AuthorBy Björn Michels
Updated: August 5, 2022

Trading with a reputable online broker is a crucial factor for success in the international markets. At TradeForexSA, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.33/ 5 USD 10CySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersFinancial Services CommissionECN/DMA, Market MakerCommodities, Stock CFDs, Forex, Indices, Metals620
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
  • Copy trading accounts
  • Expensive withdrawals
Read Review 111104/ 5 11110.54.5/ 5 11110.54.5/ 5 111003/ 5 111115/ 5 11110.54.5/ 5 111115/ 5 81%2000:10 pips Advantage, Advantage Plus, Micro Account MT4, MT5Mastercard, Visa, Bank Transfer, Neteller, Skrill, Fasapay, PerfectMoneyFrom 4 USD / ECN Accounts
1110.503.74/ 5 USD 50CySEC Regulated BrokersFCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersMarket Maker, ECN/DMACommodities, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices, Metals835
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Expensive withdrawals
Read Review 11110.54.5/ 5 111003/ 5 111104/ 5 111003/ 5 1110.503.5/ 5 11110.54.5/ 5 1110.503.5/ 5 75.35%500:10 pips Live Standard Fixed Spread, Live Standard Floating Spread, Live Premium Fixed Spread, Live Premium Floating Spread, Live VIP Fixed Spread, Live VIP Floating Spread, Live Zero Fixed, STP/ECN Absolute Zero, STP/ECN No Commission, STP/ECN Zero Spread MT4Visa, Mastercard, Bank Transfer, Neteller, Digital Assets, Bitcoin, Fasapay, PerfectMoney, Skrill, UnionpayOn select STP/ECN Accounts

At TradeForexSA, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare FXTM and IronFX, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does FXTM or IronFX have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that IronFX holds two Tier 1 and one Tier 2 licences, and FXTM holds one Tier 1 and one Tier 2 licences.

 

Can I trust IronFX?

Yes as IronFX was founded in 2010 and is regulated by ASIC, CySEC, FCA and FSCA.

 

Can I trust FXTM?

Yes as FXTM was founded in 2011 and is regulated by CySEC, FCA, FSC and FSCA.

 

Based on these findings, IronFX earned a higher trust rating than FXTM.

Does FXTM or IronFX have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that FXTM has overall lower trading costs than IronFX. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
FXTM
11110.54.5/ 5
USD, EUR, GBP, NGN
1.50 pips
USD 15
0.00 pips
0.20 pips
0.00 pips
USD 0
IronFX
111003/ 5
USD, EUR, GBP, JPY, PLN, CZK
2.20 pips
USD 22
0.00 pips
0.00 pips
0.00 pips
USD 0

 

Does FXTM or IronFX offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, FXTM offers support for MT4 and MT5 and IronFX offers support for MT4. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both FXTM and IronFX offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
FXTM
11110.54.5/ 5
IronFX
111104/ 5

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that IronFX offers a greater range and depth of instruments to trade than FXTM. IronFX offers 83 Forex pairs to trade and FXTM offers 62 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, IronFX offers 5 cryptocurrencies while FXTM offers 0 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with IronFX.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that both FXTM and IronFX charges a withdrawal fee. Overall, FXTM has better deposit and withdrawal processes than IronFX. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

FXTM and IronFX both have very good educational support. Both FXTM and IronFX offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
FXTM
High
IronFX
High

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that FXTM offers better research analysis than IronFX and that both FXTM and IronFX offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
FXTM
IronFX

 

Our overall Verdict on FXTM

FXTM will be a good choice for many beginner South African traders. It offers a low-deposit Micro Account, an excellent copy trading platform, and provides a variety of learning materials in both video and written formats. Its daily market analysis will also help beginners understand the real-world implications of news events on the Forex market and where trading opportunities lie.

Our main concern is that FXTM’s South African clients are not protected by the FSCA, and are instead onboarded through FXTM’s Mauritius-based entity. We were also disappointed to find that FXTM’s trading costs are higher than other brokers and that it charges fees for all withdrawals. The range of instruments is also quite limited compared to other brokers in South Africa. 

Overall, FXTM has many positive features, especially for beginners, but more experienced traders may find FXTM’s limitations difficult to overlook.

Our overall Verdict on IronFX

With oversight from some of the top international regulators, enhanced platform functionality, and a wide range of flexible account choices, IronFX appeals to traders looking for a well-regulated MT4 broker with a low-deposit Cent Account and a large number of Forex pairs.

Founded in 2010, IronFX maintains regulatory oversight from CySEC, ASIC, the FCA, and the FSCA, an impressive list of highly regarded regulators.  Trading is offered on multiple assets, including commodities, indices, metals, futures, shares, and over 80 Forex pairs, a larger range than is typically seen at other brokers.

Platform support is limited to MT4, but IronFX offers an upgraded package labeled MT4 Advanced, which transforms MT4 into a state-of-the-art trading terminal. Traders can also choose between nine live flexible accounts, including a low-deposit Cent Account that appeals to beginners who prefer to make smaller trades measured in micro-lots

A drawback for beginner traders considering IronFX is the lack of educational and market analysis materials available, forcing traders to self-educate with other third-party platforms.

Which broker has the highest overall rating?

FXTM has an overall rating of 4.33 and IronFX has an overall rating of 3.74. For more detail please read our reviews of FXTM and IronFX.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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