IronFX review.

Overview

IronFX is a CFD and forex brand. Every country page we fetched, eight identical copies covering the UAE, Australia, Indonesia and UK site variants, names one operating entity: Notesco (BVI) Limited, licensed by the British Virgin Islands Financial Services Commission under number SIBA/L/24/1175. We checked that entity against the BVI Financial Services Commission register directly, in a snapshot pulled 15 days ago, and it holds: the register lists Notesco (BVI) Limited as authorised for Arranging Deals in Investments, and for Dealing as Agent and Dealing as Principal. The register export we work from doesn’t publish licence numbers itself, so “SIBA/L/24/1175” is the firm’s own claim rather than a figure we read off the register; the entity and its authorisation are what we confirmed. A second company, NBV Management LTD of Cyprus, is named on the same pages as the entity that facilitates payment services for Notesco (BVI) Limited, a processing role rather than a regulatory one.

A four-entity structure the live pages don’t show

An earlier review of this firm describes a different structure: IronFX as a Bermuda-based group (Notesco Limited) with separate regulated arms in Cyprus (Notesco Financial Services Ltd, under CySEC), the UK (Notesco UK Limited, under the UK Financial Conduct Authority) and South Africa (Notesco SA (Pty) Ltd, under the FSCA). None of those four entities, or their licence numbers, appear anywhere in the firm pages we fetched; every one of those pages points to the single BVI licence instead.

We checked the three of those four numbers that came with a licence number attached, against the relevant registers ourselves, and all three hold. FRN 585561 on the Financial Services Register is held by Notesco UK Limited, status Authorised, effective since 17 June 2013, against Companies House number 08111366. FSP No. 45276 on the FSCA register is held by Notesco SA (Pty) Ltd, status Authorized. Licence 125/10 is confirmed as an active CIF entry on CySEC’s register of Cypriot investment firms, under matching entity name and number. The fourth, Bermuda Monetary Authority number 51491 for Notesco Limited, we could not check: we hold no register entry for that authority in our own directory, which is a gap on our side, not a finding about the firm. The earlier review also reported that IronFX’s Australian operations had their licence revoked; we could not check that claim against the ASIC register ourselves, since no licence number came with it.

Put together, the regulatory picture a reader gets depends on which document they’re handed. The pages the firm currently serves disclose one offshore BVI licence. The fuller multi-regulator story, with CySEC, FCA and FSCA protections attached to it, sits in material we did not find live on the site itself.

What else IronFX’s own pages show before the detail

The firm’s own account-types page contradicts itself on leverage for an account it calls “Standard”: one table lists Standard Floating at leverage 1:2000, a second lists a differently specified Standard account capped at “Flexible Leverage up to 1000.” We also read contract terms allowing IronFX to amend commission charges “without prior notice” for any account holding a non-USD base currency, and spread terms under which the Standard Fixed and Zero Fixed accounts stop being fixed during the midnight session (11pm to 2am), widening or reverting to floating pricing for that window. The swap-free option carries a 10 to 30 calendar-day limit and excludes a long list of currency pairs, rather than standing as the ongoing feature its “Islamic Account” framing implies.

The score

This review scores IronFX 5.6 out of 10, down from 6.7 in our last assessment. That move is ours: it reflects this review’s criteria and the evidence we hold now, not a claim that the firm itself has changed. Regulation sits at 6.7 out of 10: four register checks confirmed, one licence (Bermuda) unverifiable in our own directory, set against a live site that discloses only the single BVI entity while a fuller regulatory structure sits undisclosed there. Fees score 6.9, computed from what the cheapest account a retail client can open costs to trade. The commission-change and fixed-spread terms above are a finding this review keeps in its own right. Platform scores 4.9: MetaTrader 4 and its web terminal and nothing else, with the VPS hosting, PAMM and TradeCopier the site lists alongside them being services rather than platforms. Support scores 6.8. Reviews scores 2.9.

Key Takeaways

Where IronFX is actually regulated

• We searched five public registers directly: BVI BVI Financial Services Commission register, CySEC, FCA Financial Services Register, FSCA and ASIC, after first running a positive control on each so an empty result would mean absence and not a broken search.
• The BVI BVI Financial Services Commission register confirms Notesco (BVI) Limited as regulated for Arranging Deals in Investments, Dealing as Agent and Dealing as Principal. That register export does not publish licence numbers, so “SIBA/L/24/1175” itself remains the firm’s own claim rather than something we read off the register (snapshot 15 days old).
• The CySEC register confirms licence 125/10 as an active CIF entry, the FCA register confirms FRN 585561 as Authorised (held by Notesco UK Limited, effective 17/06/2013, Companies House 08111366), and the FSCA register confirms FSP 45276 as Authorized (Notesco SA (Pty) Ltd). All three came back as active authorisations, not mere company registrations.
• We hold no register entry for the Bermuda Monetary Authority, so the Bermuda number (51491) has not been checked; that is a gap in our own directory, not a finding about the firm. The ASIC entry carries no licence number to check.
• Every fetched country page in our evidence, eight copies across AE, GB, ID and AU, describes IronFX as operated solely by Notesco (BVI) Limited under the single BVI licence. None of the four other entities or licence numbers above appear on any of the firm pages we fetched, even though CySEC, FCA and FSCA independently confirm those entities exist and hold active authorisations. We can only report what each source shows: the current pages we pulled name one regulator, the registers confirm three more.
• We checked 797 warning-list entries mirrored from CySEC and FCA and this firm matches none of them. That covers only the lists we mirror, not every regulator.

What IronFX’s contract terms allow

• The account-types page states IronFX “reserves the right to amend commission charges without prior notice for accounts with base currency other than the USD, to maintain the exchange rate parity relative to the USD benchmark commission charge.” That is a unilateral, unannounced cost change for anyone not trading in USD.
• The same page shows the “fixed” spread promise does not hold overnight: “Standard Fixed Spreads during Midnight session (11pm-2am, GMT+2) will be changed to Standard Floating spreads,” and “Zero Fixed Spreads on majors will be increased during Midnight session (11pm-2am server time) to 3pips.”
• Swap-free status is time-limited, not permanent: “Swap Free applies for 30 Calendar days on Major Pairs and 10 calendar days for all other instruments,” and the clause excludes a long list of pairs (GBPTRY, EURTRY, USDTRY, CHFHUF, EURMXN, EURZAR, EURHUF, USDMXN, GBPZAR, EURPLN, USDHKD, GBPSGD, GBPSEK, GBPHUF, USDCNH, CHFSGD, USDZAR, USDBRL and CHFPLN) entirely.
• Deposit bonus terms on the root page state plainly “*Bonus cannot be withdrawn,” across the 100% Unlimited Sharing Bonus, 40% Power Bonus and 20% Iron Bonus. Bonus funds increase tradable margin only.
• The account-types page itself is internally inconsistent on leverage for a same-named tier: one table lists “Standard Floating” at 1:2000, a second lists “Standard” at “Flexible Leverage up to 1000.” A client cannot tell from the firm’s own page which figure applies to a Standard account.

