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IronFx Review

Forex Broker Review: IronFx

 Ironfx Brokers Fx

IRON FX REVIEW

 

IronFx Company Info

Company Name: IronFx is the Trading Name of Financial Services Ltd

IronFx Offices: IronFx maintain offices in Cyprus

IronFx Regulation: IronFx is regulated by FCA UK (541486), CySEC (125/10), ASIC Austalia and other Regulatory Bodies

IronFx Foundation: IronFx was found in 2010

Online since IronFx went online in 2010

US Clients: IronFx doesn't accept US Clients (NO)

Islamic Accounts: IronFx supports Islamic Accounts (YES)

IronFx Execution: ECN / STP / MARKET MAKER

IronFx Customer Support:

IronFx 24/5 Customer ServiceIronFx PHONE SUPPORTIronFx LIVE CHATIronFx SKYPE

» Visit IronFx

Read more: IronFx Review

Choosing Professional Forex Brokers

Forex Brokerage

Choosing Forex and CFD Brokers by determining the ideal trading conditions and the maximum safety of funds.

Here are almost all the crucial factors that you should know about before opening a new Real Forex Trading Account.

Here are the 5 factors in a glance:

(1) Suitability of available Trading Account

(2) Cost of Trading

(3) Margin Policy / Level of Leverage

(4) Execution Efficiency & Platforms Offered

(5) Safety of Funds & Regulation

Each of these 5 crucial factors is divided into a number of sub-factors, as follows. Here is an Analysis: 

 

 

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(1) Suitability of the Trading Account

 

1.1 What is the minimum deposit required to open an account?

Usually the minimum deposit is from $100 to $1,000.

1.2 What are the available Deposit / Withdrawal Methods?

All brokers are accepting Bank Wire and Credit Cards. Some brokers are accepting additional other methods too, such is Paypal, MoneyBookers, SafeCharge etc). Another issue is if the Forex Broker allows you to withdrawal money using the same method only as the one you have selected when deposited funds.

1.3 What is the minimum lot size?

Get informed about the lot sizes. In other words, if that particular Forex Broker provides a mini lot size account which is ideal for Forex Beginners.

1.4 Is there any interest earned for the unused account funds?

1.5 Is there a Demo Account Available?

Every broker that respects his clients must offer a Demo Account. Using a Demo before opening a Real Trading Account is absolutely important for every Forex Trader. As I like to say a Demo account offers trading experience for free.

1.6 Are there any Forex Bonus / Trading Rebates available?

It is far better to concentrate in finding a good and reliable Trading Rebate Program than to seek for a high Forex bonus. ECN brokers usually don’t offer a trading bonus, instead they offer sometimes a trading rebate. In order to enter a rebate plan you must find an IB. FxPros.net cooperates with dozen of Forex Brokers and may help you joining a good Forex Rebate plan for free. »Contact us for more…

 

(2) Cost of Forex Trading

 

2.1 What is the spread of you Favor Currency pairs –is it Fixed or Variable?

EUR/USD and GBP/USD pairs in general are offering the narrowest spreads. Minors on the other hand are usually offered in extremely high spreads and that makes them unsuitable for day-trading. Another parameter concerns the type of the spread. Some Forex brokers offer trading accounts with fixed spreads others with variable spreads. Focus on the currency pairs that you will probably trade most and find which brokers offer the best trading conditions. You can use also multiple trading accounts and take advantage of more brokerage choices at the same time.

2.2 Are there any trading commissions?

Usually trading commissions are charged only by ECN and STP brokers. Some ECN Brokers even offer zero (0) spreads and make profits only by charging trading commissions. From the other hand, Market Makers don’t charge commissions, but they charge very wide spreads (EUR/USD 2 pip minimum) while the execution is usually slow.

2.3 Are there any other charges?

Other charges may be incurred on withdrawals or on maintenance (not-active fees).

 

Forex Signals » Elite Signals $49 / Month | » OmniForex $5 (Trial) | Fx Signals $77 / Month

  

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(3) Margin / Level of Leverage

 

3.1 What is the Leverage / Margin Requirement of that Broker?

If a Forex Broker has a margin requirement of 2% then he offers leverage 50:1 (100%/2%)

3.2 Do Margin Requirements change for different Assets?

You must be sure about the margin requirements on the currency assets that you are particular interested in.

3.3 When does this Broker issue a Margin Call?

This is another issue of the broker’s Margin Policy.

3.4 What is the Rollover Policy of that Forex Broker?

At this point, you must answer questions concerning:

3.4.1 What is the min. margin requirement for earning rollover interest?

3.4.2 What are the particular swap rates for the particular currency pairs that you are interested in?

3.4.2 Are there any additional conditions to earn interest on margin?

 

(4) Order Execution Efficiency

 

4.1 What is the Forex Broker execution model (ECN, STP or Market Maker)?

In general professional traders are preferring ECN brokers which offer direct access to Forex liquidity providers.

4.2 Are there any delays on execution / price manipulation?

ECN brokers are performing better in terms of execution speed without price manipulation.

4.3 Which Trading Platforms are Available?

MetaTrader4 is the industry’s standard. Usually most brokers offer a Web-Trader too. In addition mobile trading is offered by most brokers nowadays (apps for Android, iPhone and iPad).

4.4 Is Automated Trading an Option?

Automated Fx trading using Expert Advisors has become considerably popular nowadays (popular signal providers include ZuluTrade and Currensee).

