|Platform||MT4 (PC, Mac, Mobile, Tablet), Multi-Account Manager (PMAM), WebTrader 4, Social Trader (Web, Mobile, Tablet) & AutoTrade|
|Minimum account size||$500|
|Minimum lot size||0.01|
|Tradable assets||Forex, Spot Metals, Futures, Shares|
|Spread on EUR/USD||0.7 pips|
|Payment methods||Visa, Bank Wire, Skrill, Neteller, WebMoney, QIWI, YandexMoney, M.O.T.O, OKPay & fasapay|
|Accepts US traders||No|
|Regulated||FCA (UK), ASIC (Australia), FSB (South Africa), FSPR (New Zealand), CRFIN (Russia), UCRFIN (Ukraine), CySEC (Cyprus) & MiFID (Europe)|
|Support||Email, Phone & Live Chat (24/7)|
- Tight spreads
- Very stable platform
- Quick and detailed response from support team
- Demo account available
- High minimum deposit requirement
IronFX was founded in 2010 and is authorised and regulated by the Financial Conduct Authority in the UK, the Australian Securities and Investments Commission, the Financial Services Board in South Africa, the Financial Service Providers Register in New Zealand and the Ukrainian Centre for OTC Financial Instruments and Technologies Development. Run by IronFX Global which is based in Cyprus, this company aims to deliver a safe and superior trading experience to their clients. Are they able to achieve these goals? Find out below in our detailed review.
IronFX uses the powerful MetaTrader 4 and MetaTrader 5 platforms which run on Windows and Mac operating systems while the mobile version runs on various devices. They also have a Personal Multi-Account Management platform for simultaneously managing and trading multiple MT4 accounts. There’s also an in-house developed WebTrader platform which allows access to multi-product trading accounts complete with the original functionalities. The availability of such technology and options are the reasons why I am giving this broker a Platform score of 10/10.
The platform has a very simple and basic design. This is actually an advantage as I find the software to be well responsive to all my commands and clicks. Navigation was pretty easy and placing trades was very straightforward. Everything that I need can be found on the main window including the open positions. This warrants IronFX a Design score of 3/5.
Zero Fixed Spread and Micro accounts are required for a minimum deposit of $500 while Premium and VIP accounts necessitate at least $2,500 and $20,000 respectively. This might be a bit steep but for serious traders, this not that much of an issue because they are will be using this money in the long term. Besides, the bonuses are plenty and my top choice is the $2,000 cashback for VIP accounts. Other notable promotions include the Deposit & Trade Program where either existing or new clients have the opportunity to receive a free iPad Air or iPhone5S and their very own prepaid card which can be used in over 200 countries and at any ATM facility. For this reason I am giving them a Minimum Deposit score of 2/5.
Minimum Lot Size
The accepted minimum lot size for Zero Fixed Spread and Micro accounts is 0.01 while Premium and VIP accounts are higher at 1.5 Such values can definitely lessen the risks and the possible losses in the event that the market movements are not in my favor. With these sizes I’ll be able to easily manage my trades while still keeping them flexible and because of this I am giving this broker a Minimum Lot Size score of 4/5.
IronFX has over 200 assets that are available for trading which covers forex, futures, spot metals and shares. This definitely enhances the profitability rates since there are plenty of assets to choose from and for this reason I am giving them a Tradable assets score of 4/5.
People trade forex because it allows them to make considerable profits and this can be measured by determining the spread or pip value. With IronFX the EUR/USD pair has a tight spread of 0 pips which is no doubt much better when compared to the spreads of some other brokers. Such rate deserves a Payouts score of 9/10.
According to the IronFX website, withdrawals are processed within 1 business day and additional 3 to 5 business days for the funds to appear on the account. During my actual test, it took a total of 4 days before I was able to see the funds on my bank account. It was hassle free and there weren’t any discrepancies with the amount. This is the reason why I am giving them a Withdrawal Time score of 10/10.
Deposit and Withdrawal Methods
Making deposits and withdrawals will never be an issue with this broker since it accepts a wide range of methods such as debit/credit card deposit, 3d secure debit/credit cards, bank transfer, Skrill, Neteller, WebMoney, Sofortüberweisung, online bank transfer, iDEAL, IronFX Card Deposit, Yandex, Qiwi, FasaPay and CashU. Such coverage gave me plenty of options to transfer money on my account and this is why I am giving them a Deposit and Withdrawal Methods score of 5/5.
IronFX support team has global offices and dedicated numbers, fax and email addresses for their offices in London, Hong Kong, Sydney, Shanghai, Shenzhen, Shenyang, Frankfurt, Madrid, Warsaw, Lisbon, Prague, Budapest, Athens, Kiev, Moscow, St Petersburg, Mumbai, Jakarta, Manila, Ho Chi Minh City, Kuala Lumpur, Baku, Lagos, Johannesburg, Auckland, Sao Paulo, Buenos Aires, Lima, Santiago, Montevideo, Dubai and Limassol. I was more interested with the live chat since it was the easiest method and below is the result of our conversation:
Generally the conversation went smoothly and all of the questions that I asked were answered in a timely manner although I was a bit confused as to why I was assisted by a Russian agent even though I clicked on English when on the language options. Nevertheless, the person that I chatted with was able to converse in English so it doesn’t really matter. Overall, I am giving them a Support score of 9/15.
IronFX claims to offer instant execution with no slippage and this seems to be true when I made my actual test on their platform. I never missed any opportunity to execute good trades since requotes are uncommon. This warrants IronFX a Quote Accuracy Score of 8/10.
IronFX is authorised and regulated by the Financial Conduct Authority in the UK, the Australian Securities and Investments Commission, the Financial Services Board in South Africa, the Financial Service Providers Register in New Zealand and the Ukrainian Centre for OTC Financial Instruments and Technologies Development. This is a big deal for traders because this means the company is consistently monitored to ensure that they are abiding with the laws and regulations that are set by these financial authorities.
I made an intensive research regarding IronFX and the comments that I found from actual forex traders were mostly positive. Of course there were some negative reviews as well but in general majority of their clients were happy with the services of this broker and for this I am giving them a Reputation score of 13/20.
IronFX runs a very stable platform although I wanted a much better layout and design to complement its technological advantages. Nevertheless, I cannot deny the fact that the trading conditions that they provide are favorable for their clients and can definitely contribute to their trading success. They have also managed to maintain a good reputation in the market not only by being a regulated brand but also by delivering superb service quality as proven by the good number of feedbacks from their satisfied customers. Overall, I can say that they have all the factors that I am looking for in a broker.
Final Score: 80/100