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IronFX Account Types

IronFX Account Types

 

 

 

 

Overall Rating

4.5/5

Rated #187 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FCA, ASIC, FSCA, CySEC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

IronFX is categorized into two different account types e.g., Spread Account, and STP/ECN Account. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits.

Finding a reputable list about IronFX account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

IronFX Overview

IronFX opened for business in Cyprus in 2010 after securing a license from the Cyprus Securities and Exchange Commission (CySEC).

By 2015, the company had offices in London, Sydney, and Johannesburg, obtaining licenses to trade from the UK’s Financial Conduct Authority (FCA), Australia’s Securities and Investments Commission (ASIC), and South Africa’s Financial Services Board (FSB).

IronFX has made the news during its relatively short history. It’s made partners of global brands, including FC Barcelona.

In terms of the trading conditions on offer, IronFX currently boasts around two hundred tradable instruments across six asset classes.

In recent years, IronFX announced a cryptocurrency tie-up with EmurgoHK, although it has yet to be implemented and officially launched.

Across these asset classes, the spreads on offer are pretty competitive, although the final spreads you get offered will vary depending on the account type you have open with them.

As such, their tiered account structure includes floating or fixed account spreads, as well as no-commission fee schedules.

For those traders looking for a more professional-grade trading experience, there is a variety of account options on offer, including a portfolio management program.

 

IronFX Account Types

Seven trading accounts are available at IronFX, which are categorized under Real Spread accounts and STP/ECN Accounts.

The primary difference between live floating/live fixed trading accounts and the ECN/STP model is market execution. Real accounts use instant execution with re-quotes, whereas STP/ECN accounts use market execution, so no re-quotes are involved.

Note, an account manager is available with all of IronFX’s trading accounts. Also, the broker has an Islamic swap-free trading account.

 

IronFX Account Features

 

Floating/Fixed Accounts

  • Micro – Spreads start from 1.8 pips, the minimum deposit required is $100 and leverage up to 1:1000 is available
  • Premium – Spreads start from 1.6 pips, the minimum deposit required is $1,000, and leverage up to 1:1000 is available
  • VIP – Spreads start from 1.4 pips, the minimum deposit required is $10,000 and leverage up to 1:1000 is available
  • Zero Fixed – Spreads start from zero pips, the minimum deposit required is $500 and leverage up to 1:500 is available

 

STP/ECN Account Types

  • No Commission – Spreads start from 1.7 pips, the minimum deposit required is $500 and leverage up to 1:200 is available
  • Zero Spread – Spreads start from zero pips, the minimum deposit required is $500 and leverage up to 1:200 is available
  • Absolute Zero – Spreads start from 0.3 pips, the minimum deposit required is $500 and leverage up to 1:200 is available

 

IronFX Demo Account

The demo account is available for the Floating Spread Account and for the STP/ECN absolute zero accounts. Maximum leverage can be set to 1:1000.

It is important to note that those traders operating from within the EEA will only be able to trade on a maximum leverage of 1:30 in the real accounts.

Opening a free demo account with IronFX consists of the following simple steps:

  1. You can create a Demo Account with IronFX directly from the application by clicking the “open demo account” option.
  2. Select the Demo server by searching for “IronFX” and fill in your personal details on the sign-up screen.
  3. To finalize your registration click the “Register” button on the top of the page.
  4. When the registration process is completed, you be automatically logged in to your account and an email will be sent to you with your account information.

 

Overall Rating

4.5/5

Rated #187 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FCA, ASIC, FSCA, CySEC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

IronFX Islamic Account

IronFX does offer “Islamic Swap-Free” trading accounts though, the Swap Free status is only given for 10 days per trade. The spread conditions will be the same as those on the non-Islamic accounts, depending on the version you select.

This is to avoid any arbitrage traders profiting from the condition by hedging positions in such types of accounts.

Although there is a limitation of length on each open position, you can still continue to hold positions after 10 days in a Swap Free account as long as you can afford to pay for the Swaps each day after.

IronFX does not provide much information regarding the specific steps for opening an Islamic Account, although it is understood that an Islamic, or swap-free version can be opened for all of its live trading accounts.

In this case, the typical process would be to first register for the live account of your choice and thereafter apply for the account to be transferred to an Islamic version, so that it will no longer incur overnight fees, but retain all other trading conditions.

