IronFX Social Trader is the social trading component of IronFX, a large and well known forex trading company. IronFX has 10 different trading platforms, including the one for IronFX Social Trader social trading, plus more than 200 tradable instruments. The company serves customers in more than 180 countries around the world, doing so in more than 30 languages. IronFX complies with numerous regulatory standards, including the FCA, ASIC, FSP, and CySEC. IronFX opened in 2010 and added social trading in 2013.
- Social trading since 2013
- 10 total platforms
- Serves over 180 countries
- Has over 200 tradable instruments
- 1. Social Trading Offer: Social as Well as Traditional Trading
- 2. Social Trading Costs: Varies by Trading Type
- 3. Accounts: A Dozen Options Plus a Practice Account
- 4. Social Trading Platforms & Mobile Trading: Numerous Options Available
- 5. Usability of Website: Relatively Easy to Use
- 6. Customer Support: Contact 24/5
- 7. Methods of Payment: Over Half a Dozen Methods
- 8. Additional Offers: Educational Tools, Practice Account, and More
- 9. Regulation & Deposit Protection: Regulated by Four Agencies
- 10. Awards: More than 25 Honors Over the Years
- 11. Conclusion: IronFX Social Trader Social Trading – Review 2018
Trader Rating Total
Spread and commission
up to 1:30
MT4, MT5, Broker-owned Software
1) Social Trading Offer: Social as Well as Traditional Trading
Our IronFX Social Trader social trading – review 2018 appreciates that you can use the same account and platform to engage in social trading as well as traditional trading with IronFX. With the IronFX Social Trader portion of your account, you can make CFD and Forex trades and take advantage of the ability to copy and follow successful traders.
With the same account you use for IronFX Social Trader broker, you can access the other IronFX trading products, as well. There are over 120 forex pairs, a figure that includes exotics, majors, and minors. You can also trade spot gold or silver in USD and EUR and spot platinum or palladium in USD, 16 spot equity indices, three spot energy commodities, 26 futures, and 98 shares. IronFX even offers trading of nine different cryptocurrency pairs for those who want to get into this growing market. For all trades, IronFX Social Trader social trading aims to maintain competitive pricing and spreads, so clients can make the most profit from each investment.
- Social trading allows for following and/or copying
- Traditional trading of forex, spot metals, indices, commodities, futures, shares, and cryptocurrencies
- Over 120 forex pairs
2) Social Trading Costs: Varies by Trading Type
Depending on the type of account opened with IronFX Social Trader broker, it is possible to have no commission or a zero spread. There is also the option of live, live zero, or STP/ECN market models. In terms of spreads, index spreads start at just 2 with margins starting at 1 percent. Forex is particularly impressive, with spreads starting at 0 pips and the choice of margin between 1:1 and 1:500. Futures have spreads as low as 0.002 and margins as low as 1 percent. For shares, these figures can be as low as 0.03 and 0.10 percent, and spreads start at 0.04 for spot metals. Cryptocurrencies require 20 percent margins, and spreads can be as low as 0.25. Unfortunately, for those interested in IronFX Social Trader social trading, the IronFX website does not clearly lay out fees for followers or rewards for those whose trades are copied.
IronFX Social Trader does well in a broker comparison – social trading comparison since it does not charge any fees for deposits. It is possible, however, that your payment provider will charge a fee. There are additional fees depending on account type. Live Zero Fixed Spread accounts, for example, are charged fees for forex transactions, ranging from $18 to $43 per lot. STP/ECN Zero Spread accounts have commissions of $7.5 to $23 per lot on FX and $10 to $40 per lot on gold, depending on the account level.
- Accounts with no commissions available
- Forex spreads start at 0 pips
- Leverage of up to 1:30
3) Accounts: A Dozen Options Plus a Practice Account
You will be hard-pressed to find a broker with more account offerings in a broker comparison – social trading comparison. Our IronFX Social Trader social trading – review 2018 counts 12 account types, not including the practice account. Accounts oriented to individual investors include: Micro Account, Premium Account, VIP Account, Absolute Zero Account, STP/ECN Accounts, Zero Fixed Spread Account, Mirror Account, and Absolute Zero Plus Account. Those oriented to businesses and institutions include: Affiliate Account, Affiliate Plus Account, Business Account, and Managed Accounts. Islamic clients also have the option of opening a Swap Free Account by contacting their account manager.
