It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.

Pros and cons of IronFX

Pros:

• Wide range of trading instruments including Forex, Metals, Shares, Futures and Cryptocurrencies.

• Multiple account types including STP/ECN, Zero Spread and VIP accounts.

• Various deposit and withdrawal methods with no fees from IronFX's side.

• Availability of Islamic accounts for traders adhering to Shariah law.

• Customer support is available 24/5 via phone and email.

Cons:

• Educational resources are not available, which may be a disadvantage for beginner traders.

• The maximum leverage is limited to 1:30, which may not be suitable for high-risk traders seeking higher leverage.

• Limited regulatory oversight, with the company being regulated by only one top-tier regulator.

• High commissions for some account types and instruments, which may result in higher trading costs for traders.

• Limited availability in certain countries, which may restrict access for some potential clients.

What type of broker is IronFX？

IronFX is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, IronFX acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that IronFX has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with IronFX or any other MM broker.

What is IronFX？

IronFX is a global online trading platform that provides access to forex, stocks, metals, commodities, and indices. Founded in 2010, IronFX is regulated by multiple financial authorities and provides clients with access to various trading platforms, including MetaTrader 4 and WebTrader. The company offers a range of account types, trading tools, and educational resources to cater to the needs of traders with different levels of experience. IronFX has won numerous awards for its products and services, including Best FX Broker, Best Trading Platform, and Best Customer Service Provider.

In the following article, we will analyze the characteristics of this broker in all its dimensions, providing you with easy and well-organized information. If you are interested, read on.

Is IronFX Safe？

IronFX, operated by Notesco Financial Services Ltd in Cyprus, is currently regulated by the Cyprus Securities and Exchange Commission (CYSEC), holding an Market Making (MM) License, with license no. 125/10.

IronFX's UK entity, NOTESCO UK Limited, is currently regulated by the Financial Conduct Authority (FCA) in the UK, holding an STP license under license no.585561.

Market instruments

IronFX offers access to 500 trading instruments from 6 asset classes, covering forex, metals, indices, commodities, futures, and shares. With over 80 currency pairs, including major, minor, and exotic pairs, IronFX provides access to a range of global markets. While some traders may find the number of available instruments overwhelming, this variety provides numerous trading options and the opportunity to capitalize on different market trends. However, some instruments may have low liquidity, leading to wider bid-ask spreads, and high volatility, leading to greater risk exposure. Additionally, trading a large number of instruments may require a greater amount of research and analysis, and some instruments may have high margin requirements, leading to greater risk and capital requirements.

Spreads and commissions for trading with IronFX

IronFX offers a range of spreads, commissions, and other costs depending on the account type and instrument traded. For example, the live floating spreads of EURUSD in VIP account can be as low as 0.6 pips, which is highly competitive. Additionally, IronFX provides competitive commissions for certain account types, such as $10 per lot on STP/ECN Zero Spread account for trading EURUSD. On the other hand, IronFX lacks transparency in providing information on minimum deposit and swap rates, which may be a disadvantage for traders. Additionally, the lack of information on other trading costs such as slippage or overnight fees may be a drawback for traders who want to accurately assess the total cost of trading with IronFX. Despite these drawbacks, IronFX offers a wide range of instruments to trade, providing traders with multiple options to diversify their portfolio.

Promotions & Bonuses

Iron FX is hosting a trading competition running from April 1, 2024, to June 30, 2024, with a massive $500,000 prize pool up for grabs. Traders can participate by opening a competition account and meeting the minimum deposit requirement for each round. The competition provides an opportunity for traders to showcase their skills and compete for substantial cash prizes. Detailed information regarding the competition, including rules, prize structure, and registration process, is available on the Iron FX official website.

Trading Accounts

IronFX seems to offer an innovative yet professional account structure to its traders.

For live floating or live fixed spreads trading, Iron FX offers Standard, Premium, VIP, and Live Zero Fixed Spread accounts for CFDs across forex, metals, indices, commodities, futures, and shares (except Live Zero). Minimum lot size is 0.01 with multiple base currencies. Spreads range from 1.6 pips (Standard) to 1.2 pips (VIP) floating or fixed (Live Zero) with/without commissions. Leverage up to 1000:1, 20%/50% stop-out, swap-free options available. All accounts include dedicated account managers, dealing desk support, and 24/5 assistance.

For traders who want to try the STP or ECN model, three specilized account options are on offer: No commission, Zero Spread, and Absolute Zero. These accounts provide access to CFDs on forex, metals, indices, and commodities, with a minimum lot size of 0.01. Base currency options include USD, EUR, JPY, GBP, and BTC.