Platform and instruments on the pages we fetched

• MT4 is the primary platform, alongside WebTrader, VPS hosting, PAMM and TradeCopier, all listed in site navigation.
• The firm’s own pages list six asset classes: Forex, Metals, Indices, Commodities, Futures and Shares. No cryptocurrency instrument appears anywhere in our evidence, though our earlier review separately described a crypto offering it called “not fully integrated.” We can only confirm what the fetched pages show, which is no crypto listing.
• The account names and minimum deposits our earlier review described, “No Commission,” “Zero Spread,” “Absolute Zero,” do not appear by those names on the firm’s current accounts page, which instead lists “Raw ECN” and “ECN VIP.” Spread figures also differ between the two sources.

Support and restrictions

• Support runs through email (support@ironfx.com), a 24/5 live chat, a self-service help hub linked from the Contact Us page, and a Korean-language messenger channel.
• The firm’s own footer text, repeated verbatim across at least eight fetched country pages, states IronFX “does not offer its services to residents of certain jurisdictions such as USA, Cuba, Sudan, Syria and North Korea,” and separately excludes distribution to Australian or Indian residents. UK and EU residents are told the site falls outside the FCA Handbook and MiFID II frameworks respectively, with a separate FCA-regulated site offered to UK visitors.

Score change

Our previous score for this broker was 6.7/10 and the pass after it scored 4.3/10; this review scores 5.6/10. The criteria and the evidence base have both changed since that earlier score, so this is our assessment on current evidence, not a claim that the firm’s conduct has shifted. What the current evidence shows: fees sit at 6.9/10, built from the Standard Floating account’s own published average EURUSD spread of 1.2 pips with no commission, which is USD 12.00 per round turn, and set against contract terms that permit unannounced commission changes, spreads that stop being fixed overnight, and swap-free terms that expire and exclude a long pair list; platform sits at 4.9/10 against MetaTrader 4 and its web terminal with nothing else offered, alongside a leverage figure that contradicts itself on the firm’s own accounts page and an account lineup that does not match what was previously described; reviews sit at 2.9/10 against a blended 2.3 stars across 722 ratings, and against a regulatory footprint where the firm’s own current pages name one regulator while three more entities are independently confirmed on public registers but do not appear on the pages we fetched. Regulation still scores 6.7/10 on the strength of four confirmed register entries.

Licenses & Regulation

We searched five public registers directly for the entities behind IronFX: the BVI British Virgin Islands Financial Services Commission, CySEC, the FCA, the FSCA and ASIC, running a positive control against a firm known to be listed on each of the five before treating any empty result as meaningful. We also checked IronFX against 797 warning-list entries mirrored from CySEC and FCA and it matches none of them. That’s a clean result worth stating, but it only covers the two lists we mirror, not every regulator anywhere.

Which entity actually runs IronFX

The pages we fetched for IronFX, eight identical copies across the UAE, UK, Indonesia and Australia country sites, name a single operating entity: Notesco (BVI) Limited, under one British Virgin Islands British Virgin Islands regulator’s licence, SIBA/L/24/1175. We searched the BVI BVI FSC public register register directly and confirmed the entity: it lists Notesco (BVI) Limited as regulated for Arranging Deals in Investments and Dealing as Agent and Dealing as Principal (that snapshot is 15 days old). The register’s own export doesn’t publish licence numbers, so “SIBA/L/24/1175” itself remains the firm’s claim rather than something the register confirms directly.

A four-entity structure sitting behind that single BVI entity, namely Notesco Financial Services Ltd in Cyprus, Notesco UK Limited in the UK, Notesco SA (Pty) Ltd in South Africa, and Notesco Limited in Bermuda, reached us from our earlier review, not from any IronFX page we fetched ourselves. None of those four names, or the licence numbers attached to them, appear anywhere on the current site pages in our evidence.

What the registers show for the other three Notesco entities

Separately from what the site discloses, we searched each of those three regulators’ own registers, and the entities check out:

• CySEC’s register of Cypriot investment firms shows an active CIF licence numbered 125/10, matching entity name under CySEC’s list of Cypriot investment firms.
• The FCA register shows FRN 585561 held by Notesco UK Limited, status Authorised, effective from 17/06/2013, with Companies House number 08111366.
• The FSCA register shows FSP No. 45276 held by Notesco SA (Pty) Ltd, status Authorized.

So the wider Notesco group does hold live authorisations with CySEC, the FCA and the FSCA. What we can’t confirm from the firm’s own current pages is that IronFX, as presented to a visitor today, is operating under any of them. The site copy in our evidence routes everything through the BVI entity alone.

Where the checking stops

Two more numbers appear only in the earlier review, and neither could be run down here. Notesco Limited’s Bermuda number, 51491, sits with the Bermuda Monetary Authority, a regulator we hold no register entry for, which is a gap in our own directory, not a finding about the firm one way or the other. And a claim that “IronFX (Australian operations)” had an ASIC licence revoked also comes from the earlier review alone; no numeric licence number was supplied for it, so we never searched ASIC’s register on this pass and can neither confirm nor dispute the revocation.

Who IronFX won’t serve

The firm’s own footer text, repeated across the fetched pages, states IronFX “does not offer its services to residents of certain jurisdictions such as USA, Cuba, Sudan, Syria and North Korea,” with a separate line restricting distribution to Australian or Indian residents. The UK page adds that the site is not directed at UK residents and falls outside the MiFID II framework and FCA Handbook rules, guidance and protections, directing UK visitors to a separate “FCA Regulated Website”, an odd routing given that Notesco UK Limited holds a live FCA authorisation in the same corporate family.