The Micro Account has the lowest requirements, just requiring a minimum deposit of $100 and allowing for 10 base currencies: USD, GBP, EUR, AUD, CHF, JPY, CZK, PLN, HUF, and RUB. Premium accounts require a deposit of $2,500, while VIP accounts require a $20,000 deposit and limit the base currency to USD. Absolute Zero STP/ECN Accounts are available in USD or EUR and let you trade micro lots. STP/ECN Accounts have a minimum deposit of $500, as do Zero Fixed Spread Accounts. You can get more information on all the accounts, plus comparison charts to help you choose which one to go with. It is also possible to open more than one account with IronFX Social Trader broker.
- Eight account types for individuals
- Four account types for businesses
- Swap Free Accounts available
4) Social Trading Platforms & Mobile Trading: Numerous Options Available
Another strong point in any broker comparison – social trading comparison is that IronFX Social Trader offers a long list of platforms. Those who want to engage in IronFX Social Trader social trading will be limited to the Sirix Social WebTrader platform, but you can complete other types of trades with one of the numerous other platforms. This platform launched in late 2013 and automatically aligns and informs across the other IronFX platforms. The Sirix Social WebTrader is accessible via the web, so you don’t have to download anything and can use it on any device. Use it to copy and follow “Forex Gurus.” It includes a Social Stream with the past 100 live trades and pending orders and has updates from community members. The platform also includes live charts and other tools.
Those interested in other asset offerings from IronFX Social Trader broker can choose from the MT4 platform, Multi-Account Manager (PMAM), and WebTrader 4. The first of these is available for PCs, Macs, mobile devices, and tablets. PMAM is just for PC, and you can use WebTrader 4 on any device since it is web based. Between these platforms, there are six total options for computers, two for tablets, and three for smartphones.
- Social trade via Sirix Social WebTrader
- Complete other trades via MT4, Web Trader 4, or PMAM
- Platforms for web, mobile, and computer
5) Usability of Website: Relatively Easy to Use
Overall, the IronFX website is well laid out, making it easy to find information. The problem our IronFX Social Trader social trading – review 2018 needs to point out, however, is that the page with information about social trading does not let those without an account access it. This makes it challenging to find information regarding social trading before creating an IronFX account, leaving most of the research to reading reviews. On every other aspect, however, the IronFX Social Trader broker has an excellent website. You can access the search bar, click the “contact” button, log in, and change the language from any page. There are 14 language choices, so most users should be able to understand the content.
The main navigation bar has sections for “About,” “Trading,” “Research,” “Academy,” “Contests & Promotions,” “Partnership,” and “Invest.” Hovering over any of these headings will give you related sub-pages, making it incredibly easy to find any information you are in search of. You can find “Legal Documentation” under “About,” exactly where the average person would anticipate.
- Information for social trading is inaccessible without account
- All other information easy to find
- Website is easy to navigate
6) Customer Support: Contact 24/5
The IronFX Social Trader social trading platform has plenty of information available, including a detailed FAQ section, so you are unlikely to need to contact customer support for minor problems. If you do need to do so, support is available 24/5, like you want to see in a broker comparison – social trading comparison. From any page of the website, you can easily contact support via a live chat by clicking on the floating button that stays in the lower right corner of the screen. At the bottom of every page, you can find a “Contact Us” button, along with a link for Live Chat and the option to leave your number for a callback.
Clicking on Contact Us will give you specific information about the four (London, Sydney, Limassol, and Johannesburg) offices, including locations, email address, and phone and fax numbers, with the exception of the London office, which does not list a phone number. Our IronFX Social Trader social trading – review 2018 appreciates that on the main Service and Support page, you can find specific phone numbers and email addresses for specific queries, including IronFX Contacts, Customer Support, Introducer Brokers, Client Funding Queries, and the Trading Desk.
- Support available 24/5
- Live chat accessible from every page of website
- Support via live chat, callback, phone, and email
7) Methods of Payment: Over Half a Dozen Methods
Unless specified, no deposit method has any fee associated with it. With IronFX Social Trader broker, you can make a deposit via a Mastercard, Visa, or Maestro debit or credit card, with a maximum transaction size of $50,000. There is a withdrawal fee up to 1.5 EUR. There are no restrictions on bank wires for deposits, and IronFX will not charge any fees. Skrill is another option for deposits, with a maximum transaction size of $50,000 and a 1 percent fee for withdrawals, up to $10,000. Neteller deposits have the same size restrictions, and deposit fees are a minimum of $1 or 2 percent, up to $30. Using Fasapay for transactions of up to $5,000 has a 0.5 percent transaction fee for withdrawals, up to about $5.
China Union transactions are set to a maximum of 360,000 CNY with a withdrawal fee of 20 CNY. There are no fees with DotPay, with a maximum of 200,000 PLN. For those without internet access, this is one of the rare options in a broker comparison – social trading comparison that lets you fund with a mail order or telephone order. Withdrawals go back to traders via the deposit method, up to the amount originally deposited. The rest is withdrawn via a bank transfer as a preference.
