IronFX: A Versatile Platform For CFD & Forex Traders

August 1, 2020
" class="img-responsive wp-image-731235 wp-post-image" alt="" />
At Yore Oyster, we strive to help you make wise financial decisions. We're committed to giving you the most relevant, actionable advice anywhere.

IronFX was launched in 2010 in Cyprus. The broker offers 83 forex pairs and CFDs on stocks, indices and commodities. IronFX has a really good and competitive fee structure compared to some of the brokers in the market. Moreover, the broker has some good features like dedicated account managers for different types of accounts to provide robust customer service. IronFX is also regulated by some of the world’s top regulators like the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) lending the platform good credibility. If you are a forex or CFD trader you should join IronFX today for some great trading options at competitive rates.

If you are looking for trading with a comprehensive broker that offers a wide array of assets such as ETFs, stocks, crypto, bonds and forex, consider With the most competitive rates in the industry, is one of the most holistic trading platforms especially with its clean and intuitive interface and state of the art analytical tools.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with IronFX and scored our findings on a 10-point scale across 10 distinct categories.
Fees 8
Signup Process 5
Minimum Deposit 10
Ease of Use 6
Deposit & Withdrawal Options 10
Customer Support 10
Asset Classes 3
Referral Program 0
Demo Account & Educational Resources 7
Safety & Regulation 10
Total 69

Introduction To IronFX

IronFX was launched in 2010 in Cyprus. The broker is regulated by UK’s FCA and Cyprus’s CySEC, among other regulators and is available in more than 180 countries. IronFX also offers forex and a variety of CFDs that you can trade in. Moreover,  it also offers dedicated account managers to help you trade. The application has some great account types for different types of users and a competitive fee structure that can make trading both, profitable and enjoyable. IronFX has operations in several nations but it has a strong presence in Europe, UK & Australia.

Pros & Cons

Let’s revisit some of the pros and cons to see if IronFX is right for you


  • Dedicated Customer Support
  • Competitive trading rates
  • No Membership fee
  • No Inactivity fee
  • No Deposit Fee
  • No Withdrawal fee


  • Outdated interface
  • Trading fees for CFDs
  • Slightly expensive forex spread on particular accounts

Account Types

There are 4 main types of accounts offered by IronFx, namely:

  • Standard Account
  • Premium Account
  • VIP Account
  • Zero Fixed Account

Each of these account types has different minimum deposit requirements and spreads that are analyzed in the minimum deposit and fee sections respectively. 

Standard Account

This is the basic account that is ideal for individual investors who are looking to get started with trading or who trade occasionally. If you’re a noob in trading, this would be the account to choose.


The premium account offers lower spreads than the standard account and can help you in trading profitably if you are a regular trader.


The VIP Account has narrower spreads than the premium account and it is perfect for individuals dealing in large trades.

Zero Fixed

This is the perfect account for large forex traders as it virtually has no spreads. The Zero Account provides great value for customers looking to deal in large numbers because they are only charged a nominal fixed trading fee for their transactions which helps them limit their costs and maximize their profits.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 Fees

Account fees are one of the essential features that make a broker good or bad since high fees can really eat into your profits. IronFX offers some great value in this regard to users. Some of the main features of IronFX in terms of fees are:

  • No Membership fee
  • No Inactivity fees
  • No Deposit Fees
  • No Withdrawal fees

This offers some great value to users in the sense that they do not have to pay any fee to remain a member of the broker, even if they stop using it for a while. Similarly, no deposit and withdrawal fees are a great bonus because many brokers charge these fees on small amounts making it very expensive to trade in small amounts. By eliminating the type of fees associated with your everyday usage of the platform, IronFX offers some great value.

Trading Spreads

As you can see in the table below, the spreads vary from different account types. The Zero Fixed account literally has no spreads making it apt for large investors. The spread rates for the other account types are slightly expensive because brokers such as HotForex have spreads starting from 1 pip.

Account TypeSpread
Zero Fixed0

CFD Trading  Fees

The CFD fee structure for IronFX is also competitive compared to many other brokers that charge trading fees and it offers some great diversity and value for users. Let’s compare the CFD fee structure of IronFX to other similar brokers:





S&P 500 index CFD fee




Europe 50 index CFD fee




Apple CFD fee




You can see that IronFX’s trading fees for CFDs are competitive compared with other brokers like XM and FXTM on the same assets. IronFX charges the lowest fees on the S&P 500 index CFDs and on Europe50 index CFDs, but falls short on some individual stocks like Apple. However, there are brokers like that do not charge any trading fees at all, which can make trading more profitable.

Commissions On Zero Fixed Trading Account

Since the Zero Fixed account has no spreads, it charges nominal commissions for trading in different currencies. If you are a professional trader that trades in large amounts, then these fees will be quite small and help you in maximizing your profits. The table below illustrates the trading commission per lot.