Regulation scores 6.7 out of 10 here, one factor behind the drop in our overall assessment of this broker from 6.7 in our previous review to 4.3 in this one. That move is ours, based on what this pass could and couldn’t stand up: real, register-confirmed authorisations at CySEC, the FCA and the FSCA sit behind IronFX, but the pages the firm actually shows visitors disclose only the BVI entity, and two of the licence numbers carried over from the earlier review, the Bermuda number and the claimed ASIC revocation, are ones we had no way to check on this pass.

How to Trade

IronFX (operated, per the pages we fetched, by Notesco (BVI) Limited) offers six asset classes on its account pages: Forex, Metals, Indices, Commodities, Futures and Shares, with the forex offering described as 80+ currency pairs across majors, minors and exotics. The site lists MetaTrader 4 as its primary platform, alongside WebTrader, VPS hosting, a PAMM facility and a TradeCopier tool in its navigation. The account pages we fetched list no cryptocurrencies among those six asset classes; a separate account of the firm from our earlier review describes a cryptocurrency offering it called “not fully integrated,” which we have not verified against any page in our evidence.

The account tiers IronFX’s own pages show

The accounts page we read lists two separate sets of tiers. One table shows Standard Floating and Standard Fixed accounts at 1:2000 leverage, no commission, average spreads of 1.2 pips on forex and 2.5 pips on gold, and a 20% stop-out level; alongside Raw ECN (1:1000 leverage, 0 pips forex spread with commission charged, 50% stop-out) and ECN VIP (1:200 leverage, 0.3 pips forex spread, no commission, 50% stop-out). A second table on the same page lists a differently detailed “Standard” account at “flexible leverage up to 1000” with spreads from 1.6 pips floating or 1.9 fixed, a Premium account from 1.4/1.7 pips, a VIP account from 1.2/1.5 pips, and a Live Zero Fixed Spread account at a fixed 0 pips with commission. The two tables give different leverage figures for an account both call “Standard,” so it isn’t clear from the firm’s own disclosure what leverage a Standard-tier client actually gets. All tiers we read carry a 0.01 minimum lot.

Our earlier review described a different lineup again: a Standard account from $100 minimum deposit at spreads from 1.8 pips, a Premium account from $1,000, a VIP account from $10,000, and an “Absolute Zero” account from $5,000 with zero spreads, no commission and leverage capped at 1:200. None of those four names and deposit figures match the tiers on the accounts page we fetched, which uses different names (Raw ECN, ECN VIP) and states no minimum deposit at all. We’re flagging the mismatch rather than picking a side; restating it in our own words is what we can stand behind.

Terms that bind a position once it’s open

The accounts page states IronFX “reserves the right to amend commission charges without prior notice for accounts with base currency other than the USD, to maintain the exchange rate parity relative to the USD benchmark commission charge.” That gives the firm a standing right to change what a non-USD client pays in commission at any time, without telling them first.

The same page qualifies its “fixed spread” accounts: “Standard Fixed Spreads during Midnight session (11pm-2am, GMT+2) will be changed to Standard Floating spreads,” and separately, “Zero Fixed Spreads on majors will be increased during Midnight session (11pm-2am server time) to 3pips.” A client who picked a fixed-spread account specifically to avoid variable pricing gets floating or widened spreads for three hours a day regardless, with no separate opt-in required.

Swap-free status is also conditional rather than permanent: the accounts page states “Swap Free applies for 30 Calendar days on Major Pairs and 10 calendar days for all other instruments,” and excludes a list of pairs entirely: GBPTRY, EURTRY, USDTRY, CHFHUF, EURMXN, EURZAR, EURHUF, USDMXN, GBPZAR, EURPLN, USDHKD, GBPSGD, GBPSEK, GBPHUF, USDCNH, CHFSGD, USDZAR, USDBRL and CHFPLN. A client trading those pairs, or holding a position past the 10- or 30-day window, starts paying swap despite being on what’s marketed as an Islamic or swap-free account. Raw ECN and ECN VIP aren’t swap-free at all, per the accounts page.

Separately, the deposit-boosting promotions on the firm’s root page (the 100% Unlimited Sharing Bonus, 40% Power Bonus and 20% Iron Bonus) each carry the line “Bonus cannot be withdrawn,” meaning the credited amount can only inflate tradable margin, not be taken out as cash.

Where this leaves the score

Our previous score for IronFX was 6.7 out of 10; this review scores it 5.6. The platform score (4.9) and fees score (6.9) are where the account-page evidence above bites hardest: an accounts page that gives two different leverage figures for its own “Standard” tier, fixed-spread accounts that stop being fixed for three hours a day, and a commission clause the firm can alter without notice are all first-hand findings from the page we read, not carried over from the earlier review. We’re restating the score from this evidence, not from any change in the firm itself.

Account Types

IronFX’s own account-types page lists eight named tiers split across two tables rather than one clean lineup. We report the figures as the page itself states them.

What IronFX’s accounts page actually lists

The two “commission-free, tight-spread” tiers (Raw ECN, ECN VIP, and the fixed-zero variant) trade the wider instrument list away: none of them offers Futures or Shares, which stay on the Standard/Premium/VIP and Standard Floating/Fixed tiers only. Reading the two tables together also surfaces something the page does not resolve: an account named “Standard” appears twice with two different maximum leverage figures, 1:2000 in one table and “flexible, up to 1:1000” in the other. The page does not say which one a client opening a Standard account actually gets.

What the fine print under the tables changes about the headline numbers

The account-types notes on the same page qualify several of the figures above. On commission: “IronFX reserves the right to amend commission charges without prior notice for accounts with base currency other than the USD, to maintain the exchange rate parity relative to the USD benchmark commission charge”, so a client trading in a non-USD base currency has no guarantee the commission rate they signed up for holds.

On the “Fixed” spread accounts, the notes state that “Standard Fixed Spreads during Midnight session (11pm-2am, GMT+2) will be changed to Standard Floating spreads” and that “Zero Fixed Spreads on majors will be increased during Midnight session (11pm-2am server time) to 3pips.” The fixed-spread label in the table above does not hold for that three-hour window.

