IronFX Review


IronFX, owned by Cyprus-based Notesco Financial Services Limited, has been in operation since 2010. According to its website, IronFX is home to over 1,200,000 traders. The broker operates out of its Bermuda subsidiary, Notesco Limited, on which this review will focus, as IronFX serves most clients from there with the best trading conditions available. Traders have access to an acceptable asset choice on the favored MT4 trading platform. Several different trading accounts exist to serve traders of all needs. Maximum leverage of 1:1000 and deposit bonuses represent the primary marketing push to attract new retail traders.

IronFX Review landing page

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Regulation and Security

Notesco Financial Services Limited, the entity that launched IronFX in 2010, is regulated by Cyprus Securities and Exchange Commission (CySEC). In 2013, it expanded into Australia, where it operates under the oversight of the Australian Securities and Investments Commission (ASIC). A move to the UK in 2014 resulted in Notesco UK Limited obtaining a license from the Financial Conduct Authority (FCA). In the same year, it additionally received authorization by the South African Financial Services Board, which has since been replaced by the Financial Sector Conduct Authority (FSCA).

This broker maintains regulatory oversight of CySEC, FCA, ASIC, and the FSCA, which is a very impressive list of highly regarded regulations. The company also obtained a Legal Entity Identifier (LEI) in Bermuda in 2017, which is set to expire later this year.

Websites of the four regulated entities feature required legal documents, and the operating subsidiaries remain authorized.

In 2010, Notesco Financial Services Limited founded IronFX in Cyprus, where it maintains CySEC regulation.

IronFX Review cysec regulatory info

The broker holds an operating license from ASIC.

IronFX Review ASIC license info

IronFX is also regulated in the UK by the FCA.

IronFX Review FCA info

An LEI registration for Notesco Limited with a Bermuda address is available.

IronFX Review Bermuda LEI registry

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A combination of spreads and commissions exist when trading with this Forex broker. A complex account structure impacts the pricing environment; it features minimum starting spreads as high as 1.8 pips and commissions up to $43 per round lot on Forex trades. Equities face a 0.10% commission across the board. Swap rates on leveraged overnight positions apply which is common among most of today's brokers. Corporate actions such as dividends and mergers impact equity CFDs, though how these actions are processed is unclear. An inactivity fee of $50 annually exists which is on the low side. IronFX also retains the right to levy other fess if its oversight committee believes there is a breach of contract by the trader.

MT4 traders can easily access swap rates from their platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Symbols.

2. Select the desired currency and then click on Properties located on the right side.

3. Scroll down until you see Swap Long and Swap Short.

Spreads are comparatively higher at IronFX.

IronFX Review spreads chart

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What Can I Trade

IronFX offers tradable assets across six categories. Forex traders will find the 83 currency pair offering ample, but nine commodity CFDs, unfortunately, is a fairly limited offering in this sector. However, IronFX offers a very respectable number of futures contracts – with 26 available at the time of this IronFX review, the broker certainly sets the bar high for its competitors. Equity traders have 145 CFDs and 16 index CFDs to trade. A total of around 279 tradable assets offers most traders ample diversification opportunities.

IronFX offers traders 279 assets across six categories.

IronFX Review asset list

IronFX traders can be eligible for free Forex signals - (terms and conditions apply).

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Account Types

A complicated account type structure exists at IronFX, comprised primarily of two distinct categories for a total of seven account options. The Micro, Premium, and VIP accounts offer floating, commission-free spreads with minimal differences among them. While the Zero Fixed account spread commences from 0.0 pips, a commission of up to $43 per lot exists. An additional three selections are available under the STP/ECN category, where the Absolute Zero offers a spread as low as 0.3 pips without additional costs, making the account option we favored during our IronFX review.

Traders have four account choices in a floating/fixed rate account type.

IronFX Review floating fixed rate pricing

Traders have access to another three account types within the STP/ECN structure.

IronFX Review STP ECN rate pricing

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Trading Platforms

The MT4 trading platform, the most popular among traders, is offered together with an upgraded package labeled MT4 Advanced. A multi-page PDF is available to explain the added functionality, which turns the basic version into a state-of-the-art trading terminal and offers a significant advantage over most other brokers that offer the MT4 terminal in its most basic format. It is available as a desktop client, webtrader, and mobile version, the basic package with an acquired license. The upgrade to the trading platform represents the most valuable asset at IronFX. A Personal Multi-Account Manager (PMAM) is granted, which appears to be an in-house version of the MT4 Multi Account Manager (MAM) and the Percentage Allocation Management Module (PAMM). A user guide walks interested clients through this product, intended for retail portfolio management.

