IronFx is a broker serving both retail and institutional clients from almost 200 countries with one of the biggest coverage and clientele of all brokers. It supports more than 45 languages and has 60+ offices to support the client base. The company is based in London and has been in the business since 2010.
Legislation and type of vendor
The broker offers all types of accounts such as ECN accounts, retail accounts, and a dealing desk with both variable and fixed spreads available with or without commissions.
IronFX is regulated in under many different regimes including ASIC (Australia), CYEC (Cyprus), FCA (UK), FSP (US), MIFID (EU) placing the company in an elite club considering reliability and transparency.
There are hundreds of assets to choose from including CFDs on US and UK stocks, Futures and swaps on indices commodities and currencies, metals, and, of course, Forex pairs. With more the 160 pairs, you are sure to find even the most exotic currencies you want to trade. You can a list of the available pairs here.
Trading Platforms for Canadians
IronFx has probably the most platforms to trade on considering every broker out there with MT4 and MT5, and its own solutions for the Web, Social trading, Automated trading, and Multi-Account Management.
Here is a list of the available products:
- MT4 Standard and Advanced
- MT4 mobile (Android, IPhone, Windows)
- MT5 mobile (Android, iPhone)
- PMAM (Multi Account Manager)
- Social WebTrader,
- Social Trader for tablets and mobile
- Multi Terminal
- AutoTrade (for automated trading)
Spreads and other costs
Spreads are generally low and you can choose from virtually any form of spreads like
- zero spreads with a commission
- floating (variable) spreads
- fixed spreads without commission
- and fixed spreads with commissions
Comparing spreads with other brokers reveals that pricing is very competitive in all areas making the broker a great choice for active trading, scalping, and automated trading as well.
Margin rates are low so longer trading is also cheap wit IronFX without any further costs of having an account, including free deposits and withdrawals.
You can find all information about the different spread regimes here.
Opening an account
Deposits and withdrawals are possible through the following channels:
- Wire transfer
- Credit Cards
With the exception of PayPal every major channel is available to use by IronFx and withdrawals are also available on debit cards.
There are more than 10 types of accounts for individual and institutional clients including micro accounts with various spread systems, managed accounts, premium, and VIP accounts.
The minimum deposit is $500 for Canadian traders, but for certain account types such as free VPS accounts this can be much higher (up to $20,000 for the VIP account). New traders can enjoy a welcome bonus up to 40%.
Of course, a practice account is available too to get a grasp of the bit overwhelming, possibilities.
- Trading Academy providing best-of-class education up to the advanced level
- Trading Competitions with attractive rewards
- Free deposits and withdrawals
- Free VPS
- Dedicated Islamic Account
- Full research center with comprehensive market analysis
- Dedicated Multi Account Platform
- Segregated Accounts by trusted banks
Other pros and cons
- Good liquidity and spreads around the clock
- Dedicated account managers
- Great customer service
- Native solutions for VPSs and automated systems
- Investor Compensation Fund
- Fragmented platform
- Environment not the best for beginners
- High minimum deposit
Who should choose IronFx?
Apart from absolute beginners IronFX is a great option for all levels of Canadian traders up to real experts and professional looking for managing accounts. Trading is cheap, there are tons of options and all up-to-date solutions are supported. The great bonuses and competitions further sweeten the deal.
And even though the company is relatively young it is well regulated and available in most of the countries with ample support in a plethora of languages.
The $500 dollar minimum deposit might make it hard for people with a small amount of capital, for them here is a list of some other brokers to consider