IronFX is one of the world leaders when it comes to online trading platforms, and after recently introducing cryptocurrency trades, they have caught our interest.
Here’s what we are going to cover in our IronFX review:
- Overview and History
- Features
- Deposits
- Withdrawals
- Trading Software and Interface
- Mobile Trading
- Customer Support
- Security Features
- Final Rating
IronFX: Overview
- Name: IronFx
- Website: www.ironfx.co.uk
- Country: UK, Cyprus, Australia, South Africa
- Regulation: UK, Cyprus, Australia, South Africa
- Trading Options: Forex, Cryptocurrency, Spot Metals, Futures, Shares, Spot Indices, Commodities
- Cryptocurrency: BTC, ETH
- Final Rating: 6.0/10.0
IronFX made their name in the world of Forex but have recently added cryptocurrency trading to their portfolio.
Founded in December 2010, in Limassol, Cyprus they are regulated by the FCA in the UK, CySEC in Cyprus, ASIC in Australia, and the FSB in South Africa.
In 2015 they filed for an IPO on the New York Stock Exchange and were aiming for a value of $800 million.
A leading broker, they provide access to speculators in the retail foreign exchange market and offer ten trading platforms and over 200 tradeable instruments including cryptocurrencies, forex, spot metals, futures, shares, spot indices, and commodities.
They serve retail and institutional customers from around 180 countries across Europe, Asia, Africa, Latin America, The Middle East and Australia, while offering support in approximately 30 languages.
IronFX provide a 24/7 service to investors from every corner of the world and they pride themselves on offering top trading functionalities, combined with a comprehensive suite of products that offer good pricing and efficient execution.
They also provide their clients with up-to-date access to market news, information, and statistics to ensure that their clients make well-informed trading decisions.
When it comes to intangible commodities such as cryptocurrencies, IronFX gives users the option to trade Bitcoin and Ethereum, without needing to own a digital wallet.
Due to the decentralised nature of cryptocurrencies, their value fluctuates based on supply and demand, and this means that the level of volatility can be much higher than on other assets, meaning it presents much more attractive opportunities for investors.
When you trade on cryptocurrencies with IronFX, you can speculate on the upside (buy) or the downside (sell) movement of the coins value.
IronFX is a well-known name and well trusted in the industry. If you are thinking of trading cryptocoins, fiat currency, or other assets, then here is all that you need to know.
IronFX: Features
The sign-up process for IronFX is pretty straightforward, but it may take up to 24 hours for your account to be verified, but you can keep track of this via the client portal section on “My Account”.
You will be required to provide a colour copy of your government issued ID such as a passport, along with proof of address in the form of a recent utility bill such as one for electricity or water, or alternatively a recent bank statement that is dated within the last six months.
This must be in the form of a scanned image as IronFX do not accept online statements or mobile phone bills.
You will also be asked to provide information on appropriateness, so you will need to give details of any investment knowledge that you have as well as any trading experience you have amassed.
This is to determine whether trading and CFDs are appropriate products for each individual. Whilst it might seem unnecessary, this is a EU requirement that IronFX are bound to abide by.
IronFX: Deposits
When it comes to depositing IronFX, it is pretty straightforward with some options to choose from.
The platform offers an in-house designed interface that makes account funding simple and pain free, which makes a welcome change from other platforms out there.
Investors can choose from a variety of payment methods but be aware that depending on the way that you choose, there could be fees or a delay in the time it takes for the transfer to be processed.
You can choose from deposit methods such as Visa, MasterCard, Bank Wire, Skrill, Neteller, WebMoney, Qiwi, Yandex, and M.O.T.O. Processing times vary between one hour and one working day.
In order to fund your account, you need to login and navigate to the “Deposit” tab. From here select “Deposit Funds” and select the deposit method that you wish to use. Input the currency and the amount and click “Submit”.
Then it is just a matter of waiting for the funds to be processed and then you are ready to start trading.
You can deposit funds in any of the following nine base currencies; USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB, and HUF.
Should you wish to deposit in any other currency, this is possible however it will be converted into the base currency specified by your trading account at the exchange rate at the time of deposit.
IronFX: Withdrawals
When it comes to withdrawing your funds from IronFX, you can choose from the following methods; credit or debit card, Bank Wire, Skrill, Neteller, Fasapay, China Union, DotPay, or MOTO.
There are fees that are applicable to withdrawals and these are often a percentage of the amount that you are withdrawing, typically ranging from 0.5% to 2% of the value you are withdrawing.
Be aware that withdrawals are not instant, and it may take a few days to process and to clear into your account.
IronFX: Trading Software and Interface
IronFX offers three specialised trading platforms that are designed with practicality and efficiency in mind.
