IronFX Review

👨 Broker	NOTESCO SA PTY LTD
👨 Trading Name	IronFX
⭐ Overall Score	2/10
👨 Accepts South African Traders?	Yes
📅 Year Founded	2010
⚖ Regulators	FSCA South Africa
⚖ FSP No.	45276
⚖ Authorized ODP	No
💰 Minimum Deposit	$50
💰 Minimum Withdrawal	$10
📈 CFD Instruments	Forex, Metals, Indices, Commodities, Futures, Shares
🚀Leverage	1:500
🔎Auditors
💻 Platforms	MT4
📋Account Types	3 Floating Spread Accounts, 1 Fixed Spread Account, 1 STP Account, 2 ECN Accounts
💱Account Currency	ZAR, USD
📞Live Support	24/5
🏖️ Inactivity Fee	$50
😭CFD Traders Who Lose Money	63.91%
✅Reason To Trade	Multiple account types, ZAR account currency, Fixed spread
❌Reason To Avoid	Possible Scam: South African traders are redirected to open accounts under the IronFX global entity so there is no investor protection

Regulation - 0/5

Is IronFX a Regulated Forex Broker?

Yes, IronFX in South Africa is regulated by the Financial Sector Conduct Authority (FSCA) to act as a Financial Service Provide. However, IronFX is not authorized to act as an Over-the-counter Derivative Provider (ODP).

IronFX does not display their regulatory information on the homepage of their website which is suspect & unethical.

IronFX redirects South African clients to their international entity when it is time for account opening. This also is a suspect move and should put you on high alert.

If you open an account with IronFX international entity you automatically lose domestic South African investor protection from the FSCA.

IronFX Has Been Investigated for Refusing To Allow Withdrawals in the Past

In 2015/16, the Cyprus Securities & Exchange C0mmission (CySEC) had cause to investigate IronFX after numerous customer complaints about their inability to withdraw funds from IronFX.

Deposits & Withdrawals - 4/5

What is IronFX Minimum Deposit?

The IronFX minimum deposit in South Africa is $50.

The accepted deposit methods are Cards, Bank Transfer, Crypto, Skrill & Neteller.

What is the Minimum Withdrawal at IronFX South Africa?

The IronFX minimum withdrawal is $10 and there are no withdrawal fees applied.

How Long Does IronFX Withdrawal Take?

IronFX withdrawals take 24 hours or one day to impact your account.

Does IronFX Have Deposit Bonus?

Yes, IronFX offers bonus on deposits. There is a 100% Unlimited Sharing Bonus, 40% Power Bonus & 20% Iron Bonus.

To qualify for the IronFX deposit bonus, you must post a higher minimum deposit.

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.

The leverage on the Live Variable Spread Accounts is up to 1:500.

2. Live Zero Fixed Spread Account

The IronFX Live Zero Account, offers a fixed 0.0 pip spread on major currency pairs only, while other instruments get variable spread pricing. The leverage on this account is up to 1:500.

3. STP No Commission Account

The STP No Commission Account is a spread-only Account with variable spread and lower leverage of 1:200 max.

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. The leverage here is up to 1:200.

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 ZAR Account?

Yes, IronFX has ZAR Account base currency. Other available base currencies include Bitcoin, USD, JPY, GBP & 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 South Africa can access leverage up to 1:500 on the Live/Fixed Spread Account. On the ECN/STP Accounts, leverage is lowered to 1:200.

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

Warning: Any trading account you open with IronFX via their international website will not be under South African laws, so you lose any South African government protection

Go to the IronFX Global Website & click on the register button (not the ZA Website as you will not find the register button there).

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 South African government issued ID and utility bill.

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 South African Rand because IronFX offers EUR/ZAR, USD/ZAR, ZAR/JPY & GBP/ZAR pairs.

2. Indices CFDs (spot cash)

IronFX has NASDAQ indices as well as 10+ other indices CFDs on their menu. However, you don't get exposure to the South African 40 indices.

3. Share CFDs

Over 80+ US & European Share CFDs are available on the IronFX menu but you don't get exposure to South African shares.

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 South Africa 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 South Africa. The MT4 comes as a mobile & 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 South Africa via live chat on weekdays only. During weekends, IronFX doe not even assign a bot to give you automated responses. This means you dont 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 South African 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 - 4/10 (Possible Scam Broker)

Although IronFX hold an FSCA license, IronFX South Africa does not register your account under their South African entity, and we do not recommend you trade with them.