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IronTrade Review
- 100+ Assets
- A+ Mobile App
- Fast Payouts
- Low Deposit
Editors Summary
IronTrade boasts a bespoke trading platform and equally functional apps suited to both Android and iOS mobile devices, as well as opportunities to enter tournament events, funded with its unique currency T¢ (tournament coins). Although IronTrade has not been in the binary options market long enough to judge against longer-standing brokers, it does seem to be making an impact with traders.
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Introduction
Based in Kingstown on the Caribbean island of St. Vincent and the Grenadines, IronTrade opened up its website for binary options trading less than a year ago, in 2019. Since then, it has concentrated its efforts on building its client base and attracting new business with a substantial welcome bonus offer.
IronTrade offers it's trading clients two account options, Standard or VIP and options on over 70 assets which cover currency pairs, stocks, indices and commodities. It also has facilities for clients to continue trading over the weekend period when the binary options markets are closed, by using an OTC agent.
IronTrade boasts a bespoke trading platform and equally functional apps suited to both Android and iOS mobile devices, as well as opportunities to enter tournament events, funded with its unique currency T¢ (tournament coins). Although IronTrade has not been in the binary options market long enough to judge against longer-standing brokers, it does seem to be making an impact with traders.
Account Types
There are three types of account available from IronTrade. Here we take a closer look at what they are.
Demo Account
This account is strictly for ‘practice’ purposes only. It is a useful tool for beginners to get the feel of the ‘real’ trading platform that IronTrade uses but is unsuited for any analytical purposes because it does not reflect real-time trading. For information only, it also consistently shows a payout percentage of 90%, which is only applicable to an account with VIP status.
Standard Account
A Standard account is the first step for traders ready to take their investments to the real world. Although the recommended deposit sum is $100, the minimum deposit required is just $10. As IronTrade’s website is still undergoing improvement, there is currently no published figures concerning maximum open trades, or about maximum investment amounts permitted for this account type. However, the maximum payout is 80% after deduction of the broker’s share and fees for the trade.
VIP Account
Opening a VIP account requires a minimum deposit amount of $900. As already explained under the Standard account information, the website does not currently publicise detailed figures for maximum open trades or capping. We are aware that the payout for VIP accounts increases to a quoted 90%. IronTrade also claims that VIP clients will receive extra bonuses and faster withdrawal times, but again, no specific details are currently available.
Trade Features And Payouts
IronTrade operates only one type of trade, which is High / Low (will the asset rise or fall in price during the life of the trade), with expiry times varying from 60 seconds to 2 hours. It is possible to request a longer expiry time from IronTrade, but no details are provided about this on the website.
For every trade you complete with the broker, it is only the asset and expiry time you select that is different. IronTrade sets the payout for the vast majority of assets at 80% for Standard account clients and 90% for VIP accounts.
There is no financial advantage to selecting the shorter trade expiry times, so it is a matter of personal preference and trading strategy that will dictate your choice.
Speed Trades
Speed trades are classed by the broker as trades lasting from 60 seconds, up to a maximum of 10 minutes.
Standard Trades
There are various time options available to select from the broker’s platform, with the maximum being 240 minutes (2 hours).
Bonuses And Promotions
IronTrade has a very generous ‘Welcome Bonus’ in place which equates to approximately 27% of the initial funds deposited. An example on the website states that a deposit of $5000 would benefit from a bonus of $1350. Full details of exactly how to calculate the exact amount is available from the website T&Cs.
Clients may also receive randomly awarded ‘Promo Codes’ offering additional bonuses. The majority of these only appear to require an additional deposit to activate them, have a short lifespan and require redemption, using the numerical code supplied, as soon as possible after receipt.
There is currently a 100% referral bonus opportunity, which is payable after the referred party opens an account with a minimum of $30 and places a verified trade. The usual option is a 50% bonus, meaning a $15 reward for each referral.
One important point to note is that all bonuses given by IronTrade are subject to a requirement of trading x35 the bonus amount before it is converted to ‘real’ funds and becomes available for withdrawal.
Mobile Trading
IronTrade uses a propriety platform for binary options trading on its main website. For mobile users, there are downloadable apps which give full functionality, subject to both the mobile device and the browser being completely up-to-date.
The Android-based app is also available on Google PlayStore and located using the search ‘Iron Trade’. iOS users can download the relevant app from the Apple iTunes Store, where it goes under the name ‘Iron Terminal’. Both apps are developed and supplied by IronTrade’s affiliate company, Triafor Solutions Limited.