The bespoke nature of the platforms empowers clients to trade without slippage and re-quotes and with the utmost precision.
These are the three different software options available:
MT4
The IronFX Metatrader Trading Platform is designed to offer powerful and practical trading experience.
Available on all Microsoft Windows and Apple OSX systems, it allows users to access all of their multi-product trading accounts as well as facilitating all of the available execution types.
The platform also provides online news and activity reports to all users.
PMAM
This stands for “Personal Multi-Account Manager”, and this sophisticated platform allows users to manage any or all of their MT4 accounts at the same time.
It is one of the most flexible and advanced platforms available in the industry, and it is used by money managers, professional traders, and regular users.
The platform allows for the live monitoring of prices of financial instruments, one-click order entry, activity reports, the creation of multiple funds, as well as facilitating orders, positions, equity, and exposure online management.
WebtTrader 4
This platform was designed in-house to offer users full access to multi-product trading accounts while including full functionality via its simple and user-friendly web interface.
The WebTrader does not require any downloading, and it can be accessed from any PC that is connected to the internet.
Its features include full synchronisation to any downloadable versions of MT4, live monitoring of financial instruments, no need to register on the MQL5 community, no need for any browser plug-ins or add-ons, and full encryption of all data that is transmitted.
It is available for Internet Explorer 11, Microsoft Edge 12, Mozilla Firefox 34, Google Chrome 43, Safari 8, and Opera 32, and above.
IronFX: Mobile Trading
IronFX trading platforms are available for mobile devices meaning that you can trade wherever you are and whatever you are doing as well as you have connectivity to the internet.
These platforms are available for Android and iOS and are well designed and easy to use.
I have found that sometimes trading apps do not transfer well to mobile phones, but this is not the case here as no functionality or ease of use is sacrificed for convenience.
IronFX: Customer Support
As previously mentioned, IronFX offers customer service to customers from over 180 countries in around 30 languages.
You can call them for free on a range of numbers, depending on your current location, you can speak to them via Live Chat, or you can access one of their social media pages.
Its four international locations in Cyprus, UK, South Africa and Australia all list an address, a telephone number and an individual email address, so should you have any issues you can contact them quickly and easily.
Their customer service is available 24 hours a day to complement their 24-hour trading times, so regardless of what time of day you are trading, or which time zone you are in, you can get the help and assistance you require through a variety of different mediums.
IronFX: Safety and Security
When it comes to the safety of your funds, IronFX has longstanding banking relationships with Westpac, Santander, Barclays, Unicredit, and BNP Paribas amongst others.
Client fund security is vital to them, and the Group holds all clients in segregated accounts so that they are kept separate from IronFX’s funds all the time.
Each investor account has its unique code to be sure that it is only ever used for client funding purposes and all client fund are deposited in a segregated manner inline with the strict policies and procedures that they adhere to.
The company also operates an automatic risk-management system that allows for the monitoring of client account balances to ensure that they never go into the red, particularly in the case of margin trading which carries a high level of risk.
Overall Rating
IronFX is an excellent platform to trade cryptocurrencies on, and we particularly liked the variety of platforms that are available for download and use.
We appreciate the fact that they work around the clock and that is particularly useful for someone like myself who likes to trade in the early hours.
When it comes to the interface, it is slick and easy to use, and the addition of a demo account, as well as information to help beginners, means that it is a pretty straightforward process to get to grips with.
IronFX is secure and takes due care with client data and personal information, and the fact that they adhere to some of the most stringent regulatory authorities means that this gives users an extra vote of confidence in their credibility.
IronFx is excellent for those that are interested in trading on a range of different markets as you can try your hand at everything from stocks and indices, to cryptocurrencies, fiat currencies, and precious metals such as gold and silver.
The fact that they provide software where you can manage all of your different asset accounts in one place, makes it even more streamlined and efficient and eliminates the headache of logging in and out of different accounts.
Overall, we gave IronFX a 6.0/10.0 – mainly because it’s an excellent trading platform for trading fiat. Those who are interested in cryptocurrencies, however, might feel disappointed.
It loses a few points from us for some of the posts we have read regarding difficulties withdrawing, but we are always sceptical of these kinds of posts as you never quite get the full story.
We didn’t have any problems, and we find IronFX to be a good example of a transparent and responsible exchange broker.
For comparison, read about The Best Cryptocurrency Trading Platforms.
What do you think of our IronFX review? Are you willing to give it a go? Let us know in the comments below!
IronFX
Pros
- Trading Options
- Security
- Reputation
Cons
- Limited Cryptocurrency Choice
- Withdrawals
