These days we are all pretty much spoiled for choice when it comes to choosing new brokerages. Traders now need to be extra careful when making their choices, because, in this sea of possibility, there are fish you should avoid. We are of course speaking of scam operations. In their early day, they were much easier to identify, but as time passed, and technology progressed, their methods grew more sophisticated. At this point, it takes the keen eye of an experienced trader to spot the nuanced details that can expose a scam operation.
Iron-Bits is one of the newer brokerages on the market. Some will feel skeptical solely on this fact, but as we will talk more in the review itself, there is no reason to be afraid. We have encountered no red flags at any point. Below is a breakdown of all of Iron-Bits features.
Having the necessary flexibility when it comes to account types is a massive help to all types of traders. This way, Iron-Bits can attract a wide array of traders, regardless of their experience, ambition or budget. The entry point is set at just €250 so that everyone can experience the platform first hand without fully committing. As you move up the account tear, traders receive increasingly more perks that can go a long way for developing a complex and successful trading strategy.
As we previously noted, the Silver account is a gateway to the Iron-Bits experience, starting at only €250. Many traders will surely start out this way before upgrading to a higher tier. Opting to skip ahead is a seamless process, so there is no drawback to starting small before investing big. You get full access to the platform, and you can create your new portfolio with more than 200 financial instruments across several categories. Your leverage is 1:100, and you also receive market reviews to help you keep pace with all happening on the market.
Gold account starts at €10,000+. At this stage, you get your own dedicated senior account manager, which makes your day-to-day trading activities much easier. In addition to this life quality improvement, your trading becomes much more lucrative with improved spread and a significant bump in leverage that now reaches 1:200. What is more, you get additional bonus funds that become available at certain times of the month.
When you become even more serious about trading, it’s definitely worth considering the Platinum account. It starts at €50,000 and includes all perks of the previous two tiers, including new ones. Making trading strategies get a whole lot easier when you receive risk management planning, financial planning private analyst sessions and weekly webinars. These kinds of tools make a huge difference at this level of trading, so the price is well justified.
At the highest end, there is the VIP account. If you are wondering how much you will need to invest to reach it, you are out of luck. This tier is reserved only for the best and is invitational only. Not only do your get VIP spreads and leverage of up to 400, but you can also use complete access to trade room analysis, webinars on request, private analyst sessions and level 1 prioritized withdrawal process. To sum up, everything Iron-Bits has to offer is unlocked here and you receive full control over all aspect of trading. It can take a long time to reach this, but it is definitely worth it in the end.
Trader education is often a polarizing topic in the trading community. While many argue that there is plenty of courses on the web, we feel that by including education in their package, each broker shows that they care about a long-term relationship with their clients. Iron-Bits falls into the second category by offering some material upfront, while some content is locked away behind certain account tiers.
There is plenty to love in the free section. Without even spending a penny, beginners can learn about trading fundamentals. Your first step should definitely be the Glossary and the Asset Index. Here you will get a basic understanding of trading terminology you will need on a daily basis, as well as a list of all available assets. Before considering what to include in your portfolio, we would recommend going through the eBooks page. Here is a large list of educational material that provides everything from the most basic beginner guides all the way to advanced technical analysis. If there are some terms and concepts you are struggling with, there is the FAQ page to help you out. All frequently asked questions are followed by clear instructions written in a way anyone can follow, regardless of prior experience.
If you do decide to invest with Iron-bits, depending on what account you sign up for, there are even more educational goodies. The two most important are the private analyst sessions and webinars. The former gives you a good idea in which direction the market is headed and enables you to spot trends more easily. The ladder provides you with the insight of some veteran traders. Their knowledge is invaluable to all types of traders.
When discussing technology, Iron-Bits adopts the more beginner-friendly approach. Instead of going for the more popular Meta Trader platforms (MT4 and MT5), this brokerage decided to build their own web-based solution from scratch. When you look at it on the surface, some of the most advanced features are sacrificed. In return, you get blazing fast execution, which, in our opinion, should be given the priority anyway.
Navigating the platform is easy enough. On the left, there is the asset list. Here you can choose from one of the 200+ available assets. Included categories are Forex, Commodities, Crypto, Stock and Indices. For user comfort, all assets include a quick overview next to their name, giving you a good idea on its current value. The largest portion of the screen is reserved for the interactable asset chart. Once selected, you can monitor performance in real-time, while using some of the available tools to analyse and predict future performance.
Readability of all data seems flawless. Everything is presented clean with no extra clutter. Additional shortcuts on the left side help get to certain features quicker. In just a single click, you can get to your opened and closed positions, deposit or withdraw your funds, access settings or even reach customer support.
Speaking of support, Iron-Bits proves once again it is run by competent people with experience in trading who know the true value of support agents. No matter how good your product is, you will at some point have questions, or even worse encounter an issue you need help with. Iron-Bits goes above and beyond in creating an enjoyable experience.
There are several methods available. If you are in need of a quick fix, you can either call them directly or navigate the live chat feature. Depending on where you are in the world, you can either contact the Australia or the United Kingdom team. Both have proven to very polite and professional. If you prefer to chat, it takes a few seconds to set up your live chat nickname and start typing away. The response you get is pretty much instant. On numerous occasions, we have witnessed that these systems don’t work or work badly due to not enough personnel or incompetent bots. On the Iron-Bits, we were pleasantly surprised by our experiences.
If you lack time to communicate in real-time, you can always write to them via email or the on-page form. While these methods take slightly more time to get a response, their quality far exceeded our expectation. When you are not in a hurry, this method will work just fine.
Iron-Bits displays its flexibility when it comes to transferring your funds to and from your account. All the popular methods are included, such as Visa, Master Card and Bank Wire Transfers. This works for both deposits and withdrawals. Do note that times can vary depending on your bank provider. Iron-Bits is not to blame for this because they process requests within the hour and leave the rest up the banks. In practice, transferring your money shouldn’t take more than a couple of hours in the worst of cases. These are one of the situations where many traders can get scammed, and we are happy to report that this brokerage is as legit as it gets.
During our time trading with this brokerage we were excited about the trading environment we were presented with. In our Iron-Bits review, we tried to explain in detail why we feel this is a great choice for both newcomers and experienced traders. By making the most of its flexibility and tech-savvy platform we were able to upgrade our trading to a whole new level.