- Deposits via debit/credit cards, bank transfers, Skrill, Neteller, Fasapay, DotPay, China Union, mail order, and telephone order
- No deposit fees
- Preferred withdrawal method of bank transfer
8) Additional Offers: Educational Tools, Practice Account, and More
As expected, our IronFX Social Trader social trading – review 2018 points out that IronFX Social Trader social trading offers a practice account for users to hone their skills. The Demo account is available as a standard, AZSTP, NCSTP, or ZSSTP account. The big news for those in search of social trading is the range of related features, such as the ability to sort through traders with good track records then copy and follow them.
In terms of education, you can find information suitable for traders of all levels in the IronFX Social Trader broker’s “IronFX Academy.” There is a range of webinars that include Q&A sessions, seminars, and videos, along with a Forex Encyclopedia. IronFX also regularly attends expos to interact directly with clients.
To help clients with daily trading, IronFX has a “Market Insights” section with daily commentaries and more on specific topics that impact the markets. You can also find an economic calendar, live economic news, live currency rates, an IronFX Research App, and IronFX Showtime with interviews and opinions.
- Demo account available as standard, NCSTP, ZSSTP, or AZSTP
- IronFX Academy filled with educational resources
- Economic calendar, market insights, etc.
9) Regulation & Deposit Protection: Regulated by Four Agencies
Since IronFX Social Trader broker operates in more than 180 countries spanning Latin America, Europe, Asia, Africa, and the Middle East, it is regulated in multiple jurisdictions. Specifically, IronFX has various entities within its group authorized by CySEC in Cyprus, FSP in South Africa, ASIC in Australia, and FCA in the UK. ASIC regulates and authorizes GVS (AU) Pty Ltd with no. 417482. The FCA regulates and authorizes 8Safe UK Limited with no. 585561. CySEC regulates and authorizes Notesco Financial Services Limited with no. 125/10. IronFX also complies with the Markets in Financial Instruments Directive and has a long list of EEA registrations, including AFM, AMF, CNMV, CMVM, CNB, KNF, FI, HFSA, CONSOB, and BaFin.
To keep customer funds safe, IronFX Group works together with treasury and banking services, such as BNP Paribas, UniCredit, Santander, Barclays, and Westpac. Client funds are always kept segregated from company funds. Additionally, our IronFX Social Trader social trading – review 2018 feels that the automated risk-management system from IronFX is useful to ensure client account balances are never negative. As expected from options in a broker comparison – social trading comparison, the IronFX website uses HTTPS for added security.
- Regulation by CySEC, FCA, ASIC, and FSP
- Segregated customer funds
- Features an automated risk-management system
10) Awards: More than 25 Honors Over the Years
While some options you find in a broker comparison – social trading comparison only have a handful of honors, IronFx Social Trader broker has taken home more than 25 over the years. Early on, IronFX earned the title of “Best FX Newcomer” from the World Finance Foreign Exchange Awards in 2011, as well as the title of “Fastest Growing FX Broker” from the European CEO Magazine. 2012 included two more honors from the World Finance Foreign Exchange Awards, including “Best Trading Platform” and “Fastest Growing FX Provider.” It also received another honor as the Best FX Service Provider.
By 2013, IronFX began truly racking up honors, earning 11 different awards from top organizations. These honored partnership programs, trading execution, customer service, status as a CFD and forex broker, analysis, and trustworthiness. Seven more honors arrived in 2014, including “Most Trustworthy Forex Broker” and “Best Customer Service Provider,” both of which apply just as much to social trading as other types of trading. Beginners will appreciate IronFX’s 2015 honor from the UK Forex Awards for “Best Forex Educators 2015.”
- More than 25 awards in the last few years
- Honored for customer service and trustworthiness
- Honored for educational tools
Conclusion: IronFX Social Trader Social Trading – Review 2018
For those interested in IronFX Social Trader social trading, the only real downside is the inability to access the relevant information on the website without an account. There is enough information, however, in our IronFX Social Trader social trading – review 2018 and others to confirm whether this is the right broker for you. IronFX is a large and reputable financial company with offices around the world and highly rated customer support. With regulation and authorization by four major organizations, it is easy to have peace of mind when using IronFX, at least as much as you can when trading volatile assets, such as FX and CFDs. Overall, we see no reason to put off opening a Demo account or even a real funded account with IronFX Social Trader broker, particularly since the range of accounts appeals to those in search of nearly any market model.
- Website in 6 languages
- Support in more than 30 languages
- Dedicated social trading platform
- 12 account types
- Hard to access social trading information
- No clear information on fees and rewards for social trading