IronFX Review South Africa – Unbiased Pros & Cons Revealed ( 2020 )

IronFX Review South Africa

IronFX Review South Africa




According to research in South Africa, IronFX is a foreign exchange trading company based in Cyprus. The company was founded in 2010, and is authorized by CySEC.

The company also has offices around the world, including London, and Sydney. In 2013, offices were opened in Australia, and it became officially recognized by the SDIC.

At the same time it also received authorization from the FCA in the UK. A further office was opened in South Africa, and it became authorized by the Financial Services Board (South Africa).

The company provides a variety of trading tools, the latest trading platforms to ensure client strategy implementation, and provides 24/5 multilingual support.

The company offers clients the ability to trade on more than 200 financial instruments covering Forex, Metals, Indices, Commodities, Futures and Shares.

Added to this, IronFX provides the globally-recognised MetaTrader4 trading platform for PC, Mac, Web, Android and iOS operating systems.

The company also offers free VPS hosting, subject to terms and conditions, as well as a copy trading facility called AutoTrade via myFXbook.




IronFX Global Ltd is authorized and regulated by CySEC, and has various licenses and authorizations for a number of other countries, including Australia, the UK, and South Africa.

As such, the company is regulated not only by CySEC, but also by ASIC in Australia, and also falls under the compliance of the well-regarded FCA.

The company is therefore able to provide traders with a safe and highly regulated trading environment which provides for numerous investor protection schemes.




1. 200+ markets to trade on covering Forex, Metals, Indices, Commodities and Shares 1. Limited educational resources
2. Free access to Trading Central technical analysis platform
3. High leverage




IronFX provides traders with a maximum trading leverage of 500:1. This is the amount which will allow competent traders to potentially maximize their profits.

However, traders should be aware that leverage carries the risk of severe losses, particularly for those intending on investing a large sum of money.




IronFX provides a wide range of accounts for both personal and business traders. Individual investors are given the following account options:

  • Micro Account – Minimum deposit of $500, flexible leverage from 1:1 up to 1:500, fixed or variable spreads
  • Premium Account – Minimum deposit of $2,500, dedicated account manager available 24/7, 10 base currencies
  • VIP Account – Minimum deposit of $20,000 available in USD, mini lots can be traded
  • STP/ECN Accounts – Minimum deposit $500, flexible leverage 1:1 up to 1:200, micro lots can be traded
  • Zero Fixed Spread Account – Minimum deposit $500
  • Mirror Account – lower stop out levels, leverage up to 1:200 on STP account


Institutional and business traders are given the following account options:

  • Affiliate Account
  • Affiliate Plus Account
  • Business Account
  • Managed Accounts


All traders can choose between Live and STP/ECN trading accounts and enjoy the benefits of forex trading through the industry-leading MT4 online trading platform. Clients can also register multiple trading accounts in the company’s Client Portal upon registration.




IronFX provides access to a wide range of asset classes, including forex, metals, indices, commodities, futures and shares.

Trading costs such as spreads, commissions and overnight funding (swap) rates vary depending on the instrument being traded and the account type opened.



Clients who trade Forex with IronFX get access to exclusive forex news, live forex rates and technical analysis provided by the company’s expert strategy team.



IronFX provides clients with access to both precious and base metals. Buy and sell CFDs on gold and silver with best-of-market spreads and spot execution without having additional foreign exchange exposure.



Clients enjoy extended trading hours and the possibility of trading both long and short positions, which will be particularly interesting to active traders seeking high returns and portfolio diversification.

The company provides its clients with competitive trading conditions for entering and trading in one of the broadest markets in the world.




As with many Forex brokers, rather than charging a commission on each trade like traditional brokerages, IronFX earns money from spreads that are added to its price quotes.

The spreads are dependent on the type of account a trader has as well as the specific currency pair being traded.

Although IronFX offers some of the lowest spreads in the industry, the broker provides a full list of average spreads on its website for traders interested in comparison shopping before depositing funds with the broker.

The Micro, Premium, VIP and No Commission account offer commission-free trading, while the Zero Fixed and Zero Spread offer commission-based trading.

The broker also offers a mixture of live floating spread accounts and live fixed spread accounts.

IronFX will charge fees on accounts that show no activity or funding for over a year. Should there be no activity for 12 months, a 50 USD annual fixed administrative fee will be charged.

Should the account balance be below 50 USD the remainder of the balance will be taken and the account closed.

Should there only be deposits and withdrawals on the account with no trading activity, IronFX will take up to 3% of the account balance as an administrative fee to cover costs they incur.


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IronFX has developed relationships with several well-respected payment processors to enable its clients to effortlessly deposit and withdraw their account funds. As such, IronFX offers a variety of ways to deposit funds which include:

  • Credit and debit cards
  • Bank wire transfer
  • China Union Pay
  • FasaPay
  • Neteller
  • Skrill
  • Paysafe Deposit
  • Perfect Money
  • BitWallet
  • UnionPay International
  • WebMoney
  • Crypto


The company does not charge any fees for deposits, though the client’s respective banks might charge a fee for deposits. Only the initial deposit can be withdrawn via the payment used. Any trading profits can only be withdrawn via bank wire.




IronFX offers a great selection of top-level platforms, including MetaTrader4, WebTrader, VPS Hosting and PMAM.



