Iron FX is one of the world’s renowned online brokerage firms that deal with Forex and CFD trading. You might have heard of their name previously, particularly in association with FC Barcelona.
In this review, we will be analyzing the services provided by Iron FX. Things we will be rating them out of including the regulatory bodies that have recognized Iron FX and deemed it suitable and safe for trading, the type of trading platforms that Iron FX offers its patrons, funding methods for depositing your money, trading fees, and commissions if any, the added value of bonuses and incentives, availability of different financial tools and a myriad of other things.
Our aim is, that by the end of this review, the reader should get a clear picture of what constitutes trading with Iron FX and if you should open an account with them or consider another forex broker.
IronFx Overview:
- Safe – having a multitude of financial services licenses under their belt and being recognized by the prestigious Financial Conduct Authority of the UK, makes Iron FX safe to trade with.
- Experienced – Iron FX have in house financial analysts and risk management experts ready to guide you and propel you through your journey with them with ease.
- User Friendly – Their platforms are available on iOS and Android devices as well as for traditional means of computers as well. The AI-based platforms have made trading a breeze.
Company Profile – IronFx:
Iron FX opened for business initially in 2010 and it has been a huge success ever since. The company was based in Cyprus and had acquired its license from Cyprus Securities and Exchange Commissions (CySEC).
Gradually Iron FX moved and opened its branches worldwide, by 2015 the company had offices in the UK, Australia, and South Africa. Now it has expanded its business into more than 180 countries.
Iron FX is one of the oldest online trading brokers and has been a pioneering revolutionary in the CFD and forex trading industry. More recently Iron FX has added cryptocurrency coverage to a wide selection of spot, forex, and CFD trading products. Iron FX has been a partner of FC Barcelona. They also have announced a partnership with EmergoHK to open a cryptocurrency exchange with them.
IronFx Regulations:
Forex regulation has always been a sensitive topic. Broadly speaking, what one might regard as a quality regulation the other might not. However, it’s been made apparent that Europe and Australia offer the most reliable forex regulations in the whole entire world. As a plus point, Iron FX holds licenses in multiple jurisdictions under the name of the trading group called the Notesco Financial Services Limited (previously known as IronFX Global Limited).
Iron FX operates in the European Union under the license provided by the Cyprus Securities and Exchange Commissions (CySEC). Their offices in Sydney, Australia operate under the licenses provided by Australia’s Security and Investments Commissions (ASIC), and the offices in Johannesburg are given licenses by the Financial Services Board (FSB) of South Africa.
One of the main benefits these multiple regulations provide is that Iron FX is able to offer its clients greater legal protection.
All in all, oversight from this many of the world’s leading regulatory bodies indicates that traders can trust Iron FX.
About The CEO:
Iron FX was founded by Mr. Markos Andreas Kashiouris in 2010. Mr. Kashiouris has been the CEO since 2014. Along with iron FX, he also co-owns IBIH Ltd. and serves as executive director of Agua Terra Limited. He holds a master’s degree from the Victoria University of Manchester.
IronFx Trading Platforms:
Iron FX offers it’s clients to select from a variety of 3 platforms:
- Web Trader 4: It is a web-based platform particularly suited for trading multiple classes of assets.
- Personal Multi-Account Manager (PMAM): It is a platform that enables traders to manage multiple MT4 accounts simultaneously.
- Meta Trader 4 (MT4): Considered one of the best in the industry, particularly for forex trading. This platform is easy to use with straightforward portfolio management, making it particularly suitable to the likes of beginner and intermediate level traders. It is available for desktop devices as well. The MT4 platform is up-gradable through the MetaTrader’s Market and Signals, from where users can buy additional add-ons, technical indicators, and signals for copy trading.
The one slight issue thing that we found with their platforms is, that Iron FX does not offer the option of platform customization.
Demo Accounts:
Like many of their counterparts, Iron FX offers demo accounts so traders can test the platform and practice induction of strategies. There are a total of 4 types of demo accounts available. These include:
- Demo STP/ECN Absolute Zero
- Demo Floating Speed
- Demo STP/ECN No Commission
- Demo STP/ECN Zero Spread
The demo accounts look like real accounts and imitate real trading conditions with the benefit that only virtual money is used, thus making practice relatively risk free. They also offer demo contests, so users can compare their platforms to that of their counterparts.
Types Of Accounts:
Iron FX offers eight different types of live trading accounts for retail traders and 4 different types of accounts for institutional traders.
Markets And Trading Products:
A variety of financial trading instruments are provided. They include forex, spot metals, spot indices, spot commodities, futures, shares, and cryptocurrency.
Mobile Applications:
The MT4 platform is available via a mobile app for Android, iOS, and Windows devices. Mobile users benefit from complete trade management with a 100% similar functionality as that of a desktop. The mobile app is facilitated with the Iron FX research app which gives traders an insight into the financial markets and major news events.
Deposit And Commission Fees:
Iron FX does not charge any fees for the deposits. The broker charges a noticeable 3% of deposited funds when withdrawals are requested during times of long inactivity.
Additional trading fees to be on the look-out for include the $50 inactivity fee for the accounts that have sat idle for more than a year.
Payment Methods:
Several deposit and withdrawal methods are available.
Deposits can be made through bank wire transfers, credit and debit cards, Skrill, Neteller, Fasapay, China Union, DotPay.
The minimum deposit starts at $100 for the micro account and can lead up-to $10000 with the VIP account.
Withdrawal options are limited compared to deposit options. Withdrawal can be made via bank transfers. The entire withdrawal process is pretty straight forward and easy to comprehend. Withdrawal times vary widely depending upon the Bank but on average takes about anywhere between one to seven days.
Bonuses And Promotions:
They offer a wide range of different promotional offers to their clients. The broker holds various live trading competitions throughout the year, the winner gets to take home either a cash prize or rewards. Traders also get a welcome bonus when they sign up for an account at Iron FX. However, please note that bonuses cannot be withdrawn.
Trading Hours:
Their trading hours run around the clock the whole entire day from Monday to Friday.
Customer Support:
Their support team is available in over 30 different languages. You can get in touch via email, phone call, live chat, and affiliate portals.
CONCLUSION:
Iron FX has impressed us with its reliable trading platform. The interface is seamless. We found it very easy to use and the layout pretty simple yet inclusive of all the features one might need. It is safe to say that beginner and intermediate level traders can benefit from their MT4 platform. The platform is secured through the Meta Traders one time password.
Apart from that, Iron FX provides a multitude of financial instruments to trade with, figuring up to a collection of more than 200 instruments. They offer customer support in multiple languages which is always a plus. The demo account is a great modality that helps beginners to get familiar with the system. The multiple regulations make trading with Iron FX safe and secure.
The different bonuses and promotional offers and the live trading competition deserves a shout out. Iron FX also has an academy that hosts various webinars, seminars for their clients. They also make great educational videos and have an encyclopedia as well. They also host expos and events around the world which makes it easier for traders to directly interact with their representatives.
The few problematic issues we found include the lack of extensive research and the absence of volume discounts for the users. Another drawback is that traders cannot use Iron FX from the United States, Cuba, Sudan, Syria, Korea, and Canada.
