IronFX Review 2018
Another broker is ready for our review, and this time it is a well-known and even famous company: IronFX. Founded in 2010 in Cyprus, this company attracted a lot of traders since its founding and is still growing very fast. Their services are available in over 180 countries, they have 8 offices worldwide and they provide support and information in over 45 languages. On top of all that, they are an official sponsor of the famous football club Barcelona. However, in this IronFX Review we go in deeper to give you the ultimate truth about this broker. We will go through all major features of this company’s offer, from their trading platform to bonus programs, to see what kind of trading experience you can expect here. Stay with us to the end of IronFX Review and find out everything about this esteemed broker.
IronFX Review | Trading platform
Let’s start with the basics. Trading platforms always play a crucial role in trading, especially if you’re a beginner. We have seen a lot of good brokers fail because of their bad platforms, but rest assured that with IronFX you can’t go wrong with any of the choices you make. For starters, here you can use the best trading platform currently available in the industry – Metatrader 4 – and this superb platform is available for download to your computer or tablet. You can even download an app to your smartphone and trade wherever you are.
Furthermore, Personal Multi-Account Manager (PMAM) platform allows you to use several Metatrader 4 accounts at the same time. On top of that, the broker also offers IronFX Webtrader 4. This is their in-house platform developed especially for web use – no download is necessary. This too will allow you to have full access to all your accounts and all trading options. One other great option offered by IronFX is that you can you can link your account to Myfxbook Auto Trade copy-trade platform and benefit directly from following the moves of more experienced traders. And don’t worry, as seen in our Is IronFX a Scam article, you can use this platform without any concern for your safety. But if you want to get into the nitty-gritty stuff of the platform, the following part of this article is for you.
IronFX Review | Trading conditions
Depending on where you are in the world, your trading conditions when trading with this broker may be significantly different. This is primarily due to tighter ESMA regulations which have affected the trading industry in Europe quite significantly. Because of them, traders from the European Economic Area will only have access to leverage up to 1:30, but a lot of instruments will see their leverage drop to just 1:2. Traders not in the EEA can still benefit from leverage of up to 1:1000, though. In addition, the margin stop out level is now at 50%. In short, these restrictions apply primarily to European traders, so if you’re located on some other continent, you have nothing to worry about. Next on our list of things to examine in this IronFX Review are money transfer methods, so stay with us.
IronFX Review | Money transfers
In order to start trading, you will definitely need money in your account, and here we will show you every option you have with this broker to fund it. Credit cards and debit cards like Visa, MasterCard and Maestro are of course accepted, but bank wire is also a possibility. In addition, there are several ways to transfer money by using online banking: PayPal, Skrill, Neteller, FASAPAY, DotPay and China Union are all excellent ways to do this. On top of that, you also have M.O.T.O. (mail order & telephone order), a feature you can use to issue deposit orders over the phone or via mail. Another great thing about depositing here is that no fees will be charged, except if you use Neteller, which has a 2% fee (capped to USD 30). We should also say that the biggest individual transaction can amount to USD 5,000. Withdrawals are also very simple and you can complete them via IronFX’s Client Portal. Withdrawal fees, however, depend on the way you choose to make your withdrawal, but they do not exceed $10.
Oh, and one more thing: you can trade without making a deposit, too. Virtually, of course. All you have to do is open your IronFX Demo Account and you will be able to practice trading before you make a real investment. Let’s now move to the next phase of our IronFX Review – let’s take a look at account types.
IronFX Review | Account types
There are three forex account types you get to choose from: Micro, Premium and VIP Account. They all have the same maximum leverage (like we said, 1:30 and 1:1000, depending on where you are), minimum lot size (0.1) and lot increments (0.01). As for their differences, Micro accounts have their IronFX Minimum Deposit requirement set to USD 500, whereas Premium accounts are for more experienced traders, since their minimum deposit is USD 2,500. Premium accounts also have lower spreads. VIP accounts, on the other hand, are for traders with a lot of experience and for people who want to invest a lot of money – minimum deposit here is USD 20,000 and this is the only currency you can use with this account. The spreads go even lower here and we are sure that you will easily find a type that suits you best. That leaves just one more thing to talk about – our final topic in this IronFX Review is the broker’s bonus program, so stay with us and learn how to get some extra funds to your trading account.
Yes, there is an IronFX bonus program, but do keep in mind that it’s only available to traders who are not in the EEA, again due to ESMA regulations. So, what can you get here?
Well, the first kind of IronFX bonus we have to talk about is the Welcome Bonus. There are three levels to it, actually – 20%, 40% and 100%. You get 20% added to your account balance if you deposit anywhere between 100 and 499 USD. The other two bonuses are awarded to traders who deposit 500 dollars or more. The catch is that, in order to get a 100% Iron FX bonus, you have to share your risks and profits with the company. This means that everything that happens to you will be shared 50:50 between you and the company. So, if you get deposit 500$ and get and extra 500$, any losses and profits after that will be halved. If you don’t want to do this, your Iron FX bonus will be 40%, so it’s up to you and your preferred strategy.
Apart from that, we have to say that there is another form of the bonus you can get – five risk-free trades are also available! The broker covers your losses in this case, which means pure profit for you. One thing to remember, though, is that the funds you receive as an IronFX bonus cannot be withdrawn. They are just meant to help you open bigger trades, which is a fairly standard practice in the trading world. With that, we think we can bring this IronFX review to a close, but before we go read a short recap of the broker’s greatest advantages.
IronFX Review | Conclusion
This brings us to the end of our IronFX Review. As you have probably realized by now, this is a great broker and a company worth trading with. There are several reasons for that conclusion – they have a superb trading platform and very good money transfer methods, everybody can find an account type that suits them best, plus they have some bonus programs that are worth checking out if you’re not in Europe. Trust our judgment when we tell you that this should be your broker of choice. Don’t hesitate; open your account with IronFX right now and see for yourself why this company has made such an impression on our experts.