IronFX 2021 Review • Pros, Cons & More • Benzinga
IronFX is an online forex broker that offers trading of currency pairs, contracts for difference (CFDs), commodities, indices, futures, stocks, gold, silver and oil. The broker was established in 2010. IronFX operates as a trademark of Notesco Ltd, registered in Bermuda.
IronFX serves over 1.2 million clients in 180 countries around the world, providing 300 negotiable instruments from 6 asset classes. In addition to an online chat feature, IronFX gives customers access to 24/7 customer support in 45 different languages.
IronFX allows clients to trade multiple markets over an Electronic Communications Network (ECN) and also offers an AutoTrade copy trading platform for social traders. A large section of the website is devoted to training traders, which makes IronFX suitable for beginners.
IronFX also offers new clients a variety of incentives, including a live trading competition and several initial deposit bonuses * (bonuses cannot be withdrawn). Its affiliate program even offers a bonus * (conditions apply) if you decide to set up and partner with your own online brokerage. Keep reading our IronFX review to learn more about this broker.
If you only want to trade currencies and CFDs on metals and other assets, then IronFX would probably be adequate. Nonetheless, if you have more experience and trade in other major global markets, IronFX does not offer trading in cryptocurrencies, physical stocks, stock options or bonds. . The asset classes that you can trade through IronFX are listed below:
- Forex: You can trade over 80 currency pairs through IronFX. The broker offers several different types of accounts with different transaction spreads and a zero account with fixed spreads and a commission per transaction, so your transaction fees will depend on the type of account you open.
- Metals: Gold, Silver and Platinum CFDs can be traded through IronFX. Trading CFDs on metals allows you to profit from positions, which can amplify your profits or losses.
- Indices: CFDs on indices like the UK 100, Nasdaq Index and Germany 30 can be traded through IronFX through the MetaTrader 4 platform. If you are based outside the jurisdiction of the EU or the UK, you can trade CFDs on indices with a leverage ratio of 1000 to 1, which means you can control a position of $ 1000 with just $ 1.
- Merchandise : IronFX offers trading in certain energy commodity CFDs, including WTI and Brent natural gas and crude oil for which the required margin is 2% of the total contract value.
- Futures contracts: IronFX offers futures contracts on various commodities, currency pairs, stock indices and US Treasury futures, among others. IronFX claims that you don’t get new quotes and quick executions when you trade futures with them. The required margin rates range from 1% on most futures contracts to 3% for the FTSE China A50 index.
- Actions: IronFX allows you to trade CFDs on the stocks of some of the most popular companies including Facebook, Apple Inc., Twitter, and Microsoft. This allows you to diversify your portfolio.
The products listed above are only a partial list of the over 300 CFDs, futures and other assets that you can trade on IronFX. Visit the broker’s website for a complete list.
IronFX primarily makes its money from the processing of spreads, although you may have to pay additional fees depending on the asset and type of account you choose.
- Forex: The minimum trading spreads range from 0.7 pips for the EUR / USD currency pair up to 400 pips for the EUR / CZK currency pair (EU Euro vs. Czech Koruna).
- Metals: Minimum trading spreads range from a low of 0.04 for XAG / EUR (cash vs. euro) to 4.5 for XPD / USD (spot palladium vs. US dollar). XAU / USD (spot gold against US dollar) has a minimum spread of 0.5.
- Indices: Index spreads can be as low as 2 for the US30Cash index or as high as 4,500 for the UK250Cash index.
- Merchandise : Spot energy commodity contracts trade with spreads of 3 or 4.
- Futures contracts: Futures all have a fee of $ 10 per contract, plus spreads of 0.04 for cotton futures, 2 pips for individual currency pairs, and 20 units for the ASX SPI 200 index.
- Actions: Several fees apply to trading stocks that start with a 10% fee for the margin used. The broker also charges a commission of 0.10% on the dollar amount of the shares and a minimum trading spread of 0.03 for some US stocks to 400 for Czech Republic stocks.
Keep in mind that the above trading spreads refer to normal market conditions. Spreads can widen considerably in fast or very volatile markets.
