IronFX UK Broker Review
For UK Traders
IronFX is an FCA UK regulated MT4 forex broker with a $50 minimum deposit, GBP base currency & an option of fixed or variable spreads
| 👨 Broker | NOTESCO UK LTD |
| 👨 Trading Name | IronFX |
| ⭐ Overall Score | 7/10 |
| 👨 Accepts UK Traders? | Yes |
| 📅 Year Founded | 2010 |
| ⚖ Regulators | FCA UK |
| ⚖ FSP No. | 585561 |
| ⚖ Investor Protection | Yes, FSCS |
| 💰 Minimum Deposit | $50 |
| 💰 Minimum Withdrawal | $10 |
| 📈 CFD Instruments | Forex, Metals, Indices, Commodities, Futures, Shares |
| 🚀Leverage | 1:30 |
| 🔎Auditors | |
| 💻 Platforms | MT4 |
| 📋Account Types | 3 Floating Spread Accounts, 1 Fixed Spread Account, 1 STP Account, 2 ECN Accounts |
| 💱Account Currency | GBP, EUR, USD |
| 📞Live Support | 24/5 |
| 🏖️ Inactivity Fee | $50 |
| 😭CFD Traders Who Lose Money | 63.91% |
| ✅Reason To Trade | Multiple account types, GBP account currency, Fixed spread |
| ❌Reason To Avoid | Range of platforms, Customer support isn't the best, Inactivity fee |
Regulation - 5/5
Is IronFX Legit?
Yes, IronFX in the UK is legit because it is regulated by the Financial Conduct Authority (FCA) here in the United Kingdom.
IronFX account holders in the UK are also eligible for Investor Protection up to 85,000 GBP, because IronFX is a member of the Financial Services Compensation Scheme (FSCS).
Has IronFX Been Through Disciplinary Action in the Past?
IronFX has been investigated in Cyprus for refusing to authorize customer withdrawals in the past.
Deposits & Withdrawals - 4/5
What is IronFX Minimum Deposit?
The IronFX minimum deposit in the United Kingdom is $50.
The accepted deposit methods are Cards, Bank Transfer, Crypto, Skrill & Neteller.What is the Minimum Withdrawal at IronFX UK?
The IronFX minimum withdrawal in the UK is $10 and there are no withdrawal fees applied.
How Long Does IronFX Withdrawal Take?
IronFX UK withdrawals take 24 hours or one day to impact your account.
Range of Accounts - 5/5
1. Live Variable Spread Account
The IronFX Live Variable Spread Account is categorized into Standard, Premium & VIP. Each category offers a different starting spread with the VIP Account having the lowest starting spread of them all. We will discuss the spread later in this review.
2. Live Zero Fixed Spread Account
On the Live Fixed Zero Account, the spread on major currency pairs is fixed at 0.0 pips but you pay commissions in exchange for this fixed zero spread.
When you trade non-major currency pairs on this account, the spread is variable and not fixed.
3. STP No Commission Account
The STP No Commission Account is a spread-only Account with variable spread pricing.
4. ECN Zero Spread Account
The ECN Zero Account is a commission charging account where in order to get zero spreads, you pay a commission per trade.
5. ECN Absolute Zero Spread Account
The Absolute Zero Account is also a commission charging account but here spreads start from 0.3 pips.
6. Invest x100 Copy Trading Account
IronFX has copy trading and to start copying other experienced strategy providers, you must open the Invest x100 Account. The minimum deposit on the IronFX Invest x100 account is determined by the Strategy Provider you are copying from.
Account Management - 3.8/5
Does IronFX Have GBP Account?
Yes, IronFX does offer GBP Account base currency. Other available base currencies include Bitcoin, USD, JPY, ZAR & EUR.
Can I Open More Than One IronFX Account?
Yes, you can open more than one IronFX trading account and manage them from your client area.
What is the Leverage at IronFX?
IronFX traders in the UK can access leverage up to 1:30.
IronFX ATM Cards
If you have above $500 as account balance, you can get an IronFX ATM Debit Card.
How Many IronFX Accounts Can I Open?
You can open more than one trading account and conduct internal transfers between them.
However, note that if the account balance on any account is below $5, you cannot conduct an internal transfer.
Also note that IronFX does not allow you transfer fractions, you can only deposit/withdraw whole number amounts.
How To Open An IronFX Account
Step 1: Registration
Go to the IronFX UK Website & click on the register button.
Enter your personal details such as name, phone number, email, create a password. Also choose your base currency and trading account type then click on register, to create your new IronFX profile.
You will then be automatically redirected to your IronFX client portal where you can verify your identity & address by uploading your UK government issued ID and utility bill.
