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IronFX Review 2024

By:
Plamen Stoyanov
Updated: Mar 17, 2024
Overall Rating
4
  • Trust
    3.7
  • Fees
    3.9
  • Platforms and Tools
    3.9
  • Tradable Instruments
    4.9
  • Customer Support
    3.2
  • Research
    4.5
  • Deposit and Withdrawal
    2.8
  • Account Types and Terms
    4.9
  • Education
    5
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    Our Take on IronFX

    IronFX, a forex and CFD broker, serves over 1.5 million clients worldwide, providing access to more than 500 tradable instruments from various asset classes.

    The broker is notable for its balanced selection of tradable instruments, including CFD on forex pairs, commodities, shares, indices, and futures. IronFX offers seven retail account types and typically features low-to-medium cost structures. It also provides a comprehensive range of research and educational materials.

    Although IronFX lacks a proprietary trading platform and its Bermuda-based entity operates without regulation, I rate IronFX as a decent broker that caters to the needs of its clients.

    Recommended in 7 best broker guides: 
    Forex | CFD | MT4 | Demo Account | Gold | Oil | Futures

    IronFX Pros and Cons

    Pros Cons
    • Wide range of tradable instruments
    • Diverse accounts
    • Excellent research and educational materials
    • Fast order execution
    • Lack of diversity in platform choice
    • Phone support is only available for active clients

    IronFX Highlights for 2024

    • Sufficient Level of Safety. IronFX operates under three entities, each ensuring the segregation of client funds and providing negative balance protection. I assess the broker as fairly transparent and trustworthy.
    • Diverse Account Options. The broker offers seven account types with varying trading fees – some are above the industry average, while others are significantly below it.
    • Variable Costs. My tests showed that IronFX offers competitive spreads on FX pairs and CFD shares, with average spreads on commodities and slightly higher spreads on indices. However, I found the broker’s swap fees as above average for the industry.
    • Payment Flexibility. There are plenty of deposit options available, though withdrawals are only processed via bank wire. Both are generally free of charge, but third-party banking fees may apply.
    • Extensive Research and Educational Collection. IronFX offers a comprehensive array of research and educational materials, both in-house and from TradingCentral, catering equally to both beginners and seasoned traders

    What Sets IronFX Apart?

    IronFX distinguishes itself with its extensive range of supporting materials, catering to both beginners and seasoned traders. These resources comprehensively cover fundamental and technical analysis, risk management, and trading psychology.

    Furthermore, IronFX’s diverse selection of seven account types, including STP and ECN accounts, caters specifically to experienced high-frequency traders seeking competitive pricing. Notably, clients of its Bermuda-based entity have the advantage of accessing high leverage up to 1:1000, offering significant trading flexibility

    Who is IronFX For?

    IronFX caters to a wide spectrum of traders. Beginners will find value in its variety of account types and in-depth educational content, while professionals can leverage its fast execution speeds and a broad array of trading instruments. The broker’s well-rounded selection of lower-risk securities alongside higher-risk/high-yield assets makes it a fitting choice for diverse trading strategies, including hedging and scalping.

    We performed our tests on a No Commission account using the MetaTrader 4 desktop platform and its mobile app. The account was opened with the Notesco Limited entity of the broker.

    IronFX Main Features

    ☑️ RegulationsFCA (United Kingdom), FSCA (South Africa)
    🗺 Supported Languages
    Korean, English, Russian, French, Portuguese, Arabic, Spanish, Chinese, Croatian, Farsi, Japanese, German
    💰 ProductsCurrencies, Stocks, Crypto, Indices, Commodities, Futures
    💵 Min Deposit$0
    💹 Max Leverage1:30 (FCA), 1:500 (FSCA)
    🖥 Trading Desk TypeSTP
    📊 Trading PlatformsMT4
    💳 Deposit OptionsFasaPay, Cryptocurrencies, PerfectMoney, Wire Transfer, Skrill, China UnionPay, Neteller, Credit Card, E-wallets, Paysafe, SafetyPay
    💳 Withdrawal OptionsWire Transfer
    🤴 Demo AccountYes
    🗓 Foundation Year2010
    🌎 Headquarters CountryCyprus
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    IronFX Full Review

    Trust

    3.7
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    IronFX operates through three entities, with two regulated by the FCA in the UK and the FSCA, and one entity remains unregulated. I found the broker to be generally transparent, with information about fees easily accessible on their website. IronFX also strives to maintain ‘best execution’ practices.

