IronFX

4
IronFx offers versatile Forex & CFD trading conditions, through it’s legal entities and local customer support throughout the globe.
Trading Platform:
MT4
Max Leverage:
1:1000
Instruments:
FX, CFDs, Stocks, Crypto, Metals, Indices
Regulation:
IFSC, FCA, CySEC, FSCA, ASIC
Min. deposit:
$100
Open an account Read full review

Summary

Overview

Despite its limitations in product offering and pale education and analysis, IronFx offers versatile Forex & CFD trading conditions, through it’s legal entities and local customer support throughout the globe.

It’s commission structure, several execution types & low deposit/withdrawal fees puts it the pole position among European brokers.

Pros
  • One of the most flexible broker to safely trade Forex & CFDs or Indexes and Commodities
Cons
  • Product offering mainly limited to Forex & CFDs.

Full review

BEST BROKER for CFD trading

? We recommend IronFx for FOREX and CFD trading, for it’s flexible leverage types (up to 1:1000) and local support.

Summary

parameterPros ?Cons ?Rate
Overall
  • Prompt Account Opening & D/W
  • Local Support
  • Third Party Extensions
  • Limited to forex & cfd
  • No volume discounts
  • Basic Research & Education
⭐⭐⭐⭐
Fees
  • Zero Spread on some accounts
  • No withdrawal fee
  • Inactivity Fee
  • Convoluted Fees Structure
⭐⭐⭐
Trading Instruments
  • Spread Betting (UK only)
  • Forex
  • CFDs on Indexes, Commodities, Metals, Stocks
  • Futures
  • No Bonds, Options
  • No Stock & ETFs
⭐⭐⭐⭐
Account Opening
  • Fast On-boarding (fully digital)
  • Customer-friendly
  • Unclear how to select proper legal entity
⭐⭐⭐⭐⭐
Deposit & Withdrawal
  • Quick D/W
  • No Wire Transfer Fees
  • Multiple Payment Methods
  • High electronic wallet fees
⭐⭐⭐⭐
Platform & Trading
  • Native MetaTrader for macOS
  • PMAM Software
  • MT4 Advanced
  • Limited Web Trader Functionality
⭐⭐⭐⭐
Customer Service
  • Phone Support
  • Live Chart
  • Professional & Relevant
  • Support in Local language
  • No weekend support
  • Sometimes Slow email support
⭐⭐⭐⭐⭐
Research & Education
  • Research Application (iOS, Android)
  • Economic Calendar
  • Beginner-friendly tutorials and ebooks
  • Daily Fundamental overview
  • Basic Technical Analysis
  • No Advanced Education
  • Webinar page but no webinars scheduled
  • No wave analysis
  • No full scale technical analysis
⭐⭐⭐
Regulation & Safety
  • Highly Regulated (FSCA, FCA, ASIC & Cysec)
  • None
⭐⭐⭐⭐

Fees ⭐⭐⭐

Affordable, but depending on execution type, trading fees may increase.

Pros?Cons ?
  • Zero Spread on some accounts
  • No withdrawal fee
  • Inactivity Fee but only if trader deposits and withdraws without trading
  • Convoluted Fees Structure

Typical Fees

AssetsFee LevelTerms
CFD on US StockAverage0.10%; Swap Long: €0.01042; Swap Short: €0.00125 (swaps are regularly changing)
EURUSDAverageLong: 9.8; Short: €5.35 + spread (depending on account type)
Inactivity FEEAbove average3% of “deposited funds” (but only if trader deposits and withdraws without trading)

Let’s first go through the fess terminology:

  • Trading Fees occur when you trade (spreads, commissions)
  • Financing or overnight rates are charged when you hold your leveraged positions for more than 24 hours. Leveraged position means that you borrow money from the broker to trade.
  • Non-trading fees are withdrawal fee or inactivity fee, hidden fees.

To put things in a proper context we compare IronFX with the competing services.

Trading Fees

Depending on the account type and execution you will need to pay commissions, swaps and/or spreads.

Comparing trading fees among CFD brokers may get convoluted pretty quickly, for the purpose of making things more straightforward, we’ve decided to showcase all fees for trading the most common set of products.

