IronFX Broker Review

UK residents will be trading under the subsidiary, Notesco Ltd (UK), authorised and regulated by the FCA in the United Kingdom.  Known as one of the strictest regulators in the world, the FCA ensures that brokers segregate all client funds, offer clients negative balance protection and that brokers regularly submit externally audited statements.  

In line with the strict regulatory environment under which IronFX operates, all client funds are kept segregated from operational accounts and all European traders will have negative balance protection. As IronFX operates instant execution accounts, there remains the potential for conflict of interest; but the availability of market execution accounts should satisfy any concerned traders.

IronFX has excellent credibility within the industry, having won over 40 awards since its inception.  Awards include Best Online Trading and Financial Services Company 2020 (AI Global), International Business Magazine 2020, Most Outstanding Online Trading Solutions Provider 2020 (AI), Most Trustworthy Global Broker 2019 (Global Venture), Best Global Online Trading Platform 2017 (M&A Awards), Best Online Forex Trading Platform 2017 (International Finance Awards), and Best of the Best in European Finance 2016, among others.

Overall, because of its strong regulation with some of the best international, a long history of responsible behaviour, and wide industry acclaim, IronFX is considered a safe broker to trade with.

The account opening process at IronFX is fast, fully digital, and hassle-free.

The four-step account opening process is fully digital and accounts are generally ready for trading in one day.  IronFX offers individual, joint, and corporate accounts, but we will focus on opening an individual account.

How to open an account at IronFX:

1. Click on the ‘Register’ button and register your email address and password.  Additionally, traders need to select the account type, base currency, bonus, and level of leverage.  
2. Next traders are will have to wait for the IronFX personnel to confirm the account.
3. The third step requires depositing money through the client portal.  
4. The last step is to confirm your identity in order to make withdrawals.  IronFX will need two documents from you:
   1. A photo ID (passport, driver’s license, or national ID card) and; 
   2. A secondary ID (a bank or utility statement with your full name and address dated in the last three months).

We suggest you read IronFX’s risk disclosure, customer agreement, and terms of business before you start trading.

All British traders are eligible to open an account at IronFX as long as they meet the minimum deposit requirements.  These are:

Live Fixed/Floating Spread Accounts:

Micro Account: 50 USD

Standard Account 100 USD

Premium Account: 1000 USD

VIP Account: 10000 USD.

Zero Fixed Account: 500 USD

STP/ECN Accounts:

No Commission Account: 500 USD

Zero Spread Account: 500 USD

Absolute Zero Account: 500 USD

Compared to other similar brokers, IronFX’s account opening process is fast, generally hassle-free, and fully digital. 

In most cases IronFx’s trading costs are built into the spread – though the Zero Fixed Account and ECN Zero Spread Accounts carry an 18 USD commission in exchange for spreads of 0 pips on the EUR/USD. Additionally, it should be noted that the average trading costs at most other brokers tend to be 9 USD or lower.  Trading costs on all account options at IronFX are significantly higher than this average – at between 11 and 22 USD per lot traded.

Swap Fees

The final trading cost to consider at IronFX is the swap rate charged on positions held overnight.   Interest is paid (or received) for each night a position is held.  In the case of Forex instruments, the amount charged depends on both the positions taken (i.e. long or short) and the rate differentials between the two currencies traded.  IronFX’s swap rates are published on its website for each financial instrument, and the exchange is automatically converted to the base currency of the trading account of the client.  