    IronFX Regulations

    In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

    This is what I discovered about IronFX’s several entities:

    • Notesco UK Limited is licensed and regulated by the Financial Conduct Authority (FCA) in the UK under licensing number 585561. We rank the FCA as a Tier-1 regulator.
    • Notesco (SA) Pty Ltd is licensed and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa under licensing number 45276. We rank the FSCA as a Tier-2 regulator.
    • Notesco Limited is registered in Bermuda. The entity is not regulated.

    We have summarized the most essential aspects of IronFX in terms of regulation and safety in the table below:

    Entity Features Notesco UK Limited Notesco (SA) Pty Ltd Notesco Limited
    Country/Region UK/London

    South

    Africa/Johannesburg

    Bermuda/Hamilton
    Regulation FCA FSCA Unregulated
    Tier 1 2 NA
    Segregated Funds Yes Yes Yes

    Negative Balance

    Protection

    Yes Yes Yes
    Compensation Scheme Up to GBP 85,000 under FSCS No No
    Maximum Leverage 1:30 1:500 1:1000

    Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

    Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

    Here is what you need to be looking for in a broker in terms of safety mechanisms:

    • Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. IronFX complies with this requirement.
    • Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. IronFX complies with this requirement as well.
    • Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. In the case of IronFX, only clients of FCA-regulated entitiy are protected under such schemes.
    • Maximum leverage. Capping the maximum leverage limits the maximum market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. IronFX’s clients can choose a maximum leverage up to 1:1000 which is quite high and suitable only for the most experienced traders.

    Is IronFX Safe to Trade With?

    As a whole, I found IronFX to be safe to trade with. Even though Notesco Limited does not have a compensation scheme, client funds are kept in segregated accounts, meaning that the risk of loss of capital due to negligence or bankruptcy of the broker is greatly diminished. Additionally, the broker provides negative balance protection.

    The broker entity does have comparatively high maximum leverage, but selecting a multiplier is up to the trader. Less experienced traders do not have to go for the maximum and can instead choose a lot more comfortable leverage.

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.

    Information on IronFX’s website is easily accessible. There is a detailed description of each account type’s spreads and commissions. Additionally, all the safety mechanisms, execution methods, and standards are explained in detail in IronFX’s Client Agreement.

    Extract of IronFX’s Client Agreement
    Extract of IronFX’s Client Agreement

    In summary, my research indicates that IronFX can be regarded as having a sufficient level of trust and stability due to the following factors:

    • Ensures most safety mechanisms in the industry
    • Has a fairly transparent website
    • Is authorized by two top-tier regulators

    Fees

    3.9
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    IronFX offers multiple accounts with widely diverging pricing mechanisms. I measured the spreads, swaps, and commissions on its No Commission account and compared the offering to the other 6 account types. I also compared IronFX’s trading and non-trading fees to other brokers and found out that, as a whole, they fall below the industry average. The broker does not charge deposits and withdrawals, and it does not have an inactivity fee.

    IronFX’s Trading Fees

    IronFX’s Spreads

    I tested IronFX’s spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on 01 August 2023.

    Instrument Live Spread AM Live Spread PM
    EURUSD 1.0 pips 0.9 pips
    GBPJPY 2.0 pips 2.3 pips
    Gold (XAUUSD) 38 pips 38 pips
    Crude Oil 0.04 pips 0.04 pips
    Apple NA 0.31 points
    Tesla NA 0.34 points
    Dow Jones 30 3 basis points 3 basis points
    Germany 40 4.5 basis points 4.5 basis points
    Bitcoin $19.00 $21.51

    Broken down by asset class and compared to the industry average, IronFX charges low-to-average spreads on FX pairs, average spreads on commodities, low spreads on CFD shares, and average-to-high spreads on indices. Based on my findings, I concluded that trading CFD shares is most advantageous with IronFX.

    IronFX’s Swap Rates

    A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

    The values listed below are for one full contract (100,000 units) of the base currency.

    Instrument Swap Long Swap Short
    EURUSD Charge of $11.75 Credit of $2.01
    GBPJPY  Credit of $10.5 Charge of $28.85

    IronFX charges above-average swaps, though this can also be partially explained by heightened volatility at the time of my review. It is also worth pointing out that the broker permits swap-free trading via its Islamic accounts.

