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Broker Review Contents
IronFX is a forex and contract for difference (CFD) trading platform. They provide traders with access to key markets such as currencies, indexes, commodities, and stocks. IronFX is one of the few brokers that offers cryptocurrency CFDs .
- Used by 5,000+ traders
- Established in 2005
- Regulated by Financial Conduct Authority
- Min. deposit from $100
- Doesn’t allow scalping (See alternatives)
- Limited range of instruments
A minimum deposit of $500 is required to create a live account. Alternatively, IronFX provides a demo account that you may use to experiment and become acquainted with their platform.
The Financial Conduct Authority, UK (FRN: 585561), CySEC (Licence: 125/10), and ASIC (AFSL #417482) regulate the firm. IronFX keeps all customer funds in a separate bank account and works with tier-1 institutions to do so. IronFX was founded in 2010 and has its headquarters in Cyprus.
Before we get into the specifics of IronFX’s spreads, fees, platforms, and trading tools, you might want to open IronFX’s website in a new tab by clicking the button below to get the most up-to-date information directly from IronFX’s website.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
What are IronFX’s spreads & fees?
IronFX, like most brokers, charges a commission on the spread, which is the difference between the buy and sell price of an asset.
The commissions and spreads shown here are based on the IronFX website’s minimum spreads.
|EUR/USD(Average: 0.7 pips)||0.7 pips||0.7 pips||0.1 pips|
|GBP/USD(Average: 1.1 pips)||0.8 pips||1.7 pips||0.1 pips|
|USD/JPY(Average: 1.1 pips)||0.4 pips||0.6 pips||0.1 pips|
|AUD/USD(Average: 0.8 pips)||1 pips||0.6 pips||0.2 pips|
|USD/CHF(Average: 2.3 pips)||1.3 pips||2.3 pips||0.2 pips|
|USD/CAD(Average: 2.9 pips)||1.3 pips||0.5 pips||0.3 pips|
|NZD/USD(Average: 3.6 pips)||2.8 pips||2.8 pips||0.3 pips|
|EUR/GBP(Average: 2.4 pips)||0.9 pips||0.5 pips||0.1 pips|
Spreads are dynamic and are for informational purposes only.
As you can see, IronFX’s minimum spread for trading EUR/USD is 0.7 pips – which is normal compared to the average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with IronFX vs. similar brokers.
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 $16.71. Here’s a rough breakdown of the fees and how this compares against IG & XTB .
|Spread from:||$ 7.00||$ 6.00||$ 2.00|
|Total cost of a 100k trade:||$ 7.00||$ 6.00||$ 2.00|
|$1 less||$5 less|
|VISIT IRONFX||VISIT IG||VISIT XTB|
All fees/prices are for informational purposes and are subject to change.
What can you trade with IronFX?
IronFX offers over 256 different instruments to trade, including over 120 currency pairs. We’ve summarised all of the different types of instruments offered by IronFX below, along with the instruments offered by IG and XTB for comparison.
|FX / Currencies||IronFX||IG||XTB|
|# of forex pairs offered||120||90||48|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes||Yes|
|Exotic forex pairs||Yes||Yes||Yes|
|# of commodities offered||0||34||21|
|Index & Stock CFDs||IronFX||IG||XTB|
|# of stocks offered||101||8000||1606|
|SEE IRONFX’S INSTRUMENTS||SEE IG’S INSTRUMENTS||SEE XTB’S INSTRUMENTS|
What’s the IronFX trading experience like?
1) Platforms and apps
IronFX provides the well-known MT4 forex trading platform. See our MT4 broker comparison for a list of the best MT4 brokers. Traders may trade with their preferred device thanks to the mix of downloading platforms for both Mac and Windows.
IronFX now provides mobile apps for Android and iOS, making it easy to monitor and execute trades while on the go.
Still not sure?
2) Executing Trades
IronFX allows you to make a 0.01 Lot trade. This may differ based on the type of account you establish. The maximum trading requirements differ according to the trader and the instrument. Because IronFX provides ECN and STP execution, you may anticipate incredibly narrow spreads and greater transparency into the price you pay to execute your transactions.
IronFX may offer lower entrance criteria as a market maker than an ECN broker, which benefits from a higher number of transactions and usually has higher capital and minimum trading requirements. Market makers generally have a lower minimum deposit, lower minimum trade requirements, and no trading commission.
