FAQ
- Account Opening FAQ
-
How long does it take to open a live account?
You just need to complete our simple 3 step registration process, submit a proof of identification and proof of address and your trading account will be opened immediately.
How soon can I start trading?
Providing that you have completed our 3 step registration process, uploaded your documents and deposited funds into your account, you should be ready for trading immediately.
What proof of identity documents are required?
You can submit a passport, national identity card or other document issued by an independent and reliable source that carries your photo. Your photograph, signature, issue & expiry dates, personal details including serial number must be clearly visible.
What proof of address document is required?
You need to submit a recent utility bill dated within the last six months, or a recent local authority tax bill, or a recent bank or credit card statement.
Can I open a joint account?
Yes, you need to complete our simple 3 step registration process and then complete our joint account application form. The joint account application can be obtained by sending an e-mail to BackOffice@ironfx.com
Can I have a Swap Free account?
As long as you meet the Company’s criteria (e.g. client of a Muslim faith), you may be eligible for a swap free account. Any position left opened for less than 10 days will not be given swap. However, from the 11th day any position left open will be subject to a fee which is calculated according to swap rules as they appear on the Company’s Contract Specifications.
Why are you requesting information about my investment knowledge and trading experience during the 3 step registration process?
We run an appropriateness test in order to evaluate whether Forex and CFDs are appropriate products for your profile. We are required to run this test for all our clients since it is required by the EU MiFID directive.
How do I change the leverage on my account?
To change your leverage, please login to the Client Portal. Firstly, please click on “My Profile”, then click on “Change leverage” and choose the account number. The existing leverage will be visible – you will then need to click on the leverage that you wish to change to, found below. The leverage is usually changed within 1 hour during normal business hours. In order for us to be able to change your account leverage, your account should not have any running (open) positions.
Do I need to download any software before I start trading?
You have two options: The first one is to download a trading platform on your PC in order to trade on our bespoke IronFX MT4 client terminal. Alternatively, you may use our in-house developed IronFX WebTrader and trade straight from a web interface with no need for any downloads.
On top of the two PC-based options above, IronFX also offers a mobile trading option either through your Blackberry or your iPhone.
In any case, the necessary credentials will be sent to you once your account has been approved. Simply login to one of our trading platforms and upon funding your account, you can start trading.
Can I manage multiple accounts?
As long as you have more than one account, you can manage these accounts by using the IronFX MT4 MutliTerminal platform that allows you to manage several accounts simultaneously.
Do you offer swap free accounts?
To get a swap free account, please open an account – as usual – and send an email to BackOffice@ironfx.com requesting a swap free account.
What is the difference between STP/ECN and real accounts?
The main difference is in execution. Real accounts have instant execution that involves the use of re-quotes, while STP/ECN accounts have market execution where no re-quotes are involved. Additionally, a different liquidity provider is used – hence the difference in spreads.
Can I trade micro lots with a deposit of over 10,000 USD?
Yes. This can be provided under our Micro STP/ECN accounts.
Why can I not login to the client portal on your website?
The login for the client portal is your email address and password the password you selected when creating an account. Please note that they are different from the MT4 credentials.
I forgot my Client Portal password. What should I do?
Please click on the “Forgot Password” link and enter your email address in order to reset your password.
How do I open an additional account?
Please login to the Client Portal. Afterwards, click on “My Account”, then “Register Additional Account” and then choose the Account type, Currency Base and Leverage.
I have two accounts, and I made a deposit in the wrong account, how can I transfer the funds to my other account?
If you wish to make an internal transfer, you will need to fill in the internal transfer form.
Why does the registration page expire while I try and upload my documents?
If the page is left idle for a long time, in order to avoid any information being seen by others, the system automatically expires. The client will then have to send the documents via e-mail to the back office.
Registration process does not go ahead on Step 2/3, and the page freezes. What do I do?
This is due to your browsers cookies. Please delete the cookies and then click refresh on your browser in order to proceed. If this still persists, please close the browser and try registering with another browser.
What is the safety of my funds with IronFX?
IronFX maintains isolated client accounts to ensure that client funds are fully segregated from IronFX’s own funds at all times. Client accounts have the required coding to ensure that they are used for clients’ funding purposes. All client funds deposited at IronFX are completely separated following our strict policies and procedures, with activities monitored and reviewed by our external and internal auditors, Ernst & Young as well as KPMG. As a client, you can be assured that your funds are safe.
What are the requirements of opening a live account?
To open a Live Account, we require a copy of your Passport/ID and a utility bill no older than 6 months.
Why does your swap free account start charging after 10 days whilst many other companies keep it swap free forever?
We only charge swap on any positions open for more than 10 days, this is to avoid any hedging. The account still remains as swap free.
