FAQ Frequently Asked Questions on Forex Trading

The spreads on platinum and palladium are, of course, higher since palladium is not only 30 times as rare as gold but also more valuable than gold. Finally, the fine print advises that spreads limefx website widen significantly during volatile and off-market periods, even with fixed spread accounts. Traders should also consider potential third-party processing costs and currency conversion fees.

STP/ECN No Commission Account

The application also asks traders to select their account type, base currency, followed by the desired password for the back office. Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders check for regulation and verify it with the regulator by checking the provided license with their database. The IronFX group presents clients with two regulated trading entities and maintains a secure trading environment. Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today.

Customer Support

What I thought very useful is that some of the available instruments are denominated in different currencies. For instance, you can trade XAUUSD (Gold vs. US Dollar) or XAUEUR (Gold vs. Euro). Traders can avoid paying conversion fees when trading with instruments denominated in their account currency.

Which platforms does IronFX offer?

IronFX charges a fixed commission on two of its account types – Live Zero Fixed and Zero Spread. For the former, there is a $18 round-turn commission per traded lot (100,000 units), whereas the latter has a $10 round-turn commission per traded lot. The broker entity does have comparatively high maximum leverage, but selecting a multiplier https://limefx.group/ is up to the trader. Less experienced traders do not have to go for the maximum and can instead choose a lot more comfortable leverage. Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection.

Multiple account types to choose from to suit your needs

While IronFX offers sizable first deposit bonuses, that bonus money cannot be withdrawn. Also, pricing for most services is slightly higher or on a par with other major forex brokers. The lack of 2-tier platform authentication and guaranteed stop-losses could be a problem if your account gets hacked or your stop-loss gets filled in a volatile market.

1. I also like the IronFX fractional share dealing, which is excellent for smaller portfolios.
2. Each idea underscores a currently unfolding trading setup – a bullish or bearish pattern, such as the ‘Engulfing Line (Bullish)’ shown below.
3. It is also worth pointing out that the broker permits swap-free trading via its Islamic accounts.
4. My tests indicate that IronFX’s floating spread accounts are slightly more competitive than the fixed spread alternatives in normal market conditions.
5. IronFX operates as a brand of Notesco Ltd which is registered in Bermuda.
6. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here.

Accounts Comparison

You can use it to gauge interactions on social media for instruments from several asset classes – cryptos, shares, currencies, commodities, and indices. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. My tests indicate that IronFX’s floating spread accounts are slightly more competitive than the fixed spread alternatives in normal market conditions. However, this may change at times of heightened market volatility as floating spreads tend to rise at such times.

Only verified trading accounts can deposit and withdraw, and the name on the payment processor must match the IronFX account name. Some payment processors have geographic restrictions, but the IronFX back office will only list the ones available to traders. IronFX notes the availability of 80+ currency pairs, making it an ideal Forex broker. Traders also get 15+ commodity CFDs, 20+ index CFDs, 30+ futures, and 150+ equity CFDs. I find the well-balanced asset selection suitable for most retail Forex and equity traders requiring fewer but highly liquid trading instruments, like day traders.

The broker also provides email and telephone support on a 24/5 basis throughout the trading week in 45 different languages. IronFX gives its clients great exposure to global markets and industry-leading companies from the United States, Europe, the United Kingdom, and more. CFDs are available on shares by Walt Disney, Cisco Systems, Facebook, JPMorgan Chase & Co., HP, Apple, HSBC, eBay, Google, Lloyds, Samsung Electronics, Airbus, and many more.

With more than $3 trillion traded daily, the foreign exchange market or Forex is the largest financial market and the most popular option for retail traders. Trading is conducted 24 hours a day, except during the weekends, offering great flexibility to traders. Due to the high volume, liquidity, and leveraged positions, Forex provides great speculative opportunities and is preferred by many traders. IronFX is the trade name of Notesco Limited, a company registered in Bermuda and headquartered in Cyprus.

I checked IronFX’s multiple educational materials and found them highly practical. There is something for everybody, from the seasoned expert to the novice rookie. Content covers essential trading topics, such as technical and fundamental analyses, risk management, and trading psychology. The Market Buzz feature is a tool used for fundamental analysis and trading on volatility outbursts.

The company’s current promotions include its Iron Worlds Championship live trading competition held from mid-June 2021 until mid-December 2021. This competition has a $1 million prize pool with multiple prizes awarded to winners at different stages of the competition. Keep in mind that the dealing spreads above refer to normal market conditions.

I found these accounts most suitable for experienced high-frequency traders looking for the most competitive prices. IronFX offers multiple accounts with widely diverging pricing mechanisms. I measured the spreads, swaps, and commissions on its No Commission account and compared the offering to the other 6 account types. I also compared IronFX’s trading and non-trading fees to other brokers and found out that, as a whole, they fall below the industry average. The broker does not charge deposits and withdrawals, and it does not have an inactivity fee. IronFX is one of the most reputable Forex, CFD, Stock and Crypto trading brokers that has many offices around the world and is available to investors in Europe, UK, Australia, and more.

VPS hosting exists for algorithmic traders and copy trading services are also available with a balanced asset selection and active trading community. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering.