IronFX Review

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Important Facts

  • Company: IronFX is the trading name of the companies in the IronFX Group, with the company operating Limited and Limited Liability Corporations in a number of different European and Oceanic jurisdictions.

  • Founded: 2010

  • Payment Options: Credit & Debit Cards, FasaPay, Neteller, QIWI, Skrill, WebMoney, WireTransfer & Yandex.Money.

  • Platforms: MetaTrader 4 & 5 for PC, MAC, iOS & Android, WebTrader & Mobile platform for Blackberry devices.

  • Accounts Available In: EUR, GBP, PLN, CHF, JPY, USD & HUF.

  • Minimum Deposit: $500.

  • Regulated: IronFX Group companies are regulated by the FCA in the UK, CySEC in Cyprus, ASIC in Australia and is a registered Financial Service Provider in New Zealand.

  • Social Trading: AutoTrade by myfxbook and social trading functionality on the Sirix WebTrader platform.

  • Support Options: Callback, Email, Forum, Live chat, Phone and Skype

Platform(s)

At the core of the IronFX offering is the MetaTrader platform from MetaQuotes. The brokerage offers both the older MetaTrader 4 platform and the newer but currently less popular MetaTrader 5 platforms to customers. The MT4 & MT5 platforms have a large following among the FX trading community. Those who use the platforms to trade with Expert Advisors will be pleased to know that the IronFX places no limitations in regards to the kind of EA’s which can be used in conjunction with the brokerage. Those who are not fans of the MetaTrader 4 platform are unlikely to be keen on the alternatives offered by IronFX. The brokerage only offers the Sirix WebTrader platform as non-mobile alternative to the MetaTrader platform. While the Sirix WebTrader platform does have some nice social trading functionality built in, it is not likely to offer enough in advanced functionality to please more experienced traders. IronFX has made sure that customers of the brokerage are able to trade on the go with the brokerage offering a range of mobile trading platforms which provide support for the majority of modern mobile devices.

Trading Conditions

  • Leverage: Up to 500:1

  • Scalping: Allowed.

  • Expert Advisors: Allowed.

  • Trailing Stops: Yes.

  • Typical EUR/USD Spread: Varies, depending on account type. Between 0.7 – 1.7 pips, plus commission again depending on account type.

IronFX offers both fixed and variable spread accounts, with the trading conditions varying depending on the account the client opens. The brokerage allows clients to make use of leverage of up to 500:1, which will appeal to those who want to amp up their trading. It should be noted that use of significant leverage can also work against you, increasing your potential losses. The brokerage allows both scalping and the use of Expert Advisors regardless of their trading strategy. The spreads on offer at the brokerage are relatively competitive with the brokerage offering a typical spread of 1.7 pips on the EUR/USD. The spreads on ECN/STP accounts can often drop below 1 pip, but traders are required to pay 1 pip in commission. The trading conditions at IronFX are relatively competitive, but it would correct to say that IronFX doesn’t rank among the elite brokerages.

Instruments

  • Number of Currency Pairings: 72 Spot FX Pairings; including a number of exotic pairings.

  • Other Instruments: Spot Metals, Future’s and Shares via CFD’s.

IronFX offers a wide range of currency pairings to trade and the range of Spot FX pairings is pretty comprehensive. The majority of retail FX traders will be able to trade all the various currency pairings that they want, with the range of pairings comparing very favourably to some of IronFX rivals. In addition to Spot FX, the brokerage also offers Spot Metals something which is typically offered alongside FX. More interestingly the brokerage offers a range of futures contracts via CFD’s, this allows traders to speculate on a range of different markets. Traders can also trade a range of different Stocks via CFD’s, with the brokerage offering CFD’s for a range of global companies. Overall, IronFX boasts a pretty decent product offering and FX traders will be happy to be able to choose between a wide range of FX pairings.

Customer Service

  • Contact Methods: Callback, Email, Forum, Live chat, Phone and Skype

  • Phone Numbers: A range of European and global phone numbers.

The brokerage has a mixed reputation when it comes to customer service, with some praising the brokerage for the level of customer care they provide. There have however been a number of reports of heavy handed selling tactics from the brokerage, though these kind of reports are always hard to verify. The brokerage provides a number of different ways for potential customers to get into contact with the firm, with representatives from the brokerage always doing their best to resolve customer problems should they arise.

One thing to note is that Forex Peace Army has issued a warning against IronFX with a scam alert. We could not verify any misconduct on the behalf of IronFX, but there’s a multitude of complaints about the company in several forums, including our own comments where some people claimed to have been scammed.

Regulation

  • Regulated:

    IronFX Global UK Limitied is authorised and regulated by the FCA.

    IronFX Global (Australia) Pty Limited is regulated by ASIC.

    IronFX Global NZ Limited is an authorised Financial Services Provider.

    IronFX Global Limited is authorised and regulated by CySEC.

  • MiFID Regulated: Yes, IronFX operates two MiFID regulated branches allowing the brokerage to take on clients throughout the European Union.

  • Can Accept US Traders: No, the company lacks the proper regulatory approval to take on US residents.

  • Regulatory Record: The company has not been on the receiving end of any regulatory action or regulatory warnings.

