP Account, you have an account manager and direct access to the dealing desk.
IronFX also allows hedging and scalping, depending on your jurisdiction.
Zero Fixed Account
The Zero Fixed Account has spread starting from 0, and with a required minimum deposit of 500USD. This is a trading account fit better for those who understand trading and prefer zero spreads; you’ll find that your leverage level could reach to 1:500, instead of 1:1000 as the other trading accounts.
You will be able to select a base currency from the EUR or the USD that are available, and you will have to consider being charged for commissions with the Zero Fixed Account. The commissions charged are 18USD per lot, and higher, depending on the financial instrument you are trading.
You also get the chance to contact a hotline for a dealing-desk interaction and a personal account manager. IronFX also allows scalping and hedging, under the approval of your jurisdiction.
This IronFX review will demonstrate a step-by-step guide on how to open a live account of your choosing.
How To Open An IronFX Trading Account
Step One: Fill in your personal information in the online application. You should include your preferred base currency, your trading account, and your leverage level.
Step Two: Create an e-Wallet account by making a deposit to open the account
Deposit & Withdrawal
You will also be able to use several different base currencies as funds for your account.
Account Base Currencies
You have the option of selecting one of the eight different base currencies. These account base currencies are USD, EUR, GBP, AUD, JPY, BTC, PLN, and CZK. If you deposit funds to your trading account with a different currency, then it will automatically be converted into the base currency of your choice on your trading account.
In this IronFX review, we have demonstrated the different types of base currencies for you to look through and consider as your options.
| USD | EUR | GBP | AUD |
| JPY | BTC | PLN | CZK |
Deposits
With IronFX, you will not have to worry about deposit fees or a slow deposit process. There are several methods of payment, including: electronic payment, credit\debit card, cryptocurrencies, and bank transfer. You will find various base currencies, including but not limited to the BitCoin currency.
| Pros | Cons |
|---|---|
| •No deposit fee | • High minimum deposit amount |
| • Different payment methods | |
| • Various base currencies | |
| • Fast deposit process |
IronFX Deposit Options
- E-Payment
- Bank Transfer
- Credit\Debit Card
- Cryptocurrencies
Withdrawal
Withdrawals with IronFX are similar to deposits, you do not have to consider a withdrawal fee whenever you decide to extract funds from your account. You will be able to select from a range of payment methods and base currencies to use for you trading account. You will have to consider that the withdrawal process takes up to 5 business days to process from your account.
| Pros | Cons |
|---|---|
| • No withdrawal fee | • Slow withdrawal process |
| • Different payment methods |
IronFX Withdrawal Options
- E-Payment
- Bank Transfer
- Credit\Debit Card
- Cryptocurrencies
Trading Platforms
IronFX only supports one trading platform, MetaTrader4, which happens to be the most common trading platform in the trading world. The MT4 trading platform is the world’s most used platform, and it can be operated by both novice and advanced traders. This IronFX review will show you the details of the MT4 trading platform as a web trading platform, desktop trading platform, and mobile application.
Web Trading Platform
With the MT4 web trading platform, you will only find the four basic pending order types. These order types are: Buy Limit, Buy Stop, Sell Limit, and Sell Stop. These orders are considered the basis of trading, which would make it easy for a new trader to navigate. However, an advanced trader would want more options than these four order types.
If you are thinking about whether your information is safe with IronFX, it is. However, the MT4 web trading platform does not offer a two-step login process, which means that you have to rely on the initial login process.
Despite the fact that there is no two-step login process, you can always make up for it with the option of being alert for any price movements that take place. With the MT4 web trading platform, you will receive price alerts in the form of email notifications on your account.
| Pros | Cons |
|---|---|
| • Available on Window and Mac | • No two-step login process |
| • Customizable indicators | • Basic order types available only |
| • Activity report and portfolio available | |
| • Allows EAs | |
| • Alerts and notifications |
Desktop Trading Platform
With MT4 desktop trading platform, you will only find these order types: Buy Limit, Buy Stop, Sell Limit, and Sell Stop. These order types are considered the foundation of trading, which would make it simple for a new trader to maintain their trades. However, an experienced trader would want more challenging order types, since they have a more extensive background.