IronFX upgrades the standard MT4 trading platform with the MT4 Advanced add-on, creating improved functionality.

IronFX Review MT4 platform

IronFX Review MT4 platform

The Personal Multi-Account Manager (PMAM) supports retail portfolio management.

IronFX Review PMAM info

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Unique Features

IronFX offers VPS hosting to support automated trading solutions, free of charge for accounts above $5,000. For those accounts which do not meet that threshold, a $30 monthly fee will apply. The service provider for this service is Fozzy Inc. As always, traders should read the terms and conditions prior to signing up for additional services.

IronFX offers VPS hosting, free if conditions are met, otherwise at $30 per month.

IronFX Review VPS info

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Research and Education

A duo of analysts provides daily market commentary, which includes limited research material and occasional trading signals. The presentation is acceptable, despite the lack of a proper research division. While one of its marketing slides denotes a partnership with Trading Central, though we couldn't quire figure out how to access these valuable tools.

IronFX features market commentary but lacks proper research and education capabilities.

IronFX Review Market Commentary

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Customer Support

Customer support is available 24/5 via e-mail, phone, and live chat. An FAQ section offers assistance for the most common queries. Most traders are unlikely to require assistance, but the range of bonus offers may spur more contact than brokers might typically receive.

Customer Support is available 24/5.

IronFX Review customer support

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Bonuses and Promotions

IronFX currently hosts a live trading competition with a prize fund of $10,000. Three deposit bonuses are additionally available, which include a 100% first deposit bonus, and two deposit boosters. Terms and conditions apply, and traders need to be aware that the deposit bonus is added to deployable trading capital and is not available for withdrawal. Nevertheless, as most brokers don't offer bonuses these days, this offering may be extremely attractive for many traders.

IronFX hosts one trading competition and maintains three deposit bonuses.

IronFX Review bonuses and promotions

IronFX Review bonuses and promotions

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Opening an Account

Per industry standards, the online application processes new accounts. The quick application grants traders access to the back-office. In compliance with AML/KYC requirements, account verification is mandatory. That requirement is usually satisfied by sending a copy of the trader’s ID and one proof of residency document.

The account opening procedure is typical for the industry.

 IronFX Review account opening procedure

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Deposits and Withdrawals

IronFX does not make immediately clear which deposit and withdrawal methods are available. The FAQ section points towards the client portal, and this broker claims the process is 100% automated. Deposits may take up to 24 hours to be credited or three business days in the case of bank wires. Trading profits are only withdrawable via bank wire. IronFX waives internal fees, but third-party costs may apply.

Deposits may take up to three business days to be credited.

IronFX Review deposit info

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General Information

Company Information

  • Broker's Name : IronFX
  • Headquarters : United Kingdom
  • Regulation : CySEC, FCA, ASIC

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit : Unspecified
  • Maximum Leverage : 1:1000
  • Commissions / Spreads : Both
  • Account 1 : Live Floating
  • Account 2 : Live Fixed
  • Account 3 : Zero Fixed
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4
    • Platform Languages :
      • English
    • OS Compatibility :
      • Mac
      • Windows
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Polish
      • Portuguese
      • Russian
      • Chinese
      • Japanese
      • German
      • French
      • Italian
      • Arabic
      • Spanish
      • Other
  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :
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Is IronFX regulated?

Yes, CySEC, ASIC, and FCA regulate IronFX. It is important to note that the international entity operating out of Bermuda, the one featured in this review, where most traders will manage portfolios from, remains an unregulated entity.

Is IronFX a scam?

No, it is not a scam. However, as with any broker, traders should always proceed with caution and ensure that they have read the fine print. This IronFX review should provide the information you need to see if this broker is right for you.

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IronFX is a broker which holds operating licenses with CySEC, ASIC, and FCA. Currently, it is home to more than 1,200,000 traders. The MT4 trading platform upgrade is excellent and likely a welcome addition for most traders, and an ample asset selection should provide more than enough choice for most traders. If you're looking for a solid, well-regulated broker, IronFX may be what you're looking for.

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User Reviews

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