The No Commission account features spreads starting from 0.9 pips without any commission charges. Conversely, the Zero Spread account has zero spreads but includes commissions on trades. The Absolute Zero account combines the best of both worlds, offering zero spreads and no commissions, albeit with a lower leverage cap of 200:1 compared to 500:1 for the other two account types.

Trading Platform(s) that IronFX offers

IronFX's trading platforms cater to various trader preferences, offering a range of web-based, mobile, and social trading solutions. The MT4 platform provides advanced functionality, while the WebTrader and Web App offer user-friendly interfaces. The VPS service ensures continuous trading capabilities, and the mobile app allows for on-the-go access. Additionally, the PAMM and TradeCopier features facilitate social trading and strategy copying, providing traders with opportunities to learn from and follow successful peers.

MetaTrader 4 and WebTrader

• MetaTrader 4 (MT4) - The industry-standard platform offering advanced charting, technical analysis tools, Expert Advisors (EAs), and customizable interfaces.

• WebTrader - IRON FX's proprietary web-based platform providing a user-friendly interface and access to various trading instruments.

• VPS (Virtual Private Server) - Allows traders to run automated trading strategies and EAs on a dedicated virtual server, ensuring continuous connectivity.

• PAMM (Percent Allocation Management Module) - Allows traders to allocate funds to successful money managers and participate in their trading strategies.

Mobile Apps:

• New mobile app (iOS and Android) - IRON FX's newly launched mobile application, enabling traders to monitor their accounts, place trades, and access real-time market data on-the-go.

• Web App - The next generation, web-based Web Trader app is a powerful app that is easy to use and syncs effortlessly with the MT4 platform.

Social Trading Features:

• TradeCopier - A social trading feature that enables traders to automatically copy the trades of other successful traders, mirroring their strategies and positions.

Maximum Leverage of IronFX

IronFX offers a maximum leverage of up to 1:30, which allows traders to increase potential profits with a smaller initial investment and provides flexibility to trade larger positions. However, high leverage can increase potential losses, and requires strict risk management and trading discipline to avoid margin calls and account liquidation. Although leverage can offer opportunities for diversification and risk management, it is not suitable for all traders, especially beginners who may not have a solid understanding of leverage. Therefore, traders must carefully consider their risk appetite and experience level before deciding to trade with leverage.

Deposit and Withdrawal: Methods & Fees

IronFX offers a variety of deposit and withdrawal options for traders. Bank wire transfers have no deposit fees, but may be subject to corresponding and intermediary bank fees. Credit/debit card deposits have a maximum transaction amount of USD 50,000 per transaction and no fees, but withdrawals may have fees up to EUR 1.5 per transaction. Skrill and Neteller deposits have a maximum transaction amount of USD 50,000 per transaction and no fees, but withdrawals have a maximum transaction amount of USD 50,000 per transaction and Neteller withdrawals have a minimum fee of USD 1.00 per transaction. DotPay withdrawals have a maximum transaction amount of PLN 200,000 with no associated withdrawal fees.

Deposit

Withdrawal

Educational Resources in IronFX

Iron FX offers a comprehensive educational suite including VIP market analysis, webinars, seminars, podcasts, trading psychology resources, financial news, video tutorials, and an economic calendar. These rich educational resources can potentially help traders seek knowledge enhancement across various topics, strategies, market updates, and psychological aspects of trading, ensuring a well-rounded learning experience for all skill levels.

Customer Service of IronFX

IronFX offers customer care services through email support and a support line that is available to answer calls 24/5. Customers can expect to receive a response within 24 hours during business days when they send an email to the support team. However, there is no live chat support available, and customer care services are not available 24/7. Also, the language support provided is limited, which may be a disadvantage for some customers.

Conclusion

Overall, IronFX is a well-established and regulated online brokerage firm offering a wide range of trading instruments, including forex, metals, indices, commodities, and shares, to its clients. The company offers multiple account types and trading platforms, catering to the needs of different types of traders. It also provides its clients with access to various deposit and withdrawal options, as well as a dedicated customer support team. However, the lack of educational resources and limited research tools may make it less suitable for novice traders. Additionally, the high minimum deposit requirement and relatively high fees may make it less accessible for some traders. Nonetheless, IronFX's strong regulation, multiple trading instruments, and flexible account options make it a competitive choice for experienced traders.