IronFXXMXTB
Apple benchmark fee-6.88 USD/10 Lots/5 Trading Days$18.1
Vodafone benchmark fee-3.15 USD/10Lots/5 Trading Days$24.4
EURUSD benchmark fee-94.95/1 Lot/5 Trading Days$17.1

The Forex trading fees are low on market maker accounts, while things become more pricey when you move to “pure ECN” accounts.

For example, the average listed EUR/USD spread is 1.2 pips, but the number can vary significantly depending on the account type.

Despite spreads dropping significantly on VIP & Micro accounts, you won’t find much variation on cross and minor pairs.

We define a typical trade as a €2,000 and €200,000 buy position for stock & forex respectively, held and sold after 7 days.

The commissions are calculated for Market Maker Account.

Financing Rates (SWAPS)

These fees occur when you decide to hold your position. The longer you stay in CFD or FOREX trade, the more fees will accumulate, making the final amount rather hefty.

YEARLY FINANCING RATES ON $2,000
IronFxXMXTB
Apple financing rateLong- 0.00967 USD short – 0.00117 USD6%
Vodafone financing rateLong – 0.00046 GBP short – 0.0005 GBP6%
EURUSD financing rateLong – 9.85 points short 5.35 points4.1%

Non-Trading Fees

There is a possible charge of up to 3% of deposited funds. But it only is applied if a trader adds capital but withdraws without ever entering one trade, which seems very unlikely and is very unusual.

IRONFX NON-TRADING FEES
IronFxXMXTB
Account fee3% (only if one never traded)No
Inactivity feeNoNo
Withdrawal feeVaries depending on the method$0

Trading Instruments ⭐⭐⭐

Primarily focused on Forex & CFD IronFx will let you trade CFDs on commodities, indexes and most popular US Stocks.

Pros?Cons ?
  • Forex
  • CFDs on Indexes, Commodities, Stocks
  • Futures
  • Cryptos
  • No Bonds, Options
  • No Stock & ETFs

CFDs, Forex & Crypto

You can trade CFDs on US, UK, French, German & Spanish stocks (shares according to IronFX), as well as most popular commodities and indexes.

IronFxXMXTB
Currency pairs8348
Stock CFDs1241,600
ETF CFDsx87
Commodity CFDs321
Metals6
Cryptos716
Stock Index CFDs1634
Future contracts27

Account Opening ⭐⭐⭐⭐⭐

The account opening is one of the fastest in this category of brokers. You account should be good to go in a matter of one business day.

Pros ?Cons ?
  • Fast On-boarding (fully digital)
  • Customer-friendly
  • Unclear how to select proper legal entity

Account Eligibility

You are fine as long as you don’t currently reside in the following countries:

  • USA
  • North-Korea
  • Iran
  • Syria
  • Cuba
  • Sudan

IronFx Min Depo

IronFX requires a $100 deposit for the basic account, $500 on “Zero Fixed”, $1,000 and $10,000 on “Premium” and “VIP” respectively.

Account Types

There are four accounts types that differ mainly based on execution type, leverage and commission types. Depending on your trading style, you should find a suitable option depending on your trading style.

  • Micro
  • VIP Basix Zero
  • Premium
  • VIP

How to Open Account with IronFX

You’d need to:

  • Select the platform of choice MetaTrader 4
  • Answer questions about your trading experience
  • Verify identity (depending on your country of residence it may not apply )

Keep in mind that if you trade with IronFX using our reference, you will receive a sponsorship in the form of a discount on our tools.

Deposit & Withdrawal ⭐⭐⭐⭐

Available through several options the process is as quick as it gets, albeit pricey for digital wallets.

Pros ?Cons ?
  • Quick D/W
  • No Wire Transfer Fees
  • Multiple Payment Methods
  • High electronic wallet fees

Deposit Fees & Options

With an exception of electronic wallets (≈ 2% of the amount) the fees are free. Among the popular transfer options are:

  • Bank transfer
  • Credit/Debit card
  • Skrill
  • Neteller
  • China Union
IronFxXTBXM
Bank transferYesYesYes
Credit/Debit cardYesYesYes
Electronic walletsYesYesYes

You can only d/w from entities on your name. The debit/credit card and digital wallets deposits arrive instantly, whereas wire transfer might take up to 3 business days.

IronFX client portal is quite flexible and will be tailored to your needs based on your location and choice of operating company. IronFX recently waved the fees on all methods of the clients withdrawals.

