Risk Warning: Your Capital is at Risk
IronFX is an online broker that provides a platform for Contracts for Difference (CFDs) trading. CFDs are derivative securities that allow customers to gain exposure to the price of financial instruments without actually holding the instruments in their accounts. IronFX offers over 200 tradable CFD instruments on forex, spot metals, spot indices, spot commodities, futures, shares and cryptocurrencies.
IronFX traders have access to three platforms:
WebTrader4: A web-based platform developed in-house for trading multiple classes of assets.
MetaTrader4 (MT4): An industry-standard platform with advanced charting features.
Personal Multi-Account Manager (PMAM): A platform for money managers that enables them to manage and trade on multiple MT4 accounts simultaneously.
Please remember, losses can exceed deposits. CFD trading is for experienced traders.
This IronFX review will cover all of the important details about the broker and discuss its major advantages and disadvantages.
IronFX - Essential Information
|Overview||Award-winning global leader in online trading|
|Our Overall Rating|
|Broker Trust Rating||20/100|
|Number of Customers||100,000+ worldwide|
|Countries Served||180+ (Full list below)|
|Minimum Deposit||Depends on the type of account being opened (varies from $10 to $20,000)|
|Fees||IronFX receives its compensation through market bid/ask spread and commissions - depending on the type of account you have. (See below). IronFX charges no deposit fees and withdrawal fees depend on the method used. See here for full list of fees|
|Regulator(s)||Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC)|
|Customer Support||24/5 email, phone, fax and live chat|
|Awards||Various awards including Best Forex Educators 2015 (UK Forex Awards)|
|Demo Account||Yes, four are available that imitate the live platforms|
History of IronFX
IronFX was founded in Limassol, Cyprus in December 2010 when it obtained an authorization by the Cyprus Securities and Exchange Commission (CySEC).
The broker expanded to Australia in 2013 where its subsidiary received a license from the Australian Securities and Investment Commission (ASIC). The firm later opened an office in the United Kingdom where it fell under the regulatory auspices of the Financial Conduct Authority (FCA).
In 2014, IronFX expanded its presence in London when it opened another office in the financial hub.
IronFX also opened an office in South Africa in 2014 and became authorized and regulated by the Financial Services Board (FSB).
IronFX has staffed offices in London, Sydney and Johannesburg and a business address in Limassol, Cyprus. Its major regulatory licenses include the following:
- IronFX is a trade name of Notesco Financial Services Limited (formerly IronFX Global Ltd). Notesco Financial Services Limited is authorized and regulated by Cyprus Securities and Exchange Commission (CySEC License no. 125/10).
- 8Safe UK Limited is authorized and regulated by the Financial Conduct Authority (FCA no. 585561)
- GVS (AU) Pty Limited is authorized and regulated by ASIC (AFSL no. 417482)
IronFX provides customers dedicated 24/5 customer support to retail and institutional customers from over 180 countries in Europe, Asia, the Middle East, Africa and Latin America. The broker provides customer support in over 30 different languages. Traders can contact IronFX customer service by phone, email, fax or live chat. Traders can view the IronFX website in English, Spanish, German, Italian, Arabic, Korean, Portuguese, Slovak, Czech, French, Chines, Polish, Russian and Japanese.
Where Does IronFX Operate?
Iron FX customers can sign up for an account in dozens of countries:
- Bouvet Islands
- Brit.Virgin Is.
- Brunei Daruss.
- Burkina Faso
- Cape Verde
- Cayman Islands
- Christmas Island
- Coconut Islands
- Cook Islands
- Costa Rica
- Cote d’Ivoire
- Czech Republic
- Dem. Rep. Congo
- Dominican Rep.
- Dutch Antilles
- East Timor
- East Timor
- El Salvador
- Equatorial Guin
- Falkland Islands
- Faroe Islands
- French Guayana
- French S.Territ
- Hong Kong
- Marshall Islands
- Minor Outl.Isl.
- New Caledonia
- New Zealand
- N.Mariana Island
- Norfolk Islands
- Pap. New Guinea
- Pitcairn Islands
- Puerto Rico
- Rep.of Congo
- Republic of Ireland
- Russian Fed.