Frequently asked questions about IronFX ( FAQs)

Is Iron FX suitable for beginners？

IronFX can be a decent starting point for beginners. This broker provides educational resources and a user-friendly platform (MetaTrader 4).

Is Iron FX safe to trade with？

IronFX can be safe if you use their entities regulated by UK's FCA, Cyprus' CySEC or South Africa's FSCA. But check forex broker safety ratings before starting.

Does Iron FX offer some unique features？

IronFX offers a social trading platform (“Tradecopier”) to copy experienced traders, potentially helpful for beginners.

General Information & Regulation

LIRUNEX is a retail forex and CFD broker that is registered in Cyprus and regulated by multiple regulatory authorities. The broker offers a variety of trading instruments, including forex, indices, commodities, and cryptocurrencies, with competitive spreads and leverage up to 1:30 for forex trading.

LIRUNEX also offers multiple account types, namely Standard, Prime and Pro accounts and each with different minimum deposit requirements and features to cater to different trading styles and preferences. For example, the Standard account requires a minimum deposit of $500 or equivalent amount.

LIRUNEX's trading platform of choice is MetaTrader 4, which is available for both desktop and mobile devices. LIRUNEX supports various order types, including market orders, limit orders, stop orders, and trailing stop orders. Traders can also execute orders using the One-Click Trading feature on the MetaTrader 4 platform. In addition, LIRUNEX provides various educational resources and trading tools to assist traders in making informed decisions.

LIRUNEX offers customer support via several channels, including phone, email, as well as some social media platforms, and an online contact form. The customer support team is available 24/5 to assist traders with any queries or issues they may have. LIRUNEX's website also features a comprehensive FAQ section, which can be accessed from the “Support” tab on their website, providing answers to frequently asked questions on topics such as account opening, trading conditions, and platform features.

Is LIRUNEX legit or a scam？

LIRUNEX has multiple entities that are regulated by various regulatory authorities, including CySEC, BDF, BaFin, LFSA, and CNMV. This means that LIRUNEX operates under strict guidelines and adheres to high levels of regulatory standards and consumer protection policies.

LIRUNEX LIMITED, is authorized and regulated by Federal Financial Supervisory Authority of Germany (BaFin) under regulatory license number 156748;

Lirunex Ltd, is authorized and regulated by Banque de France (BDF) under regulatory license number 83447;

Lirunex Ltd, is also authorized and regulated by the Cyprus Securities and Exchange Commission (CYSEC) under regulatory license number 338/17;

Lirunex Limited is also authorized and regulated by the Labuan Financial Services Authority (LFSA) under regulatory license number MB/20/0050;

LIRUNEX LTD, is authorized and regulated by the Comisión Nacional del Mercado de valores (CNMA) under regulatory license number 4829;

Pros and Cons

LIRUNEX is a forex broker that offers traders competitive trading conditions, such as low spreads and high leverage. The broker provides free educational resources, including webinars, ebooks, and video tutorials, to help traders improve their trading skills. LIRUNEX also has a range of payment options available for its clients to use.

However, LIRUNEX also has some drawbacks. The broker has a limited asset offering, as it only offers Forex and CFDs. Additionally, the minimum deposit requirements are relatively higher compared to other brokers. LIRUNEX also only provides users with the option to trade via MetaTrader 4, limiting choices for experienced traders who may prefer other trading platforms. The demo account funding is only available to users registered in certain countries, while the broker's services are only available in certain jurisdictions and not to residents of the United States. Social trading features are also not available on the LIRUNEX trading platform.

Market Instruments

LIRUNEX is a well-established online brokerage firm that caters to the needs of traders worldwide. It offers a comprehensive selection of market instruments to its clients, including Forex, Spot Metals, Indices, Shares, and Energy.

• Forex: LIRUNEX offers a wide range of currency pairs for trading, including major currency pairs such as EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic currency pairs.

• Spot Metals: LIRUNEX offers spot trading of precious metals such as gold and silver. Spot trading allows traders to buy and sell these metals at the current market price.

• Indices: LIRUNEX offers trading on a variety of global stock indices, including the S&P 500 index, NASDAQ index, and the Dow Jones Index. Trading indices allows traders to speculate on the performance of a whole stock market, rather than just individual stocks.

• Shares: LIRUNEX offers trading of stocks from various global markets, including the US, UK, Europe, and Asia. Trading on stocks allows traders to invest in well-known companies and earn profits based on their performance.