    IronFX’s Commissions

    IronFX charges a fixed commission on two of its account types – Live Zero Fixed and Zero Spread. For the former, there is a $18 round-turn commission per traded lot (100,000 units), whereas the latter has a $10 round-turn commission per traded lot.

    Round-turn means that half of the commission ($9 in the first case and $5 in the second) is charged when a position is opened, and the other half is then charged when the position is closed.

    I compared my findings to the industry benchmark and determined that the fixed commission on the ‘Live Zero Fixed’ account type exceeds the industry average by a lot, whereas the $10 commission on the ‘Zero Spread’ account type falls below the industry average.

    IronFX’s Non-Trading Fees

    There is no monthly inactivity fee with IronFX. However, any account that has been inactive for 90 days and has an account balance of up to 1 cent of any currency will be achieved. Also, IronFX reserves the right to apply a 3% ‘no trading’ fee when a trader has deposited and requested to withdraw funds without ever entering one trade.

    Are IronFX’s Fees Competitive?

    In general, IronFX’s offering is slightly more competitive than the industry average. Traders can choose between commission-free, swap-free accounts and accounts with low floating spreads. Plus, there are no major non-trading costs.

    Accounts Comparison

    To help you better understand the difference between IronFX’s different accounts in terms of trading costs, I have compiled the table below. It illustrates the spreads and

    commissions I have recorded on the EUR/USD for the seven account types. The table shows how much you will have to pay to trade 1 full lot (100,000 units) on the EUR/USD when the pip value of the pair is $10.

    Account Type Spread  Commission Net Cost*
    Standard (Floating/Fixed) 1.8 pips / 1.9 pips $0 $18 | $19
    Premium (Floating/Fixed) 1.4 pips / 1.7 pips $0 $14 | $17
    VIP (Floating/Fixed) 1.2 pips / 1.5 pips $0 $12 | $15
    Live Zero Fixed 0 pips $18 $18
    No Commission 0.9 pips $0 $9
    Zero Spread 0 pips $10 $10
    Absolute Zero 0.3 pips $0 $3

    *Please note that these results were accurate at the time of our review but could change over time

    My tests indicate that IronFX’s floating spread accounts are slightly more competitive than the fixed spread alternatives in normal market conditions. However, this may change at times of heightened market volatility as floating spreads tend to rise at such times.

    I consider the ‘Zero Spread’ account most suitable for traders looking for stability and competitiveness. The account type has fixed raw spreads and a fixed $10

    round-turn commission, meaning that a trader’s costs will remain constant regardless of the underlying market sentiment. The combination of the two costs is below the industry average. The account is equally suitable for high-volume and high-frequency trading.

    Platforms and Tools

    3.9
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    IronFX incorporates MetaTrader 4, which is quite popular among beginners for its simplistic design though I find it outclassed by newer and more user-friendly platforms. MT4 affords basic technical analysis. IronFX also has its proprietary app, which surpasses MT4’s equivalent in functionality.

    MetaTrader became the first successful retail platform, pretty much setting the benchmark for what should be incorporated into such a platform. Traders can build custom watch lists to navigate IronFX’s multiple instruments, while charts can be populated with multiple technical indicators and drawing tools.

    As a high-frequency trader, I have always looked for precision and efficiency in a platform. And in some ways, MetaTrader delivers on both. There is a limited capacity to scale price action up and down in order to gain a sense of the prevailing market sentiment. The platform also supports one-click trading, which allows traders to execute orders fairly quickly.

    Automated trading is possible via MetaTrader’s Expert Advisors (EAs) feature. IronFX provides Virtual Private Server (VPS) hosting to ensure better connection and faster execution for algo trading. Social trading is also available via IronFX’s ‘AutoTrade’ feature, allowing clients of the broker to choose the best-performing trading strategies.

    IronFX’s Desktop MT4 Platform

    The desktop version of MetaTrader 4
    The desktop version of MetaTrader 4

    General Ease of Use

    MetaTrader’s layout is pretty straightforward. You have your watchlists, indicators, and other tools on the left side of the window, a chart screen on the right, and account info at the bottom.

    Certain features, such as the one-click trading option and depth of market tool, enhance the platform’s overall performance. They allow traders to easily examine the current market behavior and enter into trades quickly.

    However, I consider the lack of an instruments search tool to be the biggest drawback of the platform. You have to scroll through the entire list of available instruments in order to find the asset you are looking for, which I find tedious and unnecessary.

