Iron Max Group Review 2019
Iron Max Group is a brokerage company with an extended set of services, offering its clients a choice of two platforms, this and the familiar MT4, so familiar to any trader, and the platform of its own development Iron Max WEB for trading. One of the largest sets of instruments, there are about a thousand of them: the well-known currency pairs market, commodity exchange, ETFs, futures, and highly liquid cryptocurrency exchange that works round the clock. Based on your needs, you can choose from several account types offered by the company. Replenishment of the trading account is possible in cryptocurrency, as well as the withdrawal of funds. During the analysis of the broker market, we found that the rates, spreads, commissions of the company, very competitive, very decent speed of execution of orders. Great attention is paid to the training of staff in customer support, when you ask for help, you will feel the polite service and get expert help. However, in some reviews there is information about the waiting time of the operator in the chat, probably due to the high number of appeals.
Iron Max Group works with the STP (Straight Through Processing) execution model. This means that when a client of Iron Max Group places a trade, there is no interference from the dealing center and, consequently, a conflict of interest between the trader and the broker.
Iron Max Group reviews
Every trade is placed with Iron Max Group’s aggregator, which can provide the best prices available from some of the top liquidity providers in the financial industry. It can also help minimize re-quotes and provide reliable transaction execution speeds. The broker has tight spreads and low commissions, which helps save on trading costs.
Iron Max Group Regulation
Iron Max Group, an offshore company based in the small state of St. Vincent and the Grenadines, is unregulated at the time of writing. But this is not an indicator in the brokerage business; the company operates transparently and pays special attention to the safety of client funds and personal data. In the absence of regulation, there are pluses, such as the ability to offer increased leverage or a bonus program.
Iron Max Group platforms
As described above, Iron Max Group clients operate on two platforms, this is Iron Max WEB and a reliable third party platform – MetaTrader 4 (MT4), which is time tested and used by millions of traders on all continents. It also contains the most important tools and features for traders.
MT4 platform can be customized by each user, there is an opportunity to observe the trading instruments of interest online, there is support for multiple order variants and timeframes.
You can download a handy application to virtually any device. You can also use web version through any modern web browser. In this case, no additional software installation is required.
Some of the key features of MT4 include:
- Real-time price quotes through the market overview window;
- Convenient and fully customizable interface;
- Supports multiple order types;
- Multiple chart types and timeframes;
- Wide choice of technical indicators;
- Drawing objects for price analysis;
- Automated trading with Expert Advisors (EA);
- Strategy Tester, including creating your own strategy and learning about other traders’ strategies;
- MQL editor for developing custom indicators, scripts and Expert Advisors;
- Online community and trading platform for exchanging ideas, signals and tools;
- Price alerts via email, SMS and platform pop-ups;
- Available on PC and mobile devices.
Iron Max Group Tools
Iron Max Group offers assets of different levels, such as Forex, grains, metals, stocks, crypto, as well as indices. All this is also available when working through MT4.
It should be noted that Iron Max Group trades futures contracts for difference (CFD), which allows you to earn on the price difference, without owning the asset. This involves risks, so it is recommended to familiarize yourself with the principles and conditions of CFD.
Iron Max Group accounts and commissions
Iron Max Group has four types of accounts on two platforms. The only difference is the spreads and commissions, as well as the set of features.
If your strategy involves tight spreads, you can consider this type of account, with higher commissions, but minimal spreads. If your strategy does not depend on the spread, the company will offer you an account without commissions, but with an increased level of spreads.
Iron Max Group also offers demo accounts with virtual money which is perfect for new clients who would like to get acquainted with the whole range of instruments and practice their strategies without financial investments. In this case, the trader can use the leverage of 1:400. Despite providing such an account without any fees, the reviews on the demo account at Iron Max Group are mixed. Not everyone likes the limitations associated with the amount of leverage. Many do not like the limited leverage.
Iron Max Group Support
You can contact Iron Max Group’s dedicated customer support team directly by filling out a form on the broker’s website or by sending them an email. They also have an online chat function, which unfortunately is not automated. If a trader wants a response, it may take some time.
Deposits and withdrawals at Iron Max Group
Iron Max Group accepts bitcoins (BTC) and other cryptocurrencies for deposits and withdrawals, and you can also use dollars, euros and futnets. Customers can send any amount instantly, without any problems, and then simply transfer them from their wallet to any of their trading accounts and start trading online. The minimum deposit is $200 or the equivalent amount in cryptocurrency.
Withdrawal requests are made from the platform’s user interface. Processing takes up to two days, the payment status is displayed in the trading room.
The advantage of using cryptocurrency funding is that buyers can make payments without disclosing any sensitive financial information (such as credit or debit card data) to the merchant. Thus, Iron Max Group investors enjoy a degree of financial anonymity. Iron Max Group has a guide explaining how to buy cryptocurrency for those who may not know how it works.
While it may be helpful for traders familiar with cryptocurrency, many traders use the Skrill payment system, which the broker does not support. Reviews on Iron Max Group point to the need for a wider selection of account deposit types. However, traders can also make cryptocurrency deposits using a credit or debit card. This is useful for those who may not know how cryptocurrency works. There are no deposit or withdrawal fees on the brokers side.
Opening an account with Iron Max Group
The very process of registering a personal account does not take much time. On the website of Iron Max Group it is enough to fill out a simple form, confirm the email, and then go through the process of verifying the identity of the account owner. All you need is a passport or a driving license, and a utility bill. If the bills come in another name, you can provide a bank statement with your residential address. After checking the documents you can start trading.
Results of the Iron Max Group broker review
We were disappointed by the limited deposit and withdrawal methods and the lack of discounts on trading commission when the volume increases, in general, the broker’s conditions meet the standards of the industry.