IronFX Review 2024
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IronFX, founded in 2010, offers a range of forex and CFD trading options. With an average recommendation, it provides essential trading tools and a variety of tradeable instruments but does not stand out significantly from its competitors.
Overall Rating
Minimum Deposit
Trust Score
Pros and Cons
Pros
- Copy trading available: IronFX supports social copy trading via its proprietary TradeCopier platform, enabling less experienced traders to mimic the trades of seasoned professionals.
- MetaTrader 4 platform: Offers the widely-used MetaTrader 4 platform.
- Regulated by multiple tier-1 authorities: It is regulated by ASIC, MiFID, and the FCA, enhancing its credibility.
Cons
- No MetaTrader 5: Does not offer MetaTrader 5, limiting options for those who prefer the newer platform.
- Limited advanced educational resources: Does not offer advanced education videos, which might be a disadvantage for traders seeking in-depth learning.
- Average spread cost: The EUR/USD spread is 1.2, which is higher than the industry average of 1.08.
Ratings Summary
- Investment Types - 6.5/10
- Commissions & Fees - 7.5/10
- Trading platforms - 6.5/10
- Research - 7.5/10
- Mobile Apps - 6.5/10
- Education - 6.5/10
- Overall - 7.2/10
Can I trust IronFX?
IronFX is regulated by several reputable authorities, including the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK, and operates under MiFID regulations in the EU. IronFX holds a "Trusted" rating with a trust score of 83 according to ForexBrokers.com, indicating a reliable level of trustworthiness in the industry.
IronFX is currently licensed and/or authorised by the following regulatory bodies:
- Tier-1 Regulators - Australian Securities & Investment Commission (ASIC), Financial Conduct Authority (FCA), and regulated in the European Union via the MiFID passporting system
- Tier-2 Regulators - None
- Tier-3 Regulators - None
- Tier-4 Regulators - Bermuda Monetary Authority (BMA)
Is IronFX good for beginners?
IronFX is a reasonable choice for beginners. It offers beginner education videos and general education on forex and CFDs. However, it lacks advanced education resources. Based on its rating for education and beginners, it provides an average educational experience.
| Feature |
IronFX
|
|---|---|
| Education (Forex or CFDs) | Yes |
| Client Webinars | No |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | No |
| Investor Dictionary (Glossary) | Yes |
IronFX commissions and fees summary
IronFX has a mixed offering when it comes to commissions and fees. The broker charges an inactivity fee and requires a minimum deposit, but it also offers discounts for active traders. The average spread cost for the EUR/USD pair is 1.2, slightly above the industry average of 1.08. With an average rating for commissions and fees, IronFX provides a standard cost structure without significant advantages.
| Feature |
IronFX
|
|---|---|
| Minimum Deposit | $50 |
| Average Spread EUR/USD - Mini | 1.2 |
| Average Spread EUR/USD - Standard | 1.2 |
| All-in Cost EUR/USD - Active | N/A |
| Active Trader or VIP Discounts | Yes |
IronFX trading platforms and tools
Did you know? Trading platforms comparison
Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
IronFX provides an average selection of trading platforms and tools. It supports the MetaTrader 4 platform but does not offer MetaTrader 5 or a proprietary trading platform other than its copy trading app, TradeCopier. Its platforms and tools receive an average recommendation.
Trading platforms offered: MetaTrader 4 only.
Trading tools: Standard tools, including trading signals, but lacks proprietary options.
Copy trading: IronFX supports copy trading, allowing users to follow and copy the trades of experienced traders through its proprietary social copy platform TradeCopier.
| Feature |
IronFX
|
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | No |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | No |
| DupliTrade | No |
Mobile trading apps at IronFX
IronFX offers a mobile trading app with an average rating. While it provides essential functionalities for trading on the go, it does not excel in this area compared to its competitors.
| Feature |
IronFX
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Economic Calendar | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Watchlist | Yes |
How do I open an account with IronFX?
- Visit the IronFX website.
- Click on "Register" to start the application process.
- Fill out the registration form with personal information.
- Submit identification documents for verification.
- Fund your account using the preferred payment method.
- Start trading once the account is verified and funded.
What can I trade at IronFX?
IronFX offers 83 forex pairs and 340 tradeable symbols, providing a decent range of trading options. However, its total tradeable symbols are far below the industry average of 3,623.
| Feature |
IronFX
|
|---|---|
| Tradeable Symbols (Total) | 340 |
| Forex Pairs (Total) | 83 |
| Social Trading / Copy Trading | Yes |
| Cryptocurrency (Physical) | No |
| Cryptocurrency (Derivative) | Yes |
| Spread Betting | No |
Account funding at IronFX
IronFX supports various funding methods, including bank wires, Neteller, Skrill, and credit cards. However, it does not support PayPal.
| Feature |
IronFX
|
|---|---|
| Visa/Mastercard (Credit/Debit) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Neteller (Deposit/Withdraw) | Yes |
About IronFX
IronFX, founded in 2010, is a forex and CFD broker regulated by multiple authorities, including ASIC, FCA, and under MiFID regulations. While it offers a variety of trading instruments and platforms, its overall offerings and ratings are average in the competitive forex market.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
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Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
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We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. Learn more about our AI Policy and How We Test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.