- Saint Helena
- Samoa, America
- San Marino
- Saudi Arabia
- Sierra Leone
- Solomon Islands
- South Africa
- South Korea
- Sri Lanka
- Sandwich Ins
- St Kitts&Nevis
- St. Lucia
- S.Tome, Principe
- St.Pier, Miquel.
- St. Vincent
- Tokelau Islands
- Trinidad, Tobago
- Turks and Caicos
- United Kingdom
- U.S. Virgin Islands
- Utd.Arab Emir.
- Vatican City
- Wallis, Futuna
- West Sahara
IronFX does not offer its services to residents of certain jurisdictions:
- North Korea
Customer support is available in 30 languages.
Can I Trust IronFX?
IronFX is regulated in multiple jurisdictions including the Financial Conduct Authority (FCA), Cyprus Securities Exchange (CySEC) and Australian Securities and Investment Commission (ASIC). The Markets in Financial Directive (MiFID) allows the company to passport its services and operate as a regulated entity throughout the European Union.
However, the company has a recent history of fines, sanctions and problems with customers and regulatory agencies:
|2015||IronFx officially informed leading industry websites that they had voluntarily left four regulators in June 2015:||N/A|
In 2016, CySEC issued a statement discussing the corrective measures the agency mandated for IronFX:
Following the issuance of financial penalties on IronFX for non-compliance relating to the withdrawal of client funds and bonus promotions, the firm is subject to supervisory checks to ensure it implements the corrective measures needed to uphold full trader protection.
– CySEC spokesperson
The following are the major regulators that oversee the activities of IronFX:
|Regulator||Countries Covered||Protection Offered||Additional Protection Offered|
|Financial Conduct Authority (FCA)||Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK.||All client funds are held in a segregated client bank account||Financial Services Compensation Scheme (FSCS) may cover up to £50,000 if IronFX fails.|
|Cyprus Securities Exchange (CySEC)||Andorra, Argentina, Austria, Bahrain, Belgium, Bulgaria, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Greece, Hungary, Iceland, Isle of Man, Israel, Italy, Kuwait, Latvia, Liechenstein, Lithuania, Luxembourg, Malaysia, Malta, Mexico, Monaco, The Netherlands, Norway, Oman, Poland, Portugal, Qatar, Romania, Saudi Arabia, Slovakia, Slovenia, Spain, South Africa, Sweden, Switzerland, United Arab Emirates and Uruguay.|
A provision of services is also offered to a number of countries.
|All client funds are held in a segregated client bank account||The Investor Compensation Fund may provide up to €20,000 if IronFX fails.|
|Australian Securities & Investments Commission (ASIC)||Australia, New Zealand and South Africa||All client funds are held in a segregated client bank account|
The UK’s Financial Conduct Agency (FCA) regulates IronFX’s activities in the UK.
The FCA is widely respected as a leader in financial regulation. In addition, the UK scores highly in Transparency International’s rankings of countries based on their corruption perceptions index meaning the UK is a pillar of anti-corruption. IronFX’s customers in the UK are protected by the UK based scheme Financial Services Compensation Scheme (FSCS), which was established to protect consumers when authorized financial services firms fail. FSCS pays compensation up to £50k to customers in the UK if IronFX is unable to pay.
8Safe UK Limited, the company that operates IronFX in the United Kingdom, is authorized and regulated by the Financial Conduct Authority (FCA no. 585561)
The Cyprus Securities and Exchange Commission (CySEC) is the financial regulatory agency of Cyprus.
Cyprus is a European Union member and is a financial services industry hub. Customers in countries regulated by CySEC are eligible for compensation of up to €20,000 if IronFX fails. IronFX is a trade name of Notesco Financial Services Limited (formerly IronFX Global Ltd). Notesco Financial Services Limited is authorized and regulated by Cyprus Securities and Exchange Commission (CySEC License no. 125/10).
The Australian Securities and Investments Commission (ASIC) covers IronFX’s activities in Australia, New Zealand and South Africa.
ASIC’s oversight of IronFX means that client money is held in a trust and completely separate from IronFX’s own money. Unlike other jurisdictions, however, if you are based in Australia or South Africa, there is no additional compensation scheme in place to cover your deposit. That doesn’t mean it isn’t safe to deposit with IronFX if you’re in Australia or South Africa. Rather, you are offered only the legal protection afforded by the Australian legal system. That being said, money held in trust in Australia is highly regulated and covered by the Corporations Act.
