IronFX Review: this is the name of a Forex broker that is located in Bermuda. Is ironfx.com a legit Forex broker or scam?
It claims to be a “Solid Trading” platform providing lots of trading options for traders. Its location gives us initial worries as it in a place where Forex trade is not under strict regulations. A demo account is offered to traders to test their claims.
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The broker states that it is owned by Notesco Limited and card transactions are processed by CIFOI Limited. Further, it serves as an introducing broker and runs some affiliate programs. On the page we discovered that it gives alerts for clients’ use and benefit.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
IronFX Trading Platform
It is mentioned that IronFX trading software is operated on a MetaTrader 4 platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 85+ currencies, 195+ cryptocurrencies and CFDs on 5+ commodities including Gold, Silver, Stocks, Stock indexes, and Oil. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1:1000 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to start from as low as 0 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on IronFX
The means of making payments and withdrawals with this broker are not stated. We do not find it encouraging that e-wallets are not in use.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $100 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges and fees are not mentioned and we would like to know if they are applied or not.
Trading bonuses are not offered to clients and we have found that this is a method used by scammers to impose restrictions on clients’ accounts. We encourage its absence in this broker.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is IronFX Licensed?
No. IronFX is not a duly licensed Forex broker. It is located in an offshore location where Forex trades are not regulated. We have warned traders countless times to avoid unlicensed brokers.
Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
Disturbing Things Found About IronFX
Although there are some good things as highlighted above about the broker, we found many discouraging things as well. First, on a third-party website, FPA, we found that the brokerage has been termed illegal and a scam after many false reviews and failure of professional representatives to reach out to address the matter.
Also, we discovered that IronFX have been fined by the CySEC after many warnings to traders to avoid them. The CVN of Brazil too issued a warning for traders to stay away from the Forex broker.
To reach the broker or a customer care agent, call: +44(0) 203 282 7777 or email: email@example.com
We find that IronFX gives a good trading platform and trading conditions as well. But the fact that it is unlicensed is a big issue as well as the numerous complaints from clients and its issue with the CySEC.
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