IronFX Review


Forex Broker

  • Company name: IronFX Global (South Africa) (PTY) LTD
  • Founded: 2010
  • Offices: Cyprus
  • Regulators: FSCA No.45276, FCA, ASIC, CySEC
  • Broker type: Market Maker

Trading info

  • Min. Deposit: £100
  • Leverage: 500:1
  • Min. Spread: 0.0 pips
  • Deposit/Withdrawal: Bank wire, Visa/Mastercard, Skrill, Neteller and many more
  • Currency pairs: 85

Trading platform

  • Platform: MetaTrader 4,
  • Web based: Yes
  • Mobile: Yes

Open Account

8 FXScouts
  • Regulated by FSCA - FSP no 45276
  • Trade in South African Rand
  • Offers trading by phone
  • Offers managed accounts
  • Multiple funding options
  • Rewards for big traders
  • Award-winning software
  • Charges deposit and withdrawal fees on some methods
  • No guaranteed stop losses

IronFX, a brand of Notesco, was founded in 2010 with the goal of creating a trading company bringing together customized trading functionality, the widest suite of trading products, the best pricing, execution and liquidity.

Regulated incomparably better than most brokages including the AYou will find several different bonus structures for you to gain from as well as many different account types for flexible investment options.

Account Types8.5
Client Support & Onboarding8.5
Free Services7.5
Deposit & Withdrawal7.5


Is IronFX Safe?

With awards and industry recognition for Most Trustworthy Forex Broker 2014 (JRJ, China’s leading financial portal), Best Customer Service Provider 2014 (European CEO Magazine)IronFX has previously had extreme credibility within the industry. The awards stopped coming from the industry in 2015 after allegations of withdrawals payments not being paid breed distrust throughout the trading industry, and clients left the brokerage as a result. Their regulators investigated IronFX, and no severe wrongdoing was found to have happened, so IronFX continues to operate under new management.

IronFX, the brand operated by Notesco, has every major regulator in the world auditing them. Notesco UK Limited is regulated by the FCA (license 585561) since 17/06/2013, Notesco Financial Services Limited is regulated by CySEC (license 125/10), IronFX Global (South Africa) (PTY) LTD is regulated by the FSCA (FSP 45276) since 15/07/2014 and Notesco Pty Limited is regulated by ASIC (AFSL no. 417482) since 10/04/2012.

While the journalistic awards stopped coming, and there have been major changes to the management and auditors ensure that all required processes are followed.

Client funds are protected under regulations should the broker file for bankruptcy, and all client funds are kept in segregated accounts where they are kept separate from the operational funds used by the broker to operate the business.

IronFX for Beginners

IronFX is a dependable broker for beginner traders who are want to use MT4 or MT5, award-winning educational and research material, and multiple account choices that can grow with them as they advance along a trading career.

Education Material

The IronFX Academy features educational videos, ebooks, and encyclopedia along with events like online webinars and seminars to attend around the world.

As winners of the Best Forex Educators in 2015 (UK Forex Awards), the IronFX video section is full of educational videos which unlock for traders who open a live trading account and make a deposit. Topic cover trading strategy, market analysis, social trading, crypto trading and trading psychology and it is continually expanding.

Analysis material

IronFX won the award for Best Forex Research Reports 2014 (UK Forex Awards)for their world-class financial reporting service. The research team at IronFX is frequently called on by major news organisations like Marketwatch, Bloomberg and Reuters for their opinion on major economic events.

Key to the IronFX research area is the publicly available daily market insights from the analysis team, and a separate IronFX research app available on Android, IOS and Windows phone.

Live economic news, current rates, analysis and the economic calendar data, is delivered directly into your trading platform to aid you in planning your trading day and uncovering the most profitable opportunities.

Customer support

Customer support is available 24 hours a day, five days a week and in 45 languages to support clients from over 180 countries in Europe, Asia, the Middle East, Africa and Latin America.

IronFX can be contacted on local toll-free phone numbers, live chat and email.

Trading Conditions

The trading conditions vary greatly at IronFX because they support two execution models and a multitude of accounts to take advantage of them. Spreads and commissions vary depending on execution method, account type and the minimum deposit.