Platform & Trading Experience ⭐⭐⭐

Despite a lack of to many in-house addons, IronFX packs a native MetaTrader 4 for Mac experience, as well as access to MyFXbook copy trading & standalone PMAM functionality.

Pros?Cons?
  • Native MetaTrader for macOS
  • PMAM Software
  • Advanced MT4 Experience
  • Limited mobile trading

User Experience & Functionality

IronfX WebTrader packs a basic MT4 functionality without the need to run additional software.

PAMM Software

You will be able to use dedicated PMAM solution to control your portfolio by overseeing a trading activity of the selected traders.

Despite, MYFXbook was spotted to be only available in sometimes clunky MT4/5 software, you still have access to the ample of lucrative solutions available via one of the biggest third party copy trading services.

Placing orders

IronFX MT Built supports standard order types, including: :

  • Limit
  • Market
  • Stop loss
  • Trailing Stop

Alerts and Notifications

IronFX allows you to configure the following notification:

  • Margin Call
  • Deposits & Withdrawals
  • Orders
  • And other order types

Customer Service ⭐⭐⭐⭐⭐

IronFX overreaching local client service makes it one of the best options for novice traders around the globe.

Pros?Cons?
  • Phone Support
  • Live Chart
  • Professional & Relevant
  • Support in Local language
  • No weekend support
  • Sometimes Slow email support

Available in many languages, the IronFX’s support is available to you 24/5, over the phone, live chat, and email.

Random cheek of IronFxs UK support chat via phone and live chat, left us satisfied in terms of response time, quality of answers and general tone of communication.

Local customer service may vary in quality, hence, we encourage you to share your experience with us.

Research & Education ⭐⭐⭐

While experienced trades might find IronFX education and analysis a bit stale, novice traders should have enough materials to get the ball rolling.

Pros?Cons?
  • Research Application (iOS, Android)
  • Economic Calendar
  • Beginner-friendly tutorials
  • Daily fundamental commentary
  • Basic Technical Analysis
  • No Advanced Education
  • No webinars planned at the time of the review
  • No daily technical analysis videos

IronFX seems to concentrate on core brokerage services, only catering to traders with basic tools like Economic Calendar and quotes.

You will find basic analysis, daily fundamental commentary, and briefing for the week ahead. But no daily technical analysis, wave analysis, trading videos, and no live webinars scheduled when doing the review.

When it comes to education, you will find a decent trading course for beginners. Unfortunately, no advanced courses were available at the time of the review.

Despite the availability of a research application, the position of the company on that part of business is clear – you might find better luck mastering your trading skills elsewhere.

Hence, we suggest you to browse our analysis and education. Furthermore, if you open an IronFX through our reference, you will have access to premium services for free or with a large discount.

Regulations & Safety ⭐⭐⭐⭐

You should be safe with IronFx, as it’s regulated by 4 reputable authorities around the globe.

Pros?Cons?
  • Highly Regulated (FSCA, FCA, ASIC & Cysec)
  • None

IronFx legal entities & background

Established in Cyprus in 2010, IronFx currently operates in over 180 locations under Australian (ASIC), Cyprus (Cysec) & UK (FSCA, FCA) licenses.

Contact your local branch to ensure the level of protection you will be getting under your regulation.

IronFx legal entities
Client countryInvestor protection amountRegulatorLegal entity
United Kingdom£85,000Financial Conduct Authority (FCA)IronFx
Cyprus€20,000Cyprus Securities and Exchange Commission (‘CySEC’)IronFx

In a nutshell

Despite its limitations in product offering and pale education and analysis, IronFx offers versatile Forex & CFD trading conditions, through it’s legal entities and local customer support throughout the globe.

It’s commission structure, several execution types & low deposit/withdrawal fees puts it the pole position among European brokers.

IronFx Brief Overview

? Country of regulationUK, Australia, Cyprus, South African Republic
? Trading fees classAverage
? Inactivity fee chargedYes (only with deposit and no trading)
? Withdrawal fee amount$0
? Minimum deposit$100
⏰ Time to open an account1 day
? Deposit with credit cardAvailable
? Depositing with electronic walletAvailable
? Number of base currencies supported14
? Demo account providedYes
? Products offeredCFDs on Stocks, Commodities, Metals, Forex, Futures, Cryptos

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