IronTrade Review: Is IronTrade Legit or a Scam?

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IronTrade is a binary options broker that offers trading in a huge range of assets spanning commodities, indices, stocks, and currencies. They have a registered address at 306 Premier Building, Albert Street, Victoria, Mahe, Republic of Seychelles and they are owned and operated by Bartoli Management S.A.

irontrade review

IRON TRADE TRADING PLATFORM

The 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.

DEPOSIT AND WITHDRAWAL

Instant deposits can be made to an Irontrade Account 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.

Trade Types And Payouts

There are around 70 trade types offered by IronTrade, which include indices, commodities, stocks and multiple currency pairs. Occasionally the broker also provides cryptocurrency trades, but these are not always available. The majority of trades on offer range from 60-second ‘Speed’ trades through to two hours, but there are longer or alternative options available on request.

Payouts are 80% across the board for a Standard account, rising to 90% for VIP account trades. You should also take note of the fact that the Demo account interface reflects the higher rate of payout (90%) and therefore does not provide an accurate payout comparison to a Standard account.

Account Types

There are three types of accounts available from IronTrade.

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 the 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 publicize 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.

Is IronTrade LICENSED?

Iron Trade broker is not licensed. Therefore, no regulatory body is acting as a watchdog to oversee that they comply with best practices in the financial market. Meanwhile, it still remains one of the most efficient and reliable brokers currently.

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 are 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 withdrawing

Mobile Trading

IronTrade uses a propriety platform for binary options trading on its main website. For mobile users, there are downloadable apps that 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

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.

Irontrade supported languages

CONCLUSION

Iron Trade isn’t an “unregulated broker” but highly efficient. When trading forex, binary options or cryptocurrencies what matters is efficiency reliability. I have interviewed a couple of people trading on this platform and everyone seems happy and comfortable with the services of the broker.

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A trained Diplomat turned online entrepreneur since 2009. Founder of Invest Online Africa Inc: A social enterprise connecting Africans to legitimate income opportunities online. A great believer in passive income and advocate of Entrepreneurship. Aside online stuff, I am a caring father, Humanitarian and soccer fan... Oh! And I cry when I see a child cry😖

2 thoughts on “IronTrade Review: Is IronTrade Legit or a Scam?

  • December 2, 2019 at 12:29 pm
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    Thank you for the review, but I don’t quite follow your logic – if they are not licensed and have many negative reviews, how can they be reliable?

    Reply
  • December 22, 2019 at 5:31 am
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    Thanks for these pointers.
    I can testify their efficiency but like every new stuff online, it’s better to be careful and play safe. I hope they don’t end up like the rest.

    Reply

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