50 Words on – Why you can go Broke with IronFX?

Are you a fan of FC Barcelona? If you’re not, tough luck because IronFX is their official partner; I don’t really know how this could get you broke, but I’ve heard some soccer fans are really… fanatic. Maybe FC Barcelona just destroyed your favorite team, but you have an account with IronFX. Will this make you feel like a “traitor” to your team? Will that affect your trading? Well, I sure hope not. Joking aside, some users complained about their EAs not working properly on IronFX’s MT4 although they perform well on other platforms. These are scattered opinions and although attention must be paid to them, we mustn’t regard them as a sure sign that you’ll go broke.

 

 

How can you Avoid Going Broke with IronFX

• “Forex and CFDs are leveraged products and involve a high level of risk. It is possible to lose all your capital.” This statement is written on the IronFX website and you will find similar ones on all broker websites. It’s the number One thing you must keep in mind when trading Forex and it will help you avoid going broke.
• If your trading relies mainly on EAs, test them thoroughly with minimum amounts of money. Make sure your EAs perform as they should before allocating larger sums of money.
• Avoid trading at news time. Almost all brokers widen their spreads during such times.
• IronFX offers a 60% first deposit bonus. I’d recommend reading the Terms and Conditions which apply to this Bonus before accepting one.
• Deposit the minimum amount and make small withdrawals as soon as possible to test their reliability and quality of service
• Do not trade during news time or important speeches. If you do, at least use small positions.
• Don’t watch soccer while trading

 

 

The Good, the Bad and the Ugly Speak

Forged Iron

In a relatively short while, IronFX managed to gain a lot of popularity and to become recognized as a strong brand. Almost all FX brokers are regulated these days, thus regulation by itself isn’t something to be extra excited about, but IronFX is authorized and regulated by almost all agencies out there – joking, of course, but here are some of them: on second thought, that would only get you bored so if you want to see all their licenses and registrations, take a look at the link on the bottom of the page [1] or take my word for it. As far as trading conditions are concerned, IronFX try their best to be a role-model for other brokers as young as they are and overall they succeed: there’s a multitude of accounts to choose from (both with fixed and floating spreads), several platforms can be used (including mobile and web based) and the educational material is comprehensive and well written. In fact, while doing research for this review I’ve read several of their educational articles and let me tell you, the one about Quantitative Easing is one of the easiest to understand pieces regarding this matter, without being too simplistic. If you ever had questions about what exactly QE is, I strongly suggest reading the article (you’ll find it in the Forex Encyclopedia section of their Academy). Posting well explained educational content on their website can mean only one thing: IronFX cares about their clients and instead of just giving us marketing material dressed up as “education”, they give us something we can actually use in trading. Also, they post daily YouTube videos of their Chief FX Strategist making a brief summary of the events ahead and what to expect during the day. Overall IronFX has a fresh and positive approach to trading, making them a good choice for both novice and experienced traders. So far they really live up to their motto “Solid Trading” and look like one of the strongest brokers out there.

 

Have A Coffee. It’s on the House

I know some of you might have a different opinion, but I don’t like taking Bonuses from brokers, mostly because once I accept one I have to comply with their Terms and Conditions. Of course, they have to protect themselves against people who would accept a Bonus and then withdraw all the money in their account and that’s why those T&C’s are there, but sometimes the advantages of a bonus are overshadowed by the fact that your money are tied to the platform. That’s simply something I don’t like because I want to have total freedom as far as my money is concerned. However, that may be something you don’t have a problem with and in this case you’ll be glad to hear that IronFX will give you a 60% bonus on your first deposit (up to $3,000 bonus).

To be honest I don’t really see a lot of bad things about this broker but since we are in The Bad section, I’d like to make you aware of the fact that IronFX was launched in 2010 so they are not very green but not very experienced either. Anyway, it’s not like they were founded last month so I don’t think their “age” is a major concern, but there are some Ugly allegations made by some of their supposed clients so let’s take a look into that.

 

When People Start Throwing Dirt

If I wouldn’t find complaints online about a broker, I’d say something is fishy. I mean, there are 7 Billion people on this earth and it’s normal to disagree or to like different things. So, up to a point, finding complaints about a broker is good because that means they don’t use shady tactics in order to delete them. IronFX is not loved by everyone, just like McDonald’s isn’t but I always find it weird when a guy with a totally English-sounding name can’t speak or write proper English. Take Anthony Callen for example [2]: he writes about IronFX on BabyPips forums (and others) that “They dont withdraw money, dont to give money”. I have a tough time even understanding his problem… and then he makes it even more confusing by saying “I sent more than 10 documents(files) for verification”. What?! Ten (10) documents?! I checked the account opening procedure at IronFX and they clearly state: “…submit a proof of identification and proof of address and your trading account will be opened immediately.” If I can still count correctly, that’s 2 (two) documents, not 10 so I have no idea what Mr. Callen was sending… maybe ID’s of his neighbors?

On another well-known Forex site, Sanders from Toronto, Canada is complaining about the performance of his EAs and claims that “No EA works on Ironfx… ”[3]. The reason – according to him – is that IronFX uses some sort of dealer plug-in to slow you down and hunt your Stop Loss. Now, I have no way of proving or knowing whether he is right or wrong, but it’s kind of funny how almost all brokers are accused of Stop Loss hunting at one point in time… if all these allegations were true, we wouldn’t trade retail Forex anymore because all brokers are out to steal our money. Add a pinch of salt when reading online complaints; it really helps.

Of course, happy customers can be found on all major FX forums: Janos07 from Hungary says he has accounts with 7 other brokers and that IronFX is the best [3]. On top of that, almost all user reviews at fxempire.com are positive and make me think that IronFX is indeed a trustworthy broker [4].

 

 

Editor’s Note - Is IronFX a Scam?

Over 60 offices worldwide, and more than 1,400 employees providing support in over 45 different languages, strongly regulated worldwide, a partnership with FC Barcelona… if this is a scam, it is probably the most elaborated one I’ve seen and someone should give them the Oscar for Scams because they deserve it. And one more thing: if such a strong brand is suspected of being a scam, how should a legit broker look like? To me this one meets all the requirements of a non-scam.

 

Would I Trade With Ironfx? Yes

For the time being I am happy with my current brokerage so I don’t plan on switching. However, if this wouldn’t be the case, I would definitely take a look at IronFX as my next broker. I’ve found quite a lot of bad user-reviews, but all brokers have unsatisfied customers and I’ve realized over time that the best way to know if a broker is good for you is to try them out. Invest the minimum and see what you think.

 

References

1. IronFX Licenses and Regulation
2. BabyPips on IronFX
3. EarnForex on IronFX
4. FXEmpire User Reviews on IronFX