So you are looking to get into the Forex trading game? Trouble is, you don’t know who to go with and need a little 101 to make your choice! This is your money, after all, and you aren’t just going to give it to anyone, right?
I can’t say I blame you, which is why this review will offer you some insight about one of the world’s leading Forex trade brokers. IronFX specializes in Forex trading, spot metals, spot indices, spot commodities, futures, and shares.
IronFx has quite the list of clientèle, brokering for over a million clients, and serving retail and institutional customers in over 180 countries.
Let’s take a look at some of most important factors in a broker before you go out and invest or trade with them.
Who is IronFX?
IronFX launched back in 2010, and is licensed, authorized, and regulated by several governing bodies throughout the world. A good broker will be backed by a regulatory authority or body. Below is a list of some regulatory bodies IronFx is registered with.
- FCA (Financial Conduct Authority) out of the U.K.
- ASIC (Australian Securities and Investments Commission) Australia.
- CySec (Cyprus Securities and Exchange Commission) Cyprus
- FSP (Financial Service Board) South Africa
Another indicator of trusting a broker is to see which institutions they bank through. For IronFX, they use Bank of America Merill Lynch, BNP Paribas, Raiffeisen and other world banking institutions.
IronFX is located in Limassol, Cyprus, but has offices in London, U.K, Sydney, Australia, Johannesburg, South Africa and 54 other location throughout the world.
Now that you have become acquainted with IronFX, and what they do, where they do it, now you need to what types of services they can offer you. Do they have sign-up bonuses? What type of accounts do they have? Do they information seminars? Let’s explore all of this below.
Types of Accounts
Micro Account: This account has a minimum deposit of $100, and its available in ten different currencies. You can trade micro lot, and have the choice of fix or variable spreads. You’ll get assistance with an account manager five days a week at anytime of the day.
Premium Account: The minimum deposit for the Premium account is $2,500. You get the same amount of dedication from the account manager, and the same amount of base currencies. Fixed or variable spreads.
VIP Account: The minimum deposit is a bit high for this, if you are starting out you are less likely to open up this type of account. $20,000 deposit, account is available in USD, you get the same features as Premium and VIP, with the exception of the Dealing department hotline transaction.
STP/ECN Accounts: With this account, you will get reasonable and flexible leverage from 1:1 up to 1:200. STP/ECN account carries a minimum deposit of $500, micro lot availability, and spreads starting from as low as 0 pips.
Zero Fixed Spread Account: Minimum deposit of $500, low commission per lot, and ability to trade micro lot. The leverage on metals will be 1/5 of the account leverage.
Mirror Account: This is what they market as low risk complete return strategy. Lower stop out levels allow you to put a max on what you lose. Instant internal transfers and leverage up to 1:2000 on STP account.
On top of these six individual accounts, IronFX has four different institutional/business accounts: Affiliate, Affiliate Plus, Business Account, and Managed Account.
So what about their platforms? How do they make it easy for you to trade and invest? Can you use your mobile device to make trades? Are you restricted to PC trading?
IronFx Platforms for trading
With IronFx you can trade from home, your office, or from on your way home. Their easy to use industry standard MT4 platforms let you take your devices to the trade market.
- PC And Mac: MT4 Standard, MT4 Advanced, MT4 for Macs, PMAM, Webtrade, Multi-Terminal, Auto Trade.
- Mobile Devices: MT4 Iphone trader, MT4 Android trader, MT4 Window Mobile trader.
- Tablets MT4 Ipad trader, MT4 Android trader.
One of the best aspect about going with IronFX, is there ability and desire to permeate information to their clients. From beginners, intermediate traders, to expert clients, there’s never enough knowledge when it comes to FX trading.
IronFX allows clients to progress their trading knowledge, so you can elevate your trading potential. The academy is updated regularly, as market trends are constantly changing. By having this lot of information in front of you, you are able to become more proficient in your trading competence.
The IronFX has the latest market insights, daily market news feed, and best practice tips for all trading levels. If you are a beginner then this is definitely a resourceful tool to have at your fingertips.
IronFX Webinar, is your chance to participate in an interactive Q&A session between you and a Forex trading expert.
Also, IronFX hosts events with hopes of widening their global reach and offer their expert analysis.
IronFX will frequently attend Expos in different cities throughout the world to interact in person directly with their clients. So you never know when they may be in your town, but if they are, take advantage of their sound advice.
Information With Forex Encyclopedia
This is a great feature for you the beginner. Even if you aren’t a beginner, it’s never a bad thing to have the ability to obtain Forex terminology and basic knowledge through the IronFX Encyclopedia Exchange Column. You get educational videos, which are produced by IronFX themselves, to give you as much informative inside possible on the latest trading trends.
Promotions And Contents
IronFX has offered past live competitions, like the IronFX Monaco Super Race and Trading Competition. The winner was rewarded $100,000 and two VIP tickets to watch the Monaco Grand Prix.
Aside from that, they offer a Demo Competition. This is actually an excellent way for beginners to trade using a simulated trading interface, with features and functions like a live trade, and gain knowledge and make improvements. The winner of that competition received $30,000.
Other notable competitions; Trip to Paris or $2,000, and Google Class or $2,000.
They also offer VIP Account Promotions, and an IronFX card. The card comes with no opening fees, and you can get access to your account balance and statements free of charge. There is a 2% charge on ATM withdrawals and possibly a currency conversion.
When you are ready to pull out your earnings, IronFX gives you a variety of option plans like, Visa and Mastercard, or you can use Skrill, Fasapay, Neteller, Bankwire and more. There aren’t any restrictions but you will need to acquaint yourself with the maximum amounts you can pull out using the various forms of payment.
If you aren’t quite ready to get the ball rolling with a live account, you can always sign up for the Demo Account, which will give you the chance to build up your knowledge, and experience, by practicing with user-friendly interactive MT4 interface.
- Launched in 2010
- Regulated by multiple authorities and regulating bodies
- Multiple accounts types as well as Demo
- Trades in Forex, spot metals, futures, commodities, up to 200 instruments.
- Over one million clients
- Office located in Cyprus
- IronFX academy lets you learn the latest and gain insight on marketing trends.
So now that we’ve gotten slightly more of a picture from what IronFX can give you, let’s glimpse at the pro’s and con’s.
- Best in market spread 0 pips.
- Multiple trade platforms giving you more options.
- 200 trading instruments giving you more choice.
- 24/7 trading allowing you trade at the time best for you.
- Great execution with trades, and no delays.
- Instant withdrawals and funding.
- IronFX doesn’t serve U.S. clients (but doesn’t matter for us south africans)
- Too many accounts can cause confusion for beginners
- Past legal issues involving CySec, which has been resolved.
Are They Trustworthy?
Depends on who you are asked. They are regulated in different countries, and have settled their legal past. They’ve recovered nicely since, and have persevered to dedicate themselves as one of the top online Forex broking companies out there.
IronFX certain is a powerhouse in the Forex trading game. If you are looking for a broker company that is dedicated to its client base, the Forex may worth investing your time and money with. Yes, they’ve been marred by legal issues, but have recovered nicely since from them. They have you the flexibility and choice, with quick returns and efficacious trading interfaces. Undecided? Read more Reviews on forexsouthafrica.org.za!