IronFX is mainly characterized by high swap points, so it is suitable for medium- and long-term trading, and it is possible to trade ECNs with free trading fee and narrow spread.
However, we can not recommend IronFX very much on our site, as it is a company with extremely high credit risk, with past demonstrations in China and litigation problems occurring around the world.
With a small amount of speculative trading, the damage can be minimized if anything happens, but the first deposit is cheap for DD accounts, that is, relative trading.
Given that ECN accounts are high on first deposit and medium- to long-term trading with a swap target requires a large amount of surplus funds, it is necessary to deal with high credit risk in order to trade in favorable conditions.
As you can see, there are others far better FX vendors without having to choose IronFX, which has a high credit risk.
- IronFX Safety
- IronFX reviews
- Features, Pros and Cons of IronFX
- IronFX Campaign Bonus
- From opening account of IronFX to deposit and withdrawal
- Trading Terms and Rules of IronFX
- IronFX Trading Tools App
- Customer Support for IronFX
- IronFX Information Service
|Company||Notesco Financial |
|8 safe UK limited||Balvento Limited||GVS (AU) Pty Limited|
|Finance license||Cyprus Stock Exchange |
|UK Monetary Behavior |
|Bermuda financial |
|Australia Securities |
Investment Committee (ASIC)
|Japanese account |
|Leverage||Up to 30 times||Up to 30 times||Up to 1,000 times||Up to 500 times|
Founded in Cyprus in 2010, IronFX currently offers services at its four subsidiaries, each of which has significantly different guarantee systems such as maximum leverage, bonus status, and trust protection.
There is also a bonus at 1,000 times the maximum leverage for Bermuda accounts but because of British accounts known for being strict on cash management, regulation and supervision FCA license is excluded, and does not offer asset guarantee system by a third party, which will be described later. Therefore, there are concerns in terms of reliability.
It is possible to open a UK account by requesting support center individually, but there is no bonus with a maximum leverage of 30 times.
Basically, think of the UK account as secure and less speculative, the Bermuda account as speculative and less secure.
You can not open an account in Australia unless you reside in Australia.
Therefore, in this article, we will basically discuss the Bermuda account.
Credit risk is extremely high
Given the history and current state of IronFX, theoperation can be expected to be quite urgent, and credit risk is extremely high.
First of all, there are many people who know that the media has been widely mentioned, but China's IronFX Group company “Global Investment” caused about 3 billion yen of unpaid customer funds in 2014, and a Chinese trader is attacking the office.
"Return money", IronFX Chinese trader raids office
In August 2014, a Chinese television program reported on IronFX's operation, a 20-minute survey report stating that the company's Chinese affiliate members had not paid the funds to be paid. Finally, the Chinese traders began protesting.
Several Chinese websites addressed two violent protests that took place last week at the IronFX office in Shanghai. These protests were catastrophes that violently attacked company executives.
According to the waihuiTV website, a customer who brought a knife to IronFX's office required an officer to allow his withdrawal by the next day, otherwise he threatened to kill. According to the report, the customer actually received the money the next day.
Source: Forex / Magnet Japanese Edition
According to the case, IronFX claims that "these complaints are clearly defamatory", but according to the sources, the contents of these reports are considered to be almost true.
Due to this impact, IronFX closed its Chinese office and fired over 600 local employees.
The current IronFX strives to restore trust by acquiring an FCA license for a UK account.
However, IronFX is an undeniable fact that it is a company that has caused many problems such as such incidents and sudden withdrawal from Japan in the past.
We can say that IronFX is either "a company with high hopes for the future" or "a dangerous company who does not know what is happening".
For the time being, it is better to carefully consider full-fledged trades.
Separate management supported, trust maintenance is not covered
Under IronFX, UFX, Bank of America Merrill Lynch (BAML), BNP Paribas, and other leading financial institutions clearly segregate IronFX's assets and customer assets.
With a UK account, the Financial Services Compensation Organization (FSCS) Compensation Fund and Lloyds Bank insurance products can provide up to £1 million per capita guarantee.
Please note that Bermuda accounts do not have any property guarantees by third parties.
Next, let's look at some of the word of mouth and reputation.
So far, I mentioned IronFX's high credit risk, but it is SCAM certified (a fraudster certified) in the largest FX bulletin board " FPA (Forex Peace Army)."
