The basics about IronFX:
- The minimum deposit is 600 USD.
- The minimum transaction is 100 USD.
- The broker is regulated but not by the Banque de France.
- It is headquartered in Cyprus and was founded in 2007.
- It has more than forty tradable assets.
The broker presents a little more than two hundred financial instruments and allows the use of a leverage that reaches 1: 500 (this ratio also depends on the account used). Even if the broker allows access to several platforms from the same account, the features it presents are difficult to access by beginners. In addition, its guides are clearly lacking in precision and this risks misleading new traders.
The broker also has a free demo account and a mobile application which is available on the most popular operating systems (Android and IOS), but also on Blackberry and Windows Mobile. We just regret that it is a bit too superficial and that it does not offer all the features we need to carry out our trading on the stock market. If you use the IronFX application, it is advisable to limit yourself to consulting the account, instead of trading with it.
IronFX trading training: a trap for beginners?
Trading CFDs involves significant risks for the less experienced.
We begin by recalling that the broker’s site currently exists in 13 different languages. However, when you take a closer look, this is a simple translation and sometimes contains rather serious mistakes, for a broker who presents himself as one of the best. This is especially seen in the trading guides that the broker offers for free. While on the surface these may seem complete, in reality there are a few shortcomings that can easily mislead novice traders. Of course, this also applies to special trading tools like CFDs. They are often presented by the broker as being tools that make it possible to make huge profits very quickly. This is absolutely true, but it often fails to mention the risks involved.
On the other hand, when we examine the guides offered by the broker, we realize that he puts these tools forward. However, we all know that it is beginner traders who are interested in trading tutorials. Of course, this is because the broker manages to generate large and quick profits when traders invest more money in the hope of recouping the losses made due to these tools. Indeed, this leverage effect will force them, each time, to invest double the amount invested beforehand, and this can quickly become thousands of Euros, or even more. Do not hesitate to use comparisons of online brokers to compare those that interest you.