IronFX has a great selection of platform offerings and the trading conditions 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 multi-regulated brand but also by delivering superb service quality as proven by the good number of feedbacks from their satisfied customers. Overall, they have all the critical factors that traders would look for in a broker.
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| Founded | 2010 |
| Platform | MT4 Standard, MT4 Advanced, MT4 for Mac, MT4 iPhone Trader, MT4 Android Trader, MT4 Windows Mob Trader, MT4 Android Trader (Tablet), MT4 iPad Trader, PMAM, Webtrader 4, Multi Terminal, AutoTrade |
| Minimum account size | $100 |
| Minimum lot size | 0.01 |
| Tradable assets | 200+ |
| Maximum margin | 1:500 |
| Spread on EUR/USD | 0 pips |
| Payment methods | Credit/Debit Cards, Bank Wire, Skrill, Neteller, FASAPAY, China Union Pay, DotPay, Mail Order and Telephone Order |
| Demo account | Yes |
| Accepts US traders | No |
| Regulated | CySEC (Cyprus), MiFID (Europe), ASIC (Australia), FCA (UK) |
| Support | Email, Phone, Live Chat |
| Website | www.ironfx.com |
Pros
- Multi-regulated
- Tight spreads
- Negative balance protection
- Quick and detailed response from support team
- Demo account available
Cons
- Registration requires verification
IronFX was founded in 2010 and is operated by IronFX Global which is based in Cyprus. According to their website, they are “The Global Leader in Online Trading”. Are they able to achieve these goals? Find out below in our detailed review.
Platform
IronFX uses the powerful MetaTrader 4 and MetaTrader 5 platforms which run on Windows and Mac operating systems while the mobile version runs on Android, iOS and Windows Mobile. 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 we’re giving them a Platform score of 10/10.
Design
The platform has a very simple and basic design. This is actually an advantage as we find the software to be well responsive to all our commands and clicks. Navigation was pretty easy and placing trades was very straightforward. Everything that is needed can be found on the main window including the open positions. This warrants a Design score of 4/5.
Minimum Deposit
They offer a selection of account types and the minimum deposit may range from $100 to $20,000. Based on our scoring system, they notched a Minimum Deposit score of 5/5.
Minimum Lot Size
The accepted minimum lot size for Micro accounts is 0.01 while Premium and VIP accounts are higher at 0.1. With these sizes you’ll be able to easily manage your trades while still keeping them flexible and because of this we are giving this broker a Minimum Lot Size score of 4/5.
Tradable Assets
IronFX has over 200 assets that are available for trading which covers forex, spot metals, stocks, futures, spot indices and commodities. This definitely enhances the profitability rates since there are plenty of assets to choose from and it’s the reason why we are grading them with a Tradable assets score of 4/5.
Payouts
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 major pairs like the EUR/USD have 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 10/10.
Withdrawal Time
Processing of withdrawal requests are done with a queuing system and it usually takes just a few days. In our experience it only took just 2 days and this is the reason for granting them a Withdrawal Time score of 9/10.
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 credit and debit Cards, Bank Wire, Skrill, Neteller, FASAPAY, China Union Pay, DotPay, and orders via mail or telephone. Such coverage will give you plenty of options to transfer money on the account and this is why we are rating them with a Deposit and Withdrawal Methods score of 5/5.
Customer Support
The FAQ section has practically the answers to commonly asked questions but if you’d like to get in touch with their agents, you can do so by giving them a phone call, sending an email or doing a live chat.
Generally the conversation went smoothly and all of the questions that we asked were answered in a timely manner. Overall, we are grading them a Support score of 11/15.
Quoting Accuracy
IronFX claims to offer instant execution with no slippage and this holds to be true when we made our actual tests on their platform. No opportunity was missed to execute good trades since we never experienced any re-quotes or latency. This warrants a Quote Accuracy Score of 9/10.
Reputation
IronFX Group is a multi-regulated company and their subsidiaries hold licenses from trusted regulators suchb as the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) and the CySEC (Cyprus Securities and Exchange Commission). 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.
Our intensive research revealed that the comments they got from their 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 we are giving them a Reputation score of 13/20.
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Conclusion 8.4/10
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