The company’s current promotions include its Iron Worlds Championship live trading competition which ran from mid-June 2021 to mid-December 2021. This competition has a $ 1 million prize pool with several prizes awarded to winners at different stages of the competition.
Other promotions include a $ 1,000 cash bonus for new IronFX affiliates (subject to terms and conditions) and 3 bonuses for first time depositors which include:
- 100% Unlimited Share Bonus *: This bonus doubles your first deposit but this deposit money cannot be withdrawn.
- 40% power bonus *: You can receive a bonus of up to 40% of your initial deposit up to $ 4000.
- 20% iron bonus *: You can get a bonus of up to $ 2,000 for new forex trading accounts other than Direct Processing (STP) / ECN accounts.
* Note that IronFX’s withdrawal policy states that the broker will deduct an amount corresponding to your bonus when you withdraw funds from your account.
You can contact customer support directly on the IronFX website through its live chat feature. The broker also provides 24/7 email and phone support throughout the trading week in 45 different languages.
IronFX mobile trading platform. Source: IronFX.
IronFX supports mobile trading through the MetaTrader 4 (MT4) mobile app. This platform has most of the functionality of MT4 desktop software and works on both Android and iOS mobile devices and tablets.
IronFX supports MT4 trading platforms for desktops, tablets and mobile devices. This sophisticated platform is intuitive and easy to learn for novices, and it will be familiar to even the most experienced forex and CFD traders. You can also access your online trading account using the MT4 web app.
In addition, the broker provides affiliates, professionals and investment portfolio managers with a Personal Multi Account Manager (PMAM). IronFX also offers a Virtual Private Server (VPN) which offers improved connection speed, continuous availability and increased security.
IronFX platforms for tablets, desktops and mobiles. Source: IronFX.
The benefits for IronFX users mainly come from its support for the MT4 platform, which is the well-established standard for forex and CFD trading. The company’s initial deposit bonuses and business competition promotions may also provide some benefits.
IronFX is a trade name of Notesco Limited, which is registered in Bermuda under registration number 51491. Its registered address is 65 Court Street, 6th Floor, Hamilton HM 12, Bermuda.
The broker maintains client accounts separate from theirs, although the broker does not provide guaranteed stop-losses.
When it comes to data security, IronFX uses standard data encryption, but it lacks 2-tier platform authentication and only requires a one-time password for MT4.
Although IronFX offers large first deposit bonuses, this bonus money cannot be withdrawn. In addition, the prices of most services are slightly higher or equivalent to those of other major forex brokers. Lack of 2-tier platform authentication and guaranteed stop-losses could be a problem if your account gets hacked or your stop-loss is filled in a volatile market.
When it comes to customer service, the broker has decent contact options and support in 45 languages, which could be a plus. Business competition can also be an incentive to open an account, and the broker’s support for popular MT4 platforms seems to be the best feature of this broker.
IronFX against the competition
IronFX only supports forex and CFD trading on multiple assets. The lack of trading in stocks and options in addition to stock CFDs can disappoint stock and options traders, although IronFX may be suitable for traders who only want to trade in these markets. For a wider range of asset classes, you may want to look for another broker online.
IronFX School includes Video Library, Glossary, Trading Sections for Beginners and Professionals, Basic Introduction “What is Forex”, Strategy Section, eBooks, News financial and economic calendar. IronFX could be a good starting broker for newbie and intermediate traders, although more professional traders may look for a broker with additional research resources and assets.
Warning: This content is intended for informational and educational purposes only and should not be construed as investment advice or investment recommendation.
Risk warning: CFD products are traded on margin and carry a high level of risk and it is possible to lose all of your capital. These products may not be suitable for everyone, and you should make sure that you understand the risks involved.
Frequently Asked Questions
How to withdraw money from IronFX?
How to withdraw money from IronFX?
The method you used to deposit funds is also generally the same as that used for profit withdrawals and any remaining account balances. To access this feature, you must make a bank withdrawal request from your customer portal. Keep in mind that the bonus you received when you opened your account is deleted when you make a withdrawal.