IronFX is regulated in a number of different jurisdictions allowing the brokerage to take on clients based in a number of different countries. In Europe, IronFX uses it’s CySEC and FCA regulated arms to onboard clients ensuring that European traders are given certain important protections as outlined in the Markets in Financial Instruments Directive. The two EU regulated arms of the brokerage have never been on the receiving end of any regulatory action or warnings.

In Oceania, the firm is regulated by ASIC in Australia, who are the governmental body responsible for the regulation of financial services provision in the country. Again, the brokerage Australian’s arm has never been on the receiving end of any regulatory action or fines. The brokerage also maintains a company which is a registered Financial Services Provider in New Zealand, it should be noted that FSP registration is not equivalent to full regulation in New Zealand.

The company also additionally maintains two companies in Ukraine and Russia respectively. The companies in these jurisdictions are not regulated by governmental bodies but are rather members of Self-Regulatory Organisations which do not give traders much if any protection. This is due to the fact the OTC provision of Foreign exchange trading services is not regulated in these countries.

Those looking to trade with IronFX should ensure that they are trading with the CySEC, FCA or ASIC regulated arms of the brokerage where they will receive greater regulatory protection.

Conclusion

IronFX may be a decent choice for those looking a brokerage to trade with, though I think it would be correct not to classify IronFX as an elite retail FX brokerage. The brokerage does however boast a range of trading instruments, competitive spreads and doesn’t place any limitations on trading style. As a last note it is worth mentioning there are plenty of complaints about them online, and our personal recommendation is to find other brokers with cleaner sheets and stronger reputation.

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Customer Reviews

10 thoughts on “IronFX Review

  1. This is the worst broker I have ever worked with, all their services are so pernicious. For example, most of the time I have problems with connections trading with their platform, that is why I really don’t want to continue trading with IronFx, never can set up my oders on time, I feel so dissapointed!

  2. I regret a lot to have traded with IronFx because I lost almost all my money as the trading platform couldn’t perform my orders on time, I feel cheated and dissapointed because their customer support hasn’t replied my email up to now.

  3. This broker is a total disaster. Trading platform freezes constantly and spreads are not fixed as they mention in its website. Bonuses are very difficult to request and take a long time to see them in your trading account.

  4. I get a feeling that is the usual case that everyone blames the broker.

    All i hear sound strange to me for a broker so big and so well regulated.

    1. I agree Michael, there is always unfounded criticism of pretty much every brokerage in the market place, but some of the criticisms may be fair so it’s right to let people voice their opinions about a brokerage. I don’t moderate reviews in a way in which only bad reviews are posted, but I think your right the fact that 80% of retail traders lose money means that you will always find negative reviews of pretty much any brokerage online. Thank you for your comment.

  5. Hi my name is Irfan Gujjar.I’m freaking pissed off about Ironfx. I am a client of them and trying to withdraw from last 2 months. First they said that the payments department
    is overloaded, then they said that since I made a lot of profits then compliance has to approve my withdrawal.How the hell are they processing so long time?

    And IronFX boasts on their website that they have ASIC, Cysec, FCA, Eurex license and membership. It’s a big bullshit.
    Payment transaction are mentioned Below:

    1) 23098813 2014-12-23 WMP3D6J23GNH1I97 Withdrawal – MoneyBookers 975.03 USD Declined
    2) 23100175 2014-12-19 WM339E5649NGRT1C Withdrawal – MoneyBookers 89.00 USD Declined
    3) 23102132 2015-01-05 WM4OBMXKM8NHP77S Withdrawal – MoneyBookers 1,000.00 USD Declined

    This payment declined three times as you see:

    4) 23106299 2015-03-02 WMHEFFEC0GNKITR8 Withdrawal – MoneyBookers 1,470.00 USD Declined
    23106299 2015-01-29 WB9N8Y4SN6NK31ZK Withdrawal – Bank 1,470.68 USD Declined
    23106299 2015-01-26 WBIJMLJTMONISZ56 Withdrawal – Bank 1,470.68 USD Declined

    5) 23108970 2015-03-27 WM4SR4IX2BNLV5XK Withdrawal – MoneyBookers 500.00 USD Declined

    Can anybody here share their experience with withdrawing profits from IronFX. I would very much appreciate it. I’ve just been fool not withdrawing earlier from Iron.

    If you want to help me contact me on :

    GMAIL: [email protected]
    FACEBOOK: [email protected]
    TWITTER: GujjarIrfan786
    LINKEDIN: [email protected]

  6. I started trading with ironfx not long time ago.Great customer support and a dedicated account manager available anytime i needed him. They are new products are what i was looking for.

  7. I am trading with iron for 2 years now never faced any issue and i had some profits.still trading with them and their new products are really fascinating for the traders. The multiasset one that i have start using it seems to be a professional product easy to be used and advanced technology use. you can have access to numerous financial instruments. And indeed I can personalise my trading workplace.

  8. I am trading with InstaForex at the moment and I am so satisfied with my trading up to now because I have increased my money lot. I could develop my own strategies after taking their free courses and participating in some of their contests. I haven’t had any problems with this broker and the Customer Service always replies my emails, for me this is the best!

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