If you look at the latest comments in 2018, there are many reports of deposit and withdrawal problems, and more than 160 civil cases have been filed around the world, mainly in Europe.
Features, Pros and Cons of IronFX
No handling fee
|Transaction fee||Free||Free||From $9*||Free||$6.75*||Free|
|Transaction form||DD method||STP method or ECN method|
|Leverage||Up to 1,000 times||Up to 500 times||Up to 200 times|
|Currency pair||83 stocks||51 stocks||73 stocks||56 stocks||73 stocks|
|0.01 Lot or 0.1 Lot||0.01 Lot|
|Order method||One click, market, limit, stop limit IFD, OCO, IFO|
|Deposit fee||Free for debit and credit card|
ABSOLUTE ZERO account is recommended
Please note that IronFX has 6 types of accounts, and the specifications differ greatly.
Recommended is STP / ECN ABSOLUTE ZERO account.
First, I will briefly describe the features of the six IronFX accounts.
There are a large number of 83 currency pairs, and this is a live change account only, there are two accounts that can be traded with a maximum of 1,000 times of leverage: live change account and live fixed account.
The three counterparts of the live change account, live fixed account and live zero spread account are DD method, so the trading partner is IronFX. It's a pretty speculative account.
The STP/ECN fee-free account, STP/ECN zero spread account, STP/ECN ABSOLUTE ZERO account have a maximum leverage of 200 times and a high initial deposit amount, and the loss cut rule is the same level as the domestic contractor, so it is best for traders who can afford it.
STP/ECN no-fee account · STP/ECN AbsoluteZero ECN account is an attractive account that does not have any transaction fee despite being an ECN account.
The spread is set narrower for the STP/ECN AbsoluteZeroECN account.
Not a complete ECN
In terms of transaction transparency and reliability, STP / ECN accounts are recommended, but please note that these three accounts are not full ECN accounts.
There are two types of NDD methods that do not involve a dealer: STP method and ECN method.
Simply put, the STP method is a transaction with a bank called a liquidity provider, and the ECN method is an auction type transaction with other traders.
In general, there are many other companies where STP and ECN are clearly divided according to accounts. However, IronFX switches between the two according to market liquidity (volatility).
Bonus target is only DD account
There is a bonus for the Bermuda account, but there are only two target accounts: DD dynamic change account and live fixed account.
Be careful not to misunderstand the live zero spread account and the 3 accounts of STP / ECN because they are not eligible for bonus.
Be careful about transactions and pay attention to credit risk
If you pay attention to the difference in the specs of accounts, notes on ECN transactions, and the target account for bonus, as explained so far, IronFX is a very high spec vendor on the whole.
Besides, there are many advantages such as “High-quality support, swap points are adopted in the industry top-level zero-cut adoption” , so it may be quite attractive depending on the person who has a long history of trading with FX companies.
However, the high credit risk is a very bottleneck, so basically it can not be recommended.
For those who trade in should carefully consider the scale of the transaction, the amount paid, and the trade style.
IronFX Campaign Bonus
Currently, IronFX offers three types of bonuses:
Although there are severe usage conditions and withdrawal conditions, it can be said that it is a reasonable bonus system compared to other companies.
Please note that there are only two types of bonus target accounts: live change accounts and live fixed accounts.
Iron Bonuses don't make much sense, so it's a good idea to choose a Share Bonus or a Power Bonus.
The share bonus is a bonus of 100% of the deposit amount.
There is no upper limit on the bonus, but if you withdraw, half of the profit disappears, half of the loss is your own expense, the other half is reduced from the bonus, and you can not withdraw the bonus itself.
Power bonus (40% deposit bonus)
The Power Bonus gives you a 40% bonus on your deposit.
The profits can be paid out in full, but the loss is paid in full, the bonus limit is $ 10,000, and the bonus itself can not be withdrawn.
Iron bonus (20% deposit bonus)
Iron bonus is 20% of deposit amount.
The profits can be paid out in full, but the loss is paid in full, the bonus limit is $10,000, and the bonus itself can not be withdrawn.
From opening account of IronFX to deposit and withdrawal
Identification card and address confirmation are required to open an account
What you need to open an IronFX account is the following two items.
- Identification card image data
- Image data of address confirmation documents
The identification card is valid for driver's license, passport, basic resident register, and My Number card.