Regarding security measures, unfortunately, the MT4 desktop trading platform does not offer a secondary login process, which means that your only form of authentication is through the initial login process.
The desktop trading platform of IronFX allows you to view your performance history and past activity. This means that if you need to check or look through your trading history, you can. You also have the option to be alerted of any price movements of your choice, which means that you can be notified via desktop notifications.
| Pros | Cons |
|---|---|
| • Available on Window and Mac | • No two-step login process |
| • Customizable indicators | • Basic order types available only |
| • Activity report and portfolio available | |
| • Allows EAs | |
| • Alerts and notifications |
Mobile Trading Platform
The MT4 mobile trading platform is used mostly for traders who prefer trading on-the-go. Traders, who like trading anytime and anywhere, mostly rely on this trading platform. The MT4 mobile application can be found on iOS and Android stores, and they are free to download.
The mobile application is similar to the desktop trading platform and the web trading platform, from start to finish. This MT4 on-the-go application only has four basic pending order types. These basic order types are: Buy Limit, Buy Stop, Sell Limit, and Sell Stop. These orders are considered the foundation of trading, which makes it simple for a new trader. However, an advanced trader would want more options than these four order types because of their extensive background in the industry.
As a mobile user, speed is the feature you look for in an application. With the MT4 mobile application, you will find that speed is not a problem. You will be able to execute instantly, but you will not find the speed you want when you sign in. The mobile application does not allow you to depend on facial recognition or fingerprint recognition. You will need to manually login your information to be able to enter your MT4 profile.
Despite the fact that there is no facial recognition, you can always make up for it with the option of being alerted for any price movements that take place. With the MT4 mobile trading platform, you will receive price alerts in the form of push notifications on your mobile device.
| Pros | Cons |
|---|---|
| • Available on iOS and Android | • No facial recognition or fingerprint login |
| • Customizable indicators | • Basic order types available only |
| • Activity report and portfolio available | |
| • Allows EAs | |
| • Alerts and notifications |
Markets & Financial Instruments
IronFX provides traders with the option of trading with more than 200 financial instruments, including currency pairs, Forex trading, and CFD trading. You will find that there are several choices for you to trade from, and you will have unlimited access to all the financial markets.
IronFX provides six asset classes and over 200 financial instruments. These financial markets include Forex trading, CFD trading, Metals, Indices, Futures, Cryptocurrencies, and Shares.
However, trading with shares means that you are charged with a 0.1% commission. You will also only be able to trade Futures on a Monday to Thursday basis since that is the available trading hours.
This IronFX review will show you what you can trade with and how many asset classes IronFX can provide for you.
| What IronFX Offers | ||||
|---|---|---|---|---|
| Forex | Metals | |||
| Indices | Futures | |||
| Shares | Cryptocurrencies | |||
Markets Research & Trading Tools
Trading Tools
This IronFX broker review will show you all the trading tools and market research materials that are provided on the website. However, you will find that there is a lack in resources.
The trading tools that are available with IronFX are: the economic calendar, trading calculators, and the daily market outlook. These trading tools allow traders to predict any volatility and allow an introspective insight on the financial markets.
| IronFX Tools | ||||
|---|---|---|---|---|
| Economic Calendar | Trading Calculator | |||
| Daily Market Outlook | AutoTrade | |||
| Pros | Cons |
|---|---|
| • Market outlook is updated daily | • Not many choices for trading tools |
| • Economic calendar provides information on important events around the world |
Economic calendars allow you to stay updated on future trading events that could be important to you, as a trader. Trading calculators provide you with the option to calculate whatever you need from the trading industry. The daily market outlook offers you a daily insight on the financial markets, and what you can do about it. The AutoTrade tool gives you the option to authorize automated trading, or you can use AutoTrade to copy trade from other clients.
Market Research
Although the market research of IronFX is not comprehensive and there are not many options to select from, the Market Insight may be enough for you to use because of how accurate it analyzes the market.
The Market Insight material is updated on a daily basis and you’ll find it very easy to navigate through. You will be able to find daily updates on how the market looks like. This will help you with your trading decisions and strategies.
| Pros | Cons |
|---|---|
| • Easy to navigate | • Lack of materials available |
| • Daily updated | • Only accessible as a member of IronFX |
| • Accurate analysis | • Not extensive |
The Market Insight material is updated on a daily basis and you’ll find it very easy to navigate through. You will be able to find daily updates on how the market looks like. This will help you with your trading decisions and strategies. However, since this is the only research material on IronFX, you will need to rely on it heavily for any research.
