Global clientele have been served by the IronFX broker for more than ten years. Terms for both active and passive income are provided. There are no governing organizations or permits, and the corporation is registered in Bermuda. The broker has been in business for a while and has won over 30 awards, but it doesn’t disclose information on nominees.
The broker’s support service responds that there are many licenses, including those issued by the CySEC (Cyprus) and FCA (Great Britain) regulators, when asked about regulation.
- round-the-clock communication with a multilingual support TEAM on weekdays
- wide range of trading assets
- variety of bonus programs and promotions
- lack of a verifiable license to provide services and no regulatory bodies
- the information published on the site is incomplete
- the verification procedure can be repeated
- there are no training materials on the site
- periodic delay in withdrawing funds
Why to choose IronFX?
Here is why to choose IronFx or simply skip it, up to you to choose!
IronFX is an online broker with its established operation in the EU, Australia (Best Forex Brokers Australia) and worldwide through its registered brand in Cyprus. The IronFX Group authorized and regulated by the competent authorities CySEC, FCA (Check The FCA Regulated Broker Fortrade UK), ASIC and FSP with allowance to provide its services within the EEA zone through its parallel registration with various EU authorities and other world jurisdictions. The business presented itself as one of the most reputable online brokerage businesses with a broad selection for investors and more than 30 international awards, which should attest to the company’s credibility.
Is IronFX legit or a scam?
IronFX is not safe to trade with. There are many inaccuracies that actually present the story from a different angle. Recently, the business changed its registered corporate name to Notesco Financial Services, which causes regulation questioning along with other existing issues. Regardless of the licenses, which should prove a reliable IronFX status, the Broker had cases over the past couple of years with the withdrawal delays or well handling, numerous clients’ complaints and in compliance with the registration requirements.
Is IronFX regulated?
Due to the numerous clients’ complaints, which were discovered throughout the case inquiry, the CySEC (Check out CySEC regulated broker TriumphFX(TFXI)) found a lack of professionalism in the calculations that caused unfair customer conditions to the benefit of the brokerage.
“IronFX was announced to a collection of a 335,000€ based on the investigation against cheating clients”
CySEC, 2015
After these findings, IronFX still reconciles its statement to perform legal financial investment services due to its current non-compliance relating to the investors’ operation management and performed promotions. Therefore, it is clear from all of this that the company must first implement corrective measures to assure investors’ protection before it is safe to interact with it. The company is also subject to checks by the highest instances. Till then means it is not recommended to open an account with IronFX and put a capital in high risk as of the broker’s lack of the professionalism to handle operations.
IronFX in India
IronFX has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.
The United States is one of the countries that is not accepted by IronFX. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for IronFX, you are only permitted to trade with the U.S regulated platforms.
Deposits & Withdrawals
IronFX requires a minimum deposit of 500 GBP/USD. The client portal’s client portal allows deposits and withdrawals utilizing a straightforward, user-friendly single interface, and payment and funding approval is 100% automatic. The available payment methods include Credit cards, Bank Transfer, Neteller, FasaPay, Debit cards, Payoneer. Deposit can take up to 24 hours to be processed depending on the method you choose. Bank Wire transfers can take up to 3 working days, depending on the bank.
Depending on the payment method you select, the currencies you can deposit. Main currencies, which are covered, are USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB and HUF.
IronFX does not charge any fees for deposits. However, your respective banks or payment providers might charge you additional fees. You can withdraw your profits only through the Bank Wire. You can receive your initial deposit via the payment method initially used and then all excess funds (profits) will be sent to your bank account.
Apps
IronFX offers its traders MT4 Mobile trading options for both iOS and Android. With smartphones, Forex traders no longer need to be bound to their desks, staring at their trading screens for hours on end. Instead, they may always use their mobile devices to keep an eye on the markets. Mobile trading with MT4 allows you to have complete control over a trading account and trade from anywhere 24/5.
Traders can perform all order types and execution modes, check the history of their trades and enjoy a plethora of interactive symbol charts. The mobile version also provides them with 3 types of charts: bars, Japanese candlesticks and broken line and 9 timeframes: from one minute to one month. Traders also have access to 30 of the most popular technical indicators.
IronFX offers a demo account so you can try the IronFX platform with virtual trading before you put down a payment. With their demo account feature, demo accounts are a terrific way to test out strategies and get a feel for the site.
Conclusion
There are numerous allegations that IronFX does not adhere to its advertised trading terms, which frequently has a detrimental impact on its clients. The company doesn’t provide a cent account, which traders frequently use to test trading techniques and learn how the broker/platform works. You are compelled to replenish the deposit for a sizable sum right now.
The terms that are provided do not match the trading conditions on the ECN account. You may experience a situation where pending orders on the STP/ECN Zero Spread account cannot be placed any closer than 5 pips to the market price in 4-digit quotations when working with this broker.
IronFx Details
