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IronFX.com three ways: Forex, CFDs, Social
To open a live account, you’ll need a minimum deposit of at least $500. Alternatively, IronFX offer a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by the Financial Conduct Authority, UK (FRN: 585561 ), CySEC (Licence: 125/10 ), and ASiC (AFSL #417482 ). IronFX puts all client funds in a segregated bank account and uses tier-1 banks for this. IronFX have been established since 2010, and have a head office in Cyprus.
Before we dive into some of the more detailed aspects of IronFX’s spreads, fees, platforms and trading features, you may want to open IronFX‘s website in a new tab by clicking the button below in order to see the latest information directly from IronFX.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
Your capital is at risk.
IronFX review on spreads & fees?
Like most brokers, IronFX take a fee from the spread, which is the difference between the buy and sell price of an instrument.
The spreads displayed below are based on the minimum spreads listed on IronFX’s website. The colour bars show how competitive IronFX’s spreads are in comparison to other popular brokers featured on BrokerNotes.
- Spread type:
Speads are dynamic and are for informational purposes only. Last updated: June 06, 2018.
As you can see, IronFX’s minimum spread for trading EUR/USD is 1.0 pips – which is relatively high compared to average EUR/USD spread of 0.82 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with IronFX vs. similar brokers.
SEE ALL SPREADS
Your capital is at risk.
How much does IronFX charge to trade 1 lot of EUR/USD?
If you were to buy one standard lot of EUR/USD (100k units) with IronFX at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $16.71. Here’s a rough breakdown of the fees and how this compares against Plus500 & AvaTrade.
|Typical overnight fee:||$6.71|
|Total cost of a 100k trade:||$16.71|
All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018. Your capital is at risk.
What can you trade with IronFX?
|FX / Currencies||IronFX|
|# of forex pairs offered||120|
|Major forex pairs||Yes|
|Minor forex pairs||Yes|
|Exotic forex pairs||Yes|
|# of commodities offered||0|
|Indiced & Stock CFDs||IronFX|
|# of Stocks offered||101|
|SEE IRONFX’S INSTRUMENTS|
Your capital is at risk.
What’s the IronFX trading experience like?
1) Platforms and apps
IronFX offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. The combination of downloadable platforms for both Mac and Windows allows traders to trade with their device of choice.
SEE IRONFX’S PLATFORMS
Your capital is at risk.
2) Executing Trades
IronFX allow you to execute a minimum of trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As IronFX offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
IronFX also offers a number of useful risk management features, such as stop losses (), limit ordersnegative balance protectionprice alerts and much more. You can see all of the account features offered by IronFXhere.
Finally, we’ve listed some of the popular funding methods that IronFX offers its traders on the right.
3) ironfx review on Client support
IronFX support a wide range of languages including English, Bulgarian, Chinese, French, German, Greek, Hebrew, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Romanian, Russian, Spanish, Thai, Vietnamese, Arabic Bengali, Urdu, Czech, Farsi, and Slovakian
IronFX have a BrokerNotes A support rating because IronFX offer over three languages and email support.live chat support.phone support.
4) What you’ll need to open an account with IronFX
When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore IronFX’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with IronFX you can visit their website here.
IronFx Review & Guide trading
Founded in 2010, IronFX is considered to be one of the leading online Forex trading platforms. The first primary benefit of this firm is that more than 60 offices are located around the world and no less than 45 different languages are spoken. IronFX is also regulated by a number of governmental agencies such as:
- Financial Conduct Authority (United Kingdom)
- CySEC (Cyprus)
- ASIC (Australia)
- FSP (New Zealand)
Additionally, IronFX is a full member of the Eurex exchange and likewise complies with the MiFID. What are some of the most important features to consider when examining this platform in a bit more detail?
IronFX is seen as one of the most versatile Forex portals in existence. This arises from the fact that numerous trading platforms are available. These include their own proprietary Web Trader system, the respected Meta Trader 4, A Personal Multiple Account manager (PMAM) and a multiple terminal system for those who wish to oversee several trading accounts within a single screen. It should also be noted that IronFX provides services for mobile devices. The systems that are currently accommodated include:
- PDA devices
These levels of versatility are indeed impressive and are some of the primary reasons why Forex traders are attracted to this portal.
Ironfx review on Leverages
The ability to leverage one’s position is an obvious benefit to any Forex trader. IronFX offers levels of 1:500 in regards to instruments such as Forex, CFDs and stocks. Of course, clients can choose the amount of leverage that they wish to employ. It must be noted here that leverages as high as 1:500 carry a great deal of financial risk and should only be undertaken by those with a considerable amount of experience within the industry. These ratios are nonetheless quite impressive in relation to similar Forex brokers.
IronFX offers a handful of benefits to clients of all sizes. Besides the previously mentioned mobile trading capabilities, customers can also enjoy one-click trades, automated orders, swaps (overnight interest rates) and hedging. For those who are interested, this is one of a handful of portals where scalping IS allowed. Both fixed and variable spreads can be chosen while there are five digits quoted ‘after the dot’ (many brokers only offer four).
Ironfx review on Trading Platform Options
Many users will choose to employ the clarity and insight provided by Meta Trader 4. This system is highly intuitive, executes orders with negligible lag time and provides online news, charts and activity reports.
However, a powerful (and nearly equal) alternative can be seen in the proprietary WebTrader software package developed by IronFX themselves. Note that the WebTrader is based within the browser; there is no need for it to be downloaded.
Finally, their smartphone trading variant directly mirrors the WebTrader system designed for the PC. It needs to be remembered that the efficacy of any of these platforms will also depend upon one’s available system memory as well as the Internet connection speed.
For those who are interested in trying out IronFX before making a final decision, another massive benefit is that a free demo account is available. Unlike some other competitors, this account can be used for an unlimited amount of time and all trading platforms can be accessed. This will enable a novice to accurately discover which system may be the most appropriate for him or her.
IronFX provides users with the choice of four different accounts. These are known as:
An ECN account requires a minimum of $500 dollars to be activated. Variable spreads are used and the average spread offers 1.7 pips. The minimum position size is 0.1 lots.
Their Premium variant requires $2,500 dollars as an initial outlay. The spreads here are fixed while being narrowed to 0.7 pips (worth noting). Leverages of up to 1:500 are standard (as within all of the accounts).
VIP accounts can be obtained with $20,000 dollars or more. The spreads here have been further diminished to only 0.2 pips and once again, they are fixed. The primary difference between the Premium and VIP accounts therefore revolves around the spread levels.
Finally, a Micro trading account can be opened for $500 dollars. Spreads are fixed and their levels have increased to 1.1 pips (still below the 1.7 associated with the ECN account). Scalping is encouraged within this variant.
Summarily, all accounts provide access to 120 currency pairs. This is actually considered to be one of the highest available. Leverages are all equal at 1:500 and mobile access is likewise offered as a standard amenity.
IronFX will offer you deferential option for support It is available in numerous languages and currently, these methods include:
- Live chat
IronFx review conclusion
These are some of the hallmarks of IronFX. Perhaps the only noticeable drawback is that at a minimum of $500 dollars to open a basic account, those with limited funds may find the service inaccessible. Still, this is one of the leading online Forex brokers in today’s competitive marketplace.
See our recommended forex brokers