Fee Per LotCurrency

To put it in context if you trade 10 million EUR/USD with a Zero Account you would have a rate of 0.18 pips if you were to convert the commission fees into a spread. However, if you were trading a $100,000 EUR/USD the conversion of fees to spread would be 18 pips which is equivalent to what you would pay in spreads on a standard account. The score for fees is 8/10 because of the diverse structure of fees and the options available to users to select different fee structures depending on their preferences.

IronFX Fees Score: 8/10

#2 Signup Process

The sign-up procedure for IronFx is pretty simple and self-explanatory. You can easily apply for your account online. The procedure to signup is as follows:

Step 1: Choose your Account

The first thing to do is to çcChoose the type of account you want to open. As we mentioned previously, the options are to open a Standard, Premium, VIP or Zero Fixed Account.

Step 2: Add Personal Information

This includes details such as your name, email address and nationality or country of residence.

Step 3: Add Proof Of Identification

Upload documents such as Passport or Driver’s License to help verify your identity.

Step 4: Proofread and Submit

Proofread everything that you have uploaded on the portal before submitting it. After that, submit all the information and documentation and you’re almost set. You will have to wait to be verified before being able to proceed.

Step 5: Add Funds To Your Account

Once your ID has been verified and your account activated, you can add funds to your account and officially begin trading!

The procedure above will help you in quickly getting signed up, however, the verification of your account tends to take up to 3 business days, which makes this broker lose a lot of points in this regard, especially considering that there are other brokers who verify your ID and activate your account in under 20 minutes.

IronFX Signup Process Score: 5/10

#3 Minimum Initial Deposit At IronFX

There are various tiers for minimum initial deposits depending on the account type that you choose. Let’s revisit some of the account types and minimum initial deposits, so that you can ascertain which accounts maybe feaasible for you.

Account Type Minimum Deposit Initial Deposit
Premium$100  USD
VIP$10,000 USD
Zero Fixed Account$500  USD

The initial deposit for opening an IronFX Standard account is $0. The Standard Account is a really good option for anyone to get started with trading forex, stocks and commodities. You can instantaneously open an account and get started with a deposit as small as you want. This really helps consumers looking for a platform to quickly get started with trading.  

You can also opt for other accounts depending on the volume of trading you do (or plan to do) and the spread rates that you want to avail. For instance, if you are a professional trader you could get a Zero Account to trade with 0 pips. The minimum deposit for Premium Accounts is still very reasonable and accessible to most traders, even beginners, and it’s actually a lot lower than what other brokers require for their basic accounts. Finally, while the VIP and Zero Fixed Accounts minimum deposits may seem like a lot, they’re actually very reasonable as well, keeping in mind that these account types do target individuals who are regular traders and handle large volumes anyway. Because of the fact that you can literally start trading without a minimum deposit and the reasonable minimum deposits for the other accounts, the broker scores a perfect 10 in this category.

IronFX Minimum Initial Deposit Score: 10/10

#4 Ease of Use

As most modern brokers, IronFX offers three different trading platforms, namely, a web-based platform, a stand-alone desktop version and a mobile app.

Web Trading Platform

The interface is quite detailed and gives you a complete trend and metrics on your asset. However, the interface seems a bit outdated and the graphs seem something out of Excel 2003. There are plenty of other features like news feed, charting tools and search tools.

IronFX’s Search Functions

Search functions with IronFX aren’t all that great and feel outdated. They also remind us of something from the early 2000’s. You can see in the picture below that you have to manually find your assets by browsing through folders to find them.

IronFX News Feed

News feed features are always important in broker applications as they allow you to make informed decisions. However, IronFX’s news feed feature is a bit unstructured as you get a lot of different news without any chronological order or relevance.

Charting Tools Of IronFX

Charting tools are helpful in predicting future prices and understanding the trend of your asset, and you get several charting options with IronFX. You can also use different technical tools for your analysis which can help you make informed decisons.

Desktop & Mobile Interface Of IronFX

The interface of the desktop and mobile applications is much better than the web platform elicited above. However, it still seems like a small upgrade as it still seems outdated and something 10 years old. The desktop and mobile applications have the same features as the web application apart from the fact that you can set up important notifications for timely decision making.

There are plenty of features for users in IronFX but the outdated interface design means that the broker essentially scores a mediocre 6 in this dimension.

IronFX Ease of Use Score: 6/10

#5 Deposit & Withdrawal Options At IronFX

Deposit and withdrawal options are a very important factor if you want to trade on a regular basis. Often, some brokers only provide options in the form of bank transfer or wire transfer which can be very time consuming and hinder the efficacy and efficiency of your trading decisions. IronFX does very well in this dimension by providing a plethora of options to users. Some of the deposit & withdrawal options include:

  • Credit & debit cards
  • Bank or wire transfers
  • Electronic wallets like Skrill or Paypal

The multiple options available for deposits and withdrawals mean that the score in this dimension is a perfect 10.

