Summary

Recommended for forex and CFD traders familiar with the MetaTrader 4 trading platform

Visit broker
71.60% of retail CFD accounts lose money

IronFX was founded in 2010 and it is a global forex and CFD broker. The company is regulated by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Financial Sector Conduct Authority (FSCA). 

IronFX is considered safe because it is regulated by the top-tier FCA and ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.60% 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.

Overall Rating
4.0
Fees
4.4
Account opening
4.4
Deposit and withdrawal
5.0
Trading platform
3.0
Markets and products
1.6
Research
2.3
Customer service
1.5
Education
1.5

IronFX pros and cons

IronFX has low forex and stock index CFD fees. It's also great that the non-trading fees are low, e.g. there is no fee charged for inactivity. You can use a lot of options for deposit or withdrawal, and they're free of charge. The account opening is easy and fully digital.

On the flip side, we haven't received any reply on the phone and the live chat is slow. The product portfolio is limited to forex and CFDs. Popular asset classes, such as real stocks or ETFs are missing. Lastly, there is only a demo account as an educational tool.

Pros Cons
Low fees Poor customer support
Great deposit and withdrawal Only forex and CFD products
User-friendly account opening Limited educational tools
IronFX main features and highlights
🗺️ Country of regulation UK, South Africa, Cyprus, Australia
💰 Trading fees class Low
💰 Inactivity fee charged No
💰 Withdrawal fee amount $0
💰 Minimum deposit $0
🕖 Time to open an account 1-3 days
💳 Deposit with credit/debit card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 13
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD
Visit broker
71.60% of retail CFD accounts lose money
Ádám Nasli

Ádám Nasli

Broker Expert

Author of this review

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

IronFX review
Fees

4.4
IronFX has low fees for stock index CFDs and most currency pairs. The non-trading fees are competitive as well: no fee is charged for inactivity, deposit, or withdrawal. On the negative side, the fees are higher for stock CFD and a few currency pairs, like AUDUSD.
Pros Cons
Low trading fees Higher stock CFD fees
No withdrawal fee
No inactivity fee
IronFX fees snapshot
Assets Fee level Fee terms
S&P 500 CFD Low The fees are built into spread, 1.7 is the spread cost during high trading hours.
Europe 50 CFD Low The fees are built into spread, 2.2 is the spread cost during high trading hours.
EURUSD Low Live floating spread - micro account: the fees are built into spread, 2.1 pips is the average spread cost during high trading hours.
Inactivity fee Low No Inactivity fee

How we ranked fees

We ranked IronFX's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

In the sections below, you will find the most relevant fees of IronFX for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions, and financing rates.

We also compared IronFX's fees with those of two similar brokers we selected, XM and FXTM. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of IronFX alternatives.

To have a clear overview of IronFX, let's start with the trading fees.

IronFX trading fees

IronFX trading fees are low. The fee structure is different among account types. For example, some account type has only spread the cost for forex, while others charge a commission besides the spread cost. In this review, we tested the fees for Live Floating Spread - Micro account.

We know it's hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

  • Stock index CFDs: SPX and EUSTX50
  • Stock CFDs: Apple and Vodafone
  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used was:

  • 20:1 for stock index CFDs
  • 5:1 for stock CFDs
  • 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for IronFX fees.

CFD fees

IronFX has low stock index CFD trading, while a bit higher stock CFD fees.

IronFX CFD fees for a $2,000 long position held for one week
  IronFX XM FXTM
S&P 500 index CFD fee $1.6 $2.4 $1.6
Europe 50 index CFD fee $1.5 $2.4 $2.4
Apple CFD fee $10.2 $3.4 $20.6
Vodafone CFD fee $6.9 $5.6 -

IronFX charges only spread cost for stock index CFDs, while spread cost plus commission (0.10% of trade value) for stock CFDs.

Forex fees

IronFX forex fees are low in the case of most currency pairs. A few currency pairs, like AUDUSD, has higher fees.

IronFX forex benchmark fees of a $20,000 30:1 long position held for one week
  IronFX XM FXTM
EURUSD benchmark fee $11.4 $17.1 $18.5
GBPUSD benchmark fee $9.4 $13.8 $15.9
AUDUSD benchmark fee $15.4 $13.9 $13.0
EURCHF benchmark fee $7.6 $9.1 $5.5
EURGBP benchmark fee $10.6 $12.2 $12.4

Non-trading fees

IronFX has low non-trading fees. There is no fee charged for account maintenance, inactivity, deposit, or withdrawal.

