In 2010, IronFX began operations in Cyprus and has since grown to include more than 180 nations. In addition to being governed by the Cyprus Securities and Exchange Commission (CySEC), which oversees the EU, they also hold investment company registrations in South Africa, Australia, and the United Kingdom. In recent years, IronFX has stopped operating in China, Russia, or Nigeria in favour of concentrating on development in more conventional settings.

With a tiered structure that incorporates floating vs. fixed and compensation vs. no commission fee schedules, the broker’s account diversification is impressive. A selection of expert accounts, introduction broker (IB) branding, and a portfolio management programme round out their offerings. They have expanded their wide range of forex, spot, and CFD betting products to include bitcoin coverage one should must go and check IronFX review. IronFX and EmurgoHK announced a cooperation to build a cryptocurrency exchange earlier in 2018, but no launch date has been specified.

IronFX Licenses

IronFX has licenses from CySec (Cyprus) no. 125/10 for the European Union, FCA no. 585561 for the United Kingdom, and ASIC for Australia (AFSL no. 417482). EU traders receive protection up to EUR 20,000 via Cyprus’ Investor Compensation Fund, while U.K. traders have dealer default shields up to GBP 50,000 through the Financial Ombudsman Service (FSCS) (ICF). For UK consumers, they also offer excess insurance, boosting coverage to GBP 1,000,000.

The likelihood of misuse is decreased since client monies are kept separate from business funds. They provide direct interbank trade access for some account types while operating a counterparty trading desk, which raises conflict of interest concerns. Although debit protection is now required by ESMA standards, they do not offer assured stop-loss protection. With basic website encryption and no two-tier platforms authentication beyond Metatrader’s one-time passwords, additional security features are underwhelming (OTP). Ironfx forex welcome bonus is also a positive point.

Desktop Experience

Despite not having a specialised or proprietary trading platform, IronFX provides Metatrader 4 and 5. There are few choices for social or copy trading and no specific third-party platform. Although they do provide a Mirror account, it is more of a hedging tool than a social trading platform. The position of other clients is displayed on the website Trader’s Dashboard and is updated hourly, however account holders must use the restricted social functionality of Metatrader to make use of the data.

Mobile Experience

With the desktop and tablet versions, Mt 4 and 5 for Android, iOS, or Windows Mobile offer simple integration. Additionally, they provide the freeware IronFX Study app, which lacks trading features. However, Metatrader 5 has still annoying elements like limited conditional orders and minimal customization that were present in earlier iterations of this industry-standard software. There is a security gap that has to be closed due to the absence of 2 authentication in both versions of Metatrader.

Research Tools and Insights

Our review’s main flaw is the disregard for broker research resources. Customers can access films, financial perspectives, and stock market data in an intuitive manner using the free IronFX Research app. The app has a lot of potential, but the stale and out-of-date content hinders it, with some of the most recent postings dating back many years. In the late fall of 2018, the daily videos abruptly ceased. Live Economic News displayed the most recent reports, however Live Currency Quotes gave a broken link. One 18-month-old entry about the Eurozone could be found in the “Intraday Comment” section.

For whatever reason, the daily “Market Insights” column from the website was not mirrored in the research app. Aside from one “Week Ahead” film and no video archive, the site sadly only offers just one research offering. The most recent content was more than two months old, but a YouTube search turned up new videos that haven’t been added to the website.

Education

For novice and small traders, IronFX Academy offers excellent educational features. A comprehensive curriculum with skill trading across a range of topics like market research, trading philosophy, techniques, signals, CFDs, and technical analysis is rounded out by educational videos, an encyclopaedia, and five e-books. The portal could benefit from covering more complex issues, but its marketing strategy makes sense with its narrow focus on beginner traders. The seminar part only had two non-English MP4 programmes, and the webinar portion was locked and directed to a live account application.