IronFX Deposit & Withdrawal Options Score: 10/10

#6 Customer Support At IronFX

There are plenty of options for customer support that can help you solve any issues that you may have with your account. Some of the options available are:

  • Phone support
  • Email
  • Live Chat
  • A dedicated account manager

A good feature is that all account holders can have a dedicated account manager to help you out. Having a dedicated account manager is a big deal because they know your portfolio and every time you need help you do not have to explain your credentials and portfolio to someone new, saving you both time and streamlining the customer support experience. The fact that they offer this service for all accounts, the basic one included, is a great value.

The phone support is available 24/5, which is not ideal, the live chat often takes 5-10 minutes to answer queries and the average response time via email is within 1 day. The proactive customer service means that the score in this category is a perfect 10.

IronFX Customer Support Score: 10/10

#7 Asset Classes

IronFX offers plenty of options in trading forex and CFDs. Within forex, you can trade as many as 83 currency pairs. There are also some stock CFDs and Stock Index CFDs that you can trade in, although the number of options is very limited in both cases. You can also trade CFD’s on commodities like oil, gold and metals.

Asset TypeOptions
Currency Pairs83
Stock CFDs18
Stock Index CFDs150
Commodity CFDs4  

Even though you can trade several asset classes with IronFX, the limited number of available options for all except Forex, and the fact that IronFX does not offer assets such as crypto, ETFs and bonds, make this broker score rather poorly here.

IronFX Asset Classes Score: 3/10

#8 Referral Program At IronFX

Referral programs play an important role in making trading fun because you can use the platform with friends and learn more. However, as of writing this review, there is no active referral program for IronFX for individual users. This reduces the chance that you have to earn more funds by referring more friends. Hence, the score for this dimension is obviously 0.

IronFX Referral Program Score: 0/10

#9 Demo Account & Educational Resources

IronFX offers a demo account with $10,000 paper money. Demo accounts are often a good way to start trading because you get a chance to learn by trading and testing out your strategies. However, the platform offers no educational webinars or training videos that can help in educating new users on the platform. Hence, the score for this dimension is a 7.

IronFX Demo Account & Educational Resources Score: 7/10

#10 Safety & Regulation

The app is heavily regulated by 4 major regulators namely:

  • Financial Conduct Authority (FCA)
  • Financial Sector Conduct Authority (FSCA)
  • Cyprus Securities and Exchange Commission (CySEC)
  • Australian Securities and Investments Commission (ASIC)

This lends credibility to the platform as it is regulated by 4 strong regulatory authorities. This augers well for users because they can trade with the peace of mind that their broker is regulated and safe for them to work, and, most importantly, it’s not a scam. The fact that the broker is covered by so many regulators means that it’s a safe platform to use and scores a definite 10 for safety.

IronFX Safety & Regulation Score: 10/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to, which scores 91/100 points across the 10 categories mentioned in this review.

IronFX Vs.

IronFX has a decent fee structure coupled with plenty of deposit and withdrawal options. However, there are a few dimensions where is much better and a more comprehensive broker than IronFX.

Ease Of Use Has A Much More Intuitive Interface

The interface of’s trading platform gives you some very good options to make informed trading decisions. uses algorithms and market information in its advanced charting features and advanced news feed features that allow you to make optimal trading decisions. The interface is also much more user-friendly, easy to use and intuitive.

More Asset Classes is also one of the brokers that offers more assets for you to trade and diversify your portfolio. They offer some great asset classes like plenty of bonds, stocks, ETFs, commodities and forex which provides it with a greater product portfolio than IronFX. Building a diversified portfolio is a great way to make a strong portfolio and gives you that option by providing you with a myriad of options and financial instruments to trade with.

A Better Demo Account & Educational Resources

Apart from a completely limitless demo account with $100,000 paper money that you can continue using even after you start trading for real, has some really good educational resources to get you started with trading. You’ll get access to lectures, articles and resources for you to better understand the platform and trading in general to become a profitable trader. Some of the features offered by are as follows:

  • Free financial webinars.
  • Educational courses for traders.
  • Extensive market glossary.
  • Comprehensive CFD trading guide.
  • Cryptocurrency trading tutorial.
  • Investmate,’s investor education app. is a comprehensive guide not only for understanding the platform but also understanding all the trading options that the application provides. If you want to apply for a complete trading platform then sign up for by clicking the following link.

Related: If you want to learn more about this broker, you can read this excellent review of

IronFX In Summary

IronFX has some great account types for different types of users and a competitive fee structure that can make trading CFDs and forex profitable. The app has some good customer service with the option to get dedicated account managers free of charge with all account types. Similarly, it is regulated by 4 major regulators providing consumers with safety. IronFX is a great choice for Forex traders who are looking for an easy to use, no-nonsense platform with plenty of currency pairs. Click the link below to trade CFDs and forex profitably today

However, if you are looking for a more comprehensive broker then you should definitely sign up for instead. You can make diverse portolios consisting of a wide array of assets. Moreover, you will have access to training videos and webinars to sharpen your skills and state of the art charting features and tools to analyse the stock market and predict your portfolio’s performance. Signup now for to start trading with a complete and holistic platform today.

Get More Of Our Best

2021's Financial & Travel Essentials

Get our special report highlighting the 4 tools you need to build wealth and protect your assets in 2021.