IronFX Review 2023

IronFX is a regulated forex broker in South Africa. They are regulated with top-tier regulators i.e. FSCA, CySec & FCA in UK & ASIC. They have zero deposit charges but no ZAR accounts. Read our unbiased review to decide if you should choose them or not!

IronFx was established in 2010 and they are regulated with various regulatory bodies including FSCA, FCA, CySEC, ASIC. IronFx is a brand of Notesco and have a wide range of CFD trading instruments.

We consider IronFX to be a safe CFD broker as they are regulated with FSCA under FSP no. 45276. They have variable as well as fixed spread account types, and well explained commissions and fees structure on their website.

Read our full review based on comparison of IronFX’s trading fees, spread, support promptness and 7 other factors which are important to decide whether to trade with them or not.

IronFX- a quick look

Regulation and safety of funds

As per our research, IronFX is a well regulated forex broker that is authorized under 4 Top-tier regulations. Below is a breakdown of IronFX’s regulations.

1. The Financial Sector Conduct Authority (FSCA): IronFX is regulated in SA with FSCA. Their company Notesco SA (Pty) Limited with FSP No. 45276 is authorized for offering Derivative instruments under Category I since 15/07/2014.

2. Financial Conduct Authority (FCA): They are regulated with FCA as Notesco Financial Services Limited under Reference Number 541486 since 2011.

3. Australian Securities and Investments Commission (ASIC): In Australia they are registered with ASIC under ACN number 143154698 as NOTESCO PTY LTD since 2010.

4. Cyprus Securities & Exchange Commission: Notesco Financial Services Limited is regulated with CySEC under License number 125/10 since 2010.

Overall, IronFX is considered safe for SA based traders due to their regulation with FSCA & multiple other top-tier regulators.

IronFX Fees

IronFX charges higher fees when compared to other brokers. We breakdown their fees into 4 categories explained below.

1. High Spread: They offer variable and fixed spread depending upon your account type. For EUR/USD currency pair spread start from 0 pips with Zero Spread account and 2.2 pips for Micro Account under Live Fixed Spread.



2. Commissions: Commission depends upon the account type. It varies from 0 to 4.5 USD per standard lot for some currency pair. You can check the account types page on their website as they explain the exact commission with each account type.
3. Rollover fees for overnight positions: IronFx charge swaps (Rollover Charges) to non-Muslim investors. You can check it yourself after signup with them.
4. No Charges on Deposit: IronFX do not charge any fee on the deposit made by you with them. But in case of bank transfer your bank may apply charge on your transaction. Moreover there are fees or charges in case of withdrawing funds.
5. Inactivity Charges (Dormant Account): There are no charges for inactivity. But your account will be archived in case on no activity and zero balance for 1 month.

IronFX Account Types

IronFx categorizes trading accounts into 2 types based on the spread types and commissions. We are explained and listed below:

IronFx Demo Account

They are offering demo account for the customers who are interest in trying the various Forex trading strategies.
This demo account can be used for unlimited times and all trading platforms can be used in demo account.

They are offering 4 types of demo accounts which are STP/ECN Absolute Zero, Floating Spread, STP/ECN No Commission & STP/ECN Zero Spread.

Live Fixed/Live Floating Spread Accounts

There are 4 types of accounts under this category. We have listed them below with their features:

1) Micro Account: This account is a basic account with minimum deposit of $100. You can trade micro lots under this account. And it comes with both fixed and variable spreads. Moreover the option to assign dedicated account manager is also available in this account.

2) Premium Account: The minimum deposit for this account is $2500. And the fixed spread 1.8 pips and floating spread is 0.7 pips in this account. As this account is premium account so a dedicated account manager option is also available.

3) VIP Account: In VIP account spread start from 1.4 pips spread. The minimum account deposit is $20000 in this account. Dedicated account manager is available and also department hotline is available for this account.

4) Zero Fixed Account: Spread start from zero in this account. The minimum deposit for this account is $500. You can trade micro lots and dedicated account manager can assign in this account. There is low commission in this account.

STP/ECN Accounts

There are 3 accounts under this category as described below:

1) No Commission Account: This comes with market execution and there is no commission in this account. But the spread in this account start from 1.7 pips.

2) Zero Spread Account: The flexible leverage in this account is 1:200. And the spread start from zero in this account but the commission is charged in the traded lots in this account.

3) Absolute Zero Account: The minimum account balance is $500 and the Flexible Leverage is up to 1:500 in this account. The spread start from this account is from 0.3 pips.

How to Open account with IronFX

In order to open an account with them you need to follow the below simple steps:

1) Click on Register button: First of all you need to open the home page of IronFx and click on Register button at the top of the screen.