Why do you advertise that you have ZERO spread when the spread is always high?
We advertise that the spread starts FROM 0 pips. This could change at any time since the spread is floating and not fixed.
- Client Funding FAQ
-
What are the different payment methods I can use to fund my account?
You can use any of the payment methods below to fund your account:- Bank Transfer
- Credit / Debit Card
- Neteller
- Skrill
- Webmoney
How do I deposit funds into my trading account?
You can login to the client terminal and use any payment method you prefer for depositing funds into your trading account. Funding with a Credit/Debit card, Neteller, Webmoney and Skrill are initiated directly via your client portal.
In regards to bank transfers, you will need to obtain our bank details from the client portal or request them from our client funding department at funding@ironfx.com. Then, you need to give relevant instructions to your bank to transfer the funds to us for trading.
Which currencies can I use to deposit funds into my trading account?
You can deposit funds in any of the following 7 currencies: HUF, PLN, EUR, USD, GBP, JPY and CHF. In the case that you deposit funds in a currency different than your base currency account, then it will be converted into the base currency of your trading account by us at the prevailing rate at the given time.
How long does it takes for my funds to be deposited into my trading platform?
Upon receiving your funds, we will credit them into your trading account as indicated below:
Bank Transfer: It is affected by your bank and correspondent bank timings. We commit to record the funds into your trading account within an hour following receipt into our clients’ bank accounts.
Credit/Debit Card: During normal working hours, are usually processed within 1 hour.
Neteller: During normal working hours, are usually processed within 1 hour.
Skrill: During normal working hours, are usually processed within 1 hour
Webmoney: Deposit time is within 1 working day.
Note: Our normal working hours are 07.00 until 19.00. Deposits made using your Debit or Credit card or e-wallet beyond the core business hours may not be credited until the next working day.
I wish to withdraw my funds, how long does it take to reach my personal account?
Below, we list the estimated times for your funds to reach your account:
Bank Transfers are usually processed by us within 1 business day. However it takes about 3-5 business days for the funds to be credited to your bank account
Credit/Debit Card: usually processed by us within 1 working day. However, it takes about 5-7 business days for the funds to be credited to your bank account
Neteller: During normal working hours, are usually processed within 1 hour and reach your account instantly.
Skrill: During normal working hours, are usually processed within 1 hour and reach your account instantly.
Webmoney: Withdrawal time within 1 working day.
What should I do if I want to withdraw my funds from my trading account?
It is very simple. You just need to log in to our client portal and make your withdrawal request. Our account management officers will receive your request and proceed accordingly.
Can I withdraw funds when I have open positions?
Yes, you can. You just need to be aware that when you submit a withdrawal request, your free margin must exceed the amount specified in the withdrawal instruction including all payment charges. Free margin is calculated as Equity minus Necessary Margin (required to maintain an open position).
If you do not have sufficient funds, then your request will be considered cancelled and you will need to resubmit a new withdrawal request.
What are the relevant fees per payment method?
Please note that we do not charge any additional commission from our side on neither deposits nor withdrawals. Fees, however, do apply from the respective banks or payment processing companies.
The amount to be credited into your account will be the amount actually received by us. However, on Credit/Debit Cards ONLY we will deposit the amount as initially instructed from you (i.e. before any charges applied by the credit/debit card processing company).
We would like to ensure you that we have negotiated the best possible fees with all of our banks and payment processing companies.
What is the minimum amount for opening a trading account?
The minimum amount is USD 500 or other currency equivalent.
Why have I not yet received my withdrawal while the amount has been removed from my trading account ?
The withdrawal amount has been sent to your requested source by us, so it now depends on your bank/credit card issuer on when the funds will be received. Please check with them.
Why have you charged my MT4 account on the withdrawal? You have withdrawn more than the amount I had requested.
The extra amount that was removed from your MT4 account is part of the welcome bonus you have received when you deposited. Whenever you make a withdrawal, a proportion of the welcome bonus is removed relative to the amount you deposited and requested withdrawal.
Can I withdraw the bonus?
The Celebration Bonus will be held solely for trading with IronFX and cannot be withdrawn. At any given time, even after the expiration of the promotional period, when a client requests a withdrawal, IronFX will remove the Celebration Bonus credited into the client’s account.
Do you have charges for withdrawals?
We do not charge for deposits or withdrawals.
Why is my withdrawal taking so long?
Bank Transfers: are usually processed by us within 1 business day, however it takes about 3-5 business days for the funds to be credited to your bank account
Credit/Debit Card: are usually processed by us within 1 working day, however it takes about 5-7 business days for the funds to be credited to your bank account
Neteller: During normal working hours, are usually processed within 1 hour and reach your account instantly
Skrill: During normal working hours, are usually processed within 1 hour
Webmoney: Withdrawal time within 1 working day.
