Iron Trade was a binary options platform that allowed traders to trade in a huge range of assets.
This broker came into the business in 2019. However, it made the frontlines in some scam alerts by some of its customers, most complaining of not being able to withdraw their funds.
That’s what we’re going to find out here in this review. After carefully analyzing and trading on this platform, I broke down everything you need to know about Iron Trade before you sign up.
Table of Contents
- Iron Trade Summary
- Restricted Countries And Language Support
- Traded Assets
- Trading Accounts
- Deposits and Withdrawal Methods
- Bonus And Promotions
- Customer Support And User Interface
- My Verdict– Is Iron Trade Really What It Claims To be?
- Iron Trade Security and Regulation
- Conclusion- Not Recommended
- Iron Trade Review Conclusion
Iron Trade Summary
IronTrade was established in 2019, it claims to be owned and managed by Rosco Solutions Ltd in Kingstown, St Vincent, and Grenadines, and the information on the site provided by Triafor Solutions Ltd is located in Nicosia, Cyprus.
Iron Trade is a bespoke binary options platform, that allows you to predict the high or low on a variety of assets such as, commodities, currency pairs, and cryptocurrencies.
However, the broker has been linked with several scam accusations by some of its customers in less than a year of its existence. Well, the truth is, there is every reason for anyone to doubt the sincerity of this broker. I found several loopholes that I will share with you later in this post.
First, let us find out the services provided by Iron Trade.
Restricted Countries And Language Support
Iron Trade does not accept users from these countries;
- European Economic Area
- New Zealand
- North Korea
- Puerto Rico
Up to eleven languages are supported on this platform
Iron Trade currently offers up to 31 financial assets for binary options trading, these are;
- 20 currency pairs- including, EUR/USD,USD/RUB, EUR/CHF, GBP/JPY etc.
- 4 cryptocurrencies- Bitcoin, Litecoin, Ethereum, and Ripple.
- 4 Index- UK100, AUS200, JP225, DE30.
- 3 Commodities- Gold, Silver, and WTI Oil.
Iron Trade offers 3 types of accounts to its customers;
- Demo Account
This account is mainly for practicing your trading skills. It is accessible only when you have completed your sign-up. The account comes with a default balance of #10,000 or $10,000 in virtual funds depending on your currency.
You cannot withdraw any profit made from this account, plus it’s replenishable in case your balance hits a zero point.
- Standard Account
The standard account is the first step for traders to make their investments in the live market. You can own a standard account on Iron Trade with a minimum deposit of $10 0r ₦3,500.
The maximum payout on this account is 80% on investment after broker fees have been deducted.
- VIP Account
To own a VIP account on Iron Trade, you have to make a 900USD ( ₦300,000) deposit. This account comes with an increased payout of up to 90%, extra bonus, and faster withdrawals.
Deposits and Withdrawal Methods
The supported payment and withdrawal methods include;
- Visa/Master Card
Bonus And Promotions
Iron Trade awards customers a 27% deposit bonus on their initial funds deposited. For instance, an initial deposit of ₦10,000 or $10,000 will yield a bonus of ₦2,700 or $2,700 respectively.
There is also a 100% referral bonus that is only accessible when the referred client makes a minimum deposit of $30 and starts trading. Bonuses are not mandatory and the client has the right to decline or accept them.
Note that, you can withdraw the profit from the bonus but not the bonus amount itself.
Customer Support And User Interface
The customer support is quite impressive but still needs to improve as there is no 24/7 live chat. I emailed the support team and was surprised to be replied to in less than 3 minutes, this is rather instant but I was not satisfied with the reply I got.
The user interface is very swift as it’s designed to make trading a simple experience for everyone. A key factor is that Iron trade has educational tutorials on various trading strategies to help you become a better trader.
There are also mobile apps available on android and iOS devices to make trading easy everywhere you go.
My Verdict– Is Iron Trade Really What It Claims To be?
Just like I mentioned at the beginning of this post about controversial reviews by some of Iron Trade’s customers.
Most of the complaints were about not being able to make withdrawals, after much investigation, here is my humble opinion about this broker.
Iron Trade might be a scam for the following reasons;
It is not clearly written anywhere on the site in which the agency regulates Iron Trade’s brokerage services. When compared to other platforms like Olymp Trade, Expert Options, these have theirs clearly stated on their homepage.
When I emailed them asking for this information, I got a reply only telling me that it was registered and owned by Rosco Solutions (Rosco Solutions is not a Regulatory Agency).
In other words, this company is not regulated anywhere;
Iron Trade Security and Regulation
Is your money safe at Iron Trade? This is one of the questions that you need to ask yourself before you settle on any one forex broker.
An unregulated broker does not offer much security for its clientele, and Iron Trade seems to be 100% unregulated.
The binary options trading platform is owned by Rosco Solutions Ltd, which purports to be registered with the Saint Vincent and Grenadines FSA. However, to the best of my knowledge, the SVGFSA does not register nor regulate binary trading platforms.
Ownership And Management
Iron Trade claims to be owned and managed by Rosco Solutions Ltd. But when visited the site, I found out that it has no ties with Iron Trade, in fact, there is no relationship between these two companies.
Rosco is a mobile application sales development service for businesses that offers the following services.
- Increased Sales
- Service Improvements
- Creating more opportunities for its clients
The other company Triafor Solutions Ltd is also not affiliated with Iron Trade in any way.
I read several customer reviews on a number of discussion forums such as quora.com and forexpeacearmy.com. I noticed more negative comments from the customers. Most of the complaints were based solely on not being able to withdraw their profits and manipulation of charts.
If you are interested in Binary Options, I suggest you read our post on the Best 5 legit binary options platforms.
Conclusion- Not Recommended
There you have it, I’m sure by now you have every valid information about this controversial broker at your fingertips. Depositing your funds on this platform is at your own risk.
However, this is my personal opinion about a new platform; there is always room for improvement if the broker is really serious about doing business. If that happens, I will be sure to update this post, but for now, it is what it is.
Check out the list of top and trusted binary options brokers that are recommended for you
Let’s hear from you now;
Do you have any experience with this broker?
Or maybe you have any contrary thoughts on the information I have given above?
Do well to leave your comments for us below right now and don’t forget to share this post on your social media by hitting on the icons below.
Iron Trade Review Conclusion
Iron Trade scores very poorly in all the areas that matter. Their mobile app sucks, the delays, and limits in withdrawals are intolerable and customer service on the platform is practically nonexistent.
Granted, the company is still in its infancy and things might improve in the near future as the company continues to mature. I’ll make sure to update this review in case of future credibility improvement.
From my Iron Trade review, I wouldn’t recommend you to place your hard-earned money with this broker. Instead, consider going for the suggested alternatives; Olymp Trade and IQ Option.
Vincent Nyagaka is a Professional Trader, Analyst & Author. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Check out Vincent’s Professional Trading Course here.