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Do you want to know which is the better broker between IronFX and LiteForex ?
In the table below, you can compare the features of IronFX , LiteForex side by side to determine the best fit for your needs.
EURUSD:-0.1
--
EURUSD:19.98
XAUUSD:52.75
EURUSD: -0.65 ~ -4.08
XAUUSD: -4.47 ~ -3.25
EURUSD:0.4
EURUSD:2.6
EURUSD:10.48
XAUUSD:24.84
EURUSD: -6.71 ~ 2.98
XAUUSD: -44.72 ~ 9.53
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of ironfx, liteforex lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
Broker Name | IronFX |
Registered in | Cyprus |
Regulated by | CYSEC, FCA |
Year(s) of establishment | 2010 |
Trading instruments | 300+ instruments, including Forex, Metals, Indices, Commodities, Futures and Shares |
Minimum Initial Deposit | Information not available |
Maximum Leverage | 1:30 |
Minimum spread | 0.0 pips onwards |
Trading platform | MT4, WebTrader |
Deposit and withdrawal method | VISAMasterCardMaestroSkrillNetellerDotPay |
Customer Service | 24/5, Email, phone number |
Fraud Complaints Exposure | No for now |
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:
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.
Pro | Con |
IronFX offers tight spreads and fast execution due to its Market Making model. | As a counterparty to its clients' trades, IronFX has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients. |
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.
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.
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.
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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.
Pros | Cons |
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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.
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.
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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.
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.
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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.
Pros | Cons |
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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.
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
Credit Card/Debit Card | Deposit Fees | Maximum transaction amount |
VISA | None | USD 50,000 per transaction |
MasterCard | None | USD 50,000 per transaction |
Maestro | None | USD 50,000 per transaction |
Bank Wire | Deposit Fees | |
Bank wire | Depends on the corresponding and intermediary banks.IronFX does not apply any fees. | |
Skrill | Deposit Fees | Maximum transaction amount |
USD 50,000 per transaction | ||
Neteller | Deposit Fees | Maximum transaction amount |
USD 50,000 per transaction | ||
DotPay | Deposit Fees | Maximum transaction amount |
PLN 200,000 |
Withdrawal
Credit Card/Debit Card | Withdrawal Fees | Maximum transaction amount |
VISA | up to EUR 1.5 per transaction | USD 50,000 per transaction |
MasterCard | up to EUR 1.5 per transaction | USD 50,000 per transaction |
Maestro | up to EUR 1.5 per transaction | USD 50,000 per transaction |
Skrill | Withdrawal Fees | Maximum transaction amount |
1% capped to USD 10,000 | USD 50,000 per transaction | |
Neteller | Withdrawal Fees | Maximum transaction amount |
2% capped to USD 30.00 / minimum USD 1.00 per transaction | USD 50,000 per transaction | |
DotPay | Withdrawal Fees | Maximum transaction amount |
N/A | PLN 200,000 |
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.
Pros | Cons |
24/5 support line | No 24/7 support |
Email support with response within 24 hours on business days | No live chat support |
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.
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.
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.
Note: 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.
Registered in | Cyprus |
Regulated by | CYSEC |
Years of Establishment | 10-15 years |
Trading Instruments | Currency pairs, indices, metals, energy |
Demo Account | Available |
Minimum Initial Deposit | $10 |
Maximum Leverage | 1:30 |
EUR/USD Spread | 0.5 pips onwards |
Trading Platforms | MT4, MT5 |
Deposit & Withdrawal Method | Bank wire transfer, credit card, skrill, neteller, etc. |
Customer Service | Email/phone number/address/live chat |
Fraud Complaints Exposure | Yes |
LiteForex is a Cyprus-registered company that provides online trading services for forex, commodities, indices, and metals markets. It is regulated by the Cyprus Securities and Exchange Commission (CYSEC) and offers two types of live accounts: ECN and Classic. LiteForex also provides a demo account, educational resources, and customer support in multiple languages. The company allows clients to deposit and withdraw funds via electronic transfers, bank cards, and bank wire transfers with a minimum amount of 10 USD and no extra fees.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
LiteForex is an STP (Straight Through Processing) broker that enables its clients to have direct access to interbank markets. This type of broker passes on their client's orders directly to liquidity providers, which are typically banks, without the need for a dealing desk. As a result, STP brokers are typically known for their transparency and faster order execution. LiteForex's STP model allows clients to experience pricing that reflects current market conditions, which can result in lower trading costs. However, since LiteForex does not have fixed spreads, clients may experience wider spreads during volatile markets. Additionally, requotes may occur due to the time it takes to process orders.
LiteForex offers its clients a wide range of trading markets that includes currency pairs, indices, metals, and energy. This variety of instruments allows traders to find what they want to trade on the platform, whether they are beginners or experienced traders. However, LiteForex does not offer cryptocurrencies and stocks currently.