• Energy: LIRUNEX offers trading of energy products such as crude oil and natural gas. Traders can benefit from price changes in energy markets, which are known for their high volatility.

Account Types

LIRUNEX offers a range of account types to suit the needs of different traders. They have carefully crafted their account types to offer a tailored experience to traders based on their trading level, experience, and financial status. The account types offered by LIRUNEX are Standard, Prime, and Pro.

The Standard account requires a minimum deposit of $/€ 500 and is suitable for novice traders who are new to the market. This type of account offers basic trading conditions, including access to all trading instruments, customer support, educational resources, and trading tools.

The Prime account requires a higher minimum deposit of $/€ 2,000 and is targeted towards traders who have more experience in the market. This account type offers tighter spreads, lower commissions, and additional perks such as exclusive trading signals and faster withdrawals.

The Pro account is the top-tier account type offered by LIRUNEX and requires a minimum deposit of $/€ 10,000. This type of account is geared towards professional traders who require a higher level of trading conditions, including dedicated account managers, advanced trading tools, priority customer support, and lower commissions and favorable market conditions.

All account types offered by LIRUNEX come with negative balance protection, and the MetaTrader 4 trading platform. Additionally, traders can choose from different currency options, EUR or USD.

How to open an account？

Opening an account with LIRUNEX is a straightforward process and can be completed in a few simple steps. Here is a step-by-step guide on how to open an account with LIRUNEX:

1. Visit the LIRUNEX website and click on the “Register” button on the top right-hand corner.

2. Fill in the registration form by providing accurate personal details, including your name, email address, and phone number.

3. Select your preferred account type - Standard, Prime, or Pro - and choose your base currency.

4. After filling in the form, you will receive an email to confirm your registration.

5. Next, login to your LIRUNEX account and complete your account verification by uploading the necessary documents. The documents required for verification can be found on the website or by contacting customer support.

6. Once your account is verified, you can fund your account by choosing a payment method that is convenient for you. LIRUNEX provides several payment options, including bank transfers, credit/debit cards, and e-wallets.

7. After funding your account, you can begin trading by downloading the LIRUNEX trading platform or by using the web-based platform.

8. LIRUNEX provides customers with 24/5 customer support to assist with any issues that may arise during the trading process.

Leverage

As per the regulations by ESMA, the default leverage for retail forex traders is set at a maximum of 1:30, while professional traders are allowed to trade with a higher leverage of up to 1:100.

Leverage refers to the amount of borrowing that a trader can use to open a position in the market. Higher leverage can increase potential profits, but it also comes with higher risk. Professional traders are considered to have a higher level of experience and knowledge of the financial markets, which is why they are often offered higher leverage options.

However, it's important to note that leverage should be used wisely, and traders should always consider the risks involved before trading with high leverage. It's also essential to have a risk management strategy in place to protect your investment in case of unfavourable market conditions.

Spreads & Commissions

LIRUNEX offers a variety of trading account types to suit the needs of different traders. Each account type features different spreads and commission charges. Here, we will explain the available accounts and what they offer in terms of spreads and commissions.

The Standard Account is designed for those who are new to trading or who prefer lower costs. With this account, you can trade with floating spreads that start from 2 pips. The best part is that there are no commissions charged on trades. This account is ideal for beginners who want to start trading with a lower investment.

The Prime Account is designed for those who require tighter spreads and faster trade execution times. With this account, you can trade with floating spreads that start from 0.6 pips, which is significantly lower than the Standard Account. However, this account comes with a commission charge of $8 per lot traded. This account is suitable for traders who require faster trading speeds and lower spreads.

The Pro Account is designed for professional traders who require the tightest spreads possible and access to institutional-grade trading conditions. With this account, you can trade with spreads that start from 0.0 pips, which means that you can trade with almost no spreads! It is important to note that this account comes with a commission charge of $4 per lot traded. This account is ideal for high volume traders who require high-quality trading conditions.

Non-Trading Fees

Apart from trading fees, LIRUNEX also charges some non-trading fees that traders should be aware of. Here are some of the non-trading fees charged by LIRUNEX:

• Deposit Fees - While deposits with LIRUNEX are free of charge, some payment providers may charge you fees for depositing funds. It's important to check with your payment provider to see if they charge any fees.

• Withdrawal Fees - LIRUNEX does not charge any withdrawal fees. However, the payment provider you use to withdraw funds may charge fees. LIRUNEX also waives the first withdrawal fee for its clients each month.

• Inactivity Fees - If there has been no trading activity in your account for a period of 90 days, an inactivity fee of $50 will be charged for each subsequent month until the account is active again.

