IronFX Bermuda Review

IronFX.com.bm Review | IronFX Bermuda | Review By A Trader

MT4 broker with a relatively large number of markets to trade and support for social and copy trading

  • MetaTrader 4 Broker
  • 200+ Markets To Trade
  • Social & Copy Trading
  • $100 Minimum Deposit
  • 0.01 Lots Minimum Trade
  • 1000:1 Leverage
200+ Markets To Trade On MT4 •  Bitcoin MT4 Accounts • IronFX

IronFX Bermuda Review

IronFX BM is a broker which is based in Bermuda. IronFX is part of the well known and long established IronFX broker brand which has bases around the world, but IronFX has some differences with IronFX elsewhere in the world.

What trading platform does IronFX BM offer ?

IronFX BM is a MetaTrader 4 (MT4) broker, with a relatively wide and large number of markets to trade (200+), for this kind of broker. IronFX focuses only on this platform, thus for MT4 traders, IronFX BM may be worth considering.

MetaTrader 4 (MT4) is a popular platform which grew up around Forex, but has expanded to include other markets. It has an extensive support website. Forex traders tend to use either (or both) automated and non-automated trading with robots and this platform supports both of these approaches to trading. Robots are computer programs executing trades on behalf of the trader in accordance with the instructions (algorithms) with which they are programmed. MT4's robots are called Expert Advisors (EAs) and IronFX allows the use of these robots. Thus traders may download automated trading strategies developed by others or may build them, in the MQL4 programming language.

However the trader does not have to use robots, and may use MT4's tools such as technical indicators to analyse markets. More technical indicators may also be downloaded and the trader can even build their own technical indicators.

At IronFX BM, MT4 is offered in two packages, one MT4 Standard and one MT4 Advanced. MT4 Advanced has built in Expert Advisors (EAs) and allows their use as well as offering additional analysis tools. MT4 is additionally offered as a web trader and as a mobile app. To trade on the platform, the trader opens an account at IronFX BM.

What are IronFX BM's account types ?

IronFX offers a wide range of account types. Its account types are divided into two categories, Live Floating/Live Fixed and STP/ECN accounts. The STP/ECN accounts use STP to connect traders with liquidity providers through the broker's ECN and offer variable spreads. The Live Floating/Live Fixed accounts provide Variable (Floating) or Fixed Spreads and overall have a lower minimum deposit and offer higher leverage (increasing leverage increases risk).

Bitcoin account

For some of its account types, including the Micro and Premium accounts, IronFX BM offers Bitcoin denominated accounts ( as well as fiat currency accounts) which may be funded and withdrawn from in Bitcoin. IronFX Bitcoin MT4 Accounts.

What is the maximum leverage offered by IronFX BM ?

The maximum leverage available at IronFX Bermuda is 1000:1. Higher leverage allied with a small trade size (the minimum at IronFX BM is 0.01 lots) may potentially let the trader trade with a smaller account size, however increasing leverage increases risk. 1000:1 leverage is offered on the Micro, Premium and VIP accounts accounts. The other accounts have maximum leverage from 200:1-500:1, depending on the account.

What is the minimum deposit ?

The minimum deposit is $100 for the Micro account. The Premium account has a minimum deposit of $1000 and the VIP account has a minimum deposit of $10,000. The Premium and VIP accounts can each offer lower spreads. The other account types have a minimum deposit of $500. IronFX also offers a demo account, which the trader may sign up for and trade without risking real money.

Copy trading

IronFX BM allows the trader to connect their Myfxbook account. Myfxbook in an online trading platform which supports social and copy trading. When social trading, the trader has access to the ideas and actions of other traders, but when copy trading the trader copies the trades of a selected trader into their own account. Traders who are performing well, may not continue to perform well, however social and copy trading can allow the trader to see the ideas or copy the traders of more experienced traders.

IronFX Card

The IronFX is a prepaid MasterCard® in USD or EUR, rates, fees and T&Cs apply. Funds may be withdrawn from the trader's account onto the IronFX Card. When completing the online application form for the account, the trader may request the card in the IronFX Card part of the form.

Education

On its platform, IronFX BM provides an Academy which is a resource of educational material and includes Webinars, Seminars and Expos to visit in person. Going to an Expo in the trader's region can be a useful experience as they can find seminars by expert traders and talk in person to the broker.

Does IronFX BM offer bonuses ?

IronFX does offer bonuses to traders, T&Cs apply, including the Unlimited 100% Sharing Bonus, the 40% Power Bonus up to $4,000 and the 20% Iron Bonus up to $2,000. The trader cannot withdraw the bonus amount (i.e. the amount of the bonus can be used to trade with) and the bonuses are only available to traders who deposit $500 or more. The bonuses cannot be used on the STP/ECN accounts. IronFX.

The Limited Protected Trades Bonus

To get this bonus, the trader opens a Live Floating Spread Account, deposits and is compensated for losses up to $500 resulting for the first five trades, T&Cs apply.

What markets may be traded at IronFX ?

IronFX BM offers Forex (both Spot and Currency Futures), Indices, Energy, Soft Commodities, Metals, Shares and Cryptocurrency CFDs. This is a relatively wide range of markets for an MT4 broker.

What Cryptocurrency CFDs are available ?

IronFX offers MT4 Crypto CFD trading in Bitcoin, Ethereum, Litecoin, Ripple and Ada. Cryptocurrencies are extremely volatile. When trading a Cryptocurrency CFD the trader does not own any cryptocurrency and thus does not need a wallet. IronFX Cryptocurrency CFDs

Pluses and minuses

  • IronFX BM offers MT4
  • IronFX BM has a relatively wide range of markets for an MT4 broker
  • IronFX BM offers both Spot and Currency Futures
  • IronFX provides Stocks CFDs to trade
  • IronFX BM allows the use of Expert Advisors
  • IronFX BM has a Bitcoin base account
  • IronFX BM offers a range of account types including Micro, Premium and VIP
  • IronFX BM has leverage up to 1000:1 (increasing leverage increases risk)
  • IronFX BM supports social and copy trading with Myfxbook

Summary

This is an MT4 broker with a relatively wide range and large number of markets to trade for this kind of broker. The trader can trade markets such as Spot and Currency Futures, Soft Commodities (like Cocoa and Soybeans Futures) on MetaTrader 4 and use its powerful features to trade these markets. MT4 supports both automated and non-automated trading, however IronFX BM additionally lets the trader autotrade (copy trade) using the social and copy trading platform Myfxbook. Traders can additionally open an account in and fund their account with Bitcoin.

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