IronFX Review (2023)

Is IronFX legit or a scam?

IronFX is not safe to trade with. There are numerous misleads that in fact show the story from another side, recently the company changed a 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. 

What is IronFX?

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 company claimed to be one of the most respected online brokerage firms with a wide offering to the investors and multiple, 30+ received global awards which should confirm a reliable status of the company.

Licenses & Regulation

Is IronFX regulated?

During the investigation of the cases, due to a large number of clients’ dissatisfaction, 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 all shows the firm is not only subject to the checks by the highest instances but to the implementation of the corrective measures to ensure investors’ protection before it is safe to engage with the company. 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.

IronFX in the USA

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. Payment and funding authorisation is 100% automatic, and its client portal allows deposits and withdrawals using a simple, easy-to-use single interface. 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.

The currencies in which you can deposit depends on the payment method you chose. 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 tied up to their desks, spending hours watching their trading screens. Instead, they can monitor the markets through their mobiles whenever they are. 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.

Demo account 

IronFX offers a demo account so you can try the IronFX platform with virtual trading before you put down a payment. Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option.

Conclusion

We advise to choose only reliable companies to invest with. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss.

You can also share your trading experience with IronFX by commenting on this review.