IronFx Review 2022

IronFX was founded in 2010 and is a trade name of Notesco Limited which is a company registered in Bermuda. Accounts can be opened with the non-regulated entity located in Bermuda, or with the broker’s regulated entity from the UK Financial Conduct Authority – depending on the user’s geographical location. This review is based on which is the non-regulated arm.


  • Start year:2010
  • Country of origin: Iapetou 2 ag. athanasios, Cyprus
  • Regulation: ASIC, CySEC, FCA
  • Payment options: Credit Card, Cryptocurrencies, FasaPay, Neteller, Skrill, Wire Transfer
  • Minimum account size: $100
  • Minimum lot size: 0.01
  • Leverage: 1:1000
  • Spreads: From 0.7 pips on EUR/USD


The company is regulated by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Financial Sector Conduct Authority (FSCA).

Trading Accounts

Users are offered 7 different types of trading accounts. The Micro, Premium, VIP and Zero Fixed accounts offer a blend of live floating or fixed spreads. The No Commission, Zero Spread and Absolute Zero accounts offer ECN/STP trading. Across the different account types, users are offered a blend of commission-free and commission-based trading with a maximum leverage of 1:1000, 1:200 or 1:500 depending on the account chosen.

The broker offers users the ability to trade on more than 200+ financial instruments covering Forex, Metals, Indices, Commodities, Futures and Shares, on the globally-recognised MetaTrader 4 trading platform for PC, Mac, Web, Android and iOS operating systems. IronFX also offers free VPS hosting, subject to terms and conditions, as well as a copy trading facility called AutoTrade via myFXbook.

Trading Platform

IronFX uses the MetaTrader 4 trading platform. The software is considered one of the best in industry, especially for forex trading. It’s geared towards beginners and intermediates, promising easy-to-use features and straightforward portfolio management.

Traders can use the free MT4 download to install the platform on desktop devices, including Mac. Alternatively, you can trade directly through MetaTrader’s WebTrader.

Armed with account login details, you’ll get straightforward order execution, with instant execution and pending orders available.

MT4 promises advanced charts with nine timeframes, over 30 built-in technical indicators, real-time news, plus automated trading capabilities. The MT4 platform can also be upgraded through MetaTrader’s Market and Signals, where users can buy technical indicators, add-ons, and signals for copy trading.

IronFX also offers a Personal Multi-Account Manager (PMAM) system, which lets traders manage multiple MT4 accounts at the same time.

The only drawback in reviews of IronFX’s platform offering is the lack of a proprietary system. Often bespoke software allows for extensive customisation, so some traders may be disappointed by the limited choice.


IronFX offers over 200 tradable financial instruments across:

  • Forex
  • Indices
  • Shares
  • Metals
  • Futures
  • Commodities
  • Cryptocurrencies

Spreads & Commissions

Aside from the Fixed Zero account, spreads at IronFX start at 0.7 pips for the major currency pairs while the average is 1.2 pips. Of course, spreads do widen during periods of volatility and low trading volume.

Spreads get more competitive as you move up the account tier structure, with the VIP account offering the best value for money. Overall, spreads and commission fees are competitive and similar across IronFX products.

However, there are additional trading fees to be aware of. For example, IronFX charges a $50 inactivity fee for trading accounts sat idle for over a year. Also, the broker charges a sizeable 3% of deposited funds when withdrawals are requested during periods of inactivity.


IronFX offers flexible leverage up to 1:1000. This enables traders with limited bankroll to take larger positions. A margin calculator is available on the website to see how much you leverage you can access. Note, trading on leverage amplifies not only potential returns, but also potential losses.


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).

Customer Support

IronFX provides 24/5 support, email, and live chat for prospective and existing clients in over 180 countries and in 30 different languages, and in chat was responsive during several contact attempts. Twitter and Facebook portals are active and populated. A comprehensive FAQ addresses most inquiries while tutorials on trading platforms shorten relatively steep learning curves. Email address and phone numbers are provided for satellite offices in Cyprus, South Africa, and Australia, allowing local contact. However, there’s no U.K. or international phone number, forcing potential charges for calls made to Cyprus or other satellite offices.

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