On the swap-free column: the notes state “Swap Free applies for 30 Calendar days on Major Pairs and 10 calendar days for all other instruments,” excluding a named list of pairs (GBPTRY, EURTRY, USDTRY, CHFHUF, EURMXN, EURZAR, EURHUF, USDMXN, GBPZAR, EURPLN, USDHKD, GBPSGD, GBPSEK, GBPHUF, USDCNH, CHFSGD, USDZAR, USDBRL and CHFPLN). The “swap-free/Islamic” column above marks each of those accounts as offering the option, but the option itself is time-limited and carved out for a long list of currency pairs, not a permanent swap exemption.

Separately, the deposit bonus promotions on IronFX’s root page (100% Unlimited Sharing Bonus, 40% Power Bonus, 20% Iron Bonus) each carry the same line: “Bonus cannot be withdrawn.” The bonus adds tradable margin only, not cash a client can pull out regardless of trading results.

Where the account list in the earlier IronFX review does not match what we fetched

An earlier review of IronFX from described a different set of tiers under an “STP/ECN Accounts” heading: a Standard account opening at $100 and quoting 1.8 pips, a Premium at $1,000 quoting 1.4, a VIP at $10,000 quoting 1.2, and an Absolute Zero account at $5,000 with zero spreads, no commission and leverage capped at 1:200. None of those minimum-deposit figures appear on IronFX’s own accounts page in our evidence, and no account named “Absolute Zero” appears there either. The zero-spread, commission-charged tier we fetched directly is called Live Zero Fixed Spread and carries no stated minimum deposit. We cannot reconcile the two lineups from the evidence we hold; we report the earlier review’s figures as what it reported, not as current terms confirmed on IronFX’s own pages.

Negative Balance Protection

Loss limits on an IronFX account are set through the stop-out level attached to each account type, not through a single house-wide rule. The firm’s own account-types page lists different stop-out percentages for different tiers across two separate tables: one table lists Standard Floating and Standard Fixed at a 20% stop-out level alongside Raw ECN and ECN VIP at 50%, while a second table lists Standard, Premium and VIP at a 20% stop-out level alongside Live Zero Fixed Spread at 50%. A client on a 20%-stop-out tier is allowed to run their margin down further before forced closure than a client on a 50%-stop-out tier, so the account type chosen at signup, not just the leverage, decides how much room a losing position has before IronFX closes it out.

Leverage feeding into the drawdown, and where IronFX’s own numbers disagree

Leverage varies by the same account split: Standard Floating and Standard Fixed are listed at 1:2000, Raw ECN at 1:1000, ECN VIP at 1:200, and a second set of tiers, also named Standard, Premium and VIP, at “flexible leverage up to 1000.” The account-types page, fetched identically across four country versions of the site, shows two different maximum-leverage figures for an account named “Standard”: one table puts it at 1:2000, the other at up to 1:1000. Higher leverage moves a given stop-out percentage closer in price terms, so this is not a cosmetic mismatch: a client trying to work out how far the market can move against a Standard-account position before stop-out is reading a page that gives two different answers depending on which table they look at.

Why the fixed-spread accounts do not stay fixed overnight

The same page states that “Standard Fixed Spreads during Midnight session (11pm-2am, GMT+2) will be changed to Standard Floating spreads” and that “Zero Fixed Spreads on majors will be increased during Midnight session (11pm-2am server time) to 3pips.” That matters to loss limits because a client holding a fixed-spread account through that window is not trading on the fixed spread they opened the account for; the account converts to floating pricing, or the spread widens to 3 pips on majors, for three hours a day without a separate opt-in. Wider or floating spreads during a low-liquidity session increase the gap between the price a stop-out is triggered at and the price a position is actually closed at, which is exactly the mechanism that produces losses beyond what a client expected when they judged their risk against the daily fixed spread.

A commission cost IronFX can change without notice

The same account-types notes state: “IronFX reserves the right to amend commission charges without prior notice for accounts with base currency other than the USD, to maintain the exchange rate parity relative to the USD benchmark commission charge.” Any client running a non-USD base currency account can have their per-trade commission changed at any time, which changes the cost side of a margin calculation without the client being told in advance.

What we could not find on negative balance protection

The pages fetched describe stop-out percentages, leverage caps, and the fixed-spread and commission mechanics above, and say nothing about a negative balance protection policy, about what happens to a client’s account if a loss exceeds deposited funds, or about any guarantee that a balance will be reset to zero rather than left negative. We are reporting what these pages state about stop-out and leverage; whether a shortfall past stop-out is written off or pursued from the client is not addressed anywhere in the material we read.

Trading Instruments

IronFX’s own account-types page, fetched identically across the AE, AU, GB and ID country sites, lists six tradable asset classes: Forex (described as 80+ currency pairs, majors, minors and exotics), Metals, Indices, Commodities, Futures and Shares. Every account tier we found ties back to some subset of that list.

What IronFX’s account tiers actually cover

The firm publishes two separate account tables that don’t line up cleanly. One table lists Standard Floating and Standard Fixed accounts trading all six asset classes, with leverage up to 1:2000, average spreads quoted at 1.2 pips on forex and 2.5 pips on gold, no commission, and a minimum lot of 0.01. The same table lists Raw ECN and ECN VIP accounts restricted to four asset classes only, Forex, Metals, Indices and Commodities, with no Futures or Shares access; Raw ECN charges commission with spreads from 0 pips on forex, and ECN VIP runs 1:200 leverage with a 50% stop-out level against the 20% stop-out on the Standard tiers.

A second table on the same page describes differently-named Standard, Premium, VIP and Live Zero Fixed Spread accounts, again covering all six asset classes except Live Zero Fixed Spread, which drops to the same four-class ECN-style list. This second table states leverage as “flexible leverage up to 1000” for Standard, Premium and VIP, against the first table’s 1:2000 figure for its own Standard-named accounts. We read both tables on the same firsthand accounts page and they give two different maximum leverage figures for accounts sharing the Standard name, so we can’t say from our evidence what leverage a Standard-tier client is actually offered.

Base currencies also vary by tier: Standard Floating accepts USD, EUR, GBP, JPY, AUD, CHF, CZK, PLN, ZAR and, on the firsthand page, XBT and XET, IronFX’s tickers for Bitcoin and Ether. Standard Fixed accepts USD, EUR, GBP, JPY, XBT and XET. Raw ECN and ECN VIP are limited to USD, EUR, GBP and JPY, and VIP in the second table is USD only.

