IronFX – review and feedback on forex and CFD trading platform

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IronFx – trading platform overview

вњ… This Trading Platform is available in Russia

Overview of regulated brokers: IronFX

Professional traders, as well as their less experienced colleagues, argue that the choice of an appropriate trading platform plays an important role for the success of the project (financial operations). And to solve it, in some cases, it is very difficult. They are hampered by scammers who can work according to the principle of a “financial pyramid” or attackers offering unrealistically high amounts of income to future “victims”, etc. The pseudo-broker actually takes all the money from customers and disappears in an unknown direction. Therefore, at the initial stage of cooperation (preferably before registering an account and replenishing the account), it is necessary to conduct a thorough analysis of the broker and make sure that he is not engaged in the implementation of another fraudulent scheme. But how to conduct this study, so as not to offend the administration of a web resource and achieve its goal? For example, take IronFX. This resource is distinguished by honesty, decency and the performance of its tasks. This service will help you understand its functionality, and, if necessary, based on this review, you will analyze almost any trading platform.

What indicators of IronFX are of interest to traders?

For the first time, the site in question was talked about in 2020 (at this time the company is registered in Cyprus as a forex broker). In parallel, the administration of the company opens an office there and continues its development at a high rate. But we must not forget that the trading platform was created by a successful company (it became part of the corporation 8SafeUK), which provides trading services since 1972! This fact makes this broker stand out against the background of similar companies operating in the field of online trading.

IronFX Security

One of the most reliable and repeatedly tested in practice ways to protect client funds is segregated accounts. They make it possible to store the savings of their users on third-party resources, as a rule, in reputable European and American banks: Bank of America Merrill, BNP Paribas, Raiffeisen Bank, and others. Applications and platforms prepared for IronFX (MT4, MT5, Webtrader, etc.) provide fast execution of the required operations, at no additional cost and reliable protection against fraudsters.

 And even if something happens to the broker, you can always return your deposit without fear that your financial resources will “float” together with the owner of the trading platform in an unknown direction.

The company in question is a member of the Compensation Protection Fund, the main purpose of which is to return the money to the trader, if the broker did not do this for some reason, during the stipulated time (usually the period is fixed in a bilateral agreement).

Organizations that control the activities of participants in the global financial market check their reporting documentation, capitalization, development rates and other indicators by which you can learn about the financial status of this service, its reliability and development prospects in the near future.

IronFX Regulation

For many traders, the above information is a kind of “green” signal for registering a login on IronFX and following up on this resource. What do those traders who need more serious evidence of the reliability of this company? The answer is simple. Examine everything related to this broker:

• FCA. The regulator for financial management and supervision in the UK.

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• CySEC – Cyprus Securities and Exchange Commission.

• ASIC – Australian controller for exchanges and securities.

• CRFIN is a regulatory (extrabudgetary) organization for securities and subjects of this branch of the Russian Federation.

Literally in a year or two, after registering and preparing all the necessary papers, the organization under consideration (IronFX) reached the level of the leading participants in Internet commerce, fully coping with all the tasks.

The creators of the resource have given a lot of space for educational materials. If you have never encountered such a direction of activity, you definitely need to remember the amount of information that will allow you to be well versed in the events taking place.

For the theoretical training of traders, there is a section called “Academy”, which allows in a short time to study everything that is relevant to online trading. Also on the web-site contests, competitions, webinars, analysis of successful strategies and work on the bugs are held. Traders can study e-books that are relevant to this business.

Website customers can prepare for real transactions for free using a demo account installed on IronFX. Fast, convenient and no unreasonable / unjustified expenses.

IronFX Broker: trading conditions

Rather difficult work, even from the standpoint of people who are used to at least 10 hours a day, to sit near a computer, additionally using mobile phones, fixed communications, etc., is intended only for stable people. Not every person is able to withstand similar loads. But to work in the market of currencies, raw materials, securities, cryptocurrency, or other new / promising products, it is not necessary to build problems out of the blue. Experience shows that in this work there should always be a clear mind, the ability to analyze the information received and find new facts explaining the change in the exchange rate and the value of the main financial assets.

IronFX Trading Terms

In existing reviews about IronFX there are often grateful feedback from customers who claim that the administration has managed to create optimal conditions for work.

• The minimum deposit amount is $ 100.

• Transactions – 0.01 lot.

• 24/7 multilingual service.

• The main currencies of trading accounts are euro, Australian and American dollars, Swiss francs, Russian rubles, British pounds, Japanese yen.

• The affiliate program works effectively.

Deposit replenishment and cash withdrawal

In the reviews compiled about IronFX, it is often possible to meet the recommendation of users: to expand the existing system of input / output of money. At the moment, bank transfers, credit cards, Visa and MasterCard, Neteller, Webmoney, Scrill.

IronFX Assets

The list of liquid assets accessed by the trader after registration includes: currency pairs (forex), commodities, precious metals, futures, and contracts for energy types of raw materials.

