Iron FX is a Cyprus-based brokerage firm which was founded in 2010. Since its inception, the company has spread across 180 countries with over a million clients.
Pros
· Iron FX website and app are both easy to use, and users get familiar with the interface quickly.
· The company offers various account types.
· Users can do asset and Forex trading.
· There is a lot of educational material available on the platform.
· It offers fast execution of orders.
· The spread is excellent on Forex currency pairs.
Cons
· A fee is charged for inactivity.
· Cryptocurrency trading is not yet launched on the platform. (Coming soon!)
· Limited number of trading instruments
Overall Ranking
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Extended Review and Information
At Iron FX, traders have the opportunity to trade with over 200 instruments from 6 asset classes. Their trading products include Forex, Indices, Commodity, Metals, Futures, and Shares. Iron FX has developed an impressive reputation among traders and is known for its excellent services.
What users like about Iron FX is their professional services like the Portfolio Management Program. Also, they provide excellent customer support service, which is very helpful for both novice traders and professionals.
Recently, the company announced its partnership with EmurgoHK for the Cryptocurrency exchange though the company hasn’t declared its launch date yet. This is very exciting news and we will update when the time comes.
Here are some essential features of the firm:
· Scalping
· Hedging
· Trailing Stop
· Automated Trading
· Web-based Trading
· Mobile Trading
· Segregated Account
· Islamic Account
· Pending Orders
· Affiliate Program
· Trading Contest
How to Open your Account
To open an account with Iron FX, one needs to register themselves. Users need to provide additional documents like ID and bank statement for opening an account. The trading company offers four types of account; Micro, Premium, VIP, and Zero-Fixed.
The micro account requires a $100 minimum deposit while Premium needs $1000 of minimum deposit. The VIP account can be opened for $1000 and Zero-Fixed account for $500. The spread varies differently in all accounts. Only Zero-Fixed account is a commission-based account.
Commissions and Fees
As mentioned earlier, spread and pips depending on the chosen account. The minimum spread for USD/EUR is 0.7 pips, while the average spread is 1.2 pips. The spread on major Forex pairs is lower for Micro and VIP account.
Iron FX charge $50 fee if the account hasn’t been active for one year. They can also charge 3% of the deposited fund. We do not like seeing this fee, but it is very prevalent with brokers, and many begin charging inactivity fees after only 3 months, so in reality, this is not too much of a negative compared to other brokers.
Depositing and Withdrawal Methods
Iron FX has tailored the needs of every client for depositing and withdrawals of funds. The website interface uses a client portal for deposits and withdrawals.
The client portal is entirely automatic, with easy to use features. The firm provides the following methods for depositing and withdrawals:
- Bank Wire
- Credit/ Debit card
- PayPal
- Neteller
- China Union
- Fasapay
- Skrill
The withdrawals request is processed within 48 hours and can take up to 7 days for more significant amounts. It must be noted that the time taken to process withdrawals is not the fault of the broker, but the 3rd party which processes the payments.
Research App
Most trading platforms lack the amount of research data and analysis. This is very annoying for all level of traders.
Iron FX offers traders a free research app. With this app, users can view stock market data, live economic news, trading analysis, receive regular economic updates, and much more.
Education Materials
One of the best features of Iron FX is the amount of educational material they provide. The Iron FX Academy offers all the valuable information traders need. Educational videos and eBooks cover a wide range of topics like market analysis, signals, CFDs, and much more. This is very beneficial for beginners looking to begin learning the world of trading, as well as those already well on their way.
User Interface
Iron FX offers desktop and a mobile version for the traders. The trading platform Metatrader 4 and 5 are available in both desktop and mobile app. On top of this, you can also use Iron FX’s WebTrader on their website.
The desktop version’s dashboard shows the positioning of other clients which is updated hourly. The PC version has limited functionality of MT4 and MT5. But it provides all the valuable information that every trader needs.
The mobile app works similar to the PC version but lacks key features of MT5 which can be frustrating for users.
Overall, the company’s platform is easy to understand, and users get acquainted with the interface quickly.
Regulations and Jurisdictions
Many online trading websites are a scam, and users need to pay extra attention. Iron FX is a licensed brokerage firm with proper regulations.
It is licensed in the European Union through CySec which is based in Cyprus. It is regulated in the UK through the FCA (Financial Conduct Authority). The firm is also licensed in Australia from ASIC (Australian Securities and Investment Commission).
Traders from the UK have broker default protection of GBP 50,000. Iron FX also provides excess insurance for UK traders.
EU traders can have broker default protection of EUR 20,000 through Cyprus Investor Compensation Fund.
Iron FX operates in more than 180 countries but is not available for traders from:
- U.S.A
- Canada
- Syria
- North Korea
- Iran
- Israel
Awards
Iron FX boasts many awards, here are some of the most prestigious:
† Most Outstanding Online Trading Solutions Provider 2019 | Acquisition International
† Most Trustworthy Forex Broker | Global Venture Awards 2019
† Best Forex Broker of the Year – 2019 | Corporate America Today Annual Awards
† Best Global Online Currency Trading Platform 2019 | M&A Today Global Awards
† Best Global Online Currency Trading Platform 2019 | Lawyer International Legal 100
Customer Support
Iron FX works 24 hours a day from Monday to Friday to provide better customer service to their clients. Users can interact with the company through email and live chat on their website. The great thing is live chat can be done in 30 different languages. Besides email and live chat, traders can communicate with Iron FX through their social media platforms.
The trading firm also has a toll-free number in 12 countries. The countries which have the facility are:
- Brazil
- Germany
- Japan
- Czech Republic
- South Korea
- Poland
- Portugal
- Spain
- South Africa
- UK
- China
- India
However, there is no international phone number, and the company contacts through satellite offices.
Conclusion
Concluding our review, we believe that Iron FX is an excellent choice for all level of traders. The company offers many account types and multiple investment opportunities.
Through its Personal Multi-Account Manager, money managers can take advantage.
Iron FX academy offers excellent learning material for novice traders and Research app lets expert traders keep an eye on market analysis.
We think that it is one of the best trading platforms available for the reasons mentioned above, and that’s why we give it such a high overall rating. They stand above the competition in almost every aspect.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.44% of retail investor accounts lose money when trading with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. This does not constitute as investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results.