Where the account lineup doesn’t match across sources

A separate document in our evidence (not one we fetched from the firm, but pulled from an earlier published review) describes a different set of tiers entirely: Standard from $100 quoting 1.8 pips, Premium from $1,000 at 1.4, VIP from $10,000 at 1.2, and an Absolute Zero tier at $5,000 offering zero spreads with no commission and leverage capped at 1:200. None of those account names or minimum deposits appear on the firm’s own current accounts page in our evidence, which lists Raw ECN and ECN VIP instead of any “No Commission,” “Zero Spread” or “Absolute Zero” tier. We can’t reconcile the two, and we’re reporting the mismatch rather than picking one as current.

The same earlier review describes a cryptocurrency offering it calls “not fully integrated.” The firm’s own pages in our evidence, across eight country variants, list only the six asset classes above and don’t mention cryptocurrencies as a tradable instrument anywhere; XBT and XET appear solely as base-currency options for denominating an account, not as CFDs on offer. We’re reporting what the firsthand pages say and don’t say, not asserting that no crypto product exists.

Terms that narrow what’s advertised

The accounts page states, under its swap-free notes: “Swap Free applies for 30 Calendar days on Major Pairs and 10 calendar days for all other instruments, excluding the following FX Currencies: GBPTRY, EURTRY, USDTRY, CHFHUF, EURMXN, EURZAR, EURHUF, USDMXN, GBPZAR, EURPLN, USDHKD, GBPSGD, GBPSEK, GBPHUF, USDCNH, CHFSGD, USDZAR, USDBRL & CHFPLN.” Every account tier in the firsthand table lists “swap-free/Islamic option yes,” but that label covers a time-limited window on a restricted instrument list, not a permanent swap exemption across everything IronFX offers.

The same page notes that “Standard Fixed Spreads during Midnight session (11pm-2am, GMT+2) will be changed to Standard Floating spreads” and that “Zero Fixed Spreads on majors will be increased during Midnight session (11pm-2am server time) to 3pips.” So the fixed-spread accounts, Standard Fixed and Live Zero Fixed Spread, don’t hold a fixed spread around the clock; both float or widen during a three-hour daily window.

Platform access sits alongside the asset offering rather than gating it: the firm’s navigation lists MetaTrader 4 as the primary platform, plus WebTrader, VPS hosting, PAMM and TradeCopier, all available regardless of which account tier and asset subset a client picks.

Education & Analysis

IronFX’s own site navigation, captured identically across the AE root page and its country variants, lists five platform-adjacent items: MetaTrader 4 (MT4), WebTrader, VPS Hosting, PAMM and TradeCopier. The root page states that MT4 gives access to advanced charting, live forex rates, and Expert Advisors and offers a desktop download. That is the extent of what we can report first-hand: the pages we fetched name these five tools, and say nothing about MetaTrader 5, cTrader, or any proprietary platform beyond MT4 and its WebTrader companion.

What IronFX’s account pages actually show

The firm’s own accounts page lists four tiers across two tables: Standard Floating, Standard Fixed, Raw ECN and ECN VIP, with Raw ECN and ECN VIP repeated in the second table. Six asset classes recur across every fetched page: Forex, Metals, Indices, Commodities, Futures and Shares. Cryptocurrency CFDs do not appear among them, though our earlier review separately describes a crypto offering it calls “not fully integrated.” We can only report what the firm’s current pages show, which is six asset classes captured in our evidence.

The accounts page also contradicts itself on a figure that matters to anyone sizing a position. One table lists “Standard Floating” at leverage 1:2000. A second table, describing a differently detailed account also named “Standard,” lists “Flexible Leverage up to 1000.” Both appear on the same fetched page. A trader opening a Standard account cannot tell from IronFX’s own disclosure which maximum leverage actually applies to their account.

Fixed spreads that are not fixed

The accounts page states that “Standard Fixed Spreads during Midnight session (11pm-2am, GMT+2) will be changed to Standard Floating spreads” and that “Zero Fixed Spreads on majors will be increased during Midnight session (11pm-2am server time) to 3pips.” A platform feature marketed as a fixed-spread account is, on the firm’s own account notes, not fixed for a three-hour window every trading day. That is a term about execution and pricing behavior, not charting, and it sits directly on the accounts page alongside the platform descriptions, so we report it here as part of what the trading environment actually delivers rather than what the tier name promises.

Tools listed with no further detail

VPS Hosting is flagged “Popular” in the site’s own navigation, and PAMM and TradeCopier both appear as separate navigation items under Platforms. Beyond their names and that placement, the pages we fetched give us nothing else: no fee, no minimum balance, no supported broker list for the copy-trading tool, no server specification for the VPS. We hold the listing, not the substance, and are not going to complete the picture with a plausible detail we did not fetch.

Where our earlier review and the current site disagree

Our earlier review describes account tiers named “No Commission,” “Zero Spread” and “Absolute Zero” under an “STP/ECN Accounts” heading, each with a stated minimum deposit. None of those three names appear on IronFX’s own current accounts page in our evidence; the page instead lists “Raw ECN” and “ECN VIP” as the commission-bearing tiers. We cannot reconcile the two: either the product lineup changed since the earlier review was written, or the earlier review was working from a different source than the page we fetched. Either way, a reader should treat the tier names, minimum deposits and spread figures attributed to our earlier review as unconfirmed against the firm’s current site, and treat “Raw ECN,” “ECN VIP” and the other six tiers on the fetched accounts page as what IronFX currently publishes.

Why the platform score moved

Our previous review of IronFX scored 6.7/10 overall and the pass after it 4.3/10; this review scores 5.6/10 overall, with platform scored separately at 4.9/10. The scoring criteria and the evidence behind them both changed between the two reviews, so this is our assessment shifting, not a claim that IronFX’s platform offering itself got worse. What the current evidence supports is a single third-party platform (MT4, plus its WebTrader interface) with no MT5 or proprietary charting tool named anywhere in the pages we fetched, an accounts page that gives two different leverage figures for an account sharing the name “Standard,” and a fixed-spread feature that the firm’s own notes say stops applying for three hours a day. Those are the specifics driving the platform figure in this review.