MT4 is one of the most reliable and popular platforms available, and provides essential tools and resources needed for successful online trading performance.

Users can trade over 200 financial instruments in Forex CFDs, spot metals, futures, shares, spot indices and commodities with quick execution.

Users can experience trading with spreads as low as 0 pips, advanced trading signals and functions in a user-friendly platform created specifically for online trading. The platform includes the following attractive features:


  • Manage orders, positions and equity online
  • All order types and execution modes
  • Monitoring of financial instruments’ prices and forex rates
  • Advanced charting and indicators
  • Online streaming news
  • Activity Reports



This in-house developed platform from IronFX provides full access to the company’s multi-asset trading accounts, including full functionality via a user-friendly Web interface.

The WebTrader requires no download and can be used from any PC connected to the internet. The platform includes the following features:


  • 100% web-based platform, access your MT4 remotely
  • Fully synchronised with the downloadable versions of the MT4
  • Monitoring of financial instruments’ prices and forex rates
  • Traders can use the web terminal without registration on MQL5 community
  • It is a modern HTML5 application that runs without any additional browser plug-ins or add-ons
  • The web terminal is safe to use – any transmitted information is securely encrypted


VPS Hosting

VPS Hosting allows execution of orders to take advantage of unique market conditions not ordinarily available due to the time of day and geographical location. VPS hosting is reliable, flexible, and scalable, which makes it an attractive solution for retail traders.

Utilising the Microsoft Windows Server platform, users can install VPS hosting, which allows parallel processing of Expert Advisor (EA) orders as well as trading selections to be executed simultaneously.



The PMAM platform is recommended for both professional traders and money managers, and comes with the following features:


  • Manage orders, positions and equity online
  • One-click order entry
  • Manage unlimited accounts
  • Monitoring of financial instruments’ prices and forex rates
  • Activity reports
  • Supported OS: Microsoft Windows 98 or higher




The IronFX review process of opening a new account is fully digital, hassle-free and fast.

To open an account, users simply need to click on the Register button which will redirect them to an application page.

From here, users simply need to fill in their name, email, phone and trading account information.

Users can also select the account type they want to open, any bonus offers they would like to take part in, the base currency of the account and password. Once this is done users are automatically redirected to the IronFX customer dashboard

To gain full access, users will need to upload proof of identification and address documents. IronFX does not offer its services to residents of certain jurisdictions such as USA, Iran, Cuba, Sudan, Syria and North Korea.





IronFX provides a strong support team to handle any problems and answer any questions its traders may have.

In addition to offering customer support in 17 different languages, IronFX provides a multitude of ways to contact its friendly and helpful customer support agents, including phone, Skype, email, live chat, call back, and Web form.




While IronFX does not provide any trader education from their website, users can access education on-demand videos through the broker’s Trading Central services which can be found from the IronFX customer dashboard, under Tools.

After clicking on Technical Analysis, users are redirected to Trading Central where they can access educational videos.




IronFX’s research offering is limited to a section on market insights, and an economic calendar, though these are quite comprehensive in and of themselves.

Market insights provides the latest market news and expert analysis so that traders can make informed trading decisions based on the market insights provided exclusively to IronFX’s clients by its research team.

The IronFX Economic Calendar includes monitoring of market-moving events worldwide such as economic indicators, which may significantly affect financial prices and markets.

With automatic update in place, traders can plan their actions and be alert to upcoming financial events.




Despite IronFX’s competitive offering, the company has not logged any recent awards to date.




IronFX is an excellent broker which offers five powerful trading platforms and more than 200 forex, CFD, and spot metals instruments available to trade.

IronFX serves both retail and institutional traders alike from nearly 200 countries across Europe, Africa, Asia, Latin America, and the Middle East.

Evidenced by having 1,400 employees working out of over 60 offices across the globe, IronFX prides itself on its customer-centric business model, providing traders with an array of powerful trading platforms and industry-leading liquidity, pricing, and execution.

While the broker does not offer a particularly wide selection of educational resources they do provide live research and analysis via their Market Insights blog and Daily Market Outlook videos on YouTube.

Users can also access Trading Central features such as technical analysis and education on-demand videos. They also offer a variety of different bonus and promotional offers such as live trading competitions and deposit boosters.

IronFX provides users with the ability to trade on the globally-recognised MetaTrader 4 trading platform which is beneficial for beginner and advanced traders due to the global support of the platform.

The broker also provides a wide selection of trading accounts with varying commissions, spreads and costs. Advanced traders may enjoy the flexibility of the offering, as well as access to zero spreads.

As IronFX does operate instant execution accounts, there remains the potential for conflict of interest; but the availability of market execution accounts should satisfy any concerned traders.


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IronFX is a trade name of Notesco Limited. Notesco Limited with registration number 51491 is a company registered in Bermuda.

Note: Services displayed in the website are provided by Notesco Limited and not by any affiliate entity.

Risk Warning: The company’s products are traded on margin and carry a high level of risk and it is possible to lose all your capital.

These products may not be suitable for everyone and you should ensure that you understand the risks involved.

Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital.

It is really important that you do not trade any money that you can’t afford to lose because regardless of how much research you have done, or how confident you are in your trade, there will always be a time that you lose.

IronFX does not offer its services to residents of certain jurisdictions such as USA, Cuba, Sudan, Syria and North Korea, according to research in South Africa.


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