Read detailed IronFX review with general information, analysis and conclusion. IronFX is a Forex broker established in 2010 which has grown to be one of the biggest Cyprus brokers. It is currently regulated in both Cyprus, Australia and the UK. We have found certain issues potential clients should take into consideration.
|Review Posted:||8th of August 2013|
|Alternative Names:||IronFx Financial Services Limited, Iron FX|
|Headquarters:||2, Iapetou Street, Agios Athanasios, 4101 Limassol, Cyprus|
|Locations:||New York | London | Hong Kong | Sydney | Shanghai | Shenzhen | Shenyang | Frankfurt | Madrid | Warsaw | Lisbon | Prague | Budapest | Athens | Kiev | Moscow | St Petersburg | Mumbai | Jakarta | Manila | Ho Chi Minh City | Kuala Lumpur | Baku | Lagos | Johannesburg | Auckland | Sao Paulo | Buenos Aires | Lima | Santiago | Montevideo | Athens | Limassol|
|Regulator:||CySEC (Cyprus), FCA (United Kingdom), ASIC (Australia), FSP (NZ) CRFIN (Russia), UCRFIN (Ukraine)|
|Platforms:||MetaTrader 4, MetaTrader 5, Multimanager, Webtrader, Mobile Trader|
|Instruments:||120 currency pairs, Metals, Futures, US Shares|
|Website Languages:||Arabic, English, Azerbaijani, Bulgarian, Bengali, Czech, German, Greek, Spanish, Farsi, French, Hebrew, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malausian, Phillipine, Polish, Portuguese, Romanian,ssian, Slovenian, Thai, Vietnamese, Chinese|
|Deposit Currencies:||USD, EUR, GBP, AUD, JPY, CHF, PLN, HUF|
|Deposit/Withdrawal Methods:||Bank Transfer, Credit / Debit Card, Neteller, Skrill, Webmoney|
|Accepting US Customers:||No|
|Micro Account:||Minimum Deposit: ? Minimum Trade Size: 0.01 lot. Maximum Leverage: ? Spreads (EURUSD): From 0.8 pips. Commissions: No.|
|Premium Account:||Minimum Deposit: $2,500. Minimum Trade Size: 0.1 lot. Maximum Leverage: ? Spreads (EURUSD): From 0.4. Commissions: No.|
|VIP Account:||Minimum Deposit: $20,000. Minimum Trade Size: 0.1 lot. Maximum Leverage: 1:500. Spreads (EURUSD): From 0.2. Commissions: No.|
|STP/ECN Account - Standard:||Minimum Deposit: ? Minimum Trade Size: 0.01. Maximum Leverage: 1:200. Spreads (EURUSD): From 0 pips. Commissions: No.|
|STP/ECN Account - Micro:||Minimum Deposit: ? Minimum Trade Size: 0.01. Maximum Leverage: 1:500. Spreads (EURUSD): From 0 pips. Commissions: No.|
The company was founded by several people from their biggest Cyprus rival, FxPro, and their model clearly has its origins from that company. IronFX is being quite transparent with a list of its management and board on the company website. The broker offers FX and different CFDs on the MetaTrader 4 and 5 platforms. One of the company’s most used slogans is “one account on 15 platforms” – pointing to the fact that traders can user MetaTrader on PC, Mac, Web, Mobile and so on. IronFX is definitely regulated in Cyprus and has offices in most major markets. The broker has a market maker offering, including micro accounts, and an STP/ECN offering. Even though IronFX shows a list of its Liquidity Providers for their STP/ECN, we are not fully confident about it. According to the website, the company charges zero commission and spreads starting from 0 pips. If it is real STP/ECN, the broker cannot take the other side of the clients trade and make money this way. This means he must make his money (for himself and to pay the Liquidity Provider to pass on his trading) on the spread which is supposedly starting from zero. We may be wrong, but this makes us a bit worried about the broker’s offerings.
Generally IronFX’s website is fine and has good and clear education material. After checking the website statistics it is clear that IronFX has many, many traders (the site has more visitors than most of the largest brokers) and when looking at different Forex sites on the web, that the company has a huge marketing budget. One interesting fact is that more than half of the page visits is from South-East Asia. The company regularly has different promotions – at the moment a 50% deposit bonus, for example. At Forex Conclusions we are not too fond of brokers offering bonuses. First of all bonuses tend to have very opaque conditions for withdrawal and from 3rd party sources on the internet we can see that some traders have had problems with using and withdrawing bonuses from IronFX. Possibly these traders did not read the small print, but from our point of view they should not have to. Conditions ought to be clear. Professional traders do not look for bonuses, newbies do. And brokers specifically looking for newbies are usually the ones trading against them to make easy money. Again: we are talking generally, we do not have inside information about this on IronFX.
Even though IronFX is a young broker, it’s possible to find loads of posts and comments about the company on different Forex forums. These are mostly positive, except some seriously looking ones, expecially on Forex Peace Army. As our readers may have noticed, we tend to believe Forex Peace more than many of the other Forex forums out there. The reason for this is that cases and comments are often documented quite extensively and that the page is popular enough that Forex brokers normally answer to complaints here. These comments are mainly about extensive slippage and platform problems when a trader is making profits. Like we have written many times in our articles, traders are not always right and often just trying to blame the broker for their own bad strategies. Furthermore, Forex Peace Army itself caught IronFX employees in writing fake, positive reviews about the broker.
IronFX is definitely a popular and already established broker, regulated in some of the tougher jurisdictions. The broker’s website is transparent and has some fine resources for traders and the company offers a broad range of instruments and platforms for all possible devices. We are still a bit to worried about indications that the broker is trading against clients and using bad practices to make them lose which is unfortunately all possible on the MetaTrader platforms. We do not have final evidence, but we would take our trading elsewhere.
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