IronFX Review
IronFX opened for business in Cyprus in 2010 and has now expanded into more than 180 countries. In addition to EU regulation through the Cyprus Securities and Exchange Commission (CySEC), they are licensed as a registered investment firm in the United Kingdom, Australia, and South Africa. IronFX has closed down operations in China, Russia, and Nigeria in recent years, focusing client development in more traditional venues.To get more news about
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The broker's account diversity is impressive, with a tiered structure that includes floating vs. fixed and commission vs. no commission fee schedules. They round out their services with a variety of professional accounts, introducing broker (IB) branding and a portfolio management program. They recently added cryptocurrency coverage to a broad selection of forex, spot, and CFD trading products. Earlier in 2018, IronFX announced a partnership with EmurgoHK to open a cryptocurrency exchange, but the launch date hasn't been announced.
IronFX is licensed in the European Union through CySec (Cyprus) no. 125/10, in U.K. through FCA no. 585561 and Australia through ASIC (AFSL no. 417482). U.K. traders have broker default protection up to GBP 50,000 through the Financial Services Compensation Scheme (FSCS) while EU traders get protection up to EUR 20,000 through Cyprus' Investor Compensation Fund (ICF). They also provide excess insurance for UK clients, lifting coverage to GBP 1,000,000.
Client funds are segregated from company funds, reducing the potential for misuse. They operate a counterparty dealing desk, raising conflict of interest issues, but offer direct interbank trading access in some account types. They provide no guaranteed stop-losses but negative balance protection is now mandated under ESMA rules. Secondary security features are unimpressive, with standard encryption at the website and no two-tier platform authentication beyond Metatrader's one-time passwords (OTP).
IronFX offers Metatrader 4 and 5 but no dedicated or proprietary trading platform. Social and copy trading options are limited, with no dedicated third-party platform. They do offer a Mirror account, but that's a hedging tool, not a social trading interface. The website Trader's Dashboard shows the positioning of other clients, updated hourly, but account holders will need to use Metatrader's limited social functionality to take advantage of the information.
While Metatrader 4 and 5 are a bit outdated with some clunkiness, they provide reliability and vast functionality that frequent traders need.
Metatrader 4 and 5 for Android, iOS, and Windows Mobile provide easy integration with desktop and tablet versions. They also offer the free IronFX Research app, which has no trading functions. Metatrader 5 adds important features lacking in the older version but retains frustrating aspects of this industry-standard software, including weak customization and limited conditional orders. The lack of two-factor authentication in both Metatrader versions adds a security hole that needs to be fixed.
Broker research materials have been neglected, generating the biggest black mark in our review. The free IronFX Research app allows clients to look at stock market data, financial viewpoints, and videos in an easy-to-use format. However, stale and outdated information undermines the app's enormous potential, with the most recent entries going back several years in some cases. Daily videos stopped abruptly in late fall 2018. The "Live Economic News" showed up to date reports, but "Live Currency Quotes" produced a dead link. The "Intraday Comment" section had a single 18-month old entry about the Eurozone.
Inexplicably, the daily web-based "Market Insights" column was not reproduced on the research app. Unfortunately, that's the only research product available at the site, other than a single "Week Ahead" video and no video archive. A YouTube search uncovered additional videos that haven't been integrated into the site but the most recent content was more than two months old.
IronFX Academy provides impressive educational features for smaller and less-skilled traders. Educational videos along with an encyclopedia and five e-books round out a broad curriculum, with skill trading across a variety of topics that include market analysis, trading psychology, strategies, signals, CFDs, and technical indicators. The portal would benefit from more advanced topics but the narrow focus on newer traders makes sense as a marketing tool. A webinar section was locked, leading to a live account application, while the seminar section contained just two non-English programs in MP4 format.
IronFX Review