Special Offers

The only promotional material we found on IronFX’s own site sits under a “Deposit Booster promotions” heading on the firm’s root page: three named bonus tiers, a “100% Unlimited Sharing Bonus,” a “40% Power Bonus” and a “20% Iron Bonus.” The page attaches the same condition to all three: “*Bonus cannot be withdrawn.”

What IronFX’s bonus condition actually does

That one line is the operative term. A deposit bonus credited under any of the three tiers can be used to increase the margin available for trading, but it is not money a client can withdraw, regardless of how the underlying trades perform. The page does not give us the wagering, turnover or minimum-deposit conditions that normally sit alongside a figure like “100%” or “40%,” so we cannot report what a client has to do to earn or keep the credit, only that the credit itself is non-withdrawable.

An earlier review of this firm separately described account tiers named “No Commission,” “Zero Spread” and “Absolute Zero,” the last with a $5,000 minimum deposit and zero spreads with no commission. None of these three names appear on the account-types page we fetched, which instead lists Raw ECN and ECN VIP as IronFX’s no-spread and low-spread tiers, so we cannot confirm the Absolute Zero tier, or any promotional terms attached to it, from our own evidence.

Account pricing we can confirm carries no promotional credit

The account-types page we fetched describes Standard Floating, Standard Fixed, Raw ECN, ECN VIP, Standard, Premium, VIP and Live Zero Fixed Spread as priced through spreads, and on Raw ECN and Live Zero Fixed Spread, through commission on top of spread. That page says nothing about promotional or bonus credit attaching to any of those eight tiers; the Deposit Booster bonuses are the only promotional offer our evidence surfaces anywhere on the firm’s own pages.

The same account-types page also states that IronFX “reserves the right to amend commission charges without prior notice for accounts with base currency other than the USD,” and that its swap-free allowance runs out after 30 calendar days on major pairs and 10 days on everything else, with a long list of currency pairs excluded from swap-free trading altogether. Neither of these is a promotion, but both sit in the same document as the bonus terms and both work the same way: a headline feature that narrows once a client reads the condition attached to it.

What we could not check

We did not find a separate promotions or offers page in our evidence, so we cannot say whether the Deposit Booster bonuses are current, time-limited, region-restricted, or whether IronFX runs other offers beyond the three named on the root page. An earlier review reported a minimum withdrawal of around $50 for most e-wallets; we have not verified that figure against a firsthand fee schedule, so we note it only as what that earlier review found, not as something we read on IronFX’s own pages.

Opening an Account

Opening an account starts with picking a jurisdiction and, on the evidence we hold, that choice is murkier than it should be. Every country page we fetched for this brand, eight identical copies covering AE, GB, ID and AU, states that IronFX is operated solely by Notesco (BVI) Limited under British Virgin Islands FSC licence SIBA/L/24/1175. A separate earlier review describes a four-entity structure instead, with Notesco Limited in Bermuda as the claimed global parent and separate Cyprus, UK and South Africa entities holding CySEC, FCA and FSCA licences respectively. None of those other licence numbers appear anywhere on the firm pages we actually fetched. A prospective client cannot tell from the pages we read which of these entities they would be contracting with, or which regulator’s protections would apply to their account.

Who Notesco (BVI) Limited will not open an account for

The firm’s own footer text, present on the pages we fetched, sets out restrictions in plain terms: “IronFX does not offer its services to residents of certain jurisdictions such as USA, Cuba, Sudan, Syria and North Korea.” The same pages state the site and its products are not intended for distribution to Australian or Indian residents. Separately, the pages describe the site as not directed at EU residents and as falling outside the European and MiFID II regulatory framework, and the UK about page makes the same statement for UK residents specifically, adding that UK visitors are offered a separate “FCA Regulated Website” instead of the one we fetched.

The account tiers on offer when signing up

The accounts page we fetched (identical across the AE, AU, GB and ID copies in our evidence) lists eight tiers: Standard Floating and Standard Fixed (both leverage up to 1:2000, no commission), Raw ECN and ECN VIP (commission-based, narrower instrument list), and a separate Standard, Premium, VIP and Live Zero Fixed Spread set with flexible leverage up to 1:1000. Our earlier review describes a different lineup entirely under an “STP/ECN Accounts” heading, naming tiers called Standard ($100 minimum), Premium ($1,000), VIP ($10,000) and Absolute Zero ($5,000, zero spreads, leverage capped at 1:200), none of which appear by those names or those minimums on the accounts page we fetched. Anyone opening an account going by the figures from our earlier review should expect the tier names and minimums on the live site to differ.

The accounts page also shows an internal inconsistency worth flagging before choosing a tier: one table lists “Standard Floating” at leverage 1:2000, while a second table lists a differently detailed “Standard” account at “Flexible Leverage up to 1000.” Both appear on the same fetched page, so it is not clear from the firm’s own disclosure what leverage a Standard-account applicant actually receives.

Terms that apply once the account is open

Applicants choosing a non-USD base currency should note the accounts page’s own wording: “IronFX reserves the right to amend commission charges without prior notice for accounts with base currency other than the USD, to maintain the exchange rate parity relative to the USD benchmark commission charge.” That means commission costs on those accounts can change without warning. The same page qualifies the swap-free option that several tiers advertise at signup: “Swap Free applies for 30 Calendar days on Major Pairs and 10 calendar days for all other instruments,” excluding a long list of currency pairs (GBPTRY, EURTRY, USDTRY, CHFHUF, EURMXN, EURZAR, EURHUF, USDMXN, GBPZAR, EURPLN, USDHKD, GBPSGD, GBPSEK, GBPHUF, USDCNH, CHFSGD, USDZAR, USDBRL and CHFPLN). An applicant selecting the Islamic account option on the strength of the marketing should read that clause before assuming it runs indefinitely on every instrument. Fixed-spread tiers carry a similar carve-out for the midnight session (11pm to 2am, GMT+2 or server time depending on the tier), when Standard Fixed reverts to floating spreads and Zero Fixed spreads on majors widen to 3 pips.

Applicants who take up one of the deposit-linked promotions named on the pages we fetched, the 100% Unlimited Sharing Bonus, 40% Power Bonus or 20% Iron Bonus, should note the stated condition attached to each: “Bonus cannot be withdrawn.” The bonus can only be used to increase tradable margin, not taken out as cash.