IronTrade runs regular ‘Trading Tournaments’, some of which are open to all, while others are by invitation only.
Deposits And Withdrawals
Instant deposits can be made to an Iron Trade free of charge using tried and trusted methods like Credit Card, BACS, Skrill and Neteller, subject to successful verification of personal ID and account ownership verification.
Additional verification using photo ID is often requested before withdrawals are made available, which may add more time to the transaction. Withdrawal funding can only be applied using the same source as the deposit and can take from 1 to 15 working days (method dependent) to complete.
Special Features
IronTrade runs regular ‘Trading Tournaments’, some of which are open to all, while others are by invitation only. The majority of these tournaments have the benefit of free entry, but the ones with the highest prizes do attract an entry fee, a percentage of which adds to the total prize pot.
Once a successful tournament registration is acknowledged, the relevant interface becomes visible and clients use it alongside their ‘real’ investments to trade in their usual way. The difference is that tournament trades show values as ‘Tournament Coins’, viewed as T¢ on the trading platform. The coins being by the broker for this purpose. The most prolific trader at the end of the contest wins the ‘pot’.
IronTrade offers the ability to trade over the weekend on an OTC basis (Over The Counter), which means entering into a trade without the benefit of the same analytics functionality available on weekdays. OTC is a form of trading that is potentially most suited to professionals, as it requires experience to spot a trend and make a successful trading decision at these times when volatility is at its highest.
Customer Support
Under its company information pages, IronTrade suggests that “professional technical support” is available via e-mail, phone or online chat. Regrettably, the broker has yet to make any of the specific contact details evident on the website, although there is a web form facility within the FAQ section.
IronTrade appears to be doing its best for its customers in terms of support but has yet to complete its (relatively new) website and to add this type of information clearly or concisely.
We want to help our readers in any way we can, but sometimes it's better to talk directly with your investing site to get the answers you need. For example if you have a specific query about your account you'll need to contact them in person due to security.
Alternatively, if you find that contacting your investing partner isn't working, you can contact us and we will be more than happy to try on your behalf. We have excellent working relationships with many of the sites we list and recommend.
IronTrade
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Email:
[email protected]
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Phone:
+35 722 000 443
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Address:
Rosco Solutions Ltd, Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, St. Vincent and the Grenadines
Conclusion
IronTrade only launched its binary options operation in 2019, so it is difficult to draw a conclusion as to its conduct or its future at this stage. It has attracted many new clients over the last few months, perhaps primarily because of the generous welcome bonus currently on offer.
Presumably, because the broker and its website are new, it can be a little tricky to locate specific information, which can be a bit frustrating, but we are sure that IronTrade will address website navigation at some stage. In fairness, these issues do not extend to the trading interface, where everything is made clear from the point of download.
It is a broker to keep on the radar and observe as it continues to grow, but at the time of writing, it has not been in the binary options market for long enough to make an informed recommendation.
If you are an experienced binaries trader, it may be worth taking advantage of the welcome bonus option, but as a beginner, we would suggest that you proceed with caution.
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Frequently Asked Questions
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Is IronTrade legit? Will they scam me?
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IronTrade is a member of the Vanuatu Financial Services Commission, which is similar to a Chamber of Commerce but is not licensed by them. In the same way, as with any other offshore broker, you should be guided by your own judgment as to whether you decide to trade with them.
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Do they have a decent mobile or tablet app?
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It would appear that there are fully functioning apps available for Android and iOS. The Android version titled ‘Iron Trade’ is available on Google PlayStore, with the iOS version called ‘Iron Terminal’ ready for download from the Apple iTunes Store.
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What bonus do they offer for new traders?
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The ‘Welcome Bonus’ for new clients equates to 27% of the initial deposit. The bonus is subject to a trading requirement of x35 its value before withdrawals are available.
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Can I start trading on a free demo account?
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You can access a demo version of the IronTrade platform with a $1000 balance once you have registered for an account. However, the demo is merely that; it does not reflect the same information as the live-trading platform; it is intended purely for practice only.
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What's the minimum deposit and trade amount?
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For a Standard account, the minimum deposit is $10, for a VIP account, it is $900. The minimum trading amount for either account is $10.
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Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Shelly is proud of her current position as Head of Brand for a well-known organisation that owns several brokerages in the trading sector. She’s consulted for us since 2015 and readers can benefit from her insider knowledge of how brokers work.