IronFX Range of Markets - 3/5
1. Forex CFDs
IronFX South Africa offers CFDs on 50+ forex pairs including majors as well as exotics. You can speculate on the British Pound because IronFX offers EUR/GBP, USD/GBP & GBP/JPY pairs
2. Indices CFDs (spot cash)
IronFX has NASDAQ indices as well as 10+ other indices CFDs on their menu.
3. Share CFDs
Over 80+ US & European Share CFDs are available on the IronFX menu.
4. Commodities CFDs (spot cash)
Only Oil & Natural Gas CFDs are available as Cash CFDs at IronFX.
5. Metal CFDs (spot cash)
Only Gold, Silver, Platinum & Palladium are available & these are crossed with the US Dollar.
6. Futures CFDs
IronFX has NASDAQ futures as well as futures other popular indices. You also get to trade futures an agricultural commodities & energy.
IronFX Fees - 4/5
1. IronFX Spread
On the Live Floating Spread Accounts, IronFX spread starts from 0.5 pips, 0.7 pips & 1.1 pips on the VIP, Premium & Micro Accounts respectively.
On the Live Fixed Spread Accounts, EUR/USD spread is fixed at 1.6 pips, 1.8 pips & 2.2 pips on the VIP, Premium & Micro Fixed Spread Accounts respectively.
On the Zero Fixed Spread Account, EUR/USD, EUR/GBP, GBP/JPY, GBP/USD, NZD/USD, USD/CHF & USD/JPY spreads are all fixed at 0.0 pips. From 11 pm to 2 am the fixed spreads are changed to variable spreads
On the STP Account EUR/USD spread starts from 1.7 pips.
On the ECN Accounts EUR/USD spread is 0.0 pips & 0.3 pips on the Zero & Absolute Zero ECN Accounts respectively. However, from 11 pm to 2 am the zero spreads are hiked to 3 pips.
2. IronFX Commission
IronFX Accounts with the Zero Prefix (such as Live Zero Fixed Spread Account, Absolute Zero Account, Zero Spread Account) require you pay commissions in exchange for receiving zero or near-zero spread pricing.
If you want your zero spreads to be fixed you must pay an $18 per round turn commission when trading the popular EUR/USD pair.However, on the Zero Spread Accounts that don't offer fixed spreads, you pay a lower commission of $10 per round turn on the popular EUR/USD pair.
For precious metal trading, the IronFX commission on gold is $25 per round turn on the fixed spread account & $30 per round turn on the zero variable spread account.
When you trade shares/indices at IronFX you don't pay commissions as all the cost is summed up into the spread.
| ✅Instrument | 💸Roundturn commission on Variable Zero Spread Account | 💸Roundturn commission on Fixed Zero Spread Account |
| EUR/USD | $10 | $18 |
| USD/JPY | $10 | $18 |
| GBP/USD | $10 | $23 |
| USD/CAD | $10 | $23 |
| USD/ZAR | $10 | $13.5 |
| XAU/USD | $30 | $25 |
3. Rollover Fees
IronFX UK does not offer swap free instruments so you must pay a fee for rolling-over your CFD trade till the next day.
4. Inactivity Fees
IronFX charges an inactivity fee of $50 after one year of account inactivity.
IronFX Copy Trading - 3/5
IronFX offers cop trading on the MT4 platform. You can register for copy trading in your client area by clicking on Trade Copier.
You must open a special account called Invest x100 Account for copy trading, & you can only follow one Strategy provider with your account.
To follow more Strategy Providers, you need to open more Invest x100 Accounts.
IronFX Platforms - 2.5/5
MT4 is the only trading platform offered by IronFX UK. The MT4 comes as a mobile, web & desktop version but there is no MetaTrader support tools & EAs.
IronFX does not have MT5, cTrader or TradingView.
IronFX Customer Support - 2.5/5
1. Live Chat
You can reach IronFX UK via live chat on weekdays only. During weekends, IronFX doe not even assign a bot to give you automated responses. This means you don't get any help till working days of Monday till Friday.
2. Personal Account Manager
IronFX assigns Personal Account Managers to every account so you can always reach them for help.
3. Email & Telephone
IronFX has telephone support via a dedicated UK line. However, the IronFX phone line is not toll-free & you cannot request a call back.
4. IronFX Demo Account
IronFX offers a demo account for you to experiment with. However, IronFX does not have beginner education courses or a help center where you can find answers to common questions.
5. IronFX Education
IronFX offers beginner education accessible from your client area. The education includes how to videos, webinars, ebooks etc. However, the education is not very comprehensive and is not well structured.
Final Verdict - 5/10
IronFX Cyprus entity has been investigated for unethical activities outside of the UK. This makes IronFX a high risk broker so you should exercise caution when dealing with them.