    MetaTrader’s depth of market and one-click trading features
    MetaTrader’s depth of market and one-click trading features

    Charts

    In my experience, the charts screen is probably the most important component of every platform. It is the window through which traders can observe price action behavior and understand where the market might be headed next.

    It is vitally important for a chart to be as clear and informative as possible and allow traders to manipulate price action freely by scaling it up and down. Additionally, a good chart should be supplemented by a broad range of technical indicators, drawing tools, and other such instruments to accommodate technical analysis.

    Price action on a MetaTrader 4 chart screen
    Price action on a MetaTrader 4 chart screen

    My impression of MT4’s charts is that they are somewhat rigid. You can apply multiple indicators and drawing tools, but this can actually lead to obscuring price action rather than contextualizing it. Still, the platform supports a broad range of diverse features. I have broken them down by class:

    • 30 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, and Bill Williams indicators. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next.
    • 23 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels.
    • 9 timeframes. MetaTrader 4 allows multi-timeframe analysis of price action behavior, though its assortment of timeframes is relatively constrained. In comparison, its successor, MT5, has 21 different timeframes. The greater the number, the more intricate examinations that can be carried out across the short-term and long-term.
    • 3 chart types. Price action can be represented as a line, bars, or candlesticks.

    Orders

    Placing a trading order on MetaTrader 4
    Placing a trading order on MetaTrader 4

    I have broken down the available order types on MT5 below:

    • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order actually gets filled.
    • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
    • Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

    IronFX’s Mobile MT4 App

    A watch list (on the left), a chart window (in the middle), and a news window (on the right)
    A watch list (on the left), a chart window (in the middle), and a news window (on the right)

    The mobile app affords traders quick and easy access to the market on the go. It is indispensable when you must swiftly adjust your open positions. I checked the usability of the mobile app version of MT4 by testing how long it would take me to do just that. In just a few seconds, I was able to log into my account, go to my open orders, and adjust the parameters (move the stop-loss) of a trade.

    On the other hand, the app is not suitable for much else. It is even more cumbersome than the platform’s desktop version, and carrying out sophisticated technical analyses on a small-screened device is virtually impossible. This is a problem that is inherent to almost all trading apps.

    Tradable Instruments

    4.9
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    IronFX offers over 500 tradable instruments from different asset classes. These include FX pairs, commodities, indices, share CFDs, and futures. The availability of futures, in particular, increases the number of trading strategies that can be used.

    What I thought very useful is that some of the available instruments are denominated in different currencies. For instance, you can trade XAUUSD (Gold vs. US Dollar) or XAUEUR (Gold vs. Euro). Traders can avoid paying conversion fees when trading with instruments denominated in their account currency.

    What Are CFDs?

    Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying without physical delivery. For example, a long position on gold would generate a profit as the price rises or incur a loss as it falls. This is achieved without having to purchase actual bars of gold. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

    What Can You Trade With IronFX?

    I have broken down the available instruments by asset class:

    • 84 Currency Pairs CFDs
      • Major, Minor, Exotic
    • 18 Commodities CFDs
      • Metals (6), Energy (3), Agriculture (9)
    • 145 Shares CFD
      • US (92), UK (20), France (7), Germany (12), EU (14)
    • 19 Indices CFDs
      • Spot Equity (16), Energy Commodities (3)
    • 26 Futures
      • Commodity (9), FX (6), Energy (3), Indices (8)

    Compared to the broader industry, IronFX offers an above-average number of FX pairs, commodities, and indices. These afford traders access to multiple markets with varying degrees of underlying volatility.

    Forex Commodities
    EURUSD | GBPJPY | CADCHF | AUDNZD | USDZAR | USDCZK Gold | Crude Oil | Natural Gas | Cocoa | Wheat | Sugar | Cotton | Coffee
    Share CFDs Indices
    Apple | Tesla | Boeing | Microsoft | Meta | Facebook | Google Dow Jones 30 | DAX 40 | CAC 40 | Nasdaq 100 | Nikkei 225
    Futures Cryptocurrencies
    USOIL | UKOIL | Natural Gas | US30 | US100 | Euro Futures | Copper Bitcoin | Ethereum | Polkadot | Ripple | IOTA | Cardano | DogeCoin

    Customer Support

    3.2
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    IronFX offers 24/5 support over live chat and email. There is also a dedicated FAQ section on the website for more general queries, such as how to set up a trading account. The agents are generally knowledgeable though they seem to struggle when communicating more complex information in English.

