Iron FX Review
IronFX was established in Cyprus in 2010 after they secured a license from the Cyprus Securities and Exchange Commission (CySec). By 2015, they were able to erect several offices in Sydney, Johannesburg and London. They obtained several licenses to trade from the UK Financial Conduct Authority (FCA). In the short time that they’ve existed, IronFX has garnered a lot of reputation as it has partnered with several global brands including FC Barcelona.
In 2015, IronFX topped the news by closing down several of its offices around the world. Offices in some major countries were closed down and these countries included Germany, Russia, Italy, Nigeria, China and New Zealand.
After IronFX close down its offices in these countries, they decided to focus on clients in the traditional market. In 2019, the IronFX company launched cryptocurrency exchange and was able to raise 26 million dollars in the initial coin offering.
Currently, IronFX trades under the name of Notesco Financial Services Limited, and is also registered with Bermuda. IronFX has several financial products and their trading platform can be assessed in over 180 countries with thousands of traders signing into the platform to trade.
IronFX makes use of the MetaTrader 4 trading platform. This software is often considered as one of the best in the industry, especially as regards forex trading. The MetaTrader platform is used as an incentive to motivate beginners and intermediates. It also comes with easy-to-use features as well as straight-forward portfolio management.
Traders can also use this free MetaTrader 4 download to perform several functions across desktop devices including Mac. On the IronFX platform, MT4 comes with several tools and features. There are over 30 pre-installed indicators, real-time views and some automated trading abilities.
The fun part is that the MetaTrader 4 platform can be upgraded using the MetaTrader’s market and signals which happens to be a place where traders can buy add-ons, technical indicators and signals for copy trading. It might interest you to know that IronFX offers a personal multi-account manager system. This allows traders to trade and manage multiple MetaTrader 4 accounts at a time.
IronFX provide its Traders with over 200 tradable financial instruments across shares, forex, metals, futures, commodities, cryptocurrency and indices. Here, traders have the option of trading in any of these markets and making profit as regards their expertise.
IronFX has several jurisdictions under the group’s trading name known as Notesco Financial Services Limited. As we stated earlier, the IronFX platform is regulated by the FCA. However, in EU, the IronFX operates under the license granted by the Cyprus Securities and Exchange Commission. The IronFX company also has a license with the Australian Securities and Investments Commission (ASIC), as well as the Financial Services Board in South Africa (FSBSA). The reason IronFX has a handful of license and regulations is because these licenses serve as a legal protection for their clients.
For instance, the UK traders get to benefit from up to €50,000 default protection if IronFX folds up. In this same regard, EU traders get to receive €20,000 as compensation if the company folds up. Furthermore, the client’s funds are protected and segregated from IronFX Capital.
IronFX comes with several trading account types. Broadly these accounts are divided into Live floating accounts and STP/ECN trading accounts. The live floating account includes micro, VIP premium, and zero fixed. On the other hand, the STP trading account requires no commission zero spread, and absolute zero.
The withdrawal options on IronFX are somewhat limited. You can only withdraw your profits via bank wire transfer with the exception of initial deposit which can only be paid using original payment method, which is a prepaid card, for instance.
However, the withdrawal process is pretty straight forward. From the trader’s portal, you only have to navigate to payments and click on withdraw and follow the instructions you find there. Withdrawal times tend to vary depending on your bank provider. However, it ranges from 1 to 7 days. If you run into any withdrawal problems you can easily contact the customer support and you will be attended to swiftly.
IronFX provides several demo accounts for beginners so they can practice what they’ve learnt before getting an actual account. There are 4 demo account available namely – demo floating spread, demo STP zero, spread demo STP, absolute spread, and the demo STB no commission.
IronFX offers a handful of ebooks and tutorial videos for beginner Traders as well as less experienced Traders. These educational tools are useful when it comes to learning how to navigate the IronFX trading platform.
IronFX provides flexible leverage up to 1:1000. This allows traders with limited budget to take huge positions. There is also a margin calculator available on the website to see how much leverage you can access.
IronFX MetaTrader 4 trading platform is available on iOS Android and window devices. You’ll find it surprising to know that the app can be downloaded from the respective app stores. Mobile users will benefit from total trade management without having to sacrifice functionality. The mobile app also comes with the IronFX research app which gives users an overview of major news events as well as the financial markets.
IronFX has several withdrawal and deposit methods. Given that we’ve discussed the withdrawal methods earlier, we will be paying more attention to the deposit methods. The deposit methods supported by IronFX includes Skrill, credit and debit cards, bank wire transfer, China Union Neteller, DotPay and FasaPay. We should probably stress that the minimum deposit starts from $100 with a micro account and goes up to $10,000 with a VIP account.
The customer support of the IronFX team is available for 24 hours in 5 days. Plus, the customer support team can communicate in 30 different languages. You can reach them via their email address, phone contact, live chat and the likes. To keep up with trending news on IronFX, you can follow them on social media.