The address confirmation documents are valid within the last 6 months, such as the receipt of utility bill, resident card, bank statement, credit card statement, mobile phone statement, etc. (No online statement allowed.)
Account opening procedure
The account opening procedure is as follows.
There are few deposit and withdrawal methods and high fees
|Deposit and withdrawal method||Timeframe||Fee|
|Domestic bank transfer||2 business days||¥980|
|Overseas bank transfer||1〜5 business days||Varies by
|Domestic bank transfer||2 business days||¥1980|
|Overseas bank transfer||1〜5 business days||Varies by
The above is a list of IronFX deposit and withdrawal methods.
Debit and credit cards are free for deposit and withdrawal fees, but bitcoins are about 300 yen, domestic remittances are about 980 yen and withdrawals are about 1980 yen.
Also, we do not recommend foreign remittances because the remittance fee varies depending on the remittance source financial institution and relay financial institution and it is expensive.
Reflection time is the same day for debit credit card, 1 to 5 business days for bitcoin, 2 business days for domestic remittance, and 1 to 5 business days for remittance from overseas.
Trading Terms and Rules of IronFX
Up to 83 currency pairs
The currency pair has the most 83 live floating accounts. They handle a lot of cross yen and minor currency pairs.
Live fixed accounts are the least 51 of the six accounts due to the limited handling of minor currency pairs. Note that currency pairs with high swap rates are less.
LiveZero Spread, STP/ECN Zero Spread, STP/ECN ABSOLUTE ZERO has three 73 accounts and 56 STP/ECN no-fee accounts.
The cost is best for ABSOLUTE ZERO account
The above is a spread list of each account published by IronFX.
Other than live fixed accounts, it fluctuates depending on market conditions and volatility.
Live variable account and live fixed account is a system in which the account rank is set from among micro premium and VIP by the amount of the first deposit amount, and the spread is somewhat favored.
Once set, the account rank does not change even if the account balance changes.
Live zero spread accounts cost $ 9,00 for a one-way transaction per 100,000 currency, and STP / ECN zero spread accounts cost a transaction fee of $ 6.75, one-way traffic per 100,000 currency.
The most recommended of these is an ABSOLUTE ZERO account with narrow spreads and free transaction fees.
In fact, we will compare the total cost with the representative major forex companies DD account and ECN account to see how much the total cost is.
In the case of DD accounts, the total cost for IronFX's live variation account and for other companies' standard accounts was highest for IronFX.
However, in the case of ECN accounts, IronFX's ABSOLUTE ZERO account has a total cost that is overwhelmingly lower than that of other companies' ECN accounts, because there is no fee.
Swaps are high and favor long-term trading
IronFX has high credit risk, so it is an uneasy vendor for long-term trading, but it also has the appeal of having very high swap points.
In particular, the EUR/TRY, GBP/TRY, and USDTRY sell swaps are high, and other currency pairs are given above average swaps across the board, giving them an overwhelming advantage over other companies in the weeks and months of swing trading.
Zero cut adopted, no additional certification
Depending on the type of account, IronFX has different conditions for triggering margin call and loss cut.
DD method, live fluctuation, live fixed, and live zero spread accounts are “margin call 40%, loss cut 20%”, which are common in forex companies, and there is a relative leeway in fund management.
However, since there are three STP / ECN accounts: “margin call 100% and loss cut 80%”, and STP / ECN ABSOLUTE ZERO account requires an initial deposit of $ 3,000 or more. Is required.
However, the zero cut system is firmly adopted in any account, so even if a loss cut is triggered, there will be no more loss than the deposit amount.
IronFX Trading Tools App
The high-performance trading tool MT4 is easy to install
The trading tool is MT4.
Automatic trading by EA (Expert Adviser) is also possible, and it is convenient for trading on the go using a smartphone app.
It is very easy from installation to setting for both PC and smartphone.
For the specifications of MT4, please refer to the article here.
Customer Support for IronFX
Support quality is high
|Call center||◯||24 hours on weekdays|
The support is very quick to respond, and it is an impression that they will respond patiently and carefully for difficult matters.
IronFX Information Service
The service is very normal and all in English
In IronFX, you can use video tutorials, E-Books, online seminars, economic news, economic calendars, etc. as investment support.