2) Open a live Trading Account in seconds: In this page you need to fill your basic information like name, email, country. You also need to select the trading account types and leverage in this page. Once done with filling the details you need to click on Open your Trading Account button at the bottom of the page.

3) Update Profile: After login using your email and password, you need to update your profile by filling your address and other financial details by following the on screen instructions.

4) Document Upload: You need to upload your documents to complete the verification. You can upload your ID proof like passport, driving license and Address Proof like Electricity bill, Post-paid mobile connection bill etc.

Once done with uploading your documents, you need to wait for few hours as verification can take maximum upto 24 hours. When they verified your documents, you will receive a mail regarding account verification completion and all the details of your account will be attached in that mail.

IronFx Trading Platforms

1. MetaTrader 4 (MT4): IronFx offer MetaTrader 4 to their clients to practice the trading strategies. This is available for Windows, MAC and android devices. Online news, activities and reports can be checked in this platform.
2. PMAM: PAMM stands for Personal Multi Account Manager. This platform allows users to manage and trade multiple MT4 accounts simultaneously. Live monitor for prices of financial instruments & Activity Reports are available in this version.
3. WebtTrader 4: It is web based platform and allow you to access your MT4 from any device. You can fully synchronized with your downloaded MT4 version. You can access it using any browser of your device.
4. Auto Trade Web: This will allow you to copy the trading of experienced traders to trade. It is very easy to use without download and running in local device. One trader can trade by following the other traders using this platform.

IronFx Deposits & Withdrawals Options

IronFX offers various deposit and withdrawal methods for their clients. There is no deposit fee by IronFx but the withdrawal fee vary depending upon the payment method that you will use.

Deposit Methods



Deposit can be made using any of the below methods:

1. Credit/Debit Cards: You can use your credit or debit card like VISA Card, Master Card to add funds with them. There is no transaction charges by IronFx and you will get instant activation in case of using card.
2. Bank Wire Transfer: Trader can also transfer from their bank account to their bank account. IronFx does not charge anything in case of bank transfer. But your bank may apply charges on your transaction. So please check before making a bank transfer. Approving payment made using bank transfer may take upto 24 hours maximum.
3. E-Wallets: One can also make a deposit using any of the E-Wallets like Skrill, Fasapay, Neteller, etc. There is no restriction and fee by IronFx and you will get instant activation.

Withdrawal Methods



1. Credit/Debit Card: You can take the withdrawal in your card that you was used once on their website. There are charges of EUR 1.5 per transaction in case of withdrawal.
2. Bank Wire Transfer: Trader can send their bank account details via email or chat. Transaction fee may vary depending upon your bank account types and bank name. You can confirm from them before sending your bank account details.
3. E-Wallets: If you have created account with E-wallets then you can send your E-wallets details to them via email or chat for withdrawing. Withdrawal charges may vary depending upon the type of E-wallet type.

IronFx Bonus



IronFx Customer Support

IronFx customer support is available for 24 hours during 5 days in a week i.e. from Sunday to Friday. You can contact them anytime using any of the below medium:

1. Chat Support: Their chat support is quick responsive and there is no hold time on chat. Chat representatives are always available to help you in any kind of query.



2. Email Support: You can also drop and email from your email to their email [email protected]. We have tested their email and they are replying to all emails as soon as possible and within 24 hours.
3. Phone Support: Trader can also contact them via phone. You can contact them on international phone number +44(0)2032827777. But they does not have local South African phone number.

Do we recommend IronFx

We appreciate them for their good customer support which is always available 24 hours from Monday to Friday. They always help every clients whether he is beginner or experienced trader.

They also have variety of trading platforms which can used after downloading and even have some platform which can be used without downloading. Moreover you can also synchronized it with your downloaded version.

Apart from this, good and easy to use trading platforms and demo account options are the boost for the beginners.

IronFX South Africa FAQs

Does IronFX offer ZAR account?

No, IronFX currently does not offer ZAR base currency trading accounts for its South African clients. But trader from South Africa can make deposit in ZAR which will be converted to account base currency like USD.

What is the minimum deposit at IronFX?

Traders can start from the Micro Account which has $100 minimum deposit. And this account has option between variable or fixed spread as trading fees.

Is IronFX regulated with FSCA?

Yes, IronFx is regulated as NOTESCO SA (PTY) LTD with South African regulator FSCA with FSP number 45276. Moreover they are also regulated with ASIC, CySEC, FCA.

How to withdraw money from IronFxX?

Clients at IronFX SA can request withdrawal from their client panel by navigating to ‘Transactions > Withdrawals’. The funds or balance can be withdrawn via Bank transfer/ewallet or BTC and it can take 24-48 hours maximum depending on your withdrawal method.

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