IronFX non-trading fees
  IronFX XM FXTM
Account fee No No No
Inactivity fee No Yes Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $3

IronFX review
Account opening

4.4
IronFX has a great account opening. The whole process is fully digital and user-friendly. On the negative side, the account verification takes longer, our account was verified after 3 business days.
Pros Cons
Fully digital Slower account verification
No minimum deposit
User-friendly

Can you open an account?

Visit broker
71.60% of retail CFD accounts lose money

What is the minimum deposit at IronFX?

The required IronFX minimum deposit is $0. It's great if you would like to start trading with lower amounts.

Account types

IronFX provides many account types, which differ in the pricing structure, account base currencies, and maximum leverage.

The pricing structure is as per the table below.

IronFX account types - pricing structure
Account type Pricing structure
Live Floating/Live Fixed - Micro Spread (from 1.8) and no commission
Live Floating/Live Fixed - Premium* Spread (from 1.6) and no commission
Live Floating/Live Fixed - VIP** Spread (from 1.4) and no commission
Live Zero fixed*** Tight spread (from 0.0) and commission
STP/ECN No commission Spread (from 1.7) and no commission
STP/ECN Zero Spread Tight spread (from 0.0) and commission
STP/ECN Absolute Zero Tight spread (from 0.3) and commission

*$1,000 is the minimum account balance required for Premium accounts.

**$10,000 is the minimum account balance required for VIP accounts.

***This account type is not available for customers onboarding under the FSCA-regulated entity.

The account base currencies and the maximum leverages at the different account types depend also on the legal entity you open the account with. Below we highlight the FCA-regulated, FSCA-regulated, and the Bermuda based entities as most customers are onboarded here.

IronFX account types - account base currency and leverage
Account type Account base currencies Maximum leverage base currencies - IronFX FCA
FCA-regulated entity: Notesco UK Limited
Live Floating/Live Fixed - Micro / Premium / VIP EUR, USD, GBP, JPY, CHF, PLN, HUF, AUD, RUB, CZK, CNY, BRL, ZAR 1:30
Live Zero fixed EUR, USD, GBP, JPY, CHF, PLN, HUF, AUD, RUB 1:30
STP/ECN No commission EUR, USD, GBP, JPY, CHF, PLN, HUF, AUD, RUB 1:30
STP/ECN Zero Spread EUR, USD, GBP, JPY, CHF, PLN, HUF, AUD, RUB 1:30
STP/ECN Absolute Zero USD, EUR, JPY 1:30
South-Africa-regulated entity: Notesco SA (Pty) Limited
Live Floating/Live Fixed - Micro / Premium / VIP GBP, USD, ZAR 1:500
STP/ECN No commission GBP, USD, ZAR 1:200
STP/ECN Zero Spread GBP, USD, ZAR 1:200
STP/ECN Absolute Zero GBP, USD, ZAR 1:200
Bermuda-based entity: Notesco Limited
Live Floating Micro / Premium / VIP EUR, GBP, USD, JPY, PLN, AUD, BTC, IRX, ADA, PMA, CZK, ETH, CHF 1:1000
Live Fixed Micro / Premium / VIP EUR, GBP, USD, JPY, BTC, IRX, ADA 1:1000
Live Zero fixed EUR, USD 1:500
STP/ECN No commission EUR, USD, JPY, BTC 1:200
STP/ECN Zero Spread EUR, USD, JPY, IRX 1:200
STP/ECN Absolute Zero EUR, USD, JPY 1:200

How to open your account

IronFX's account opening process is easy and fully digital. The online registration takes ~10-15 mins, however, the account verification can take longer. We had to wait three business days until our account was approved.

For opening an account with IronFX, you need to go through the following steps:

  1. Add your name, email address, and phone number.
  2. Add personal details, like the birth of date or country of residence.
  3. Answer a few questions about your financial status and trading experience
  4. Choose your account type, account base currency, and leverage.
  5. Upload documents to identify yourself. You can upload a copy of your national ID, passport, or driver's license to verify your identity, while utility bills and bank statements are accepted as proof of residency.
IronFX review - Account opening

IronFX review
Deposit and withdrawal

5.0
IronFX charges no fee for deposit or withdrawal. It also provides a lot of account base currency and multiple options for transferring money.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee

Account base currencies

At IronFX, you can choose from a great variety of account base currencies. The available account base currencies are different among the account types and the legal entity you are onboarding.

