IronFX is an online broker with operations in the UK and Australia that has a strong commitment to providing a high standard of service for clients. It is a registered brand of Cyprus-based IronFX Global. IronFX is based in London in the United Kingdom and acts as a trade name for 8Safe UK Ltd. In Australia, IronFX is a trade name of GVS Pty Limited.
The broker is regulated by the UK’s Financial Conduct Authority or FCA in Britain under license number 585561, and it has its UK website situated at www.ironfx.co.uk.
Customer accounts at IronFX are kept with top tier banks in segregated accounts. FCA regulated entities are also protected by the UK’s Financial Services Compensation Scheme which would provide compensation for traders if the broker could not meet its financial obligations.
Due to the similarity in services, platforms and websites provided by IronFX’s Australian and UK entities, this review will cover both of these online forex brokers as if they were one.
IronFX does not presently allow clients from the United States to open accounts.
Unique Features of Trading with IronFX
IronFX has the advantage of being run by a group of financial professionals that bring many years of experience to the table. Their team includes market analysts, risk management experts, client business solution specialists and computer software developers.
In addition, IronFX services both retail and institutional investors in more than 180 countries around the globe, offering them the ability to trade on competitive dealing spreads in more than 200 financial instruments. In terms of leverage, the broker offers leverage ratios of as much as 1 to 500 on some trading instruments, such as forex currency pairs for example.
This broker also offers a notable bonus package, with incentives that currently include a 100 percent Sharing Bonus if you can deposit $10,000 and a 20 percent Iron Bonus if you can deposit up to $2,000. Terms and conditions do apply, and none of this bonus cash can be taken out of your account.
PROTECTION UP TO £1,000,000 PER CLIENT by Lloyds, certificate available on their website.
IronFX offers Excess of loss insurance cover over and above the FSCS limit of £50,000. Protection up to £1,000,000 per client. Applicable only to FCA clients
Deposits and Withdrawals
For deposits and withdrawals, IronFX has developed what is known as a bespoke interface, which means that the interface is tailored to each client’s particular needs. IronFX’s in house interface uses an exclusive Client Portal that facilitates the process of deposits and withdrawals, as well as addressing other customer needs.
IronFX does not accept cash for deposits, however, for other types of deposits, the Client Portal is completely automatic, and allows customers to make both deposits and withdrawals in one simple interface. The deposit and withdrawal methods for an IronFX account are listed below, along with their deposit and withdrawal fees (if any), restrictions and maximum transaction amounts.
- Bank Wire – bank wire deposit fees are contingent on the corresponding and intermediary banks. Bank wire deposits have no restrictions and IronFX does not charge a fee.
- Credit/Debit Cards – Visa, Mastercard and Maestro credit/debit cards are accepted with no fees for deposits and a withdrawal fee of up to EUR 1.5 per transaction. The maximum transaction amount for credit/debit cards is USD 50,000.
- China Union – IronFX charges no fees for deposits, however, China Union charges CNY 20 per transaction. Deposits are not subject to restrictions and there is a maximum transaction amount of CNY 360,000.
- Fasapay – there are no fees for deposits using Fasapay, with a 0.5 percent fee per transaction for withdrawals and a maximum of USD 5.00. Transactions are not subject to restrictions with a maximum transaction amount of USD 5,000.
- Neteller – a two percent fee capped to a USD 30.00 minimum is charged by IronFX, along with a USD 1.00 fee per transaction for Neteller deposits. There are no restrictions on deposits with a maximum transaction amount of USD 50,000 per transaction.
- Skrill – there is no charge for Skrill deposits, however, withdrawal fees are one percent capped to USD 10,000 with no restrictions and a maximum transaction amount of USD 50,000.
IronFX provides round the clock customer support for clients in more than 180 countries in Europe, Asia, Africa, South America and the Middle East. The company also offers support in over 30 different languages with toll free numbers in 12 countries, which include Brazil, the Czech Republic, China, Germany, Japan, India, South Korea, Poland, Portugal, Spain, South Africa and the United Kingdom.
IronFX also offers email support and live chat, as well as telephone and fax support from their central location. Clients can dial telephone numbers with direct lines to Introducing Brokers or IBs, client funding queries and their trading desk.
The broker also offers some market analysis and educational materials, including a glossary of financial market terms and some videos. In addition, their representatives attend major forex expos that take place around the world where you can meet up and ask questions.
|Technical Description of IronFX|
|Execution Type||Leverage||Spreads||Deposit Min||Bonus|
|STP||500:1||fixed and variable||£ 50||N/A|
|Trading Instruments Available|
|Forex||Raw Material||Metal||Share CFDs||Indices CFDs|
|Trading Platforms Available|
Last Update on 10/02/20