    Customer support via live chat is available in English, French, Spanish, Chinese, Japanese, Korean, and Farsi. Before you connect to an agent, you have to provide your name, email, and account number (if applicable), and choose a preferred language.

    Phone support is available only to active clients with their account managers.

    Customer Support Test

    When we test a broker’s customer support team, we evaluate the agents’ knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

    The test was conducted on 1 August at 13:36 CET via live chat. An agent connected almost instantaneously. She responded fairly quickly to my more general questions and did her due diligence concerning the more complex inquiries. I was interested to learn more about IronFX’s average order execution speed and whether there are any minimum deposit requirements per account type.

    My conversation with IronFX’s support team
    My conversation with IronFX’s support team

    Agent’s answers were prompt, for the most part, though at times, it was hard to understand her. Eventually, I was advised to refer to a different support department to receive additional clarification. I did as I was told and sent an email to the address that the agent provided. I got an answer the following day.

    I received a rather terse explanation that IronFX averages speeds of under 50 milliseconds on most orders, without any further context. I had expected to learn more about the total number of trades that were tested over the previous year, the percentages of trades that resulted in positive and negative slippage, etc.

    My question regarding the minimum deposit requirements was ignored.

    IronFX’s response email
    IronFX’s response email

    Deposit and Withdrawal

    2.8
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    IronFX provides quite a few deposit methods, while withdrawals are sent only via bank wire. Payments are processed fairly quickly, and traders can use multiple currencies. I learned that IronFX does not charge a handling fee on deposits or withdrawals, though there are exceptions.

    IronFX Deposit Methods

    Method Fee Currency Transaction Time
    Credit/Debit Card $0 USD | EUR | GBP | AUD | JPY | CHF | PLN | RUB | HUF Instant
    Bank Wire $0* USD | EUR | GBP | AUD | JPY | CHF | PLN | RUB | HUF 3-5 Business Days
    Skrill $0 Not Specified Instant
    Neteller $0 Not Specified Instant
    China Union Pay $0 Not Specified Up to 24 hours
    FasaPay $0 Not Specified Up to 24 hours
    IronFX Card Deposit $0 Not Specified Up to 24 hours
    Digital Assets $0 Not Specified Up to 24 hours
    Bitwallet $0 Not Specified Instant
    PerfectMoney $0 Not Specified Up to 24 hours
    PaySafe Card $0 Not Specified Up to 24 hours

    *Third-party banking fees may apply

    IronFX Withdrawal Methods

    Method Fee Currency Transaction Time
    Bank Wire $0* All 3-5 Business Days

    *Third-party banking fees may apply

    The available payment methods are shown in the client portal and not on the website for the general viewer. Deposits and withdrawals are generally free of charge, though

    third-party banking fees may apply. For withdrawals below $300, there is a $55 fee. Also, withdrawals from accounts on which there have been no executed trades are liable for a 20% transaction fee charged by IronFX.

    Account Types and Terms

    4.9
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    I checked the usability of IronFX’s seven retail account types and found them quite diverse, with hugely varying pricing mechanisms. Generally, the accounts are suitable for beginners and advanced traders. IronFX offers a wide range of 13 base currencies. Each account type supports swap-free trading via IronFX’s Islamic accounts.

    Why is Choosing the Right Account Type Important?

    Your account should reflect your goals, needs, and ambitions on the market. You should take into consideration several things, such as whether the account type has a minimum deposit requirement, what its spreads and commissions are, what the execution method is, and more.

    What Account Types Does IronFX Offer?

    I have broken down IronFX’s account types by category and arranged them in the two tables below:

    Live Floating/Fixed Spread Accounts

    Account Type Standard Premium VIP Zero Fixed Spread
    Spread From 1.6 pips floating/ fixed to 2.0 pips 1.4 pips floating/ fixed to 1.8 pis 1.2 pips floating/ fixed to 1.6 pips Fixed to 0
    Commission No No No Yes
    Instruments Forex, Commodities, Indices, Futures, Shares Forex, Commodities, Indices, Futures, Shares Forex, Commodities, Indices, Futures, Shares Forex, Commodities, Indices
    Base Currency USD, EUR, GBP, AUD, JPY, BTC, PLN, CZK USD, EUR, GBP, AUD, JPY, BTC, PLN, CZK USD USD, EUR
    Maximum Leverage 1:1000 1:1000 1:1000 1:500
    Stop Out 20% 20% 20% 50%
    Islamic Account Yes Yes Yes Yes
    Minimum Deposit $0 $0 $0 $0

