Iron Forex – CFDs are complex instruments and come with a high risk of losing money quickly due to losses. 75.35% accounts of retail investors lose money when trading CFDs with this provider. You need to consider whether you understand how CFDs work and whether you can take the high risk of losing your money.
IronFX opened for business in Cyprus in 2010 and has now spread to over 180 countries. In addition to EU regulation through the Cyprus Securities and Exchange Commission (CySEC), they are licensed as a registered investment company in the UK, Australia and South Africa. IronFX has expanded its operations in China, Russia and Nigeria in recent years, focusing on growing clients in traditional locations.
Different types of brokerage accounts are effective, with a structured structure that includes fees. Fixed and Commission vs. No Schedule of Commission Fees. They offer their services with various professional accounts, index brokers (IB) and portfolio management program. They recently added crypto coverage to their wide selection of forex, spot, and CFD trading products. In early 2018, IronFX announced a partnership with EmurgoHK to launch a cryptocurrency exchange, but no launch date was announced.
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IronFX is licensed in the European Union through CySec (Cyprus). 125/10, in the UK with FCA no. 585561 and Australia through ASIC (AFSL No. 417482). UK traders have up to GBP 50,000 of broker default protection through the Financial Services Compensation Scheme (FSCS), while EU traders have up to €20,000 of protection through the Cyprus Investor Compensation Fund (ICF). They also provide additional insurance up to 1,000,000 GBP for UK customers.
Client funds are segregated from company funds, reducing the potential for misuse. They operate a counter-trade desk, avoiding conflict of interest issues, but offer direct interbank trading access on certain account types. They do not guarantee stop losses but negative balance maintenance is now mandatory with ESMA regulations. Secondary security features are ineffective with standard on-site encryption and two-level platform authentication other than MetaTrader One-Time Passwords (OTP).
IronFX offers Metatrader 4 and 5 but no separate or proprietary trading platform. Social and co-commerce options are limited, with no dedicated third-party platform. They do offer a photo account, but it’s a hedging tool, not a social business link. The Trader Dashboard website shows the position of other clients, updated hourly, but account holders must use Metatrader’s limited social functionality to benefit from the information.
While Metatrader 4 and 5 are a bit outdated in some areas, they provide the reliability and great performance that frequent traders need.
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Metatrader 4 and 5 provide easy integration with desktop and tablet versions for Android, iOS, and Windows Mobile. They also offer a free IronFX research app, which has no commercial functionality. Metatrader 5 adds important features that were not available in the old version, but takes away the disappointing aspects of this industry standard software, including poor customization and limited conditional orders. The lack of two-factor authentication in both versions of MetaTrader adds a security hole that needs to be patched.
The broker’s research material was ignored, creating the biggest black mark in our review. The free IronFX research app allows clients to easily view market data, financial insights, and videos. However, old and outdated data undermines the great potential of the app, in some cases the most recent entries go back several years. Daily videos stopped abruptly in late fall 2018. “Live Financial News” showed the latest reports, but “Live Money Articles” created a dead link. There was an 18-month entry on the Eurozone in the “Intraday Commentary” section.
Of course, the daily web-based column “Market Insights” is not up-to-date in research application. Unfortunately, this is the only research product available on the site, except for a video “next week” and no video archive. A YouTube search turned up other videos not integrated into the site, but the most recent content was more than two months old.
IronFX Academy offers excellent training features for both small and highly skilled traders. Educational videos along with an encyclopedia and five e-books in a comprehensive program with trading skills on a variety of topics including market analysis, trading psychology, strategy, signals, CFD, and technical indicators. The portal will benefit from advanced themes but a limited focus on new businesses makes sense as a marketing tool. The webinar segment included, leading to a live account application, while the seminar segment included only two non-English programs in MP4 format.
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The broker lists a wide variety of well-documented account types that cover almost every trading style and objective. Customers can choose between two types of current and fixed term accounts that offer different payout schedules and fee structures. Multiple account types allow retail clients to bypass the IronFX trading desk, which involves regular conflict of interest, and trade directly through the interbank system. Accounts come in micro, premium, and VIP levels, depending on the capital commitment, with a wide spread of forex pairs falling between the ranks.
The social sentiment indicator based on the trader dashboard provides hourly updates of customer positions on popular forex pairs, various markets, and CFDs but does not have direct interaction between MT trading platforms.
The list of Forex, spot, and CFD trading tools is well established but some competitors offer more extensive lists. Customers can now trade cryptocurrencies directly on the Metatrader platform. Prices are moderately competitive for Forex, spot, and CFD instruments, with significant fees at higher account levels. There is no bond CFD exchange but products include space, metals and most popular instruments worldwide. Customers in the UK and Ireland can also place spread bets, although the costs have not been fully disclosed.
It costs only $100 to open a micro account, $2,500 for a premium account and $20,000 for a VIP account. Well-documented account headings describe fee schedules and current vs. fixed, commission vs. no commission, and exchange desk vs. direct interbank trading. All withdrawals include fees that vary between credit cards, electronic tellers, and bank/world transfers.
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The minimum spread of EUR/USD is listed at 0.7 pips while the average spread is listed at 1.2 pips. These numbers may be misleading, due to the different types of accounts, fees and travel options. The spread on the major forex pairs drops significantly between the micro and VIP ranges, but the minor pairs show no change. Additionally, the rate applies only to Forex, with all account types paying the same spreads and/or commissions when trading CFDs or spot instruments. Many pages that are not properly linked to the main site report the existence of cryptocurrency trading, but our reviewers could not find any information about transactions, spreads, or fees.
They charge $50 after one year of account inactivity and “reserve the right” to receive 3% of “reserved funds” for an indefinite period of time in which funds are withdrawn or withdrawn without business activity. They may also charge a branding or branding fee. Finally, the fine print advises that spreads widen significantly during periods of volatility and market volatility, even with fixed spread calculations.
IronFX provides 24/5 support, email, and live chat for current and prospective customers in 180 countries and 30 different languages, and the chat is responsive to multiple contact attempts. Twitter and Meta portals are active and populated. An extensive FAQ addresses many questions while tutorials on trading platforms shorten the relatively steep learning curve. Email addresses and telephone numbers are provided for satellite offices in Cyprus, South Africa and Australia, allowing for local contact. However, there is no UK or international phone number, which incurs potential charges for calls to Cyprus or other satellite offices.
IronFX offers great flexibility for traders at low and medium skill levels, with flexible account types to suit most investment and trading styles. Money managers can also take advantage of the Personal Multi Account Manager (PMAM) that allows trading on multiple MetaTrader accounts. Professionals who trade with their own accounts may want to look elsewhere, despite the leveraged pricing, due to volume discounts or the lack of a high-end proprietary trading platform.
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Dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. Our rankings are the result of a six-month evaluation of all aspects of an online broker platform, including user experience, quality of trade execution, products available on their platforms, costs and fees, security, mobile experience and customer service. . We’ve created a rating scale based on our own criteria, collecting over 3,000 data points that we’ve rated in our star system.
Additionally, every broker we tested was required to fill out a 320-point survey on all aspects of their platform that we used in our test. Most of the online brokers we reviewed provided us with personal demonstrations of their platforms at our offices.
Our team of industry experts has done our research and developed this industry-leading methodology for ranking online investment platforms for users at all levels. Click here to read our full methodology. IronFX has achieved phenomenal growth since entering the forex scene three years ago. It now aims to become a global leader in online business
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