IronFx.com Review Visit site

SCAM CONFIRMATION

March 2020: There are now 4 FPA Traders Court Guilty votes against IronFx for failure to pay money owed to clients. The FPA has no choice but to declare IronFx to be a Scam for its actions against its clients.

IronFx is hereby blacklisted by the Forex Peace Army. The FPA recommends against depositing money with Iron Fx. If you have an account with IronFx, the FPA recommends you try to withdraw your funds immediately.

SCAM CONFIRMATION

2020: The FPA has repeatedly requested to communicate with the CEO of IronFx regarding the unethical behavior of employees of the company. Many employees claimed they could stop this behavior. All failed. Each of them was asked to put the FPA in touch with the CEO. Based on what happened over time, the FPA believes the CEO is aware of the unethical behavior of his employees, but does not care to do anything about it.

Readers of this review page should note the fake reviews left by IronFx employees pretending to be clients. These are from “Dimitri, London, United Kingdom” on 2020-08-02 and “Eva Leine, Stuttgart, Germany on 2020-02-04”.

IronFx employees have also spammed the FPA’s forums on three occasions.

In January, 2020, someone posted an attack on a competing broker from inside the offices of IronFx. See the review by “Jacob, Cyprus” dated 2020-01-21 below.

In June, 2020, someone claiming to be an IB from Egypt posted defending IronFx. The post really came from inside of IronFx’s offices in Cyprus. See the review from “IB in IronFX” dated 2020-06-03 below.

These incidents began in November 2020. The most recent was in June of 2020.

The FPA recommends AGAINST doing business with IronFx until the CEO steps in and convinces company employees to stop acting in an unethical fashion. If this is how employees follow simple forum and review site rules, can you trust them to follow rules about handling your money?

Other websites of this company include IronForex.com, IronFx.com.bm, FxGiants.co.uk , FxGiants.com.bm, FxLift.com , FxLift.eu, and ZorroTrade.com

Need more info?
Read and Ask HERE.

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.

  • One of the most flexible broker to safely trade Forex & CFDs or Indexes and Commodities
  • 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

parameter Pros ? 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
⭐⭐⭐⭐

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

Assets Fee Level Terms
CFD on US Stock Average 0.10%; Swap Long: €0.01042; Swap Short: €0.00125 (swaps are regularly changing)
EURUSD Average Long: 9.8; Short: €5.35 + spread (depending on account type)
Inactivity FEE Above average 3% 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.

IronFX XM XTB
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
IronFx XM XTB
Apple financing rate Long- 0.00967 USD short – 0.00117 USD 6%
Vodafone financing rate Long – 0.00046 GBP short – 0.0005 GBP 6%
EURUSD financing rate Long – 9.85 points short 5.35 points 4.1%

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
IronFx XM XTB
Account fee 3% (only if one never traded) No
Inactivity fee No No
Withdrawal fee Varies 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.

IronFx XM XTB
Currency pairs 83 48
Stock CFDs 124 1,600
ETF CFDs x 87
Commodity CFDs 3 21
Metals 6
Cryptos 7 16
Stock Index CFDs 16 34
Future contracts 27

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:

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.

How to Open Account with IronFX

  • 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
IronFx XTB XM
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

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: :

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

Established in Cyprus in 2020, 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 country Investor protection amount Regulator Legal entity
United Kingdom £85,000 Financial Conduct Authority (FCA) IronFx
Cyprus €20,000 Cyprus 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 regulation UK, Australia, Cyprus, South African Republic
? Trading fees class Average
? Inactivity fee charged Yes (only with deposit and no trading)
? Withdrawal fee amount $0
? Minimum deposit $100
⏰ Time to open an account 1 day
? Deposit with credit card Available
? Depositing with electronic wallet Available
? Number of base currencies supported 14
? Demo account provided Yes
? Products offered CFDs on Stocks, Commodities, Metals, Forex, Futures, Cryptos

More reviews

[email protected]
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Please ensure your method matches your investment objectives, study the risks involved and if necessary seek independent advice.

ECS will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell setups (may be interpretend as signals are meant only as reading of the indicators and system rules).

Remember the risk of trading Forex & CFD – it’s one of the riskiest forms of investment.

Risk warning: Trading foreign exchange or contracts for differences on margin carries a high level of risk and may not be suitable for all investors.

You should ensure you understand all of the risks. Before using Elite Currensea services please acknowledge the risks associated with trading.

Remember that software’s past performance does not ensure future results and you may lose some or all of your invested capital. Therefore, do not risk the capital you can not afford to lose.

Elite CurrenSea is a trading name operating in the interest of SonderSpot OU, Nenad Kerkez & Chris Svorcik. It’s an Education Services Company.

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CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT.

NO REPRESENTATION IS BEING MADE THAN ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

NFA and CTFC Required Disclaimers: Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk.

However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of experience and risk appetite. Do not invest money you cannot afford to lose.

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