GVS (AU) Pty Limited, the company that operates IronFX in Australia, is authorized and regulated by ASIC (AFSL no. 417482)
Who Runs IronFX?
The CEO of IronFX is Mr. Markos Andreas Kashiouris. He founded IronFX Global Limited in 2010 and has been its Chief Executive Officer since March 2014.
Mr. Kashiouris also co-owns IBIH Limited and serves as an Executive Director of Agua Terra Limited. He previously served as the latter’s Chief Executive Officer. He previously was a broker for JP Morgan and Commerzbank Securities in London. He holds a Bachelor’s Degree from the University of Manchester and a Master’s Degree from the Victoria University of Manchester.
IronFX Trading Products
IronFX offers its customers financial instruments to trade that span seven categories: forex, spot metals, spot indices, spot commodities, futures, shares and cryptocurrencies.
IronFX notes that its spreads are applicable under normal trading conditions during day trading sessions. However, there may be instances when market conditions cause spreads to widen beyond the typical average spreads shown below.
|Currency Pair||Minimum Spread||Typical Average Spread|
|Australian Dollar VS Canadian Dollar|
|Australian Dollar VS Swiss Franc|
|Australian Dollar VS Japanese Yen|
|Australian Dollar VS Danish Krone|
|Australian Dollar vs Hungarian Forint|
|Australian Dollar VS New Zealand Dollar|
|Australian Dollar VS Polish Zloty|
|Australian Dollar VS Singapore Dollar|
|Australian Dollar VS US Dollar|
|Canadian Dollar vs Swiss Franc|
|Canadian Dollar vs Japanese Yen|
|Canadian Dollar vs Norwegian Krone|
|Canadian Dollar vs Swedish Krona|
|Swiss Franc vs Japanese Yen|
|Swiss Franc vs Hungarian Forint|
|Swiss Franc vs Norwegian Krone|
|Swiss Franc vs Polish zloty|
|Swiss Franc vs Singapore Dollar|
|Euro vs Australian Dollar|
|Euro vs Canadian Dollar|
|Euro vs Swiss Franc|
|Euro vs Chinese Renminbi|
|Euro vs Czech Koruna|
|Euro vs Danish Krone|
|Euro vs British Pound|
|Euro vs Hong Kong Dollar|
|Euro vs Hungarian Forint|
|Euro vs Japanese Yen|
|Euro vs Mexican Peso|
|Euro vs Norwegian Krone|
|Euro vs New Zealand Dollar|
|Euro vs Polish Zloty|
|Euro vs Russian Ruble|
|Euro vs Swedish Krona|
|Euro vs Singapore Dollar|
|Euro vs Turkish Lira|
|Euro vs US Dollar|
|Euro vs South Africa Rand|
|British Pound vs Australian Dollar|
|British Pound vs Canadian Dollar|
|British Pound vs Swiss Franc|
|British Pound vs Danish Krone|
|British Pound vs Japanese Yen|
|British Pound vs Hungarian Forint|
|British Pound vs Norwegian Krone|
|British Pound vs New Zealand Dollar|
|British Pound vs Polish zloty|
|British Pound vs Swedish Krona|
|British Pound vs Singapore Dollar|
|British Pound vs Turkish Lira|
|British Pound vs US Dollar|
|British Pound vs South African Rand|
|Hong Kong Dollar vs Japanese Yen|
|New Zealand Dollar vs Canadian Dollar|
|New Zealand Dollar vs Swiss Franc|
|New Zealand Dollar vs Hungarian Forint|
|New Zealand Dollar vs Japanese Yen|
|New Zealand Dollar vs Singapore Dollar|
|New Zealand Dollar vs US Dollar|
|Norwegian Krone vs Japanese Yen|
|Norwegian Krone vs Swedish Krona|
|Polish Zloty vs Japanese Yen|
|Swedish Krona vs Japanese Yen|
|Singapore Dollar vs Japanese Yen|
|Turkish Lira vs Japanese Yen|
|US Dollar vs Brazilian Real|
|US Dollar vs Swiss Franc|
|US Dollar vs Chinese Renminbi|
|US Dollar vs Czech Koruna|
|US Dollar vs Danish Krone|
|US Dollar vs Hong Kong Dollar|
|US Dollar vs Hungarian Forint|
|US Dollar vs Japanese Yen|
|US Dollar vs Mexican Pesos|
|US Dollar vs Norwegian Krone|
|US Dollar vs Polish Zloty|
|US Dollar vs Canadian Dollar|
|US Dollar vs Russian Ruble|
|US Dollar vs Swedish Krona|
