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Beginners Guide to IronFX

The Cyprus Security Exchange Commission authorized IronFX in December 2010. Three years later, ASIC and FCA recognized IronFX in Australia and the UK, respectively. The company also had operations in China and Russia, which they recently closed down.
Rating:
3/5

The Cyprus Security Exchange Commission authorized IronFX in December 2010. Three years later, ASIC and FCA recognized IronFX in Australia and the UK, respectively. The company also had operations in China and Russia, which they recently closed down.

Today, IronFX operates in more than 180 countries and plans to open a cryptocurrency exchange soon. And if you are wondering, the platform is welcoming for beginners. At the same time, it is worthy of professionals too. Here are some of the primary considerations for someone planning to join IronFX: 

  • Trading fees can be as low as zero in some cases.
  • You need to keep at least $100 to keep your account alive
  • It’s a good platform for beginners in forex trading
  • IronFX is not a good crypto trading platform

The Pros and Cons of IronFX

IronFX is a beginner-friendly trading platform for aspiring forex traders, though a beginner might require frequent assistance. If you are on IronFX, such help is available to you all working days of the week. And the best thing is that support is offered in many languages.

Plus, there are zero pips on some trading. Also, IronFX keeps rewarding its users with various promotions and bonuses. So, beginner traders can take advantage of these features and hone their forex trading skills.

The Financial Services Protection Scheme insures up to 50,000 pounds for British users while European Union users are safe for 20,000 euros. This insurance is provided by Cyprus’ Investor Compensation Fund. However, British traders can enjoy extended insurance for up to 1,000,000 pounds.

However, the platform does lack one crucial component of modern finance—a proprietary interface, meaning you have to use it through Metatrader 4 and 5.

Another significant downside is the lack of cryptocurrency trading. The research, news, and other information published on the website are often low-quality.

The Account Types on IronFX

IronFX offers seven kinds of trading accounts. And they can be divided into real or fixed accounts and direct-to-market trading account types (STP/ECN).

The fixed accounts are the micro, premium, VIP, and Zero Fixed accounts. Here, the lowest minimum deposit is 100 dollars, with which you can open a Micro Account. And the Spread (ask and bid difference) costs start from 1.8 pips. Meanwhile, opening a VIP account requires a minimum of 10,000 dollars. Here, spreads start from 1.4 pips.

The STP/ECN Accounts will cost you a minimum of a $500 deposit, and the account types are no commission, zero spread, and absolute zero. Here, spread costs for the no commission account start from 1.7. In contrast, a zero spread account starts from zero pip, much like the Zero Fixed Account, which requires a $500 deposit.

For the beginner trader, a $100 micro account or $500 Zero Fixed might be the ideal account to start with.

 IronFx User Interface and Tools

There is no dedicated user interface for this trading platform. However, if you are into trading, chances are high that you are on Metatrader and you can access IronFX through Metatrader 4 and 5.

No exclusive copy trading features are available in IronFX. However, users can see the positions of other investors from the Trader’s Dashboard. 

Mobile users (Android, IOS, Windows) can enjoy IronFX’s services from the Metatrader mobile applications. However, the application offers almost no opportunity for customization. Moreover, there isn’t any effective two-factor authentication. 

IronFX does have an app, but it’s only a Research app, which offers no trading options. Moreover, the app presents outdated and incomplete information. And that might derail the beginner trader from the correct investing track. So, if you are a mere beginner in the investing world, stay away from IronFX’s news and research.

But a beginner might still benefit from the educational materials on the platform, such as videos on trading, an investment encyclopedia, and eBooks. The discussions in these materials analyze various concepts and strategies of trading. Plus, it also sheds light on investors’ psychology and behavior.

 IronFX Customer Support

IronFX has multilingual support teams who are well-versed in thirty languages. Plus, they are available 24 hours, five days a week. And you can also reach them via social media platforms such as Twitter and Facebook.

There are also satellite offices in Cyprus, Australia, and South Africa. So, traders from these areas can contact IronFX locally by telephone and email. However, no such office is available in the UK.

Final Verdict: 3.5 Stars

IronFX is a good platform for traders who starting out in forex trading as there are zero spread options and hundred-dollar accounts. Moreover, the various styles of accounts and trading opportunities provide enough room for beginners to practice their skills.

Another positive thing about IronFX is the way they value their affiliate partners. Thus, they pay out the partners every week, which is excellent. Plus, they are always giving these affiliate program participants larger commissions and rewards.

However, there are several downsides. First, there’s a lack of a dedicated platform, which is unimaginable at this age. Second, cryptocurrency trading is not well-developed. And not to mention the greatest disappointment—the ineffective and unproductive research. So, IronFX needs to look into these matters.

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