This account base currency selection beats IronFX's competitors.

Base currencies at IronFX vs similar brokers
  IronFX XM FXTM
Number of base currencies 13 11 4

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.

Compare digital banks

Deposit fees and options

IronFX charges no deposit fees. Besides bank transfer and credit/debit cards, you can deposit using electronic wallets.

Just to mention a few available electronic wallets: Skrill, Neteller, Fasapay, DotPay, China Union, etc.

IronFX deposit options
  IronFX XM FXTM
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

IronFX review - Deposit and withdrawal - Deposit

IronFX withdrawal fees and options

IronFX charges no withdrawal fees. You can use the same options to withdraw as to deposit.

IronFX withdrawal fees and options
  IronFX XM FXTM
Bank Transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes
Withdrawal fee $0 $0 $3

For credit/debit cards and electronic wallets, the withdrawal amount can't exceed the amount you deposited using the same instrument. Therefore, your trading profits can be withdrawn only via bank transfer.

How long does it take to withdraw money from IronFX? We tested the debit card transfer withdrawal and it took 1 business day.

How do you withdraw money from IronFX?

  • Log in to Client Portal
  • Go to 'Transactions', then click on 'Withdraw'
  • Select the withdrawal option
  • Choose the account you would like to make the withdrawal from
  • Add the amount you wish to withdraw

IronFX Card

IronFX has a unique service: it provides a prepaid card, called IronFX Card, for customers holding at least $2,500 on their account. You can get this prepaid card in USD, EUR, and Shanghai Union Pay in USD.

There is a 3% fee with min $3/€2.5charged for ATM cash withdrawals. If you withdraw in currency other than USD or EUR, there is a 3.95% forex mark-up.

There is also an inactivity fee charged: $/€5 per month after 1 year of inactivity, while $/€10 per month after 2 years of inactivity.

 

Compare to other brokers

IronFX review
Web trading platform

2.8
IronFX's web trading platform is provided by MetaTrader. It is highly customizable and has a clear fee report. On the other hand, the platform lacks price alerts, and the design is outdated.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation
IronFX platforms to choose from
Trading platform Score Available
Web 2.8 stars Yes
Mobile 3.8 stars Yes
Desktop 3.3 stars Yes

IronFX doesn't have its own self-developed trading platform. It provides MetaTrader 4 and MetaTrader 5 third-party trading platforms. We reviewed MetaTrader 4 because of its high popularity.

MetaTrader 4 is available in an exceptionally large number of languages.

IronFX web trading platform languages
Arabic Bulgarian Chinese Croatian Czech Danish
Dutch     English Estonian Finnish French German
Greek Hebrew Hindi Hungarian Indonesian Italian
Japanese Korean Latvian Lithuanian Malay Mongolian
Persian Polish Portuguese Romanian Russian Serbian
Slovak Slovenian Spanish Swedish Tajik Thai
Traditional Chinese Turkish Ukrainian Uzbek Vietnamese  

Look and feel

IronFX's web trading platform has great customizability. You can easily change the size and the position of the tabs.

However, the platform feels outdated and some features are hard to find. For example, it took us a while to figure out how to add an asset to the watchlist.

IronFX review - Web trading platform

Login and security

IronFX provides only a one-step login. A two-step authentication would be more secure.

Search functions

The search functions are OK. You can find assets grouped into various categories. However, we missed the usual search function where you can type the name of an asset manually.

IronFX review - Web trading platform - Search

Placing orders

You can use all the basic order types. However, you won't find more sophisticated order types such as 'one cancels the other'. The following order types are available:

  • Market
  • Limit
  • Stop

If you are not familiar with order types, read this overview.

There are also order time limits you can use:

  • Good 'til canceled (GTC)
  • Good 'til time (GTT)
IronFX review - Web trading platform - Order panel

Alerts and notifications

You can't set alerts and notifications on the IronFX web trading platform. This feature is available only on the desktop trading platform.

Portfolio and fee reports

IronFX has clear portfolio and fee reports. You can easily see your profit-loss balance and the commissions you paid. These reports can be found under the 'History' tab. We didn't find a way to download them.