4.4 Does that Forex broker allows Scalping?

In general most ECN brokers are allowing scalping and most Market Makers don’t.

4.5 Additional Trading Features

There are many additional features making trading easier. For example trading from charts, one-click-trading, free trading signals etc.

 »FAQ for Forex Traders

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(5) Safety of Your Funds

 

5.1 Is that Forex Broker Regulated?

It is absolutely important to choose only among high regulated Forex Brokers. Some trustable regulation authorities are: NFA USA, CFTC USA, FSA UK, BaFIN Germany, FSA Japan, MiFID Europe etc.

5.2 Where is the Forex Broker headquarters base?

Generally speaking it is better to choose among Forex Brokers that are situated in developing countries and not those who are situated in offshore countries where the legislation framework is more flexible in favor of the Brokerage Firm.

  

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Ratings Forex Brokers using all Those Factors

In order to define the quality of a Forex Broker using multiple factors a mathematical model was produced that I call the “Rating Forex Formula”. This formula uses 4 factors to rate brokerage services:

(1) Safety of Funds | (2) Trading Cost | (3) Trading Options | (4) Technological Efficiency

Here is the version history of the Rating Brokers Formula:

» Rating Forex Brokers Formula –V.4.0.

» Rating Binary Option Brokers Formula -V.3.5, at BinaryValue.com

 

Find more »Forex Trading Tips | »Fx Market Statistics | »Forex Trading Guide |  »Forex FAQ for Traders

 

 

Giorgos Protonotarios, Financial Analyst, FxPros.net 

■ Choosing Professional Forex / CFD Brokers

Forex Market Statistics

The Forex Market General Statistics 

FOREX MARKET STATISTCSThe Forex Market is a decentralized OTC (Over-the-Counter) financial market. Forex is running 24 hours per day using the electronic network of banks (ECN). It is estimated that the Forex turnover today may exceed 4 trillion dollars per day. Forex volumes are generated mainly from speculators. It is estimated that 90% of the Forex trading volumes are generated by speculators (day-traders).

 

Forex Market Structure

The global free-floating Forex currency system started in 1971 as the Bretton Woods agreement ended. The online Forex trading market started in the late 1990's. Forex is an open 24-hours market {Sunday 5pm (EST) - Friday 4pm (EST)}. Forex Trading starts in the Asia-Pacific and continues in the Middle East, in Europe, and in the US.

 

The Most Traded Currencies

The US Dollar is traditionally the most traded Forex currency in the world (85% of all Forex transactions). The Euro is the second most traded Forex currency (39% of all transactions and the Japanese Yen is the third most traded Forex currency (19% of all Forex Transactions). Each Forex transaction involves 2 pairs so the grand total of all transactions equals 200% and not 100% as in every other financial market.

Chart: Most Traded Forex Currencies

FOREX CURRENCIES

Chart: World Fx Reserves & Currency Composition

Untitled 4

Most Traded Forex Pairs

Here are the weights of the most traded Currency Pairs:

  • EURUSD, 37% of the total volume
  • USDJPY, 13% of the total volume
  • GBPUSD, 12% of the total volume
  • AUDUSD, 6% of the total volume
  • USDCHF, 5% of the total volume
  • USDCAD, 4% of the total volume
  • EURJPY, 2% of the total volume
  • EURCHF, 2% of the total volume

 

Major Cross Rates 

Here are the most popular Forex Crosses: EURJPY | EURGBP | EURCHF | GBPJPY | GBPCHF

 

Forex Market Size (According to BIS)

The Forex market is the largest in the world with daily turnovers of 4 trillion USD on average. That makes Forex 12 times larger than global equity markets while the Forex annual turnover equals 10 times the global GDP.

 

Major Forex Markets

The New York and London markets are the largest and account for about 50% of the total Forex daily turnover. As concerns the Forex market overlap, about 65% of the New York volume activity occurs in the morning, when the New York Market overlaps with the European markets.

Table: Forex Market and Geographical Volume Activity Distribution

Forex Market

Volume Activity (%)

United Kingdom

37.0%

United States

18.0%

Japan

6.0%

Switzerland

5.0%

Singapore

5.0%

Honk Kong

5.0%

Australia

4.0%

All the Rest

20.0%

 

The Forex Volume Activity Concentration in Large Banks

Forex turnover is concentrated in large banks. 7 banks in the US account for about 75% of the country’s total currency turnover. The same is valid for Japan. In the U.K. 7 banks account for about 75% of the total currency turnover. The Swiss Forex activity is far more concentrated as 2 banks account for about 75% of the total currency trading activity in Switzerland. Furthermore and as concerns the Global Forex Market, 10 institutions  account for about 73% of the total activity. The UBS and the Deutsche Bank are some of the largest players in the Forex Market.

 

Forex Historic Volatility -Analytical Results

Here is FxPros.net research on the Historic Forex Volatility. The results of the analysis are divided into 3 main periods: 2000-2004, 2005-2009, 2010-2013

ANALYTICAL RESEARCH RESULTS

3-PERIODS

 

 » 2000-2004 

 

 

 » 2005-2009 

 

 » 2010-2013 

Summury Results » Forex Market Volatility Summary

 

Find more: » Forex Trading Tips | » Choosing Fx Pros | » Forex Trading Guide |  » Forex FAQ for Traders

Forex Reviews:  » XEMarkets | » RoboForex | » Dukascopy 

General LinksBIS | IMF | Eurostat

 

Forex Market Statistics

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Review Trading Systems:

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» MBFX System

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Historic Forex Statistics:

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