FXLORDS Increase Your Profits
Who are they?
IronFX was set up in and is run from Cyprus where it is regulated by CySEC, the Cypriot financial regulatory body. According to their website, they boast fifty offices spread across the globe allowing trading in ‘over 180’ countries which can’t be true since that cover just about all of them, given that there are only 196 separate countries in the world.
They offer fifteen different trading platforms trading over 200 products including Forex, CFDs, metals, stocks and shares and employ 1200 members of staff speaking 45 different languages. If the figures are to be believed, then they will certainly be the biggest global leaders in financial trading, unfortunately they are not. What they did was registering several subsidiary companies, which most of them are only registered in the host country. The most notable was their registration and regulation by the FCA in the UK, which every other broker has it. There is no mention of any regulation in the US.
They offer fifteen different trading platforms trading over 200 products including Forex, CFDs, metals, stocks and shares and employ 1200 members of staff speaking 45 different languages. If the figures are to be believed, then they will certainly be the biggest global leaders in financial trading, unfortunately they are not. What they did was registering several subsidiary companies, which most of them are only registered in the host country. The most notable was their registration and regulation by the FCA in the UK, which every other broker has it. There is no mention of any regulation in the US.
Review Overview
Compliance to Different Authoroties
Speed and Ease of Procedures
Platform Execution
Technology and Facilities
Customer Support and Offers
Not recommended!
Might be the worst Forex broker out there
How do they help me learn?
They claim they do, but they don’t. Instead, they do everything possible to push you into trading and executing the biggest trades. And if you do, you will definitely come across situations where they widen the spread excessively on pairs you trade, or set the margin level lower or alter any of their trading conditions on your account without any notification. If you won on that trade, they might disable you from trading for a week or simply just assign you to their “Red List”, basically just because you made money.
The website has a lot of statements claiming their care for the novice trader and their education. However, their ‘Academy’ section, is at best ‘work in progress’. They are promising upcoming video tutorials and an eBook, but that still appears to be some way off. For now, new traders have a choice of the following:
The website has a lot of statements claiming their care for the novice trader and their education. However, their ‘Academy’ section, is at best ‘work in progress’. They are promising upcoming video tutorials and an eBook, but that still appears to be some way off. For now, new traders have a choice of the following:
- Webinars – Aimed at their worldwide audience, only a few of the Webinars are in English and are currently aimed at understanding technical indicators. Taking a look at them showed that they are aimed to target the experienced trader as they immediately go into technical language.
- Seminars – IronFX offer a series of seminars in different locations around the world. You’ll need to register for them and there’s a fee to pay which some traders feel is excessive for the level of knowledge that’s imparted.
- Expos – IronFX are regulars at conferences and exhibitions in the broking world and by one to one contact hope to encourage you to open an account with them.
- Daily Commentary – The service is supposed to be a daily one, unfortunately its not, however, They produce a commentary on what has happened in the markets during that day and an intraday commentary to keep traders up to date as news unfolds.
- Encyclopedia – IronFX’s own glossary of terms with some explained in greater detail.
- IronFX TV/Video – This is more of a gimmick than a useful tool, it does roughly the same as the daily and intraday commentaries but in ‘TV’ or video format.
How is the clients support service in general?
IronFX offer a live chat facility that pops up soon after you reach their website. The response from it is reasonably quick depending on the time of day. The operators are friendly, polite and well informed. If you ask a technical question they can sometimes take a bit longer or suggest you put your query, if it’s non-urgent, in an email. Email response time is understandably slower but it’s still acceptable.
Overall, the client support team was very helpful and the website promises that they can respond to you in any one of 45 different languages so, in theory, misunderstandings should be eliminated.
Overall, the client support team was very helpful and the website promises that they can respond to you in any one of 45 different languages so, in theory, misunderstandings should be eliminated.
What does the industry say?
Once more, IronFX, like every other broker, seems to have a plethora of awards from several of the many award givers. It looks like they’ve scooped the ‘best at everything’ award but often the awards have little substance.