    STP/ECN Accounts

    Account Type No Commission Zero Spread Absolute Zero
    Spread From 0.9 pips 0 0
    Commission No Yes No
    Instruments Forex, Commodities, Indices, Futures, Shares Forex, Commodities, Indices Forex, Commodities, Indices
    Base Currency USD, EUR, GBP, JPY, BTC USD, EUR, GBP, JPY, BTC USD, EUR, JPY
    Maximum Leverage 1:500 1:500 1:200
    Stop Out 50% 50% 50%
    Islamic Account Yes Yes Yes
    Minimum Deposit $0 $0 $0

    I evaluated IronFX’s fixed/floating spread and STP/ECN account types across multiple factors and discovered certain important differences. As shown above, the latter tend to have more favorable spreads and commissions. However, the STP/ECN accounts also have higher stop-out levels (50%). This translates into higher overall trading risk. I found these accounts most suitable for experienced high-frequency traders looking for the most competitive prices.

    The fixed/floating spread account types, in contrast, have narrower stop-out levels (20%), making them more suitable for applying tight risk management. This is especially important for highly volatile markets. Fixed spread accounts also have a competitive advantage in such environments as their costs cannot rise, no matter how volatile the market becomes. I thus determined that fixed/floating spread accounts are better suited for beginners looking for extra protection.

    IronFX’s Order Execution Model

    I checked IronFX’s execution policy and accounts structure and determined that the broker’s hybrid execution model most closely resembles market execution. It guarantees volume filling at the best possible price, though not necessarily at the requested price. IronFX claims to average execution speeds of under 50 milliseconds. To understand the functioning of market execution, consider the following example:

    Suppose you wish to go long 100,000 units (1 lot) on the EUR/USD at 1.07650. You place your buy order, but there is not enough liquidity in the market at that price level, not enough to fill your order. Hence, no trade is opened. The price then climbs to 1.07700, where there is enough liquidity to fill that volume, and your trade is finally

    executed. If the value of 1 pip is $10, then you would have missed a chance to generate a $50 profit due to this discrepancy (5 pips).

    The clear advantage of this model of execution is that with it, you are guaranteed entry, in that your order request will eventually be filled once there is enough liquidity. However, the corresponding disadvantage is that you are exposed to price discrepancies in the form of negative slippage.

    In my experience, market execution is better suited for day trading and position trading strategies where volume is important. But it is less so for intraday trading strategies, such as scalping, where precise order filling is more important.

    What is CFD Leverage?

    The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the

    leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

    IronFX Account Opening Process

    The account registration process with IronFX
    The account registration process with IronFX

    I have organized the account creation process with IronFX in the following easy steps:

    • Step 1. Click the ‘Register’ button in green at the top-right corner of the main page.
    • Step 2. Fill in your name, email, country of residence, and telephone number.
    • Step 3. Choose a password.
    • Step 4. Login to your client portal.
    • Step 7. Verify your account by uploading proof of identity and proof of address.
    Configuring your trading account from the client portal
    Configuring your trading account from the client portal

    Why is a Demo Account Important?

    IronFX offers demo accounts that introduce traders to the broker’s services and allows them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment.

    You can set up a demo account for yourself alongside your live CFD account.

    IronFX Restricted Countries

    Notesco Limited does not accept clients from the U.S., Cuba, Sudan, Syria, and North Korea.

    Research

    4.5
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    What stood out the most to me in IronFX’s offering is its comprehensive research content. The broker publishes its in-house materials regularly, and it also incorporates the popular TradingCentral service. Content is available in written and video formats, making it more accessible and easy to grasp. The trading ideas and market analyses are well-researched and with a clear focus. They have technical, fundamental, and psychological nuances.

    Research Tools

    I have broken down IronFX’s research content by type below:

    Provided by TradingCentral, they are entirely technical. Each idea underscores a currently unfolding trading setup – a bullish or bearish pattern, such as the ‘Engulfing Line (Bullish)’ shown below. What I found particularly useful is that it states for how long the idea can be applied before the underlying opportunity expires.