Account Trading Costs:

We opened and tested several of IronFX’s accounts:

• The Live Floating/Live Fixed Accounts: These are instant execution commission-free accounts with Standard, Premium, and VIP tiers.  Leverage is up to 30:1 and traders can choose between floating or fixed spreads:
   
  • Standard Account: With a minimum deposit of 100 USD, fixed spreads start at 2.2 pips on the EUR/USD or 1.8 pips on the floating-spread option, which is much wider than other similar brokers.  Accounts are denominated in USD, EUR, GBP, AUD, JPY, BTC, PLN, and CZK.  Note the Standard Account is available as a Micro Account with a minimum deposit of only 50 USD.
  • Premium Account: The minimum deposit requirement on this account is 1000 USD. Fixed spreads start at 1.8 pips on the EUR/USD and start at 1.6 pips if one chooses the floating spread option. Again, these spreads are wider than other similar brokers. Accounts are denominated in USD, EUR, GBP, AUD, JPY, BTC, PLN, and CZK.
  • VIP account: The minimum deposit requirement on this account is 10,000 USD. Fixed spreads start at 1.6 pips on the EUR/USD and start at 1.4 pips if one chooses the floating spread option.  Accounts are only denominated in USD.  Even with the high minimum deposit, traders will be disappointed with these wide spreads. 
    
    
• The Live Zero Fixed Spread Account also uses instant execution, but spreads are fixed at 0 pips for the EUR/USD, and a commission of 18 USD round turn/lot is charged for major FX pairs and 23 USD round turn/lot on minor pairs.  These commissions are some of the highest in the industry. Accounts are denominated in USD and EUR.

STP/ECN Accounts:

These accounts are market-execution accounts with a leverage of up to 30:1:

• The STP/ECN No Commission Account is a market execution account, with a minimum deposit requirement of 500 USD.  No commission is charged, and fees are included in the spreads, which start at 1.7 pips on the EUR/USD.  Again, even though traders have direct market access, these spreads are unusually wide, and the minimum deposit requirement is high. Accounts are denominated in EUR, USD, JPY, and BTC.
  
  
• The STP/ECN Zero Spread Account offers spreads as low as 0 pips on the EUR/USD, and a commission is charged per lot traded. The commission is 18 USD per lot on major pairs, and 23 USD per lot on minors.  The minimum deposit requirement on this account is also 500 USD.  Again, the commissions on this account make it unpalatable for most traders.  Accounts are denominated in USD, EUR, and JPY.
  
  
• The STP/ECN Absolute Zero Account is a fully customisable market execution account, where 1.1 pip average spreads on the EUR/USD are offered with no commission in exchange for a minimum deposit of 500 USD. Accounts are only denominated in USD, EUR, and JPY. This account offers the lowest ongoing trading costs of all the accounts at IronFX, but with a spread of 1.1 pips on the EUR/USD, is still wider than those found at other brokers. 

Demo Accounts

IronFX offers demo accounts so traders can test the platform and practice strategies. There are four demo accounts available:

• Demo Floating Spread
• Demo STP/ECN Zero Spread
• Demo STP/ECN Absolute Zero
• Demo STP/ECN No Commission

Each demo account imitates actual trading conditions and comes loaded with 100,000 of the base currency of your choosing.  Demo accounts expire after three weeks of inactivity and cannot be reactivated.  Most other brokers have demo accounts that don’t expire, so this is an unusual move on the part of the broker.

In line with Anti-Money Laundering rules, IronFX does not process payments to third-party accounts. All withdrawal requests from a trading account will be funded to a bank account or source in the trader’s name.   

IronFX offers a range of account funding and deposit methods, including local bank transfers, debit cards/credit cards, Bitcoin payments, and various eWallets.  Deposits are free on all funding methods and are processed within 24 hours, which is around the industry average.  However, it takes 48 hours on average for IronFX to process withdrawals, which is longer than most other brokers.  IronFX charges admin fees on some withdrawal methods in addition to a fee of 50 USD for bank transfers under 300 USD. 

Traders should note that IronFX does not publish the list of deposit and withdrawal methods it supports – one has to register an account to find this information.  This is unusual and not consumer-friendly, as most brokers publish their withdrawal and deposit fees on their websites.  

See below for a full list of deposit and withdrawal options:

IronFX allows accounts to be denominated in 13 different base currencies, depending on the account chosen.  This is a wider range than is typically seen at most other brokers.