IronFX does not provide much information regarding the specific steps for opening an Islamic Account, although it is understood that an Islamic, or swap-free version can be opened for all of its live trading accounts.

In this case, the typical process would be to first register for the live account of your choice and thereafter apply for the account to be transferred to an Islamic version, so that it will no longer incur overnight fees, but retain all other trading conditions.

The purpose of an Islamic Account is that it caters specifically to Muslim traders who strictly follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Traders who are interested in registering for an Islamic account must contact IronFX’s customer support to verify the details of the account as conditions may have changed from the time of writing.

These changes are as per the broker’s discretion and/or changes in market conditions.

 

Pros and Cons

✔️ PROS ❌ CONS
Islamic account available Very little information regarding the conditions of the swap-free account

The swap-free account is only valid for 10 days

 

You might also like: IronFX Minimum Deposit

You might also like: IronFX Demo Account

You might also like: IronFX Fees and Spreads

You might also like: IronFX Sign up Bonus

You might also like: IronFX Islamic Account

 

 

IronFX at a Glance

Broker’s Name IronFX
Headquartered Limassol, Cyprus
Year Founded 2010
Regulating Authorities CySEC, ASIC
Countries not accepted for trade United States, Cuba, Sudan, Syria, Korea, Canada
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts Yes
Maximum Leverage 1:1000
Minimum Deposit $500
Deposit Options
  • Credit/Debit Card
  • Bank wire
  • Skrill
  • Neteller
  • Fasapay
  • China Union Pay
  • DotPay
  • Mail order and telephone order
Withdrawal Options
  • Credit/Debit Card
  • Bank wire
  • Skrill
  • Neteller
  • Fasapay
  • China Union Pay
  • DotPay
  • Mail order and telephone order
Platform Types MetaTrader 4, WebTrader
OS Compatibility Windows, Mobile, Web, iPhone, iPad

PC and Mac OS, mobile for Android and IOS

Tradable Assets  IronFX offers over 200 tradable financial instruments across:

  • Forex
  • Indices
  • Shares
  • Metals
  • Futures
  • Commodities
  • Cryptocurrencies
Languages supported on Website English, German, Spanish, Italian, Russian, Japanese, Portuguese, Arabic
Customer Support Languages English, German, Spanish, Italian, Russian, Japanese, Portuguese, Arabic
Customer Service Hours 24/5

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with IronFX?

IronFX offers over 200 tradable financial instruments across:

  • Forex
  • Indices
  • Shares
  • Metals
  • Futures
  • Commodities
  • Cryptocurrencies

 

Which platforms are supported by IronFX?

IronFX provides MetaTrader 4 and WebTrader

 

Does IronFX offer leverage?

Yes. The maximum leverage is 1:1000 for traders outside of the EEA

 

What spreads can I expect with IronFX?

Aside from the Fixed Zero account, spreads at IronFX start at 0.7 pips for the major currency pairs while the average is 1.2 pips. Of course, spreads do widen during periods of volatility and low trading volume.

 

Does IronFX charge commission?

No, IronFX does not appear to charge a commission

 

Are there additional charges on the Islamic account?

No, there are no additional charges on the Islamic Account

 

Is IronFX regulated?

Yes. IronFX is regulated by the CySEC and ASIC

 

Is IronFX a recommended forex trading broker for experts and beginners?

Yes. IronFX caters to both beginners and experts.

 

What is the overall rating out of 10 for IronFX?

8/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.

A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.

 

Does IronFX offer a demo account?

Yes.

 

For how long is the demo account valid?

This is not indicated

 

Does IronFX offer the option of an Islamic Account?

Yes

 

Which live trading accounts does IronFX offer?

The accounts are categorized under Spread Accounts and STP/ECN Accounts

 

What are the available deposit currencies for a live trading account?

USD, EUR, GBP, AUD, JPY, CHF, PLN, RUB and HUF

 

Deposits and Withdrawals

 

What is the minimum deposit for IronFX?

$500

 

How do I make a deposit and withdrawal with IronFX?

  • Credit/Debit Card
  • Bank wire
  • Skrill
  • Neteller
  • Fasapay
  • China Union Pay
  • DotPay
  • Mail order and telephone order

 

Does IronFX charge withdrawal fees?

The broker charges a sizeable 3% of deposited funds when withdrawals are requested during periods of inactivity.

 

How long does it take to make a withdrawal?

Withdrawals 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.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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