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Broker Score | 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 | ||
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USD 0 | Market Maker | Bonds, Commodities, Cryptocurrencies, Digital 100s, Stock CFDs, ETFs, Forex, Indices, Interest Rates | 80 | 10 |
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| Read Review | 71% | 200:1 | 0.60 pips | Yes | Yes | DMA, Live Account, Spread Betting | Yes | MT4, L2 Dealer, ProRealTime | Bank Transfer, Visa, Mastercard, Paypal | Fees Included in Spread | ||||||||||
USD 50 | Market Maker, ECN/DMA | Commodities, Stock CFDs, Forex, Futures, Indices, Metals | 83 | 0 |
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| Read Review | 75.35% | 500:1 | 0 pips | Yes | Yes | 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 | Yes | MT4 | Visa, Mastercard, Bank Transfer, Neteller, Bitcoin, Fasapay, PerfectMoney, Skrill, Unionpay | On select STP/ECN Accounts |
The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FX Scouts Tanzania, 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 IG 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.
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 IG holds six Tier 1 and four Tier 2 licences, and IronFX holds three Tier 1 and no Tier 2 licences.
Based on these findings, 0 earned a higher trust rating than 0.
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 IG has overall lower trading costs than IronFX.
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, IG offers support for and IronFX offers support for .
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 IG and IronFX offer copy trading.
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 IG. IronFX offers 83 Forex pairs to trade and IG offers 80 Forex pairs to trade.
In this case, IG offers 10 cryptocurrencies while IronFX offers 0 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with IG.
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 IronFX charges a withdrawal fee and IG does not. Overall, IG has better deposit and withdrawal processes than IronFX.
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.
IG and IronFX both have very good educational support. Both IG and IronFX offer educational support for more experienced traders.
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 0 offers better research analysis than 0 and that both IG and IronFX offer frequent webinars.
IG Markets, regulated by the FCA, ASIC, the FSCA (amongst many other jurisdictions) is an extremely well-regulated CFD broker with a massive variety of trading assets. With trading on Forex, indices, shares, commodities, cryptocurrencies, ETFs, digital 100s, interest rates and bonds, any trader would not struggle to find a to trade. IG Markets is well suited for the professionals with an advanced custom trading platform and integrations with powerful 3rd party charting tools while still offering educational support to beginners through the IG Academy and world-class trading conditions.
IG Markets offers MT4 and their bespoke and superior L2Dealer platform to traders, which offers direct-market access trading functionality, provides improved liquidity, faster trade execution and advanced order management. The L2Dealer platform is still suited to beginners and professionals, where advanced traders can activate the ProRealTime extension for advanced charting, trading automation, and detailed technical analysis to extend the trading experience.
With oversight from some of the top international regulators and a wide range of flexible account choices, IronFX appeals to Tanzanian traders looking for a well-regulated MT4 broker with a low-deposit Cent Account and a large number of Forex pairs.
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. Traders can choose between seven live flexible accounts, including a low-deposit Cent Account that appeals to beginners who prefer to make smaller trades measured in micro-lots.
Some drawbacks for traders considering IronFX are that platform support is limited to MT4, and there are few educational and market analysis materials available, forcing traders to self-educate with other third-party platforms.