Accounts can be denominated in the following base currencies: EUR, GBP, USD, JPY, PLN, AUD, BTC, IRX, ADA, PMA, CZK, ETH, CHF.

IronFX offers accounts denominated in GBP, which means that UK residents will not have to pay currency conversion fees.  Additionally, because IronFX offers such a range of trading account currencies, British traders can open multiple trading accounts with different base currencies to avoid paying fees on every trade, especially if trading on an instrument with a different base currency, such as the EUR/USD. 

IronFX only offers MT4 on a mobile trading platform, but it is available for both Android and iOS. Although there is slightly limited functionality compared to the desktop version of the platform, with reduced timeframes and fewer charting options, traders will still have access to analytics with technical indicators, graphical objects, and a full set of trading orders.  

Additionally, spotty mobile connections can lead to a poor overall trading experience. Generally, it is better to be at your desktop to conduct day-to-day trading and use a mobile device to keep an eye on the markets or close open positions.

Trading Platform Comparison:

IronFX offers the standard out-of-the-box MT4 platform together with an upgraded package labeled MT4 Advanced. The added functionality transforms MT4 into a state-of-the-art trading platform, allowing access to the industry’s latest trading features such as permitted automated strategies and built-in ability to use EAs (Expert Advisors).  A multi-page PDF is available to explain the added functionality.

As a trading platform, MT4 remains one of the most popular for its wide community support, trade execution speeds, charting tools, and customisability. Additionally, traders can take their own customised version of the platform with them should they decide to migrate to another broker.

IronFX offers a VPS service, various trading calculators, and PMAM accounts:

VPS: IronFX offers VPS hosting through third-party providers free of charge for accounts above 5,000 USD. For those accounts which do not meet that threshold, a 30 USD monthly fee will apply.  VPS enables you to upload and run your MT4 Expert Advisors and cAlgo Robots 24 hours a day, without needing to keep your trading terminal running.  VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges.

PMAM: A Personal Multi-Account Manager (PMAM) is available, an in-house version of the MT4 Multi Account Manager (MAM) and the Percentage Allocation Management Module (PAMM) usually seen at other brokers. PMAM accounts are those on which a manager trades on the behalf of investors.  

IronFX also offers a range of trading calculators, including a currency converter, a pip calculator, a margin calculator, and a profit calculator.

Trading Tools Comparison:

IronFX’s research and analysis materials are more comprehensive than its education section, but compared to other large international brokers, are still lacking.

A duo of in-house analysts provides market commentary on breaking news insights.  The presentation and depth of these materials are acceptable but fall short of what is on offer at other large brokers.  Additional market news can be found in the video section mentioned above. 

Live economic news, current rates, analysis, and economic calendar data are delivered directly into your trading platform to help you plan your trading day and uncover the most profitable opportunities.

Overall, while the market research is updated frequently, the breadth of the material trail many of IronFX’s competitors.  

On the whole, other than the video material, blog content, and one downloadable e-book, IronFX’s educational materials lack depth and provide only a sweeping overview of the basics of forex trading.  

Videos: The video materials highlight IronFX’s market experts and analysts as they explain the basics of forex trading and fundamentals to risk management and advanced trading strategies.  They also cover concepts that interest more advanced traders. Some of the video material is only available for traders who open a live trading account and make a deposit.  However, the video material, while more comprehensive than other aspects of IronFX’s education section, is disorganized, and it’s difficult to find what you’re looking for.

IronFX’s blog content is curated by IronFx’s in-house analysts and is updated frequently.  The blog content is a mixture of educational materials, explaining concepts such as technical and fundamental analysis, and also provides an overview of the markets.  The blog content is updated every two to three days.  

IronFX used to offer webinars and seminars, but unfortunately, these are no longer available.  

Overall, although IronFX offers a wide range of informative video content, the materials generally lack substance and are not well-structured.

Educational Material Comparison:

Live economic news, current rates, analysis, and economic calendar data are delivered directly into your trading platform to help you plan your trading day and uncover the most profitable opportunities.