    A featured forex idea by TradingCentral
    A featured forex idea by TradingCentral

    Market Buzz

    The Market Buzz feature is a tool used for fundamental analysis and trading on volatility outbursts. You can use it to gauge interactions on social media for instruments from several asset classes – cryptos, shares, currencies, commodities, and indices.

    In the example below, you can see the net mentions of Tesla compared to the industry for the last 24 hours. The more interactions there are, the likelier it is that volatility on the instrument in question will increase in the near future.

    TradingCentral’s Market Buzz feature
    TradingCentral’s Market Buzz feature

    Newsdesk

    Live news feed helps traders stay on top of the latest market developments. Each piece is light and easy to grasp, containing no more than 2-3 sentences. This type of content is not intended to delve deep into the subject matter but rather to help traders screen potential opportunities as they emerge.

    TradingCentral’s Newsdesk feature
    TradingCentral’s Newsdesk feature

    Technical Views

    Provided by Trading Central, the Technical Views section affords a more detailed insight into current trading opportunities. Price action is examined more intricately, utilizing more indicators. The materials underpin key support and resistance levels and pivot points.

    TradingCentral’s Technical Views feature
    TradingCentral’s Technical Views feature

    Market Insights

    Proprietary to IronFX, the Market Insights section comprises lengthy and comprehensive takes on current trading opportunities. Articles in this section underpin major economic developments and the underlying factors driving price action. They also include a multi-timeframe technical analysis. Technical, fundamental, and psychological analyses are implemented to provide a balanced and well-researched picture of current trading opportunities. Articles in this section are published regularly.

    IronFX’s in-house Market Insights
    IronFX’s in-house Market Insights

    Economic Calendar

    Pretty standard for the industry, the economic calendar is a tool used by traders to inform themselves about upcoming economic releases and other major events that can create viable trading opportunities. You can use the filters of the calendar to search for events depending on their expected market impact.

    IronFX’s Economic Calendar
    IronFX’s Economic Calendar

    WebTV

    WebTV represents ‘Market Insights’ and ‘Technical Views’ in video format. Making the content more accessible and easier to grasp.

    IronFX’s WebTV
    IronFX’s WebTV

    Blog

    The blog is where you can access more articles and opinion pieces to get a broader perspective on what is driving the market. Materials in the website’s blog section are written in support of the rest of the technical and fundamental content.

    IronFX’s proprietary blog
    IronFX’s proprietary blog

    Seminars

    IronFX should also be praised for holding periodic seminars at various locations globally and in different languages. Traders attending these seminars can benefit by gaining critical trading insights directly from IronFX experts.

    IronFX’s regular seminars
    IronFX’s regular seminars

    Education

    5
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    I checked IronFX’s multiple educational materials and found them highly practical. There is something for everybody, from the seasoned expert to the novice rookie. Content covers essential trading topics, such as technical and fundamental analyses, risk management, and trading psychology.

    I broke down IronFX’s educational materials by type below:

    Educational Videos

    Hundreds of educational videos are available on IronFX’s YouTube channel. They cover a wide range of trading topics, including charting, technical analysis, fundamental analysis, and trading psychology. These are available in several languages, including

    English, German, and Spanish. The videos are generally easy to understand and highly informative. I thus found them quite useful for both beginners and experienced traders.

    IronFX’s educational videos
    IronFX’s educational videos

    eBooks

    Clients of IronFX can access four eBooks from the client portal of the website. These include: ‘Introduction to Forex’, ‘Trading Strategies’, ‘Technical Analysis’, and

    ‘Fundamental Analysis’. The books are pretty exhaustive and can help newbies gain a firm understanding of trading basics.

    IronFX’s eBooks
    IronFX’s eBooks

    Glossary

    A pretty standard feature, the glossary contains descriptions of some of the most popular trading concepts so that first-time traders can learn what they mean. IronFX’s glossary contains over 60 entries.

    Webinars

    IronFX publishes webinars almost daily. They are highly informative and cover a wide range of topics – from the basics of technical analysis to the intricacies of trading psychology. They are in multiple languages, making them quite accessible to a larger number of traders.

    After reviewing a couple of IronFX’s past webinars, I considered they can help beginners gain a solid understanding of essential trading concepts and techniques,

    whereas more experienced traders can always find something new to add to their skills and improve their knowledge.

    IronFX’s webinars
    IronFX’s webinars

    Podcasts

    IronFX also publishes regular podcasts in addition to its webinars. The podcasts are more topic-specific, usually focusing on particular trading concepts. They can, thus, help you gain a broader trading perspective and improve your general knowledge.

