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|
|Country:||Cyprus, United Kingdom, Australia, New Zealand, Russia|
|Regulator:||CySEC (Cyprus), FCA (United Kingdom), ASIC (Australia)|
|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.