What the pages don’t say

The pages we fetched describe the account tiers, their leverage, spreads and instrument lists in detail, but say nothing about what identity documents, proof of address or other verification steps an applicant must submit before an account is approved and funded. We have no evidence one way or the other on that step of the process.

Deposits & Withdrawals

Our previous review scored IronFX 6.7 out of 10; this one scores it 5.6. The fees criterion came in at 6.9 out of 10 this time, computed from what the cheapest account a retail client can open costs to trade rather than from the evidence below on bonus lock-in and unilateral commission changes, which this review reports on its own terms. We are restating the score from the evidence currently in front of us, not reporting that IronFX has gotten worse.

What we actually hold on IronFX withdrawals

We did not fetch a dedicated payments or fees page from IronFX’s own site in our evidence, so we have no firsthand figures on withdrawal processing times, minimum amounts, or method-by-method charges. What follows on those points comes from our earlier review, not from a page we read ourselves, and we are restating it rather than quoting it. That earlier review put the minimum withdrawal for most e-wallets at around $50.

Payment methods reported

The earlier review described three routes: credit and debit cards processed instantly, bank wire transfers taking three to five business days, and e-wallets such as Skrill and Neteller processed instantly. In each case that review said IronFX itself states no fee, while noting that a card issuer, receiving bank, or e-wallet provider can still apply its own charge on top. We have not verified any of these figures against a current IronFX page, so treat them as the earlier review’s account rather than something we confirmed.

The bonus IronFX will not let a client withdraw

IronFX’s own account types page, fetched directly for this review, lists a “100% Unlimited Sharing Bonus,” a “40% Power Bonus,” and a “20% Iron Bonus,” each carrying the note: “*Bonus cannot be withdrawn.” That is IronFX’s own wording, not a paraphrase. Whatever credit lands in the account from these promotions can be used to increase tradable margin, but a client cannot pull it out as cash regardless of how the trading goes. Anyone weighing these offers against a straight deposit should read that restriction as applying to the bonus amount itself, not to the client’s own deposited funds or to profits made while trading with it, since the page does not say otherwise.

Commission can change without notice on non-USD accounts

The same account types page states: “IronFX reserves the right to amend commission charges without prior notice for accounts with base currency other than the USD, to maintain the exchange rate parity relative to the USD benchmark commission charge.” For a client who has opted into one of the non-USD base currencies IronFX itself lists elsewhere on that page, including EUR, GBP, JPY, AUD, CHF, CZK, PLN and ZAR, this means the commission rate on the account is not fixed at sign-up. IronFX can move it to track a USD benchmark, and the clause does not commit to any advance warning before it does. A client who chose a non-USD account for currency convenience should factor in that the cost side of that convenience can shift without notice.

Where the entity structure matters for a withdrawal dispute

The country pages we fetched, across AE, GB, ID and AU variants, consistently describe IronFX as operated by a single entity, Notesco (BVI) Limited, under a British Virgin Islands FSC licence. A separately supplied text describing IronFX instead lays out four entities across Bermuda, Cyprus, the UK and South Africa, with different licence numbers, and none of those additional entities appear on the firm pages we fetched. Which entity actually holds a client’s funds and processes a withdrawal is not a small detail when something goes wrong with a payout, and the pages in front of us do not let us resolve that discrepancy in the firm’s favour or against it. A client should confirm, at the point of funding an account, which Notesco entity is named on their own account agreement rather than relying on either source here.

Customer Support

The evidence we hold on how IronFX handles a client after the sale is thin, and the score reflects that: we rate support at 6.8 out of 10, built from four items scattered across three separate pages rather than one clear service page.

Where IronFX can be reached

The legal page we fetched lists support@ironfx.com as a contact address. The contact page lists live chat as available 24/5 and links out to a self-service Help Hub. The root page also names a Korean-language customer service channel, a messenger handle called kr_helpdesk, listed apart from the general contact details above rather than as part of them.

That is the full channel list in the pages we fetched: one general email address, 24/5 live chat, a self-service hub, and one language-specific messenger line.

What IronFX’s terms say about a complaint

We read IronFX’s terms and conditions where they bind a client, and the clauses we found there describe trading conditions rather than service ones: commission on an account with a non-USD base currency can be changed “without prior notice”, the Standard Fixed and Zero Fixed accounts have their fixed spreads widened or switched to floating during the midnight session (11pm to 2am), and swap-free status runs for 30 calendar days on major pairs and 10 days on everything else, excluding a listed set of currency pairs.

What the register check adds

Separately from support channels, we hold register checks confirming IronFX’s active licences with CySEC and FCA. Those verdicts establish current authorisation with the two regulators we cover; they are not a warning-list search, and we make no claim here about IronFX’s absence from any warning list.

Prohibited Countries

IronFX’s own site pages give a direct answer here, and it is the one clean result in an otherwise messy set of pages. Every fetched country page we pulled for this firm, eight identical copies of the root page plus the AE, GB, ID and AU sub-pages, carries the same footer text: “IronFX does not offer its services to residents of certain jurisdictions such as USA, Cuba, Sudan, Syria and North Korea.” That is the firm’s own published restricted-country list, sitting in the footer of the pages this operating entity, Notesco (BVI) Limited, actually serves.

The same root page carries a second, separate restriction that applies on top of the country list: the site and its products are stated as not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation, and names Australian and Indian residents specifically as excluded from that distribution, regardless of the broader USA/Cuba/Sudan/Syria/North Korea list.

What Notesco (BVI) Limited’s pages say about EU and UK residents

Two further carve-outs sit on regional pages rather than the shared footer. The AE root page states the site is not directed at residents of the European Union and the products and services described herein are not directed at, and should not be relied upon by, residents of the European Union, and that it falls outside the European and MiFID II regulatory framework. A separate GB about page makes the same point for the UK specifically: the site “is not directed at UK residents” and falls outside the MiFID II framework and FCA Handbook rules, guidance and protections, and visitors are offered a separate “FCA Regulated Website” instead. Read together, this points to a firm running its main ironfx.com offering, licensed only in the British Virgin Islands, as deliberately out of scope for EU and UK residents, who are routed elsewhere if they want the FCA-regulated entity’s protections.

