IronFX is a Cyprus-based online broker specializing in forex, CFDs, commodities and spot metals. They are authorised and licensed by various trusted financial regulators such as the Financial Conduct Authority, the Australian Securities and Investments Commission and the Cyprus Securities and Exchange Commission. They have over 60 offices worldwide and is in process for a potential initial public offering in the US which makes them a highly stable online brokerage company. They are also widely recognized by a number of financial regulators including the FCA. Although their minimum deposit requirement is a bit on the high side, this is a non-issue since you are most likely to make a second deposit anyway if you’re a serious trader. Is this broker a good choice for trading forex and other financial instruments? Continue reading this review to know the answer.
Demo Account: Valid for 1 month
A demo account is available from this broker and it basically has the same features as the live account. It is preloaded with virtual money amounting to $5,000,000 but it is only available for a period of 1 month so make sure to fully test it out before it reaches expiration.
Bonuses: Big in extras
A welcome bonus that can go for as high as 60% up to $3,000 is given out by this broker for newly signed-up members. This is a great deal as it stretches out the funds on the account.
Platform: Trading made easy and convenient
IronFX offers a variety of platforms which allows trading in many different ways. They have the MetaTrader4, MetaTrader5, PMAM, Webtrader and Mulitrader for desktops that are running on Windows and Mac. An alternative to the MetaTrader platforms is the Sirix WebTrader which offers the basic trading tools and features.
Mobile Trading: iOS, Android and Blackberry support
Not only do they have support for desktops but they also have apps that were developed for various mobile devices including those that are running on Android, iOS and Blackberry operating systems. This eliminates the need to use a computer in order to monitor my trades since I can access them directly from my phone or tablet.
Minimum Lot Size: Trading on the safe zone
With a 0.01 minimum lot size, even neophytes won’t have to worry since they can trade on the safe zone and easily become more profitable. Such size allows me to scale the risks and monitor my positions properly.
Maximum Leverage: Up to 500 times!
Compared to other brokers, IronFX offers a higher maximum leverage at 1:500. That means I can multiply my shares up to 500 times and potentially increase my profits on a particular investment.
Spreads: Fixed and variable
There’s an option to choose between fixed and variable spread accounts that have flexible trading conditions. For the EUR/USD pair, the spread can go for as low as 0.7 pip which means that the trading costs are much lower and the potential profits are much higher.
Tradable Instruments: Over 200 varieties
There are over 200 products comprising of forex, spot metals, futures and shares. It’s notable that they have a lot of currency pairings and futures contracts via CFDs which allows me to speculate on various markets.
Social Trading: Copy trades in real time
Their Sirix Web Trader has an integrated social trading feature which is compatible with the MetaTrader platform and since it is purely web-based, I don’t have to download and install any software on my PC. With the Social Trader, it is possible to follow and imitate the strategies that are being used by the more experienced traders in real time. Using the social stream section, it is possible to monitor the live trades of other users and see the outcome of their orders. It also has an automated copy trading feature which allows me to copy as many trades as I want. What’s more, I can even share any details about my trade through social media like Facebook and Twitter.
Deposit & Withdrawal/Support
Minimum Deposit: A bit on the high side
They require an initial deposit of $500 which may be a bit on the high side but as a serious trader, I really don’t mind this amount because I am more likely to make subsequent deposits in the long run.
Deposit Methods: Variety of choices
Transferring money into my IronFX account was just a breeze because this broker accepts a number of payment methods including Visa, Bank Wire, Skrill, Neteller, WebMoney, QIWI, YandexMoney, M.O.T.O, OKPay and fasapay.
Withdrawal Methods: Simple and fast
Cashing out my money was very fast and convenient. I just clicked on the Withdraw Funds, choose from the supported methods and it’s done.
Withdrawal Processing Time: In a matter of days
The actual processing time only takes a day and there is an additional 4 to 7 business days to see the actual amount on my account. This is comparatively fast because most brokers take longer to process such requests.
Channels: Different modes of communication
The support team can be reached via phone, email and live chat. That gives me plenty of ways to contact them whenever I need assistance.
Availability: All day and night
There is always someone to talk to with their support department because they are available 24 hours a day, 7 days a week.
Supported Languages: English and more
Not only do they support English but they also cover various languages including Azerbaijani, Arabic, Bangladeshi, German, Greek, Spanish, French, Hebrew, Magyar Nyelv, Bahasa Indonesia, Italian, Japanese, Korean, Bahasa Malay, Filipino, Polish, Portuguese, Romanian, Russian, Thai, Slovencina, Vietnamese, Chinese, Hindu, Czech and Bulgarian.
Average User Rating: 9.0
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Easy to navigate
All of their platforms are very easy to navigate and are full of trading features but among the choices, the Sirix Webtrader platform was my top pick. All the sections are very organized and the necessary tools can be accessed with just a few clicks.
Support: Quick and efficient
I’ve contacted their support department a couple of times and based on my experience, I could say that they are definitely fast and efficient in handling almost any type of customer issue. They are very helpful and accommodating all the time.
Reputation: Recognized by the top regulators
IronFX is regulated by the Financial Conduct Authority (FCA), one of the biggest financial regulators in the UK. This is solid evidence that it is safe to trade with this broker because they are recognized by a highly credible institution. Aside from this, they are also have an active license with the Australian Securities and Investments Commission (ASIC), the Financial Services Board (FSB), the Financial Service Providers (FSP), the Ukrainian Centre for OTC Financial Instruments and Technologies Development (UCRFIN), the Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN), the Cyprus Securities and Exchange Commission (CySEC) and the Markets in Financial Instruments Directive (MiFID).
Editor’s Rating: 90
IronFX features a variety of powerful platforms with favorable trading conditions and a wide range of products that offer the best pricing and liquidity for an efficient trading experience. Their compliance with several international regulatory authorities including the FCA, ASIC and CySEC are solid evidence that they are serious in this lucrative and profitable industry. In general, this broker is no doubt one of the best choices for trading forex and other financial instruments.