IronFX Review: The Complete Guide to Services

Selecting the right broker is essential for both new and seasoned traders in the world of online trading. In this forex trading broker review, we will delve into IronFX, renowned for its comprehensive range of services and global outreach. You will also learn about the broker’s background, including its foundation, offerings, and regulatory framework, to provide a well-rounded review for potential traders.

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IronFX: Overview 

IronFX stands out as a global leader in online forex trading, established in 2010. It offers an extensive array of trading platforms and over 500 tradable instruments. Catering to different clients from over 180 countries, IronFX serves both retail and institutional investors across continents including Europe, Asia, the Middle East, Africa, and Latin America. In addition, the broker provides quality client support in 45 languages, available 24/5, and a track record of international investing awards.

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Regulation and Registration 

IronFX operates under the trade name of Notesco Limited, which is registered in Bermuda with registration number 51491, showing a strong and compliant corporate structure.

The firm upholds high regulatory standards. It operates under the regulatory framework of the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA). Additionally, IronFX is authorized by the Financial Sector Conduct Authority (FSCA) in South Africa and by the Australian Securities and Investments Commission (ASIC) in Australia.

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Account Types of IronFX

Live Floating/Live Fixed Spreads Accounts

1. Standard Account

• Spread: Floating from 1.6, fixed to 2
• Commission: None
• Maximum Leverage: 1000
• Instruments: Forex, metals, indices, commodities, futures, shares

2. Premium Account

• Spread: Floating from 1.4, fixed to 1.8
• Commission: None
• Maximum Leverage: 1000
• Instruments: Forex, metals, indices, commodities, futures, shares

3. VIP Account

• Spread: Floating from 1.2, fixed to 1.6
• Commission: None
• Maximum Leverage: 1000
• Instruments: Forex, metals, indices, commodities, futures, shares

4. Live Zero Fixed Spread Account

• Spread: Fixed to 0
• Commission: Yes
• Maximum Leverage: 500
• Instruments: Forex, metals, indices, commodities

STP/ECN  Accounts

1. No Commission Account

• Spread: From 0.9
• Commission: None
• Maximum Leverage: 500
• Instruments: Forex, metals, indices, commodities

2. Zero Spread Account

• Spread: 0
• Commission: Yes
• Maximum Leverage: 500
• Instruments: Forex, metals, indices, commodities

3. Absolute Zero Account

• Spread: 0
• Commission: None
• Maximum Leverage: 200
• Instruments: Forex, metals, indices, commodities

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Deposit and Withdrawal

IronFX facilitates client deposits through various methods like credit/debit cards, bank wire, Skrill, and Neteller, each allowing up to 50,000 USD per transaction without any deposit fees, except for potential charges via bank wire. This setup ensures traders can efficiently fund their accounts.

For withdrawals, IronFX offers the same methods. Credit/debit cards charge withdrawal fees of up to 1.5 EUR per transaction. Skrill incurs a 1% fee capped at 10,000 USD, and Neteller charges 2% with a cap of 30 USD, all maintaining a 50,000 USD maximum limit per transaction. 

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Products in IronFX

IronFX offers varied trading products for traders with different interests and strategies worldwide:

• Forex
• Metals
• Indices
• Commodities
• Futures
• Shares

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Trading Platform of IronFX

To accommodate the needs of modern traders, IronFX provides a comprehensive suite of trading platforms and tools:

• MetaTrader 4
• Mobile App
• WebTrader
• VPS Hosting
• PMAM
• TradeCopier 

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Fees of IronFX

While some accounts, such as the Live Zero Fixed Spread account, benefits from zero spreads, it does incur a commission fee. Commission charges may be adjusted for accounts not in USD to maintain the exchange rate balance.

Moreover, it’s important to note that the broker charges a 3% inactivity fee on accounts and imposes it on withdrawn funds during periods of inactivity. 

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IronFX Promotions

IronFX enriches its traders’ experience with engaging promotions and bonus schemes designed to enhance trading capabilities and reward participation:

• 2nd Global Trading Race: Compete for luxury cars and cash prizes from a $500,000 pool by opening a competition account and meeting minimum deposit requirements.

• 100% Unlimited Sharing Bonus: Double your first deposit for increased trading capital. This bonus cannot be withdrawn.

• 40% Power Bonus up to $4,000: Receive a deposit boost of up to $4,000 to help achieve your trading goals, with the bonus being non-withdrawable.

• 20% Iron Bonus up to $2,000: Get up to $2,000 extra on your deposit to facilitate your forex market entry, also non-withdrawable.

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Customer Support 

• Email: [email protected]
• Live Chat: 24/5

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Pros & Cons 

Pros Explained

• IronFX offers a broad selection of trading platforms, such as MetaTrader 4, mobile app, WebTrader, VPS Hosting, PMAM, and TradeCopier, supporting diverse trading needs.
• The broker provides access to a wide range of instruments across forex, metals, and more.
• Customer support is available in multiple languages, ensuring accessible assistance.
• The broker features a variety of account types, each designed to suit different trading strategies.
• Traders can benefit from various promotional offers, enhancing their trading experience.

Cons Explained

• The broker enforces a 3% fee on withdrawals when funds are deposited, but no trades are executed.
• Certain accounts come with commission fees, which could impact trading costs.
• Some account types have limited base currency options, potentially complicating currency conversion for international traders.

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Is IronFX Worth Considering?

IronFX is an interesting competitor in the online forex trading arena, distinguished by its various platforms and tradable assets. With stringent regulations from top financial authorities, IronFX assures a secure trading environment. 

However, the imposition of a 3% fee for withdrawals without trading activity could be a deterrent for some. Balancing these aspects, IronFX presents a compelling option for those who search for a feature-rich trading experience, while those who prefer to trade less frequently might need to weigh the potential fees.

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FAQs

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