- Trading FAQ
-
What are the trading hours?
The trading hours are 24 hours per day, starting at 00:00 Monday and closing at 24:00 Friday server time. Server time is GMT + 2 (GMT + 3 applies during daylight saving/summer time).
The price on the chart is different than the price appearing on my trading terminal. Why?
The charts show the Bid price by default. A Buy position is opened with the Ask price and closed with the Bid price. You have to add the spread on the Bid price to find the Ask price. Therefore the difference in price is due to the spread.
My order was Stop-Out. Why?
Your order will be Stop-Out, when the margin level (Equity/Used Margin) of your trading account goes below 20%. This will trigger a stop-out and your positions will start closing starting from the most unprofitable.
I am getting a “Trade Context Busy” signal on my trading platform. What does this mean?
This can happen when you have given your trading platform an additional instruction before it has completed an earlier task. This can happen in cases where there have been multiple mouse clicks or a hyperactive Expert Advisor.
This can be resolved by restarting your trading platform.
I am getting “Re-quotes”. What does this mean?
When there is a high volatility in the market, prices are rapidly changing. Under this scenario, we need to offer you the new latest market price. In such an event, you can either accept the new re-quoting or just reject the new price and cancel the execution of the transaction.
Another possible reason for getting re-quotes could be the possibility of having a slow or bad internet connection which can delay the transmission of orders; implying that on your trading platform you are viewing old prices instead of current market prices.
Do you support Trailing Stops and Expert Advisors?
Our platform supports such functionalities. You should be aware, however, that trading operations using additional functions on your client terminal such as Trailing Stop or Expert Advisor are executed completely under your responsibility, as they depend directly on your client trading terminal.
I have placed a take profit order and was triggered with loss. Why?
You should note that the take profit for a long position is placed above the prevailing market price. As a result, if you place a take profit after you open a position when it is already in a loss, the take profit will act as a stop loss and your position will be closed with a loss (i.e. take profit is placed below the opening price in this case but above the prevailing market price).
I placed a pending order and was deleted. Why?
Your pending order will be deleted from the system if the free margin (Equity – Used Margin) is not enough to cover the margin required for opening the specific order.
What is the difference between the balance and the equity that appears on my trading platform?
The balance illustrates your closed positions’ Profit/Loss while the Equity is the real time calculation of Profit/Loss i.e. taking into account both open and closed positions.
Can I cancel an instant order request?
If you placed an instant order and you decided to click “cancel” it may not always be possible to cancel the request if the request has already been received by our trading server. You should consider that your platform will also give you a warning: “Closing of this window will not guarantee the order cancelling”. This is because your order is already sent to our servers.
Why can I not trade anything?
Ensure that you have logged in using the trader password and not investor password
Why can I not trade currencies?
Your account may be a premium account and therefore, you may be selecting the wrong currency symbol. You should select currency symbols that have a dot (“.”) at the end. These are called premium symbols and provide better spreads for our premium account holders (EUR/USD, GBP/USD, USD/JPY and USD/CHF). Go to the MT4 market watch, right click and select “show all” for them to be displayed – if not visible.
Why are the buy/sell symbols disabled when I try to place a trade?
Ensure that you are entering the correct minimum volume (0.1 if you have a premium account, and 10 for shares).
Why can I not trade micro lots (volume under 0.1 lots)?
Please note that for premium accounts, the minimum trading volume is 0.1 lots. If you wish to trade micros, then you need to transfer funds to another account that will have a balance of under 2500 USD.
Why can I not trade a given future?
Please note that futures have expiration dates and trades cannot be opened after their Last Trading Date. (http://www.ironfx.com/en/trading-products/futures) . Simply select the next contract in line for the particular future.
I had a trade in a future that was closed by itself without me closing it. Why is that?
Please note that positions in futures contracts that had not been closed till the Last Trading Date (http://www.ironfx.com/en/trading-products/futures) will be automatically closed at their last quoted price.
Why am I getting the message “Trading is disabled” ?
Ensure you are trading the correct currency pair symbol (symbols with a dot (“.”) if you have a premium account). Ensure you are not trading an expired futures contract, and that you are trading within the trading hours of the particular symbol.
Why wasn’t my Take Profit not triggered, while the chart reached the price I had set?
Please note that Sell positions are closed with the Ask (Buy) price. The price the chart is showing is the Bid (Sell) price, which is lower than the Ask price. You need to add the spread to the price you see in the chart in order to get the Ask price.
Why wasn’t my Buy Limit order triggered, while the chart reached the price I had set?