IronFX is one of the few brokers who claim to have no requotes, so you won’t have to worry about slippage (your trades being ordered at a different price to what you executed them at).
Margin requirements, like those of other brokers, vary based on the trader, account, and instrument. The most recent margin requirements may be seen on their website.
IronFX also includes a variety of risk management tools, including as stop losses (with trailing stops), limit orders, negative balance protection, price alerts, and much more. You may view all of IronFX’s account features here.
Finally, we’ve listed some of the popular funding methods that IronFX offers its traders below.
- Allows scalping
- Allows hedging
- Offers STP
- Low min deposit
- Offers Negative Balance Protection
- Demo account
- Micro account
- Mini account
- Standard account
- Zero spread account
- ECN account
- Islamic account
- Credit cards
- Bank Transfer
3) Client support
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 Slovak are among the languages supported by IronFX.
IronFX gets a CompareBroker A support grade because it provides email assistance, live chat support, and phone support in several languages.
4) What you’ll need to open an account with IronFX
Because IronFX is regulated by the Financial Conduct Authority, CySEC, and ASIC, every new customer must pass a few simple compliance tests to verify that you understand the risks of trading and that you are permitted to trade. When you establish an account, you will most likely be asked for the following information, so have it 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 prove your trading expertise, so allow at least 10 minutes to finish the account opening procedure.
While you may be able to browse IronFX’s platform immediately, it is crucial to note that you will not be able to execute any trades until you pass compliance, which might take several days depending on your circumstances.
A Review & Guide to Trading with IronFX
IronFX, which was founded in 2010, is regarded as one of the premier online Forex trading platforms. The first major advantage of this company is that it has more than 60 offices across the world and speaks 45 different languages. IronFX is also overseen by a number of federal bodies, including:
- 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 regarded as one of the most flexible Forex platforms available. This is due to the fact that there are various trading platforms accessible. These include their own Web Trader system, the well-known Meta Trader 4, a Personal Multiple Account Manager (PMAM), and a numerous terminal system for individuals who want to handle multiple trading accounts from a single screen. It should also be mentioned that IronFX offers mobile device services. The following systems are presently accommodated:
- PDA devices
These levels of versatility are indeed impressive and are some of the primary reasons why Forex traders are attracted to this portal.
The ability to leverage one’s position is a clear advantage for any Forex trader. It should be emphasised that heavy leverage entails a significant level of financial risk and should only be handled by individuals with extensive industry expertise.
IronFX provides a number of advantages to clients of all sizes. Customers may enjoy one-click trades, automatic orders, swaps (overnight interest rates), and hedging in addition to the previously stated mobile trading features. For those curious, this is one of just a few portals where scalping is permitted. Fixed and variable spreads are available, and five digits are stated ‘after the dot’ (many brokers only offer four).
Trading Platform Options
Many users will choose to take advantage of MetaTrader 4’s clarity and intelligence. This system is extremely user-friendly, processes orders with minimal lag time, and provides online news, charts, and activity reports.
However, a strong (and almost comparable) alternative may be found in IronFX’s proprietary WebTrader software package. It’s worth noting that the WebTrader runs entirely within the browser, so there’s no need for it to be downloaded.
Finally, their smartphone trading app is an exact replica of the WebTrader system developed for PCs. It should be noted that the efficacy of any of these platforms is also dependent on available system memory as well as Internet connection speed.
Another significant advantage for individuals who want to test out IronFX before making a final selection is the availability of a free demo account. Unlike some of its rivals, this account may be used indefinitely and access to all trading platforms is available. This will allow a newbie to correctly determine which system is best for him or her.
IronFX provides users with the choice of four different accounts. These are known as:
To activate an ECN account, a minimum of $500 is required. Variable spreads are employed, with an average spread of 1.7 pips. The smallest position size is 0.1 lot.
Their Premium version demands a $2,500 upfront investment. The spreads in this case are fixed but narrowed to 0.7 pips (worth noting).
VIP accounts can be purchased for a fee of $20,000 or more. The spreads have been reduced even more to 0.2 pips and are once again fixed. The major distinction between Premium and VIP accounts is thus based on 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.
IronFX is said to have one of the most robust client support databases in the industry. It is available in numerous languages and currently, these methods include:
- Live chat
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.
79% of retail investor accounts lose money when trading CFDs with this provider.