IronFX
IronFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this IronFX Review.
IronFX Review
While most brokers offer a couple to three account levels, IronFX Global’s customers can sign up for one of five available account types. You may choose between fixed and variable spreads, market and instant execution, commission-free trading or tighter spreads involving commission.
In addition to the three standard account types (Micro, Premium, VIP), which are commission-free, this broker offers STP/ECN accounts, allowing traders direct access to deep liquidity and interbank pricing provided by top-tier liquidity providers. They offer spreads as low as zero and market execution with no re-quotes.
Besides, swap-free service is available to clients that are of Islamic faith.
The Company
IronFX Global serves both retail and institutional customers from over 180 countries in Europe, Asia, the Middle East, Africa and Latin America. It offers its clients trading in more than 120 currency pairs, a wide range of CFDs on equity indices, agricultural commodities, base metals, oil and energy products, as well as stocks.
Cyprus-based IronFX Global Limited, operating under the IronFX Global brand, is a part of the big IronFX family.
The IronFX group also includes:
– ASIC-regulated GVS (AU) Pty Limited, doing business as FxGiants (formerly IronFX Global Australia);
– 8Safe UK (formerly IronFX UK), which is authorized by the UK‘s Financial Conduct Authority (FCA);
– IronFX Global Ukraine, which is a member of Ukranian forex self-regulatory organization UCRFIN;
– IronFX Global (South Africa) (Pty) Ltd is authorized by the Financial Services Board.
Both the Australian and the UK units have been recently rebranded, shortly after in November 2015 IronFX was ordered by CySEC to pay €335,000 in settlement for denying withdrawals to more than 150 customers.
Security of Funds
As is clear from above, IronFX Global Limited, doing business as IronFX Global, is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
CySEC applies certain rules to license holders, one of them being the minimum capital requirement. The Commission requires Cyprus-based forex brokers to hold at least €1,000,000 in order to prove their financial stability.
Furthermore, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation to a maximum of 20,000 EUR to its covered clients, If the Company becomes insolvent or ceases trading.
What is more, IronFX Global is one of the few FX brokers to offer Negative Balance Protection, meaning that all negative balances are covered by the company.
Trading Conditions
Minimum Initial Deposit
In order to open an account with IronFX Global, traders have to invest $100, which is average. Yet, other Cyprus-based brokers, like FXTM and XM, demand just $5 from its clients as a start.
Spreads & Commissions
With all three standard commission-free account types clients are able to choose between fixed and floating spreads, both of which being mediocre on the Micro account type (variable from 1.1 pips and fixed 2.2 pips on EUR/USD). The STP/ECN account, on the other hand, which is also available with $500 initial deposit, offers only variable spreads, and there are two options available: spreads as low as 0 pips, plus commission $13.5/Lot, or a commission-free option with spreads starting from 1.7 pips on EUR/USD. We would opt for the zero spread option, where in fact the minimum trading costs for the EUR/USD pair would be around 1.4 pips, commission included. Still, spreads within the 1.0 – 1.5 pips range are considered average for the forex market. If you are willing to make a larger initial deposit, VIP and Premium accounts with this broker offer more favorable conditions: spreads from 0.5/0.7 pips, without any commission.
In comparison, XM provides spreads from 1.0 pips on EUR/USD on its Standard commission-free account and Exness offers its ECN account holders with average spreads of 0.4 pips on EUR/USD, incurring a commission of $ 2.5 per standard lot. For further information, you may check out and compare real-time spreads of 15 leading brokers here.
Leverage
The maximum leverage with this broker is comparatively high, reaching 1:500. Nonetheless, many Cyprus-based brokers offer leverage levels, similar to the ones provided by IronFX Global or even higher: XM – up to 1:888, and Exness is currently running Unlimited Leverage promotion. You may check out more FX brokers offering leverage equal to or exceeding 1:500 here.
While it is true that such leverage levels may multiply your earnings on a small deposit, do not forget that there is also another side to it: The higher the leverage, the higher the risk of heavy losses.
Like most FX brokers, IronFX Global supports the MetaTrader 4(MT4), which is the trading platform preferred by most traders. It comes in desktop, mobile and web versions and provides a number of technical indicators, advanced charting package and a wide range of Expert Advisors (EAs), as well as extensive back-testing options for them.
The broker also provides the use of VPS (virtual private server) to customers who are using EAs to trade, allowing trading robots to work more efficiently due to a high-quality broadband Internet connection, and also enabling traders to make timely adjustments to the advisors’ operation. IronFX Global offers free VPS hosting to new and existing clients who deposit a minimum of $5,000 and maintain such balance for the following months.
What is more, this broker offers AutoTrade by MyFXbook – the latest in social trading software designed to facilitate community users with their trading decisions.
Like most FX brokers, IronFX Global also offers Personal Multi-Account Manager (PMAM) option, enabling traders to manage and trade on multiple MT4 accounts simultaneously through a single live account.
Promotions
IronFX Global regularly organizes various demo & live Trading Contests, the latest live one providing $100,000 cash prize.
Besides, the broker offers its customers a number of lucrative bonuses. At the time of writing this review are running the following ones:
– Welcome bonuses:100% SHARING BONUS on up to $10,000, or 40% POWER BONUS on up to $4,000;
– Cash rebates: you may receive from $2 to $3 with every lot that you trade;
– Refer a friend bonus ($50 – $200), its amount depending on the initial deposit of the referred client and lots traded.
Methods of Payment
IronFX Global`s clients can make deposits to and withdrawals from their accounts via wide range of payment methods: credit/debit cards (Visa, MasterCard), bank wire transfer, and e-wallet systems, such as Neteller, Skrill, dotpay, FasaPay, and China UnionPay.
Another cool feature offered by this broker is the IronFX Card – a prepaid MasterCard® that comes in either USD or in EUR, which allows you to withdraw funds with ease and efficiency with anywhere in the world.
Part of an international group, IronFX Global is an award-winning forex and CFD broker offering its customers a large variety of almost everything – markets, account types, promotions, payment options, you name it. Its reputation, however, is damaged by the fine imposed in the end of 2015 and the scandal, which is still ongoing.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
IronFX Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about IronFX Review.