Is IronFX scam or reliable in 2020? Forex Broker Review

Is IronFX scam or reliable in 2020? Forex Broker Review

IronFX is an online forex broker, which began its operation in Cyprus over 10 years ago. Today, it has expanded with operations in over 180 countries. Besides being under the EU regulation, it is fully licensed as a registered investment company in Australia, South African, and the United Kingdom. Recently, its operations in countries such as Nigeria, Russia, and China were closed down to focus on more traditional areas. IronFX has an impressive variety of accounts with various tier structure, which includes fixed, floating, commission, and zero commission fees.

What IronFX does?

IronFX provides various financial instruments for traders to trade. Its trading instrument cut across various categories such as the spot commodities, cryptocurrencies, shares, futures, spot indices, spot metals, and forex.

Is IronFX scam or reliable in 2020? Forex Broker Review

Features of IronFX

Seamless Mobile and Desktop Experience

IronFX offers both MetaTrader 4 and 5 for various mobile platforms such as Windows, iOS, and Android with easy integration with tablet and desktop versions. Additionally, IronFX has another unique application known as the “IronFX Research” app. This app doesn’t have trading functions.

With its desktop trading platform using the MetaTrader 4 and 5, you can take advantage of its social copy trading options without any dedicated third-party platform. The Trader’s Dashboard on the website display important information about one’s account. Notwithstanding, IronFX provides a reliable and vast functionality that most traders require.

Multiple account types

IronFX offers 8 different live trader accounts for retail traders. However, it also provides 4 different types of accounts for institutional traders. The image below shows the different accounts available for retail traders. The STP/ECN and real accounts have a major difference – market execution. Traders with real accounts can perform instant executions, which involves using re-quotes whereas the STP/ECN accounts also have market execution but don’t require re-quotes.

Top-Notch Customer Support

IronFX offers its prospective and existing clients numerous support systems in more than 180 countries with over 30 different languages. Its presence is fully represented in various social media platforms with Facebook and Twitter more highly populated.

Additionally, it has a comprehensive frequently asked questions to address the questions of its traders. Phone numbers and email addresses are available to contact its various satellite offices in Australia, Cyprus, and South Africa. However, it doesn’t have a U.K. number for clients to reach out to, thereby forcing clients to make calls to its Cyprus office or other offices across the world.

Numerous Deposit and Withdrawal avenue

Traders on the IronFX broker platform can both deposit and withdraw funds using various methods. Depositors can use the following means to fund their accounts – Bank wire, FasaPay, Neteller, Skrill, DotPay, China Union, credit and Debit cards. However, in terms of withdrawal, you can use the bank wire method, which is sent directly to your bank account.

Withdrawals come with additional fees depending on the particular method used. For instance, those using FasaPay are charged 0.5% per transaction whereas Skrill is 1% to every $10,000 withdrawal.

Why choose IronFX

  • Best fitted for new traders

  • Lowest fees

  • Minimum account opening of $100

What we like

  • Easy to navigate website

  • Well-documented fees and spreads

  • Great third-party add-ons

What we don’t like

  • No cryptocurrency integration

  • No discount on volume


IronFX is the best place to begin your trading career if you are looking for a dependable broker that offers numerous platforms. Additionally, its research and educational materials can help advance your learning progress. Today, the forex industry is filled with a lot of brokers that scam traders, however, we can authoritatively tell you that IronFX broker is different because we have traded with them over time.

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