IronFX review
IronFX is a CFD and forex broker founded in Cyprus in 2010 by Markos Kashiouris, trading forex, share CFDs, indices, commodities, cryptocurrency CFDs and futures. Its regulatory footprint spans a genuinely supervised core - Notesco UK Limited under the FCA and Notesco Financial Services Ltd under CySEC - alongside a South African FSCA entity, a British Virgin Islands FSC entity, and two unregulated entities in Anguilla and Bermuda used to onboard clients elsewhere. Its CySEC-regulated EU entity is reported to no longer accept new retail clients. IronFX also carries a documented regulatory history: CySEC investigated the firm in 2015 over client-withdrawal and bonus-promotion issues, and IronFX settled by paying CySEC EUR 335,000 that November.
IronFX key facts
- Website: www.ironfx.com
- Category: CFD and forex broker
- Founded: 2010
- Headquarters: Cyprus
- Regulation: FCA (Notesco UK Ltd) and CySEC (Notesco Financial Services Ltd) as top tier; FSCA (South Africa) and FSC (BVI) as mid tier; unregulated entities in Anguilla and Bermuda
- Platforms: MetaTrader 4 only, with an MT4 Advanced add-on
- Markets offered: ~310 instruments across forex, share CFDs, crypto, futures, indices and commodities
- Minimum deposit: $50
- Regulatory history: CySEC investigated IronFX in 2015; the firm paid a EUR 335,000 settlement that November
- CEO: Markos Kashiouris
- FYI Score: 85.7/100 (ranked #87 of the CFD brokers we track)
Regulation & licences
- Notesco UK Limited is authorised by the FCA in the UK, and Notesco Financial Services Ltd is authorised by CySEC in Cyprus; both carry standard client-money segregation and compensation-scheme protections (FSCS up to £85,000 in the UK, ICF up to €20,000 in Cyprus).
- The CySEC-regulated EU entity is reported to no longer accept new retail clients, narrowing the pool of traders actually covered by that licence today.
- A South African entity (Notesco SA (Pty) Limited, FSCA) and a British Virgin Islands entity (Notesco (BVI) Limited, FSC) provide intermediate oversight for clients in those regions.
- Notesco Int Limited (Anguilla) and Notesco Limited (Bermuda) are unregulated entities used to onboard clients outside IronFX's licensed jurisdictions.
Spreads & fees
- Standard Floating and Standard Fixed accounts run around 1.2-pip EUR/USD spreads with no commission.
- Raw ECN account charges roughly $6 commission per side with tighter spreads; ECN VIP spreads run from around 0.3 pips.
- No deposit or withdrawal fees; swap/overnight financing rates are rated average to high by third-party comparisons.
- $50 annual inactivity fee; free VPS hosting is included for qualifying accounts.
Platforms & tools
- MetaTrader 4 is the only platform offered, across desktop, web and mobile - IronFX does not offer MetaTrader 5 or cTrader as alternatives.
- MT4 Advanced, an add-on toolkit layered on top of standard MT4.
- Free VPS hosting for qualifying accounts, aimed at automated/EA trading.
Markets & instruments
- Around 310 tradeable instruments in total.
- 85 forex pairs and 141 share CFDs.
- 34 cryptocurrency CFDs and 26 futures contracts.
- 16 indices and 9 commodities; no Asian-market share CFDs or vanilla options.
Account types
- Standard Floating and Standard Fixed accounts, both around 1.2-pip spreads, commission-free.
- Raw ECN account with lower spreads plus a per-side commission.
- ECN VIP account for higher-volume traders, with spreads from around 0.3 pips.
- Islamic swap-free account available; $50 minimum deposit across account types.
Markets
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Platforms
MetaTrader 4
Who IronFX is for
Traders onboarded through IronFX's FCA or CySEC entities get standard retail protections, though the CySEC entity is reported closed to new retail sign-ups; those routed through its BVI, Anguilla or Bermuda entities take on materially more counterparty risk under the same brand and platform.
Pros
- FCA- and CySEC-regulated entities sit at the core of the brand, with standard client-money segregation and compensation-scheme coverage for clients onboarded through them.
- Broad instrument range for a single-platform broker: ~310 instruments including futures and 34 crypto CFDs, alongside forex, shares, indices and commodities.
- Free VPS hosting and an MT4 Advanced toolkit for automated and higher-frequency trading.
- Low $50 minimum deposit across account types.
Cons
- CySEC investigated IronFX in 2015 over client-withdrawal complaints and bonus-promotion breaches; the firm paid CySEC a EUR 335,000 settlement, and its CySEC-regulated EU entity is reported to no longer accept new retail clients.
- Two entities (Anguilla, Bermuda) are unregulated, and clients onboarded through them or the BVI/South Africa entities carry materially weaker protection than FCA/CySEC clients.
- MetaTrader 4 is the only platform on offer, with no MT5 or cTrader alternative.
- Swap/overnight financing costs are rated average to high by third-party comparisons.
IronFX FAQ
Is IronFX regulated?
IronFX operates through several legal entities under the Notesco name. Notesco UK Limited is authorised by the FCA and Notesco Financial Services Ltd by CySEC in Cyprus, both with standard investor-protection schemes. It also has an FSCA-regulated South African entity and an FSC-regulated British Virgin Islands entity, plus two unregulated entities in Anguilla and Bermuda used to onboard clients elsewhere. The CySEC entity is reported to no longer take on new retail clients.
Has IronFX had regulatory problems?
Yes. In 2015, CySEC investigated IronFX over client-withdrawal complaints and issues tied to a bonus promotion; IronFX settled by paying CySEC EUR 335,000 that November. Brazil's regulator separately warned the same year that IronFX was not authorised to operate there.
What platform does IronFX use?
MetaTrader 4 only, on desktop, web and mobile, with an MT4 Advanced add-on and free VPS hosting for qualifying accounts. IronFX does not offer MetaTrader 5 or cTrader.
What does it cost to trade with IronFX?
Standard accounts are commission-free with spreads around 1.2 pips on EUR/USD; a Raw ECN account offers tighter spreads for a roughly $6 per-side commission. There's a $50 annual inactivity fee and no deposit/withdrawal fees, though swap costs are rated average to high.
Compare IronFX with other CFD brokers
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