IronFX Broker Review

Author By Jeffrey Cammack
Updated: May 14, 2021
Overall Rating
4.19 4.19 / 5
Rated #16 of 50 Recommended Brokers
Min. Deposit
USD 50
Regulators
Trading Desk
Trading Cost
USD 11
Website Language
English
Support Language
English, Japanese, Arabic, Portuguese, Chinese
AlertAccepts Malaysian Clients. Spreads start at 1.10 pips on the EUR/USD on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA.

Forex Malaysia follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Summary

A well-regulated market maker with ECN account options, IronFX offers trading on a wide variety of instruments, including metals, indices, commodities, futures, shares, and over 80 Forex pairs. With a wide variety of account and execution choices, traders can decide how their trades are executed, along with the spread/commission combination that best suits their strategy.  While minimum deposits start at 50 USD, and spreads are reasonable, commissions are higher than the industry average.  Furthermore, IronFX allows all trading strategies, including hedging, scalping, and copy trading, but support is only offered for the MT4 platform.   

IronFx’s educational and market analysis materials are somewhat limited in scope, making it a poor choice for beginner traders.   

Lastly, Malaysian traders will be pleased to note that IronFX offers Islamic swap-free accounts. 

Reviews

Regulation
11110.54.5/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
1110.503.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
1110.503.5/ 5
Beginner Friendly
Standard
Bonuses

Account Information

Base Currencies
USD, EUR, GBP, AUD, JPY, BTC, PLN, CZK
Number of FX Pairs
85
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0 pips
Commission
Zero Accounts
EUR/USD
0.2 pips
GBP/USD
0.4 pips
USD/JPY
0.2 pips
Max. Leverage
1000:1

Company Details

Company Name
Notesco UK Limited
Founded
2010
Office Locations
Cyprus, United Kingdom, South Africa, Australia

Pros

  • Well regulated
  • Tight spreads
  • Wide range of assets

Cons

  • Expensive withdrawals

Is IronFX Safe?

IronFX, the trading name of Notesco Financial Services, has oversight from every major regulator in the world. It is regulated by the Financial Conduct Authority, the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Commission Authority (FSCA) of South Africa, the Australian Securities and Investments Commission (ASIC), and it is registered in Bermuda.  See below for more details:

  • Notesco Ltd (UK) is authorised and regulated by the FCA license 585561.
  • Notesco Financial Services Limited is authorised and regulated by CySEC, license 125/10.
  • IronFX Global (South Africa) (PTY) LTD is authorised and regulated by the FSCA (FSP 45276).
  • Notesco Pty Limited is authorised and regulated by ASIC, AFSL no. 417482.
  • Notesco Limited is registered in Bermuda with registration number 51491.

IronFX previously had excellent credibility within the industry, with awards for Most Trustworthy Forex Broker 2014 (JRJ, China’s leading financial portal) and Best Customer Service Provider 2014 (European CEO Magazine). Unfortunately, in 2015, following allegations of problems with withdrawals, IronFX’s European subsidiary was the subject of a CySEC investigation that resulted in an official sanction and a settlement of 335,000 EUR. In fairness, the investigation was part of a broader inquiry into Cypriot Forex brokers, which resulted in ten other companies being sanctioned.  The regulators investigating IronFX said that no severe wrongdoing was found to have occurred.

In 2018, IronFX was fined 2,000 EUR by CySEC for financial submissions failure. The company has since, however, made a concerted effort to be upfront with its operations, demonstrated by their annual 3 pillar transparency disclosures.

As IronFX operates instant execution accounts, there remains the potential for conflict of interest; but the availability of market execution accounts should satisfy any concerned traders.

Note that Malaysian traders will be trading under Notesco Ltd, registered in Bermuda.  Client funds are segregated from the company’s operating capital, and Malaysians are afforded negative balance protection. 

Trading Conditions

The trading conditions vary greatly at IronFX because it supports two execution models and a range of account options – four instant execution accounts and three market execution accounts.  Maximum leverage is up to 1000:1 on the instant execution accounts, and up to 200:1 on the market execution accounts.  Minimum trade sizes are 0.01 lots across all account options, and all clients have access to a dedicated account manager.  IronFX allows all trading strategies, including hedging, scalping, and copy trading, and it also offers Islamic swap-free accounts. 

Note that minimum deposits for each account type are linked to various bonuses and promotions.  Please see the IronFX website for more details. 

Account Types

With various account and execution choices, traders can decide how their trades are executed, along with the spread/commission combination that best suits their strategy.