Where our earlier review’s account does not match what we fetched

We flagged this in our regulation checks and it belongs here too. An earlier review we used as background claimed IronFX operated through a four-entity structure spanning Bermuda, Cyprus (CySEC), the UK (FCA) and South Africa (FSCA), with a distinct licence number for each. None of those entities or numbers appear on any of the firm’s own pages in our evidence; every one of them names only Notesco (BVI) Limited under BVI FSC licence SIBA/L/24/1175. That same earlier review also stated its author reported finding no published list of restricted countries, having looked at the homepage, the legal page and the terms. The footer text quoted above was present, verbatim, on at least eight of the pages we fetched for this firm, so a restricted-country list was there to find. We’re reporting what our own fetch showed, not what the earlier review reported, because the two disagree and only one of them matches the pages in front of us.

What we did not find

We hold no page in our evidence, from Notesco (BVI) Limited or otherwise, that sets out country restrictions specific to the FCA-authorised UK entity, the CySEC-authorised Cyprus entity, or the FSCA-authorised South Africa entity confirmed on their respective registers. The restrictions above come from the BVI-licensed operating entity’s own pages, which is the entity every fetched page in our evidence actually describes.

Our overall score for IronFX moved from 6.7/10 in our previous review, through 4.3/10, to 5.6/10 in this one. That is a restatement from current evidence under this review’s criteria, not a claim that the firm’s restrictions or licensing changed. The regulation score of 6.7/10 reflects that the pages we fetched name only the BVI licence for the operating entity actually running ironfx.com, while the CySEC, FCA and FSCA entries above come from either the register checks we ran directly or, where marked, the earlier review’s account of a corporate structure that does not otherwise appear in the pages we hold.

Conclusion

IronFX scores 5.6 out of 10 in this review, down from the 6.7 we recorded previously. The drop is our assessment, not a change in the firm: this review uses a different scoring pass over evidence gathered fresh from the firm’s own live pages, the public registers, and a mirrored warning-list check, and that evidence surfaced gaps the earlier score did not weigh the same way.

What the registers show about IronFX

Regulation scores 6.7 out of 10. We searched five public registers directly (BVI FSC, CySEC, FCA, FSCA and ASIC), running a positive control on each first so an empty result would mean absence rather than a broken search. Three came back confirmed: FRN 585561 on the FCA register is held by Notesco UK Limited, status Authorised, effective 17/06/2013; FSP No. 45276 on the FSCA register is held by Notesco SA (Pty) Ltd, status Authorized; and licence 125/10 on the CySEC register shows an active CIF entry for Notesco Financial Services Ltd. The BVI FSC also lists Notesco (BVI) Limited as regulated for Arranging Deals in Investments and Dealing as Agent and Dealing as Principal, though the FSC export we hold publishes no licence numbers, so the number “SIBA/L/24/1175” quoted on the firm’s site remains the firm’s own claim rather than something we matched against the register directly. We could not check the Bermuda Monetary Authority number, because we hold no register entry for that authority; that is a gap in our directory, not a finding about the firm. We also could not check the ASIC claim, because no licence number was supplied for it; an earlier review we drew on reported the Australian licence as revoked, but we have not verified that ourselves.

What we can add to that picture: every country page we fetched for ironfx.com (AE, GB, ID, AU and four identical copies of the root page) describes IronFX as operated solely by Notesco (BVI) Limited under the single BVI licence. None of Notesco Financial Services Ltd, Notesco UK Limited or Notesco SA (Pty) Ltd appear on any fetched firm page, even though all three hold the confirmed CySEC, FCA and FSCA licences above.

What IronFX charges to trade and withdraw

Fees score 6.9 out of 10. IronFX’s own account-types page states, in the Account Types notes, that “IronFX reserves the right to amend commission charges without prior notice for accounts with base currency other than the USD, to maintain the exchange rate parity relative to the USD benchmark commission charge”, so commission costs on non-USD accounts can move at the firm’s discretion with no advance warning. The same page describes fixed-spread tiers that are not actually fixed around the clock: “Standard Fixed Spreads during Midnight session (11pm-2am, GMT+2) will be changed to Standard Floating spreads,” and “Zero Fixed Spreads on majors will be increased during Midnight session (11pm-2am server time) to 3pips.” The swap-free option, marketed as an Islamic account feature, is also time-limited rather than permanent: “Swap Free applies for 30 Calendar days on Major Pairs and 10 calendar days for all other instruments,” excluding a long list of pairs including GBPTRY, EURTRY, USDTRY and USDZAR among others. Deposit bonuses carry their own restriction: the Deposit Booster promotions state “*Bonus cannot be withdrawn,” so bonus funds can only widen tradable margin, not be taken out as cash. We hold one withdrawal figure, from an earlier review rather than our own read of the firm’s pages: a minimum withdrawal of around $50 for most e-wallets.

Platforms and account terms

Platform scores 4.9 out of 10. The site lists MetaTrader 4 as the primary platform, alongside WebTrader, VPS hosting, PAMM and TradeCopier, and covers Forex, Metals, Indices, Commodities, Futures and Shares as its six stated asset classes. Against that, the firm’s own accounts page is internally inconsistent on a basic figure: one table lists “Standard Floating” at leverage 1:2000, while a second table lists a differently detailed “Standard” account at “Flexible Leverage up to 1000”: the same account name, two different maximum leverage figures, on the same page. An earlier review we drew on also described account tiers named “No Commission,” “Zero Spread” and “Absolute Zero” with specific minimum deposits; none of those names appear on the firm’s current accounts page in our evidence, which instead lists “Raw ECN” and “ECN VIP,” suggesting the older figures no longer match what the firm publishes.

Reaching IronFX support

Support scores 6.8 out of 10. The firm’s contact page lists live chat available 24/5, a self-service help hub, and support@ironfx.com, plus a separate research team address and a Korean-language customer service messenger. We did not test response times or call the listed channels, so this score reflects what the firm publishes about how to reach it rather than any first-hand service check.

Why the reviews score is low

Reviews scores 2.9 out of 10. Beyond the clean warning-list result noted above, the evidence we worked from shows the firm’s own current pages disagreeing with material carried forward from an earlier review: a four-entity regulatory structure described in that older text does not appear on any fetched firm page; a claimed cryptocurrency offering does not appear anywhere the six asset classes are listed on the firm’s own site; and account names and minimum deposits from the older material do not match the accounts page as it stands now. Taken together with the commission, spread and swap-free terms above, this is a firm whose own disclosures are hard to pin down consistently, which is what the reviews score reflects.

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