IronFX Forex Broker Review
IronFX is a foreign exchange trading company whose base is Cyprus. IronFX have won some prestigious awards since its inception in 2010. These include the Best Mobile Platform in 2014, and Best Forex Broker. IronFX Global Ltd is authorized and regulated by CySEC, and has various licenses and authorizations for a number of other countries, including Australia, UK, and South Africa. When it announced its official partnership agreement with FC Barcelona, it became another Forex broker that appreciated the value of a sporting connection.
We feel, however, we should also mention a number of very negative reviews we found when undertaking our research for this IronFX Forex brokers review. Much of it seems to center around withdrawals, and as with any kind of customer review, we took them all with a pinch of salt. Our best advice, if you’re interested in trading with IronFX, is start small, preferably with a demo account. Test the waters before you decide to remortgage the house.
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A basic introduction to IronFX Forex brokers
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IronFX operates several trading platforms, offering more than 200 trading instruments, including Forex, futures, spot metals, and shares. IronFX offers its services to both retail and institutional customers in more than 180 countries across the globe. The company has 8 offices worldwide, and can provide excellent customer support in many different languages.
Customers are able to get seamless access to a variety of trading instruments, and receive stock news and financial surveys. And all the other vital information to make the best choices.
The history behind IronFX
The company was founded in 2010, and is authorized by CySEC. It is based in Cyprus but has offices around the world, including London, and Sydney. In 2013, offices were opened in Australia, and it became officially recognized by the SDIC. At the same time it also received authorization from the FCA in the UK. A further office was opened in South Africa, and it became authorized by the Financial Services Board (South Africa).
Things started to go a little awry, in 2015, when 160 complaints were filed by a number of Chinese affiliates. These were followed by media complaints in Hungary. An investigation was announced by CySEC, but all charges against the firm were settled. A number of lading industry directories were told by IronFX they were leaving regulations. These included CRFIN of Russia, CONSOB of Italy, and BaFIN of Germany. A number of other offices have been closed in countries such as China, and Nigeria.
So things aren’t looking as rosy as they should for IronFX Forex brokers.
A variety of trading platforms from IronFX
There are a number of different trading platforms offered by IronFX Forex brokers. They include:
- IronFX WebTrader – This is the in-house trading platform on offer with IronFX. There is no download or software installation required. New traders can be up and running in just a few minutes. The web interface gives traders access to the range of financial services on offer with IronFX.
- IronFX MetaTrader 4 – It’s always good to learn that a particular broker is offering one of the most popular trading platforms, and this can be said about IronFX. There is a full suite of trading tools, market indicators, and technical analysis tools, as well as the option to use Expert Advisors. The demo platform provided by IronFX is also MT4.
- IronFX PMAM (Personal Multi-Account Manager) – This is the trading platform for traders who want all the tools to integrate trading under one master account.
- IronFX Mobile Traders – Mobile Traders gives those who prefer to trade while on the move, the perfect opportunity, and is fully compatible with most mobile devices. These include Android and IPhones, PDA, Blackberry, and tablets.
This is quite a wide range of trading platforms to choose from, and most traders will be able to find one that will suit their needs.
A wide range of account options for both personal and business traders
For individual investors:
- Micro Account – Minimum deposit of $500, flexible leverage from 1:1 up to 1:500, fixed or variable spreads
- Premium Account – Minimum deposit of $2,500, dedicated account manager available 24/7, 10 base currencies
- VIP Account – Minimum deposit of $20,000 available in USD, mini lots can be traded
- STP/ECN Accounts – Minimum deposit $500, flexible leverage 1:1 up to 1:200, micro lots can be traded
- Zero Fixed Spread Account – Minimum deposit $500
- Mirror Account – lower stop out levels, leverage up to 1:200 on STP account
For institutional and business investors:
- Affiliate Account
- Affiliate Plus Account
- Business Account
- Managed Accounts
IronFX offers all the usual payment methods, and their customer support is available in most of the major languages, including Japanese, Chinese, English, and French.
We consider IronFX to be a worthwhile Forex broker, and would recommend our readers give them a try. Start off with small trades, or better still, open a demo account and get a feel for the site and whether it has what you need.