|US Dollar vs Singapore Dollar|
|US Dollar vs Turkish Lira|
|US Dollar vs South African Rand|
|South African Rand vs Japanese Yen|
2) Spot Metals
|Symbol||Minimum Spread||Typical Average Spread|
|Spot Silver - EUR|
|Spot Silver - USD|
|Spot Gold - EUR|
|Spot Gold - USD|
|Spot Platinum - USD|
|Spot Palladium - USD|
3) Spot Indices and Spot Commodities
|Spot Equity Indices||Minimum Spread|
|Spot Energy Commodities|
|Symbol||SPREAD AS LOW AS|
|E-mini S&P 500|
|E-mini Dow ($5)|
|NIKKEI 225 (Dollar)|
|ASX SPI 200 Index|
|CAC 40 Index|
|FTSE China A50 Index|
|Light Sweet Crude Oil|
|BASE METAL FUTURES|
|Japanese Yen Futures|
|Australian Dollar Futures|
|British Pound Futures|
|Swiss Franc Futures|
|Currency Pair||Minimum Spread|
IronFX Account Types
IronFX offers eight types of live trading accounts for retail traders as well as four types for institutional traders. The number of live trading options seems unnecessarily confusing given that most traders would be well served by the first three options. This review will focus solely on the different types of retail accounts.
The main difference between real and STP/ECN accounts is in execution. Real accounts have instant execution that involves the use of re-quotes, while STP/ECN accounts have market execution where no re-quotes are involved. Additionally, IronFX uses a different liquidity provider, which accounts for the difference in spreads.
|Micro||Premium||VIP||Live Zero Fixed Spread||STP/ECN No Commission||STP/ECN Zero Spread||STP/ECN Absolute Zero||Mirror Product|
|Max. Leverage||Based on specific parameters||Based on specific parameters||Based on specific parameters||Based on specific parameters||1:200||1:200||1:200||Offers the following features:|
|Base Currency||USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, HUF, CZK||USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, HUF, CZK||USD only||USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, HUF||USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, HUF||USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, HUF||USD, EUR|
|Min. Lot Size||0.01||0.1||0.1||0.01||0.01||0.01||0.01|
|Commission||N/A||N/A||N/A||$18/Lot on EUR/USD|
$18/Lot on USD/JPY
$23/Lot on GBP/USD
$23/Lot on USD/CAD
$23/Lot on USD/CHF
$23/Lot on EUR/GBP
$23/Lot on AUD/USD
$28/Lot on EUR/CHF
$28/Lot on NZD/USD
$28/Lot on EUR/JPY
$43/Lot on GBP/CHF
$43/Lot on GBP/JPY
|N/A||Professional - $7.5/Lot on FX; Gold $10/Lot|
Normal - $13.5/Lot on FX; Gold $30/Lot
Affiliate - $18.5/Lot on FX; Gold $40/Lot
Affiliate Plus - $23/Lot on FX; Gold $40/Lot
|Spread on EUR/USD as low as:||Floating Account 1.1|
Fixed Account 2.2
|Floating Account 0.7|
Fixed Account 1.8
|Floating Account 0.5|
Fixed Account 1.6
IronFX also offers four types of demo accounts:
- Demo STP/ECN Absolute Zero
- Demo Floating Spread
- Demo STP/ECN No Commission
- Demo STP/ECN Zero Spread
IronFX Spreads and Fees
The underlying financial instrument and the type of account determine the IronFX spreads that traders pay.
IronFX receives its compensation both through the market bid/ask spread and through commissions depending on the type of account you have. Listing the spreads for each of the eight types of accounts would be lengthy, so traders should consult the Account Spread Comparison section of the IronFX website for more details.
Other relevant fee information:
Commission Fees: IronFX charges commissions to clients on some types of trades. Please see the account table above.
Deposit Fees: IronFX does not charge any fees for deposits. Your respective banks or payment providers, however, might charge you additional fees.