Account types

IronFX has accounts that use Instant and Market execution. This way the trader can decide how the trades are executed, along with the spread/commission combination that suits their trading. Accounts are divided up into Live and ECN/STP.

  • Live Fixed Spread & Live Floating Spread accounts use Instant execution and each has Micro, Premium and VIP account options. These options are available depending on the minimum deposit and tighten the spreads incrementally.
  • Live Zero Fixed Spread also uses Instant execution, but spreads are fixed as low as 0, and a commission is taken per lot traded.
  • The STP/ECN No Commission a Market execution account, where no commission is charged, and a spread is inserted in its place.
  • The STP/ECN Zero Spread has spreads as low as 0, and a commission is charged per lot traded. Rates vary between FX and Gold lots.
  • STP/ECN Absolute Zero is a fully customised market execution account, where 0 spreads are offered with a low commission and in exchange for higher minimum deposits.

Spreads and Commissions

Spreads and commission payments vary significantly between the accounts at IronFX, and more considerably between the Instant and Market execution accounts.

  • Spreads for EURUSD vary from 0 pips on the absolute zero accounts, to 2.2 pips on the Live Fixed Spread account with the micro option.
  • Commissions on the account range from 0 on the Instant execution accounts to 43 USD per lot on some of the exotic pairs on commissioned accounts.

To get the right balance of spreads and commissions, consider you minimum deposit and select the best account for you at the time of signup.

Deposit & Withdrawal Fees

IronFX does not charge for deposits, but withdrawals have an administrative fee varying on method. They are:

  • Bank Wire – none
  • Credit Card – up to EUR 1.5 per transaction
  • Skrill – 1% capped to USD 10,000
  • Neteller – 2% capped to USD 30.00 / minimum USD 1.00 per transaction
  • Fasapay – 0.5% per transaction (max approx. $5)
  • China Union Pay – CNY 20 per transaction

Inactivity Fees

IronFX will charge inactivity fees on accounts that are either not traded, or funded throughout one year. Should there be no activity for 12 months, a 50 USD annual fixed administrative fee will be charged, and should the account balance be below 50 USD the remainder of the balance will be taken and the account closed.

Should there only be deposits and withdrawals on the account with no trading activity, IronFX will take up to 3% of the account balance as an administrative fee to cover costs they incur.

IronFX Trading Platforms

IronFX supports MT4, MT5 and the associated webtrader and mobile applications. Using this setup delivers a seamless account setup, so trading on a desktop, a web browser or a mobile device will give you access to your portfolio of investments. MT4 and MT5 are available for both PC and Mac.

Mobile Trading Apps

IronFX has comprehensive support for MT4 and MT5 on Android and IOS. These applications give traders live prices of financial instruments, open orders and positions, risk exposure, and live charts for research on the go.

Compare IronFX

IronFX Vs. FXpro

FundingBank wire, Visa/Mastercard, Skrill, Neteller and many moreBank wire, Visa/Mastercard
RegulatedFSCA No.45276, FCA, ASIC, CySECFSCA No.45052, FCA, CySEC
Broker TypeMarket MakerPure STP
Currency Pairs8570+
Minimum Spread0.0 pips0.6 pips
Minimum Deposit£100£100
Max Leverage500:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit IronFXVisit FXpro

IronFX Vs. XM

FundingBank wire, Visa/Mastercard, Skrill, Neteller and many moreBank wire, Visa/Mastercard, Skrill , Neteller
RegulatedFSCA No.45276, FCA, ASIC, CySECEU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670
Broker TypeMarket MakerMarket Maker
Currency Pairs8555+
Minimum Spread0.0 pips0.0 pips
Minimum Deposit£100£5
Max Leverage500:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit IronFXVisit XM

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the IronFX offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients.  IronFX would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.35% of retail investor accounts losemoney when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.


IronFX is a globally-recognised, remarkably well-regulated Forex broker with award-winning education and research material for traders. While being a market marker, IronFX has introduced account options using market execution that are better suited to professional traders or those seeking further limit their risk exposure.

For beginners who want to learn to trade on either the MT4 or MT5 platform, and with strong international regulation, IronFX is an excellent choice in a broker.


Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.
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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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