Please note that Buy Limit orders are opened with the Ask (Buy) price. The price the chart is showing is the Bid (Sell) price, which is lower than the Ask price. You need to add the spread to the price you see in the chart in order to get the Ask price.Why is your spread so high on EURUSD/GBPUSD (eg Over 10 pips)?
Please note that we are using fractional pips pricing in order for the client to benefit from rounding. Instead of 4 decimal places, we use 5 and therefore the 10 pips you see are actually 1.0 pip.
Why was the swap that I was charged too high?
On Wednesdays, the charge that applies is triple the regular swap. This is made in order to take the weekend into account.
Where on your website can I find the calendar for the CFD?
Please go to “Trading”, select “Futures”, and then click on the “Futures Calendar”.
The MT4 Demo/Live login shows invalid account/no connection. What do I do?
Please check when the last time the account was opened was. Demo accounts have a 30-day expiry period. Please check the password is correct and that you are connected to the correct server.
Do you have a dealing desk?
Yes we do have an execution desk, if clients have a problem with their platforms, they can contact our execution desk to open/close/modify their trades. However, please note that we do not trade and that the dealing desk is there to make sure that all the prices from our liquidity providers are correct and are added into the system.
Why are the spreads higher after 11pm?
From 23:00 to 02:00 server time, all markets are closed and therefore there is very low liquidity in the market.
- Trading Platform FAQ
-
Sometimes when I’m trying to place an order I got an error message says “Trade Context is busy”, how this can be solved?
This usually happens if the trader sends a request to the server and is trying to send one more trading request while the first order is still in process. To resolve this problem, simply restart your MetaTrader4 terminal by closing it and launching again.
After installing MT4 on my Mac the system blocked application because it came from “unknown developer” or similar. What should I do?
By default Apple has changed the security settings to only allow installation of applications from the Mac App Store. In order to change this permanently or even temporarily, please go to “System Preferences > Security & Privacy”. On the General Tab click the little lock in the lower left corner to unlock the general preference pane. Please select the “Anywhere” option from the menu, in order to allow applications to work.
Why I can’t download IronFX BlackBerry trader while I have the BlackBerry Internet Service (BIS)?
IronFX BlackBerry Trader doe not support the Blackberry Internet Service (BIS) connection type. We highly recommend to our traders to activate the TCP Cellular on their handsets or to use the TCP WiFi Internet connection for connectivity.
I forgot my MT4 password. What should I do?
Send an email to BackOffice@ironfx.com from the email address that is associated with your account, mentioning your MT4 login and request a new MT4 password. A new password will be sent to you at a later stage. Please keep in mind to reset that password for security purposes.
I can't login into my MT4 (no connection error). What should I do?
Please make sure that you are using the correct password on the platform and check the server that you trying to log into.
MT4 indicates context busy when I try to place an order. What should I do?
This can happen in cases where there have been multiple mouse clicks. Please restart the platform and this should solve the issue.
How do I change my MT4 password?
To change your MT4 password, please log into your MT4 Platform, click on “Tools”, then “Options”, Click on “Change” next to the password Tab. Please enter your current password and enter a new one, then click OK.
The trading terminal remains white when I add it on the chart, how do I fix it?
Please uninstall the platform, by going to “Start” on your PC, then “Computer”, and go to “C: drive”. Please select “Program Files”, and delete the file “IronFX MetaTrader 4” to ensure a full uninstallation. Please then reinstall the platform.
How can I change my password on Android/iPhone?
To change Password on your Android/iPhone please click on the “Settings” tab, then click on “Accounts”. On the bottom right corner you will see a Key icon, please click on it. You will then get a pop up window to change your password.
- Cyprus Economic Crisis FAQ
-
Will my account be affected by the Cyprus economic crisis or the proposed levy?
The current economic crisis in Cyprus or the proposed levy on bank deposits has zero effect in IronFX clients’ accounts and the company’s operations. Clients’ deposits and the company’s own funds are kept with international investment grade banks based in foreign jurisdictions (like UBS Switzerland, BNP France and Raiffeisen Austria). IronFX processes withdrawals immediately, just as it used to do previously.
Are my funds safe with IronFX?
IronFX is a large, global, well-regulated broker with offices in 17 countries around the world, which holds own funds and client deposits with large international investment grade banks outside of Cyprus (like UBS Switzerland, BNP France and Raiffeisen Austria). Hence, the economic crisis in Cyprus or the proposed levy on bank deposits has zero effect on IronFX’s operations or clients’ deposits. All client funds deposited at IronFX are completely segregated following the company’s strict policies and procedures, with activities monitored and reviewed by its external and internal auditors, Ernst & Young and KPMG.