IronFX Forex/CFD broker – review | test (2022)

IronFX is the trade name of Notesco Limited, which is a company based in Bermuda. The online broker was founded in Cyprus in 2010 and offers interested investors and traders a broad and diversified range of trade instruments from 6 different assets classes.

IronFX lets you choose between live and STP/ECN trading accounts, with variable as well as fixed spreads. 

IronFX – a quick fact-check

Before we go into the details of IronFX’s offers and services, a brief look at the online broker’s most important facts:

  • Minimum trading volume: 0.01 lots
  • Support from expert advisors and Trailing stops
  • Choice between market maker model and ECN/STP model
  • Very low minimum deposit of just US$ 50.00
  • 6 different asset classes
  • Over 80 currency pairs
  • Various deposit and withdrawal options
  • MetaTrader 4 as trading platform
  • Free Demo account

IronFX – what’s behind it

This image show the IronFX logo.

IronFX is a provider that acts as a market maker on the one side and as a STP broker on the other. In doing so, the online broker gives its clients more than 300 trade instruments to choose from these days, with the trading based on the tried-and-tested MetaTrader 4 trading platform. Clients outside the EU can even trade with flexible leverages of up to 1:1,000.

Regulation of IronFX

Before opting for an online broker, you should always take a look at how the provider in question is regulated. In this respect, IronFX meets international regulation standards. The various branches of the group of companies are regulated by the corresponding financial authorities. These include the following:

  • FCA (Great Britain)
  • ASIC (Australia)
  • FSP (South Africa)
  • CYSEC (Cyprus)

It can thus be principally assumed that the services provided by IronFX are not fraudulent.

IronFX – address and contact

As already mentioned at the start, IronFX is a brand of Notesco Limited. That company’s address is:

65 Court Street, 6th floor, Hamilton HM 12, Bermuda

The company is registered in Bermuda under the registration number 51491.

If you would like to contact the company, you can either do this by telephone or email:

Telephone: +44(0) 203 282 7777


Is IronFX safe?

The online broker has been on the market since 2010 already and is part of a larger group with several branches. In addition, the provider is also being supervised by the financial authorities of the countries in question. 

And there is also the fact that IronFX has been able to win more than 40 international awards since its inception. 

For these reasons, one can safely assume IronFX to be a reputable provider

Which assets can I trade at IronFX?

Having checked the seriousness of this online broker, we can now finally turn to the various assets available for trading at IronFX. The trading range includes hundreds of CFD assets, including:

Which account models are provided at IronFX?

IronFX offers interested traders and investors several account models to cater to the various trading styles and needs of its clients. As already mentioned, clients can either opt for a live or STP/ECN trading account.

Depending on whether you go for a Live Floating/Live Fixed or STP/ECN account, you will then have a variety of options at your command in turn.

Live Floating/Live Fixed account models

Let us first take a closer look at the various Live Fixed account models:

Spread from:
Flexible leverage up to:1:1000 (in Europe: up to 1:30)1:1000 (in Europe: up to 1:30)1:1000 (in Europe: up to 1:30)1:500 (in Europe: up to 1:30)
Minimum lot size:
Personal account manager available:24/524/524/524/5
Dealing department transaction hotline:YesYesYesYes
Live Fixed account models

STP/ECN account model

On the other hand you might just as well opt for an STP/ECN account model. The conditions with this account model are illustrated below:

Spread from:1.700.3
Flexible leverage up to:1:200 (in Europe: up to 1:30)1:200 (in Europe: up to 1:30)1:200 (in Europe: up to 1:30)
Minimum lot size:
Personal account manager available:24/524/524/5
Dealing department transaction hotline:YesYesYes
STP/ECN account model

Which trading platforms are available at IronFX?

The trading platform offered to IronFX clients is the popular MetaTrader 4 software. This platform, also known as MT4, is suitable for Novices to trading as well as more experienced traders. As an established trading platform, MetaTrader 4 has a number of advanced features and functions to offer.

MT4 offers its users a variety of tools and advantages, inter alia including the following:

  • Uncomplicated management of orders, positions and equity
  • All order types and execution modes
  • Easy asset price monitoring
  • Expanded diagrams and indicators
  • Online streaming news
  • Activity reports
  • The use of expert advisors

Users can either download the software or trade using the browser-based Webtrader. This Webtrader is fully synchronized with the downloadable version, so that remote access is possible from anywhere at any time, also by way of mobile devices.

MetaTrader 4 is supported by Windows, Mac OS, iPhone/iPad, Android and every internet browser.

In addition, IronFX also lets you download MetaTrader 4 Advanced. Users of this platform can access the industry’s latest trading functions. Advanced tools help you analyze the financial markets effectively to optimize your own trading strategy.

This image shows a screenshot of IronFX MetaTrader 4 Advanced.
IronFX MetaTrader 4 Advanced

IronFX provides a tutorial each for the classic MT4 Windows platform and the MT4 Advanced platform that will show you exactly how to download the software, install and ultimately use it.

Besides the MT4 software, the online broker also offers its clients the proprietary IronFX Webtrader 4, which does not require downloading.

The trading conditions – what fees do they charge at IronFX?

Let us now turn to another important aspect of vital importance in the search for a suitable broker: the trading conditions. In this context, it is advisable to take a look at the spreads to pay when trading atIronFX.

What can be said in advance is that these are competitive spreads that vary depending on the account type.