• Conversion Fees - If you deposit funds in a currency different from the one in which your LIRUNEX account is denominated, you will be charged a conversion fee of 2% of the deposit amount. This fee is charged to cover the costs of converting the funds to your account currency.

• Overnight Financing Fees - LIRUNEX charges overnight financing fees for positions that are held open overnight. These fees can be either positive or negative and depend on the instrument being traded.

Trading Platform

LIRUNEX provides MetaTrader 4 (MT4) trading platform for its clients. The MT4 platform is available in PC, iOS, and Android versions that allow traders to access their accounts and trade from anywhere, at any time.

MT4 is a well-known and widely-used trading platform globally, known for its user-friendly interface, advanced charting features, multiple order types, and the ability to support automated trading strategies like Expert Advisors (EAs). The platform also offers a vast array of technical analysis tools that traders can use to make informed decisions.

LIRUNEX provides a range of trading instruments through its MT4 platform, including forex, commodities, and indices. The platform also supports multiple account types, allowing traders to choose the one that suits their needs best.

Deposit & Withdrawal

LIRUNEX supports various payment methods for deposits and withdrawals, including Global, SEPA, Global Transfer, VISA, Mastercard, ePay.bg, GiroPay, Sofort, and Webmoney. Deposits through most payment methods have a minimum deposit requirement of 50. However, the minimum deposit through global transfer is $300.

It is important to note that the processing time for withdrawals can vary depending on the payment method used. Withdrawal requests made through Visa and Mastercard can take up to 10 business days to process. This is due to the nature of these payment methods, which typically involve additional security checks and verification procedures to ensure that the funds are being transferred to the correct account.

Customer Support

LIRUNEX offers several channels of customer support to assist its traders. This includes:

1. Email support, which is available 24/7 and allows traders to submit their questions or concerns to LIRUNEX's support team.

2. Phone support, which is available during business hours and allows traders to speak to a support representative directly.

3. A comprehensive FAQ section on LIRUNEX's website, which provides answers to common questions and concerns about trading with LIRUNEX.

4. In addition to these channels of customer support, LIRUNEX also offers a personal account manager service for premium account holders, which provides dedicated assistance and support for their trading needs.

Educational Resources

LIRUNEX offers a range of educational resources to help traders improve their trading skills and knowledge in the Forex markets. Some of these resources include a beginner's guide, an economic calendar, trading strategies, market analysis, and informative articles.

These resources are designed to help traders understand the fundamental and technical analysis of the Forex markets, as well as to give them an overview of the trading tools and features available on the LIRUNEX platform. By using these resources, traders can better navigate the Forex markets, make more informed trading decisions, and ultimately, achieve their trading objectives.

Conclusion

In conclusion, LIRUNEX is a reputable forex broker that offers traders a range of benefits and drawbacks. Its competitive spreads, multiple account types make it an attractive option for traders looking to improve their skills and trading outcomes. However, its limited product offerings, lack of available US trading accounts, and potentially higher withdrawal fees for certain accounts may be disadvantages for some traders. Overall, LIRUNEX provides a secure and regulated trading environment and is worth considering for traders looking for a well-rounded forex broker. As always, traders are advised to conduct thorough due diligence and weigh their options before investing their funds.

FAQs

Q: What regulatory standards does LIRUNEX comply with？

A: LIRUNEX has multiple entities that are regulated by various regulatory authorities, including CySEC, BDF, BaFin, LFSA, and CNMV.

Q: What account types are available at LIRUNEX？

A: LIRUNEX offers three different account types, including Standard, Prime and Pro accounts. Each account type has different features, including minimum deposits, trading conditions, and access to additional tools.

Q: How can I fund my account with LIRUNEX？

A: LIRUNEX offers several different funding options, including Global, SEPA, Global Transfer, VISA, Mastercard, ePay.bg, GiroPay, Sofort,Webmoney,and more.

Q: Does LIRUNEX offer educational resources？

A: Yes, LIRUNEX has a variety of educational resources available for traders of all skill levels, including webinars, video tutorials, eBooks, and more.

Q: How can I get in touch with customer support at LIRUNEX？

A: LIRUNEX customer support is available 24/7 via email, phone, or live chat.

Q: What trading platforms does LIRUNEX offer？

A: LIRUNEX offers two trading platforms, including the popular MetaTrader 4 (MT4) platform and the Lirunex Trader platform. Both platforms can be used on desktop.