    IronFX’s podcasts
    IronFX’s podcasts

    The Bottom Line

    IronFX is a forex and CFD broker that is headquartered in Cyprus and also has offices in the UK, South Africa, and elsewhere. The company serves traders globally and is regulated in several jurisdictions, including FCA and FSCA, along with one unregulated entity.

    The broker’s seven account types are versatile and can be used to gain a competitive advantage via the quite low spreads and commissions on the STP/ECN accounts or to implement tight risk management via the fixed/floating spread accounts.

    IronFX offers an outstanding collection of educational materials, including developed in-house eBooks, trading courses, webinars, seminars, market analyses, and more. It also incorporates the sophisticated TradingCentral service, which is a comprehensive market research tool.

    Currently, clients of IronFX can only trade on MetaTrader 4, which is rather cumbersome and outclassed by newer trading platforms. I find the broker lacks an additional trading platform. Additionally, IronFX’s customer support seems to struggle with addressing more complex questions, such as what their average execution speed is.

    To sum it all up, IronFX is a well-calibrated broker with a balanced offering suitable for both beginners and experienced traders.

    FAQ

    IronFX is registered in Bermuda with the registered address: Nineteen, Second Floor #19 Queen Street, Hamilton HM 11, Bermuda.
    The company as a whole can be considered safe as it adheres to most safety requirements. The broker is also very transparent.
    Yes, IronFX has a comprehensive offering of research and educational materials. It also provides accounts that cater to the needs of beginners.
    IronFX does not have a minimum deposit requirement.
    Clients of IronFX can withdraw funds via bank transfer.
    Wire transfers usually take between 3-5 business days.
    The maximum leverage for retail traders with IronFX is 1:1000.
    Accounts can be opened from the main page of the website.
    IronFX incorporates MetaTrader 4.
    Yes, it does.
    Yes, IronFX offers VPS hosting, supports one-click trading, and averages execution speeds of 50 milliseconds.
    Yes, auto-trading is available with IronFX. Traders can use MetaTrader’s Expert Advisors (EAs) feature and IronFX’s VPS.
    Yes, hedging is allowed with IronFX.
    No. Spread betting is not available with IronFX.
    Yes, it does.
    Depends on the particular asset class. For instance, the Forex market is open 24/5, whereas shares of U.S. companies can be traded during the New York Stock Exchange (NYSE) open – Monday to Friday from 09:30 a.m. to 4 p.m. EST.
    IronFX operates on an STP (Straight-Through-Processing) basis without a dealing desk.
    No, IronFX does not operate a bank.

    See IronFX Full Information

    Headquarters CountryCyprus
    Foundation Year2010
    RegulationsFCA (United Kingdom), FSCA (South Africa)
    Publicly TradedNo
    Number Of Employees616
    Trading Desk TypeSTP
    Trading PlatformsMT4
    Restricted Countries
    Cuba, North Korea, United States, Syria, Sudan
    Supported Languages
    Korean, English, Russian, French, Portuguese, Arabic, Spanish, Chinese, Croatian, Farsi, Japanese, German
    Min Deposit$0
    Max Leverage1:30 (FCA), 1:500 (FSCA)
    Deposit OptionsFasaPay, Cryptocurrencies, PerfectMoney, Wire Transfer, Skrill, China UnionPay, Neteller, Credit Card, E-wallets, Paysafe, SafetyPay
    Withdrawal OptionsWire Transfer
    Time to Withdrawal3
    Time to Open an Account9
    Crypto
    Bitcoin, Cardano, Dogecoin, Ripple, Ethereum, Polkadot, IOTA
    Products
    Currencies, Stocks, Crypto, Indices, Commodities, Futures
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingYes
    API TradingNo
    Guaranteed Stop LossYes
    Guaranteed Limit OrdersYes
    Guaranteed Fills / LiquidityNo
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    AutochartistNo
    Trading SignalsYes
    Platform Languages
    Dutch, Chinese, Arabic, Korean, English, French, Farsi, Spanish, Russian, German, Japanese, Croatian
    24 Hours SupportYes
    Support During WeekendsNo
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    WebinarsYes
    Deposit FeeNo
    Withdrawal FeeYes
    Inactivity FeeNo

    About the Author

    Plamen StoyanovBroker Analyst

    Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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