IronTrade

Introduction

IronTrade has been developed as a Forex, CFD, and Binary trading platform that allows access to many different types of financial markets via a proprietary interface and a website. Irontrade provides a low entry point for those who wish to participate in trading and has claimed that for new traders, their trading platform is easy to use.

The background and corporate structure of Irontrade are unclear. Information regarding Irontrade's ownership, registration, and other information is limited.

Licences/Regulating Bodies

An important factor when selecting what company to trade with is whether or not the company is regulated by a reliable financial authority. Irontrade has not obtained any licences from any of the well-known regulatory authorities, including the UK’s Financial Conduct Authority, Australia’s ASIC, or Cyprus’s CySEC. The regulatory registration that Irontrade may have obtained for the registration in St Vincent and Grenadines and Cyprus has not been verifiable through the respective regulatory authority websites and therefore is invalid.

Trading Products

The company claims that the following types of products/instruments are available for trading:

• Forex currency pairs

• Commodities & indices CFDs

• Cryptocurrency

• Binary options and other fixed-return products

Irontrade uses its own proprietary trading platform and does not utilize the popular industry standard trading platforms, such as MetaTrader 4 and 5. Further, the company has failed to provide adequate and/or transparent information pertaining to its execution models or liquidity providers and pricing models.

Account Types/Conditions

Irontrade has many different level accounts for customers. Customers can have either a Basic Account Level or VIP Account Level. All accounts have a minimum deposit and the other trading conditions differ greatly between the Basic Account Level and VIP Account Level. According to outside reports, the minimum deposit for entry-level trading accounts will be relatively low (estimated to be around $10), while the minimum required to open a VIP Account is higher. Irontrade has not consistently provided the public with the respective spreads and leverage, margins, commissions, etc., that apply to these accounts and instead has provided independent reviews containing grossly inflated estimates of these fees.

Key Features

• Minimum Deposit Requirements – low minimum deposits for Entry-Level accounts (approximately $10)

• Multiple Market Access – Forex, CFDs, and Cryptos

• Proprietary Interface

• User-Friendly Trading Platform – the platform is stated to be easy to use.

Risks and Warnings

The lack of a regulatory authority to govern Irontrade represents a major risk to the trader. There have been multiple complaints from users and independent reviews about Irontrade, including that of withdrawal denials, failure to process orders, lack of support for clients in emergency situations, and promotional activities, including trading competitions, which do not offer payouts. Irontrade cannot validate any claims regarding regulatory registration and Irontrade does not provide any funds for compensation/dispute resolution. Consumers should exercise extreme caution when selecting their brokerage and should only select a broker that is licensed and regulated if they desire the highest possible level of safety and legal recourse for their funds.