Visit broker
71.60% of retail CFD accounts lose money

IronFX review
Mobile trading platform

3.8
IronFX has a great mobile trading platform, offered by MetaTrader. It is a well-designed and user-friendly platform with a good search function. However, it lacks a safe login.
Pros Cons
User-friendly No two-step (safer) login
Good search function No Touch/Face ID login
Price alerts No order confirmation

Similarly to the web trading platform, IronFX offers MetaTrader 4 and MetaTrader 5 as mobile trading platforms. In this review, we tested MetaTrader 4.

MetaTrader 4 is available for both iOS and Android. We tested it on Android. After you download the MT4 mobile trading platform, you have to relevant the server, e.g. IronFX-Real1.

Just like at the web trading platform, you can choose from a lot of languages on the mobile trading platform too. Changing the language is a bit tricky on Android devices. You can do it only if you change the default language of your mobile.

IronFX mobile trading platform languages
Arabic Chinese (Simplified) Chinese(Traditional) Czech English
French German Greem Hindi Indonesian
Italian Japanese Korean Polish Portuguese
Portuguese (Brazil) Russian Spanish Thai Turkish
Ukrainian Vietnamese      

Look and feel

IronFX has a great mobile trading platform, we really liked its design and user-friendliness. You will easily find all the features.

IronFX review - Mobile trading platform

Login and security

Similarly to the web trading platform, IronFX provides only a one-step login. A two-step login would be safer.

You can't use fingerprint or Face ID authentication. Providing this feature would be more convenient.

Search functions

The search functions are good. You can search by typing the name of the product or by navigating the category folders.

IronFX review - Mobile trading platform - Search

Placing orders

You can use the same order types and order time limits as on the web trading platform.

IronFX review - Mobile trading platform - Order panel

Alerts and notifications

You can set alerts and notifications for your mobile, although you can do it only on the desktop trading platform. It would be much easier if you could set these notifications on the mobile trading platform as well.

Visit broker
71.60% of retail CFD accounts lose money

IronFX review
Desktop trading platform

3.3
In design and functionality, IronFX's MetaTrader desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts

IronFX offers MetaTrader 4 and MetaTrader 5 as desktop trading platforms. We reviewed MetaTrader 4 (MT4) because of its high popularity.

It has the same design, is available in the same languages, offers the same order types, has the same search functions, and offers the same portfolio and fee reports as the web trading platform.

The major difference is that you can set alerts and notifications on the desktop trading platform in the form of mobile push and email notifications. To set email or mobile notifications, you have to add your email address and mobile MetaQuotes ID (you can find it in the MT4 app's settings). You can add them if you go to 'Tools' and then 'Options.'

IronFX review - Desktop trading platform

Visit broker
71.60% of retail CFD accounts lose money

IronFX review
Markets and products

1.6
At IronFX, you can trade with forex and other CFDs (commodities, stock indices, futures, and share CFDs). Popular asset classes, such as stocks, ETFs, mutual funds, bonds and options are missing.

IronFX is primarily a forex broker with some CFD instruments. To learn more about CFDs read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.60% 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.

IronFX has a great forex selection, while the CFD lineup is average. We missed CFD asset classes, like crypto, ETF, or bond CFDs. 

The stock CFDs cover large-cap companies from the US, UK, Spain, German, France, and Czech markets. 

IronFX product selection
  IronFX XM FXTM
Currency pairs (#) 83 57 48
Stock index CFDs (#) 18 18 11
Stock CFDs (#) 150 1,200 188
Commodity CFDs (#) 4 15 3
Futures CFDs (#) 32 - -

You can change leverage levels, which is great. You have to log into 'Client Portal' and go to 'My Accounts'  > 'Trading Accounts' > 'Change leverage'.

Changing the leverage is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:1 leverage, only trade with 2:1 leverage in case of stock CFDs. Be careful with forex and CFD trading, as the preset leverage levels are high.

IronFX review
Research

2.3
IronFX has limited research tools. There is no fundamental data and the quality of news feeds or charting tools can be improved. As a plus, you can read high-quality analyses.
Pros Cons
Great analysis written by IronFX experts No fundamental data available
Poor design of charting tools
Poor quality news feeds

You can find IronFX's research tools in different places:

  • IronFX's website, under the 'Research' section
  • MetaTrader trading platform.