Scroll for more detailsPreviousNext
Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Live Fixed Spread
USD 50
30:1
2.20
None
Account Details
Live Floating Spread
USD 50
30:1
1.10
None
Account Details
Live Zero Spread
USD 500
30:1
0.0
$18
Account Details
STP/ECN No Commission
USD 500
30:1
1.70
None
Account Details
STP/ECN Zero Spread
USD 500
30:1
0.0
$7.50
Account Details
  • The Live Floating/Live Fixed Accounts: These are instant execution commission-free accounts with Standard, Premium, and VIP tiers.  Leverage is up to 1000:1, and traders can choose between floating or fixed spreads:
     
    • Standard Account: Fixed spreads start at 2.2 pips on the EUR/USD and start at 1.10 pips on the floating-spread option.  Accounts are denominated in USD, EUR, GBP, AUD, JPY, BTC, PLN, and CZK.
    • Premium Account: Fixed spreads start at 1.8 pips on the EUR/USD and start at 0.7 pips if one chooses the floating spread option. Accounts are denominated in USD, EUR, GBP, AUD, JPY, BTC, PLN, and CZK.
    • VIP account: Fixed spreads start at 1.6 pips on the EUR/USD and start at 0.5 pips if one chooses the floating spread option.  Accounts are only denominated in USD.

  • The Live Zero Fixed Spread Account also uses instant execution, but spreads are fixed at 0 pips for the EUR/USD, and a commission of 18 USD round turn/lot is charged for major FX pairs and 23 USD round turn/lot on minor pairs. Accounts are denominated in USD and EUR.

  • The STP/ECN No Commission Account is a market execution account, where no commission is charged, and fees are included in the spreads, which start at 1.7 pips on the EUR/USD.

  • The STP/ECN Zero Spread Account offers spreads as low as 0 pips on the EUR/USD, and a commission is charged per lot traded. Rates vary between FX and Gold lots.

  • The STP/ECN Absolute Zero Account is a fully customisable market execution account, where 0 pip spreads are offered with a low commission in exchange for a higher minimum deposit.

Demo Accounts

IronFX offers demo accounts so traders can test the platform and practice strategies. There are four demo accounts available:

  • Demo Floating Spread
  • Demo STP/ECN Zero Spread
  • Demo STP/ECN Absolute Zero
  • Demo STP/ECN No Commission

Each demo account imitates actual trading conditions.

Spreads and Commissions

Spreads and commission payments vary significantly between the accounts at IronFX, and more considerably between the Instant and Market execution accounts.

  • Spreads for EUR/USD start at 0 pips for the EUR/USD on the absolute zero accounts and start at 2.2 pips for the EUR/USD on the Standard Live Fixed Spread account.
  • Commissions on the account range from 0 on the Instant execution accounts to 43 USD per lot on the exotic pairs on the ECN/STP accounts.

To get the right balance of spreads and commissions, consider your minimum deposit and select the best account for you at the time of signup.

Deposit & Withdrawal Fees

In line with Anti-Money Laundering policies, all deposits must be made from an account/card registered in your name, and IronFX does not accept third-party deposits.  IronFX does not charge for deposits, but clients may be charged a withdrawal fee depending on the method. Withdrawal times vary depending on the banking provider but range from one to seven days. See below for details:

  • Bank Wire – Maximum deposits and withdrawal fees vary dependent on the bank.
  • Credit Card – Withdrawals are charged at 1.5 USD per transaction.  The maximum deposits are 50,000 USD.
  • Skrill – Withdrawals are charged at 1% per transaction, and maximum deposits are 50,000 USD.
  • Neteller – Withdrawals are charged at 2%, and maximum deposits are 50,000 USD.

Inactivity Fees

Should there be no activity for 12 months, a 50 USD annual fixed administrative fee will be charged, and should the account balance be below 50 USD, the remainder of the balance will be taken and the account closed.

Should there only be deposits and withdrawals on the account with no trading activity, IronFX will take up to 3% of the account balance as an administrative fee to cover costs incurred.

Bonuses & Promotions

Traders have a choice of welcome bonuses when they sign up for an account at IronFX:

  • 100% unlimited Sharing Bonus – minimum deposit of 500 USD.
  • 40% Power Bonus up to 4,000 USD – minimum deposit of 500 USD.
  • 20% Iron Bonus up to 2,000 USD – minimum deposit of 100 USD.

IronFX for Beginners

IronFX offers a good selection of educational and market analysis materials that cater for traders of all experience levels.   