As detailing all the spreads would be impossible here for reasons of space, the following will only briefly outline the Spreads of some major currency pairs per account type.

Live Floating spread

Live Floating Spreads

Live Fixed spread

Live Fixed Spreads

Live Zero Fixed spread

Currency pairLive Zero Fixed Spread
Live Zero Fixed Spreads

STP/ECN Spread

Currency pairZero CommissionZero SpreadAbsolute Zero
STP/ECN Spread

To get more detailed information on the spreads of all 80 currency pairs, you can always visit the corresponding page of the IronFX website listing all the trading conditions.

Opening an account at IronFX

Opening an account at IronFX is uncomplicated and usually done in a jiffy. All you need to do is enter some personal data such as your name, email address and telephone number in a first step. This will also let you directly select the desired account type and leverage.

Then the created account only needs to be approved by IronFX, which will usually take very little time.

Before you can now make a deposit in the next step, you first need to identify yourself to IronFX using some form of proof (ID card or passport). Once you have made your deposit, you can finally start your trading. 

IronFX payment methods – what options are there for making withdrawals and deposits?

Once you have successfully opened an account, the next step is about funding it. This raises the question of which options the online broker provides to make deposits.

As an IronFX client, you can choose from the following payment options for making deposits:

  • Credit / debit card
  • Digital assets (cryptocurrencies)
  • FasaPay
  • Domestic banks
  • Neteller
  • Skrill
  • Paysafe
  • Local transfer
  • Bank transfer
  • Perfect Money

IronFX will not charge you any fees for making deposits, but you need to take into account that some banks may do. Withdrawals are also free of charge und usually make the same way as the deposit.

Is there a minimum deposit I need to consider at IronFX?

Yes, but their minimum deposit is actually very modest: the online broker will let you pay deposits into your own live account from as little as US$ 50.00.

Does IronFX offer a demo account?

For interested traders and investors still unsure about the services offered by IronFX, there is also the option of trading from a demo account. They can thus try out the trading platforms and their functions without needing to run any financial risk at first. There is no fixed term for demo account use at IronFX.

Deposit bonus at IronFX

One unique feature of IronFX is their so-called deposit bonus. New clients joining the online broker have the opportunity to benefit from various forex deposit bonuses after opening their trading account. Please see below for details of the different bonuses offered by IronFX.

Important: The selected bonus cannot be paid out later!

  • 100 % Unlimited Sharing Bonus

This means that the sum of the first deposit is doubled by the Sharing Bonus.

  • 40 % Power Bonus up to US$ 4,000

The 40 % Power Bonus can be used up to a value of US$ 4,000.

  • 20% Iron Bonus up to US$ 2,000

The third option is their Iron Bonus, which can be used for sums up to US$ 2,000.

For a better understanding, see the brief example below (illustrating the 100 % Sharing Bonus):

  • Initial deposit total: US$ 10,000
  • Bonus: (initial deposit * 100 %) = US$ 10,000
  • Start capital: US$ 20,000
  • Assumed profit: US$ 10,000
  • Balance after trading: US$ 30,000 (starting capital + profit)
  • Possible payout total: balance/2 = US$ 30,000/2 = US$ 15,000

If you make no profit, but losses, the whole thing will look like this:

  • Initial deposit total: US$ 10,000
  • Bonus: (initial deposit * 100 %) = US$ 10,000
  • Start capital: US$ 20,000
  • Assumed loss: US$ 10,000
  • Balance after trading: US$ 10,000 (start capital – loss)
  • Possible payout total: balance/2 = US$ 10,000/2 = US$ 5,000

There is a PFD file with the corresponding terms and conditions for each bonus. You are advised to read them carefully before claiming any bonuses.

IronFX and day trading

As a day trader, you will need to take a more differentiated view of an online broker’s services. Factors such as low spreads or fast execution times play a particularly important role here. 

Daytraders are served best by the Zero Spread account models at IronFX as they enable some currency pairs to be traded from as little as 0 pips. And the trade execution times offered by IronFX are in no way inferior to the competition’s either. 

IronFX – website usability

Just a few words here about the usability – i.e. user-friendliness – of the IronFX trading environment. What can be said in this respect is that the online broker’s homepage is generally of a highly transparent and manageable design. The most important information can be quickly identified and first-time visitors of the website will also find their way around quickly.

Does IronFX also offer a mobile app?

For traders preferring to trade flexibly on the go, there is also the option of doing so using IronFX’s mobile MetaTrader 4 app. This is available for both Android and iOS devices, and permits users to trade from anywhere at any time using mobile devices (given a working internet connection, naturally). 

Training and education services provided by IronFX

IronFX also has a number of options in store for interested investors and traders where it comes to training and education. These for example include the Forex Blog at the IronFX website, which offers insights into, information about and fundamental and technical analysis of the forex market. The blog entries are only available in English so far, alas.

In addition to which, the homepage also has a number of helpful tools, e.g. their Economic Calendar.

This image shows a screenshot of IronFX economic calendar.
IronFX Economic Calendar

Not least of all, you can also find a number of clear introductory texts on subjects such as “Forex Trading Strategies”, “What is Forex?” or “Trading for Beginners”.

Customer service at IronFX

If you have any questions or problems, you can contact the IronFX customer service in various ways:

  • Email: – replies within 24 hours (weekdays)
  • Telephone: +44(0) 203 282 7777 – available 24/5
  • Live chat

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