Trading ideas

You can read a few trading ideas written by IronFX's research team. These analyses usually focus on the impact of economic or political events on a few assets.

You can find these articles if you go to IronFX's website and click on 'Research'.

IronFX review - Research - Market Insight

Fundamental data

IronFX does not offer fundamental data.

Charting

IronFX has OK charting tools. You can use 31 technical indicators. These charting tools can be found on the MetaTrader trading platforms.

On the negative side, the design is outdated and some features are hard to use. For example, it was hard to figure out how to remove an indicator from the chart.

IronFX review - Research - Charting

News feed

IronFX has poor news feeds. The news feeds are not structured, therefore, finding the relevant news is not a piece of cake. We would have loved to see more visual elements in these news feeds, e.g. pictures or more tables. 

IronFX review - Research - News feed

Compare research pros and cons

IronFX review
Customer service

1.5
IronFX's customer service can be improved. The live chat is slow and nobody responded on the phone during our tests. The customer service is only 24/5. As a plus, the email support gives fast and relevant answers.
Pros Cons
Great email support No 24/7 support
Slow live chat
No response on the phone

You can contact IronFX via:

  • email
  • live chat
  • telephone

The email support works well, we received answers within 1 business day and these answers were relevant.

IronFX's live chat is OK. We had to wait more than 5-10 minutes until somebody was connected, but the answers we received were relevant and helpful.

IronFX phone support can be improved. We tried to call them five times, but nobody was connected during these tests.

We missed the 24/7 availability. However, it's not clear what times the different customer channels are available. For example, during a discussion on live chat around 5 pm, the agent said that he had to leave.

IronFX review - Customer Service

Visit broker
71.60% of retail CFD accounts lose money

IronFX review
Education

1.5
IronFX offers only a demo account as an educational tool. It lacks educational videos, platform tutorial videos, educational texts, or webinars.
Pros Cons
Demo account No trading platform tutorial videos
No educational videos
No webinars

You have to register through IronFX's website and confirm your email address, phone number, and country of residence to start the practice trading with the demo account.

IronFX review - Education

Visit broker
71.60% of retail CFD accounts lose money

IronFX review
Safety

IronFX is regulated by more financial authorities, including the top-tier FCA. On the negative side hand, the company is not listed on any exchange and does not have a bank parent.
Pros Cons
Negative balance protection Does not hold a banking license
FCA-regulated Not listed on stock exchange
Financial information is not publicly available

Is IronFX regulated?

Yes, it is regulated by many authorities globally:

  • Financial Conduct Authority (FCA)
  • Financial Sector Conduct Authority (FSCA)
  • Cyprus Securities and Exchange Commission (CySEC)
  • Australian Securities and Investments Commission (ASIC)

Is IronFX safe?

To be certain, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

Depending on your country of residency, you can open an account at one or more of IronFX's legal entities. 

This is important for you because the investor protection amount and the regulator differ from entity to entity. 

IronFX investor protection
Country of clients Protection amount Regulator Legal entity
EEA, except Greece, Switzerland, Iceland £85,000 Financial Conduct Authority (FCA) Notesco UK Limited
Greece, Czech Republic, Spain €20,000 Cyprus Securities and Exchange Commission (CySEC) Notesco Financial Services Limited
African countries No protection Notesco SA (Pty) Limited Notesco Pty Limited
Globally many customers No protection - Notesco Limited
No customers are onboarded here No protection Australian Securities and Investments Commission (ASIC) Notesco Pty Limited

IronFX provides negative balance protection. If the balance on your account goes into negative, you will be protected.

Background

IronFX was established in 2010. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

Find your safe broker

IronFX review
Bottom line

IronFX is a forex and CFD broker regulated by several authorities globally, including the top-tier FCA.

On the plus side, we liked the low forex and stock index CFD fees. The account opening is seamless and there are a lot of free deposit/withdrawal options.

IronFX has some drawbacks though. The phone and live chat support can be improved. The product range and educational tools are limited.

We recommend IronFX for those who are interested in CFD and forex trading and prefer MetaTrader trading platforms. Feel free to test it via the demo account.

Visit broker
71.60% of retail CFD accounts lose money

Share

Comments

Visit broker
71.60% of retail CFD accounts lose money
×