Education Material

The IronFX Academy features educational videos, ebooks, an encyclopedia, and online webinars, and live seminars.

As winners of the Best Forex Educators in 2015 (UK Forex Awards), the IronFX video section is full of educational videos available for traders who open a live trading account and make a deposit. Topics include trading strategy, market analysis, social trading, crypto trading, and trading psychology.

Analysis Material

IronFX won the award for Best Forex Research Reports 2014 (UK Forex Awards) for their world-class financial reporting service. The research team at IronFX is frequently called on by major news organisations like Marketwatch, Bloomberg, and Reuters for their opinion on major economic events.

Key to the IronFX research area is the publicly available daily market insights from the analysis team and a separate IronFX research app available on Android, IOS, and Windows phone.

Live economic news, current rates, analysis, and economic calendar data are delivered directly into your trading platform to help you plan your trading day and uncover the most profitable opportunities.

Customer Support

Customer support is available 24/5, in 30 different languages to support clients from over 180 countries in Europe, Asia, the Middle East, Africa, and Latin America.

IronFX can be contacted on local toll-free phone numbers, live chat, and email, and is available in Malaysia.

For the purposes of this review, we found the customer service responsive but uninformed.

Trading Platforms

IronFX supports MT4 and the associated webtrader and mobile applications and is available on both PC and Mac.

MetaTrader 4

Having established itself as the industry-leading platform, Metatrader 4 (MT4) is the most reliable and popular platform in existence. Its intuitive interface and user-friendly environment provide essential tools and resources for successful online trading.  Features of the MT4 include a built-in library of more than 50 indicators and tools to streamline the analysis process and an impressive array of analytical tools, available in nine timeframes for each financial instrument.

Mobile Trading Apps

IronFX offers comprehensive support for MT4 on Android and IOS. These applications give traders live prices of financial instruments, open orders and positions, risk exposure, and live charts for research on the go.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the IronFX offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Risk Warning

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. IronFX would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.22% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overview

IronFX is an established and well-regulated Forex broker with an award-winning education and research section.  IronFX’s wide range of account types and execution methods cater for all trading strategies.  Customer service is also available in 30 different languages, including Malay.  However, traders may be disappointed by the lack of platform choice and the high withdrawal fees.

AlertAccepts Malaysian Clients. Spreads start at 1.10 pips on the EUR/USD on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. Only MT4 platform supported. IronFX is regulated by CySEC, FCA, ASIC, and the FSCA.

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.19/ 5
USD 50
Market Maker
ECN/DMA
Commodities
Cryptocurrencies
Forex
Indicies
Equities
Futures
85
5
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Expensive withdrawals
11110.54.5/ 5
11110.54.5/ 5
111104/ 5
11110.54.5/ 5
1110.503.5/ 5
11110.54.5/ 5
1110.503.5/ 5
75.35% of retail investor accounts lose money when trading CFDs with this provider
1000:1
0 pips
Live Fixed Spread
Live Floating Spread
Live Zero Spread
STP/ECN No Commission
STP/ECN Zero Spread
Bank Transfer
Visa
Mastercard
Maestro
Skrill
Neteller
Bitcoin
Unionpay
Fasapay
Zero Accounts
1110.503.32/ 5
USD 150
ECN/DMA
Commodities
Forex
Equities
110
11
  • Wide range of assets
  • Copy trading accounts
  • Limited market analysis
  • Limited education
  • Wide spreads
1110.503.5/ 5
110002/ 5
111104/ 5
111104/ 5
111003/ 5
1110.503.5/ 5
111104/ 5
71.71% of retail investor accounts lose money when trading CFDs with this provider
1000:1
0 pips
Cent.Eurica
Cent.Standard
Insta.Eurica
Insta.Standard
Islamic
Bank Transfer
Visa
Mastercard
Skrill
Neteller
Bitcoin
Unionpay
Broker to Broker
Fees Included in Spread
1110.503.69/ 5
USD 200
Market Maker
Commodities
Cryptocurrencies
Forex
Indicies
Equities
52
16
  • Well regulated
  • Good for beginners
  • Innovative trading tools
  • Limited education
  • Wide spreads
11110.54.5/ 5
111104/ 5
111104/ 5
110002/ 5
10.50001.5/ 5
11110.54.5/ 5
111104/ 5
67% of retail investor accounts lose money when trading CFDs with this provider
400:1
1 pips
Professional
Standard
etoro
Visa
Mastercard
Neteller
Unionpay
Skrill
Paypal
Fees Included in Spread

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AlertMost retail CFD accounts lose money. Your capital is at risk.

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