LiteForex offers a demo account for beginners to practice trading without risking real money. For live accounts, the company provides two options: ECN and classic. The classic account has higher spreads but no commission, while the ECN account has lower spreads but a $3 commission per lot. This allows traders to choose the type of account that best fits their trading style and preferences.
LiteForex offers a maximum leverage of 1:30, which is a commonly seen level in the forex industry. Leverage is an important aspect of forex trading as it allows traders to open positions larger than the amount of money they have deposited, which can lead to higher profits with successful trades. However, it also increases risk and potential losses, especially for inexperienced traders who may be tempted to over-leverage their positions. While higher leverage can be attractive to traders with smaller capital amounts, changes in market conditions can lead to sudden losses. It is important to note that regulators may restrict leverage levels in certain regions.
Advantages | Disadvantages |
Tight and variable spreads | Lack of transparency on spread and commission information |
Competitive average spread for major currency pairs | No information on commission charges |
No hidden fees or charges |
LiteForex's information on spreads and commissions is quite limited, which may make it difficult for traders to accurately assess the cost of trading with the broker. However, LiteForex does declare to have tight and variable spreads, with an average spread of 0.5 pips for EURUSD, which is a competitive level compared to other brokers in the market. The broker also does not have any hidden fees or charges, which can be seen as an advantage for traders. However, the lack of transparency on commission charges may be a disadvantage for traders who want to have a clear understanding of all the costs involved in trading with the broker.
LiteForex offers both MT4 and MT5 trading platforms, which are widely recognized and trusted by traders in the industry. These platforms provide a user-friendly interface and a wide range of features and tools, making it easy for traders to analyze and execute trades.
Advantages | Disadvantages |
Various payment methods available | No mention of e-wallet options |
Minimum deposit is only $10 | Limited information on withdrawal processing times |
No additional fees for deposits or withdrawals | No option for local bank transfer in some countries |
LiteForex's deposit and withdrawal process offers several advantages to traders. Firstly, the broker supports multiple payment methods, including electronic transfers, bank cards, and bank wire transfers. Secondly, the minimum deposit requirement is only $10, making it easy for beginners to get started. Lastly, there are no extra fees charged for deposits or withdrawals, which is a bonus for traders on a tight budget. However, LiteForex does not offer e-wallet options, which is a popular payment method among traders, and the information on withdrawal processing times is limited. Additionally, local bank transfer is not available in some countries.
LiteForex offers a comprehensive range of educational resources for traders of all levels. With glossaries, e-books, tutorials, strategies, economic calendars, analytics, traders calculators, currency rates, economic news, and more, LiteForex provides a wide range of resources to help traders make informed decisions.
Advantages | Disadvantages |
Multiple language support | Limited working hours |
Multiple contact options (email and phone) | No live chat available |
Physical address provided | No 24/7 customer support |
Quick response time during working hours |
LiteForex offers a variety of customer service options to its clients, including support in multiple languages and two contact options: email and phone. However, there is no live chat available, and customer support is only available during limited working hours from 9 a.m. to 9 p.m. (GMT+2) on weekdays. Another downside is the lack of 24/7 customer support. Despite these limitations, the broker provides a physical address, which can add to clients' peace of mind. Moreover, during the working hours, the response time is quick, and clients can expect to receive a helpful response in a timely manner.
In conclusion, LiteForex is a well-established and reputable online forex and CFD broker, offering a wide range of trading instruments, educational resources, and customer support in multiple languages. With its user-friendly trading platforms, tight spreads, and low minimum deposit, it is an attractive option for both beginner and experienced traders. While its maximum leverage is relatively low compared to some other brokers, this can be seen as a positive aspect for traders who prioritize risk management. Overall, LiteForex seems to be a reliable and trustworthy choice for anyone looking to trade the financial markets. However, it is important to always do your own research and carefully consider the risks involved before making any investment decisions.
Is LiteForex a regulated forex broker?
Yes, LiteForex is a regulated forex broker registered with the Cyprus Securities and Exchange Commission (CYSEC).
What trading platforms does LiteForex offer?
MT4 and MT5.
What financial instruments can I trade on LiteForex?
LiteForex provides currency pairs, indices, metals, and energy.
Does LiteForex offer a demo account?
Yes. Demo accounts are on offer on this platform.
Is LiteForex a good broker for beginners?
Yes, liteforex is a good choice for newbies because it operates legally, allows $10 to start trading, and offers risk-free demo accounts.
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive ironfx and liteforex are, we first considered common fees for standard accounts. On ironfx, the average spread for the EUR/USD currency pair is -- pips, while on liteforex the spread is from 2.0 points.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
ironfx is regulated by CYSEC,FCA,FSCA. liteforex is regulated by CYSEC.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
ironfx provides trading platform including Absolute Zero,Zero Spread,No Commision,Live Zero Fixed Spread,VIP,Premium,Standard and trading variety including Forex, Metals, Indices, Commodities. liteforex provides trading platform including CLASSIC,ECN and trading variety including --.