On a more concerning note, feedback from other traders alleges shadowy practices including review padding – unnecessary if a broker is performing as they should. Some traders warn prospective clients not to work with IronFX until the company has responded adequately to the concerns.
How safe is my money?
IronFX has a number of registrations in different countries around the world attributed to subsidiary companies including registration with CySEC in Cyprus and the FCA in the UK. On the basis of these registrations and the regulations that attend them, your money should be safe. However, history is full of examples of companies which engaged in illegal activities or practices.
What platforms does IronFX offer?
Boasting fifteen trading platforms, IronFX have used a little license in their claims for many of them are simply different versions of the same platform. Broken down you’ll find MetaTrader 4 and 5, an in house platform called Webtrader and several mobile versions for Android, iOS, Blackberry and Windows. They offer web based platforms and downloadable ones. Although MT4 is the industry standard for reliability, but the fact that they can and will change some aspect of their trading conditions leave no preferable platform in our point of view; there is no data for their in house platforms, there’s no reason to stick with their MT4 either.
What about their trading conditions?
Traders can choose their own leverage on many of the accounts offered by IronFX. This can range from 1:1 to 1:500 although certain currencies, for example the Rouble and Renminbi, can only be 1:10.
On account of their global coverage, IronFX offer Islamic accounts for those whose culture won’t allow interest to be charged or paid, but its limited to the first 14 days only
Accounts with IronFX are generally EA friendly.
Whilst the company promises limited or zero slippage, it does occur as witnessed by some of the observations from other traders. Equally, whilst seemingly not intentional, requoting has been reported.
On account of their global coverage, IronFX offer Islamic accounts for those whose culture won’t allow interest to be charged or paid, but its limited to the first 14 days only
Accounts with IronFX are generally EA friendly.
Whilst the company promises limited or zero slippage, it does occur as witnessed by some of the observations from other traders. Equally, whilst seemingly not intentional, requoting has been reported.
How much will it cost me?
Spreads can be as little as zero and whilst spreads aren’t fixed, the variation between quoted spread and typical spread is low.
The advanced feature was IronFX :Client’s Area” or user interface, which allows clients to deposit and withdraw funds easily to and from a variety of sources including bank accounts, plastic, money transfer and Skrill. Deposits are usually applied on the same business day but withdrawals can take up to seven working days to get to you. They can also change the leverage on their account without having to speak with anyone of their staff
The advanced feature was IronFX :Client’s Area” or user interface, which allows clients to deposit and withdraw funds easily to and from a variety of sources including bank accounts, plastic, money transfer and Skrill. Deposits are usually applied on the same business day but withdrawals can take up to seven working days to get to you. They can also change the leverage on their account without having to speak with anyone of their staff
Any special deals?
IronFX’s home page is splashed with the latest offers, competitions and other promotional content. Currently they’re offering a new and existing client ‘Welcome Bonus’ of 60% up to a maximum of $1800. You can receive this twice; the second time if your balance has dropped to $50 when you’ll receive $900 providing you deposit more funds.
Additionally, there’s currently a World Cup VIP package on offer as well information on their spurious link with FC Barcelona football club.
Additionally, there’s currently a World Cup VIP package on offer as well information on their spurious link with FC Barcelona football club.
The bottom line
IronFX is not an ethical broker, so traders always stayed away from them and followed the criticisms of IronFX trading practices and client support service. The 50 different “rooms” the set up around, should be an indication of success, the huge presence they have is just because of china’s office, which worked out with IronFX. It’s difficult to determine how long they have before either heading to bankruptcy or a feine by the CYsec and FCA.
They are big, brash and potentially inflate their size and importance. They also have a lot of promotions and offers, something seen much less frequently in brokers that don’t need to tout for business.
Overall, they offer a wide range of instruments tradeable from a good set of platforms and, whilst not necessarily intuitive, their Academy does try to help the novice trader.
They are big, brash and potentially inflate their size and importance. They also have a lot of promotions and offers, something seen much less frequently in brokers that don’t need to tout for business.
Overall, they offer a wide range of instruments tradeable from a good set of platforms and, whilst not necessarily intuitive, their Academy does try to help the novice trader.