This IronFX broker review will show you all the trading tools and market research materials that are provided on the website. However, you will find that there is a lack in resources.
Customer Service
The customer service support in IronFX may not be available 24\7, but the responses are quick and the answers are relevant. You will be able to contact customer support via live chat, email support, and phone call.
With IronFX customer support, you will be able to communicate with them in different ways. You can send them an email, call their customer service department, or engage in a live chat. IronFX also has a comprehensive FAQ section that could answer your questions.
With IronFX, you can interact with customer support in different languages. However, they operate only 24 hours a day, 5 days a week rather than available 24\7.
This IronFX broker review shows you the different methods you can communicate with this Forex trading broker and its customer support.
| Pros | Cons |
|---|---|
| • Available in different languages | • Not available 24\7 |
| • Fast and accurate responses | |
| • Different methods of communication |
Means Of Communication
- Live chat
- Email support
- Phone Support
- FAQ
IronFX offers a top-quality customer support service that has been a useful advantage to the clients. The customer service has led to a satisfying trading experience, since the customer service staff were accommodating and their answers were relevant to the questions asked.
Client Education
| Pros | Cons |
|---|---|
| • Videos available | • Lack of options for educational material |
| • Demo account provided | |
| • Unlimited Demo account |
The videos that you will find in the Trading Central services are comprehensive and very accurate. You will find any trading topic you can think of, whether it is general knowledge or trading psychology, you will find it with IronFX. You will have to be a member to be able to access the Trading Central services, but you can always open a Demo Account.
The IronFX Demo account is an unlimited time account that allows you to immerse into the simulation of this Forex trading broker without facing any financial loss. The best part is that you can virtually trade funds up to 5Million USD.
This IronFX broker review shows you a step-by-step guide on how to open your own Demo Account with this Forex trading broker.
How To Open A Demo Account
Step One: Fill in your personal information in this online application
Step Two: Start trading after receiving the confirmation email!
Conclusion
It is regulated under the licenses of CySEC (Cyprus) no. 125/10, in the U.K. through FCA no. 585561 and Australia through ASIC (AFSL no. 417482). This Forex broker also provides protection through the Financial Services Compensation Scheme (FSCS) and Cyprus’ Investor Compensation Fund (ICF). This shows that it is a trustworthy broker and they take priority in protecting client funds, which is they store client funds in segregated accounts.
This Forex broker provides you with the option to trade with 200+ financial instruments over 6 asset classes, through 4 different trading accounts, on 1 trading platform. This means you can choose any financial market you want with any financial product you prefer. You can then select the type of trading account that suits your needs and trade on MetaTrader4, web, or desktop or mobile application.
IronFX has been operating since 2011 and has expanded to over 180 countries at the moment.
Overall, IronFX is a safe broker to trade with.
Frequently Asked Questions
Is IronFX A Good Broker?
IronFX is a good Forex trading broker that takes care of its client’s funds and personal information. This CFD trading broker provides a transparent process of what happens to your funds and how it is protected.
How Long Do IronFX Withdrawals Take?
Withdrawals with IronFX takes from approximately 1 to 5 business days.
What Is The Minimum Deposit For IronFX?
The minimum deposit of IronFX ranges from 100USD to 500USD, depending on the account type you choose.
Is IronFX Regulated?
IronFX is regulated under the licenses of CySEC (Cyprus) no. 125/10, in the U.K. through FCA no. 585561 and Australia through ASIC (AFSL no. 417482). This Forex broker also provides protection through Financial Services Compensation Scheme (FSCS) and Cyprus’ Investor Compensation Fund (ICF).
Is IronFX An ECN Broker?
Yes, IronFX is an ECN broker.
Methodology
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.
Our reviews are a combination of data research and working alongside the brokers. All information provided by the brokers are double-checked to guarantee 100% accuracy and that we remain unbiased.
2023 Review Methodology
For our 2023 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 0.1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
Chad Smith
Director of Research & Analysis
Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.
Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.
Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.