Withdrawal Fees: IronFX charges withdrawal fees depending on the method of withdrawal:
|Credit and Debit Cards||Up to EUR 1.5 per transaction|
|Skrill||1% capped to USD 10,000|
|Neteller||2% capped to USD 30.00 / minimum USD 1.00 per transaction|
|FasaPay||0.5% per transaction (max approx. $5)|
|China Union||CNY 20 per transaction|
When you click on the green “Register” button on the IronFX website, the system asks you to pick your country of origin from a drop-down menu. Before you can trade with IronFX for the first time, you need to answer a few questions. You enter your name, email, country of origin and phone number. IronFX also asks you questions about your financial status and trading experience.
You then choose the type of account, your base currency and the leverage with which you want to trade. IronFX then asks you to select a password for your account.
After completing this information, traders have to provide IronFX with information to verify their account and then fund their account with a deposit.
To pass their identity verification, they need to upload one document for proof of identity and one for proof of address. You can browse and attach these forms or upload them through your mobile device.
You must send IronFX both sides of your document
|Documents must clearly show the following:|
|Acceptable documents:||Documents must be dated in the last six months|
Traders can deposit and withdraw funds with IronFX using one of several different methods:
|Credit and Debit Cards||None|
|Bank Wire||Depends on the corresponding and intermediary banks. IronFX does not apply any fees.|
|Mail Order and Telephone||None|
Please see the above account table for minimum deposit amounts and leverage amounts.
Withdrawals and Withdrawal Times
(Note: Please see chart above in IronFX Spreads and Fees section for withdrawal fees.)
IronFX traders can withdraw profits made from trading only via bank wire. You can receive your initial deposit via the payment method initially used and then all excess funds (profits) will be sent to your bank account. In order for the above to take effect, you need to apply for a bank withdrawal from the IronFX client portal.
The broker does not advise about times for withdrawals to arrive. However, IronFx says that payment and funding authorization are 100% automatic.
IronFX Platform Review
IronFX offers several platforms for PCs and Macs, tablets and mobile devices. Essentially, all of these offerings center around three platforms: MetaTrader4 (MT4), WebTrader4 and Personal Multi-Account Manager (PMAM). Since PMAM is designed for professional money managers, this review will focus on the first two offerings.
The main page of the MT4 platform has the look and layout associated with other MT4 broker offerings.
The MT4 platform is often regarded as the leading forex and CFD trading platform for retail customers. MT4 is ideal for technical traders because it offers dozens of technical charting tools and allows for customization.
The IronFX MT4 platform offers the following:
- Activity reports
- Charting tools
- Real-time news
- Real-time price feeds
- Experts Advisors (EAs) and scripts packages
- Feature-rich ticket
- Customizable menu of technical indicators
One of the best features of the IronFX MT4 platform is the ticket. The side-by-side tick chart allows you to easily follow recent moves in the instrument before trading:
If there is a downside to the IronFX MT4 platform, it’s the fact that the live platform operates separately to the demo platform. Integrating these together would have been a nice touch.
The WebTrader4 platform is a web-based application. Traders can access all different asset classes as well as news, charts and activity reports.
IronFX Demo Account
Traders can open several types of demo accounts with IronFX.
- Demo STP/ECN Absolute Zero
- Demo Floating Spread
- Demo STP/ECN No Commission
- Demo STP/ECN Zero Spread
The different types of accounts seem superfluous and confusing, and each account operates as a stand-alone from the live platform. It would be better if these were integrated into the live trading platform.
Nevertheless, the demo accounts look like the live accounts and traders get the same functionality.
IronFX Education Resources
IronFX has an academy that offers events to customers including webinars, live seminars, a forex encyclopedia and educational videos. IronFX also attends expos and events on a regular basis in different cities around the world, which allows traders to interact directly with their representatives.
IronFX Sign-Up Bonuses and Promotions
IronFX offers a wide array of different promotional offers to their clients. Throughout the year, the broker holds live trading competitions, the winner of which has the choice between rewards and cash prizes. The broker also offers these promotions:
- Demo Trading Competition: Cash prizes of up to $30,000 for winners of this competition.
- VIP Account Promo: A promotion to upgrade to an account with special features.
- Free VPS Hosting: IronFX offers free VPS hosting to new and existing clients who deposit a minimum of $5,000 and maintain this balance for the following months.
- IronFX Card: A prepaid MasterCard denominated in USD or EUR.