IronFX Review: Trade more than 120 currency pairs

Information verified correct on December 8th, 2016

Trade more than 120 currency pairs across 10 trading platforms with IronFX.

IronFX is one of the world’s leading providers of online forex trading services. Serving in excess of one million clients in more than 180 countries around the world, it provides a fast and efficient online trading service to help a variety of forex traders.

IronFX provides access to more than 120 currency pairs, including everything from majors like EUR/USD through to exotic and rare options. Trades are executed instantly and you can access in-depth research and analysis to help you make better trading decisions.

In addition to forex, IronFX also provides trading access to more than 200 other financial instruments, including access to commodities, indices and global shares. All of this is backed up by customer service that is available 24 hours a day, 5 days a week, providing the peace of mind that help will be on hand if you ever need it.


What can I trade with IronFX?

IronFX provides access to the following asset classes:

  • Forex. You can trade more than 120 currency pairs, including majors, minors and even exotic currencies, with spreads starting from 0 pips. Thanks to the global nature of forex trading, you can buy and sell currency pairs 24 hours a day, 5 days a week, while IronFX gives you the flexibility to choose your own leverage, from 1:1 up to 1:500.
  • Spot metals. By trading contracts for difference (CFDs) on precious and base metals, you can diversify your portfolio and take advantage of the only 1% margin required. Take advantage of IronFX’s best-of-market spreads and you can purchase CFDs in either USD or EUR.
  • Spot indices. IronFX allows you to gain access to some of the major economies around the world by trading the current spot value of several benchmark indices. There are no commissions, tight spreads and the chance to access indices like the US 100, EU 50, GER 30, AUS 200 and more.
  • Spot commodities. If you want to diversify your portfolio and trade spot commodities, IronFX allows you to take advantage of no commissions and tight spreads when you trade natural gas, brent crude oil, Bitcoin and more.
  • Futures. IronFX also allows you to access the highly liquid futures market, offering low commissions and margin requirements to help you maximise profits. You can trade an equity index or any other futures instrument, including energy, commodities, base metal or currencies.
  • Shares. IronFX allows its customers to trade shares through CFDs, letting you take “long” or “short” positions on shares without actually owning those shares.

Features of IronFX

10 platforms

IronFX customers can access 10 trading platforms to suit a range of trading needs. This allows you to trade on your PC, Mac, smartphone or tablet.

Safety of customer funds

All customer funds are held in segregated accounts that are fully separated from IronFX’s funds at all times. IronFX holds accounts with top-tier banks such as Westpac, Barclays and Santander.

Research and analysis

Account holders can access world-class research and analysis, provided every day by IronFX’s expert team. This includes fundamental and technical analyses, world economic news and important market announcements.

Low spreads

IronFX offers its customers the lowest spreads in the market and offers the flexibility of choosing your leverage, from 1:1 up to 1:500.

Trading execution

IronFX has automated the entire trading process to allow you to take advantage of opportunities as they arise. This means that trades are executed instantly, with no slippage and no re-quotes.

Dedicated account managers

IronFX provides a team of dedicated account managers to offer personalised service and advice whenever you need it. Customer support is available 24 hours a day, 5 days a week.

Global strength

IronFX looks after the online forex trading needs of people in more than 180 countries across Europe, Asia, the Middle East, Africa and Latin America. The multi-award-winning provider offers funding via top-tier international banks and has helped more than one million customers since 2010.

What support/information is available with IronFX?

If you ever require assistance with a transaction, customer support is offered 24 hours a day, 5 days a week. This means you can access personalised help from a dedicated account manager whenever you need, while email customer support is also available.

If you’d like to access help online, the IronFX website contains the answers to a range of frequently asked questions.

Fees when using IronFX

The good news is that it’s free to sign up with IronFX and deposit funds into your account. However, there are two factors that you need to consider before you start trading forex online: the commission and the spread.

In many cases, there is no commission charged on IronFX trades. This includes if you have a Live Floating Spread or Live Fixed Spread Micro, Premium or VIP Account. An STP/ECN No Commission Account also doesn’t feature any commissions.

However, you will need to pay a commission if you trade using a Live Zero Fixed Spread Account or an STP/ECN Zero Spread Account. Commissions vary depending on the type of trade you place, but to give you an idea of the fees involved, the following commissions apply to the Live Zero Fixed Spread Account:

  • $18/Lot on EUR/USD
  • $18/Lot on USD/JPY
  • $23/Lot on GBP/USD
  • $23/Lot on USD/CAD
  • $23/Lot on USD/CHF
  • $23/Lot on EUR/GBP
  • $23/Lot on AUD/USD
  • $28/Lot on EUR/CHF
  • $28/Lot on NZD/USD
  • $28/Lot on EUR/JPY
  • $43/Lot on GBP/CHF
  • $43/Lot on GBP/JPY

Next, you need to consider the spread that applies to a forex trade. Spreads vary depending on the currency pair and the type of account you choose. The table below shows the different spreads that apply to Live Floating Spread Accounts.

MicroPremiumVIP
AUD/CAD5.75.75.7
AUD/JPY444
AUD/USD1.410.8
EUR/AUD444
EUR/GBP1.10.90.7
EUR/USD1.10.70.5
GBP/AUD666
GBP/CAD666
GBP/USD10.80.6
EUR/JPY1.51.10.9
EUR/SGD101010
USD/CAD1.51.31.1
USD/CHF1.71.31.1
USD/JPY0.80.40.2

Pros and cons of using IronFX

Pros

  • 120+ currency pairs. IronFX customers can trade more than 120 currency pairs, including everything from major pairs to exotic options.
  • Low spreads. IronFX offers best-of-market spreads from as low as 0 pips.
  • 10 platforms. Simply by opening one account with IronFX, you can access 10 trading platforms and choose those that best meet your needs.
  • Other trading options. Account holders can also trade more than 200 other financial instruments, including spot indices, spot commodities and shares.
  • 24/5 help. Personalised customer support is available 24 hours a day, 5 days a week from your dedicated account manager.

Cons

  • More for experienced traders. IronFX is skewed more towards advanced traders than novice investors, so it may be too complex for those who don’t have an in-depth knowledge of online trading.

How do I apply for an IronFX account?

If you like the sound of the trading features offered by IronFX, click one of the “Apply Now” links on this page to be taken to the IronFX website. You can then choose the account type you want and begin the application process.

You will need to provide:

  • Your name
  • Your country of residence
  • Your contact details
  • A recent bank statement or utility bill (from the past six months) to prove your identity

All applications will be processed and assessed within 24 hours.

Frequently asked questions about IronFX

Can I place trades from a smartphone or tablet?

Yes, you can access the IronFX MetaTrader 4 platform through Apple, Android and Windows smartphones, or through your Android or iPad tablet.

How long does it take to open an account?

It takes just a few minutes to apply for an account and all applications are processed within 24 hours.

Can I deposit cash into my account?

No, you cannot deposit cash into your account, but payment options include credit or debit card and bank wire transfer.

Is forex trading suited to first-time investors?

No, forex trading involves several risks and is best suited to experienced investors who understand the ins and outs of trading global currency pairs.

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