IronFX in India — review, licence and costs
Score (6 of 6 axes scored)
ranked against full-basis brokers
- Reviews25%15
- Round-turn cost20%35
- Safety20%10
- Payouts15%0
- Track record10%80
- Platforms10%50
Numbered by weight: axis 1 counts for most.
Key facts (6 facts)
- Onboarding entity
- Served offshore (Notesco Bermuda / CySEC); no SEBI-registered Indian entity.
- Founded
- 2010
- Retail leverage
- 2000 group
- Round turn
- 18 USDIN
- Currencies
- No INR base; USD/EUR/GBP.
- Swap-free account
- yes
"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.
Licence check
Open an account with IronFXThe broker's own website. Not a partner link — we earn nothing from it.
Who actually onboards you
- Entity that onboards India residents
- Served offshore (Notesco Bermuda / CySEC); no SEBI-registered Indian entity.
- Local standing
- Not SEBI-authorised. Offshore retail forex on non-INR pairs restricted under RBI/FEMA; residents trading via IronFX likely operate outside Indian law. No specific SEBI warning verified at review.
- Licence as the register states it
- No SEBI/RBI authorisation. Offshore only.
- Leverage for this entity
- Advertised up to 1:1000–1:2000 (offshore); far above any Indian-permitted level.
- The firm behind it
- IronFX brand of Notesco group; founded 2010, Cyprus HQ; CySEC/FCA/FSCA/Bermuda BMA entities.
- What we hold against it
- Historic 2015 mass withdrawal complaints; CySEC EUR 100k settlement 2024; FEMA/RBI legal risk for Indian residents.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Indian residents enters the score.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youNot SEBI-authorised. Offshore retail forex on non-INR pairs restricted under RBI/FEMA; residents trading via IronFX likely operate outside Indian law. No specific SEBI warning verified at review.
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Price against India market median(priced from 65 of 90)
Medians run over the 65 of 90 brokers that publish a price for India, never over the whole base. A spread without its commission is not a price and is not counted.
Accounts
Account types the broker names for this country: Standard/Premium/VIP, Zero Spread, Cent, min USD 100. The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Where IronFX sits in the India base(90 brokers)
Round-turn cost, USD (65 of 90 priced)
Median 7 USD · range 2-18 · this broker 18 USD · 25 of 90 brokers do not publish it
Minimum deposit, USD (16 of 90 priced)
Median 15 USD · range 0-1000 · this broker 100 USD · 74 of 90 brokers do not publish it
Retail leverage (49 of 90 with a India figure)
Median 1:500 · range 20-5000 · this broker 1:2000 · 41 of 90 brokers do not publish it
Withdrawal time published (90 brokers)
Payouts
Identical for every row: Deposit, h 24 · Fee, USD 0 · Min, USD 50.
Deposit and withdrawal methods (3 methods · 0 local rails)
No verified compliant INR rail (LRS bars speculative forex funding);
- Cards
- Wire
- E-wallets
- Account currency
- No INR base; USD/EUR/GBP.
- Fee declared
- 3 of 3 methods
- Withdrawal back to
- the funding method
Where it does not serve(6 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(4 platforms)
- MT4
- MT5
- WebTrader
| Class | Count | Min spread |
|---|---|---|
| MT4 | — | 1.8 |
| MT5 | — | 1.8 |
| WebTrader | — | 1.8 |
| All instruments | 500 | — |
138 further account types are named by their brokers but publish none of these figures, so they are not in the comparison: Eightcap Standard, Eightcap Raw, Fusion Markets Classic account, Pepperstone Standard, Pepperstone no minimum deposit, Trade Nation Two live tiers - lower-leverage and 132 more.
Identical for every row: Leverage 2000 IN.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 3.3 | 51 |
Share of reviewers in India: — The platform does not publish it.
Pros and cons(3 for and 6 against, each tied to a figure on this page)
- Swap-free account available
- Track record 80 of 100, its strongest of 6 scored axes
- 3 platforms: MT4, MT5, WebTrader
- Round turn 18 USD on the raw + commission basis, over the India median 7
- No India authorisation on file: the entity that onboards you is licensed elsewhere
- Min deposit 100 USD, over the India median 15
- Withdrawal in 120 h, over the India median 48
- The published 1:2000 comes from the group's offshore entity, not from the India one
- Payouts 0 of 100, its weakest of 6 scored axes
Alternatives in India(6 of 90 scored in India)
- Round turn, USD
- 11IN
- Min deposit, USD
- 100 groupIN
- Leverage
- 3000IN
- Rank in this country
- #6
- Round turn, USD
- 9IN
- Min deposit, USD
- 100IN
- Leverage
- 200IN
- Rank in this country
- #10
- Round turn, USD
- 9IN
- Min deposit, USD
- 100 groupIN
- Leverage
- 400IN
- Rank in this country
- #29
- Round turn, USD
- 16IN
- Min deposit, USD
- 1000IN
- Leverage
- 100IN
- Rank in this country
- #25
- Round turn, USD
- 14IN
- Min deposit, USD
- 5 groupIN
- Leverage
- 5000IN
- Rank in this country
- #51
- Round turn, USD
- 6IN
- Min deposit, USD
- 100 groupIN
- Leverage
- 500IN
- Rank in this country
- #1
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a India score. Full methodology
| Axis | Weight | What is measured | IronFX |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 15 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 35 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 10 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 0 |
| Track record | 10% | Years since the firm was founded, from its own filings | 80 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 50 |
FAQ
- Does IronFX accept residents of India?
- No. Not SEBI-authorised. Offshore retail forex on non-INR pairs restricted under RBI/FEMA; residents trading via IronFX likely operate outside Indian law. No specific SEBI warning verified at review. Onboarding entity: Served offshore (Notesco Bermuda / CySEC); no SEBI-registered Indian entity.
- Is IronFX licensed to serve clients in India?
- No SEBI/RBI authorisation. Offshore only. Checked on 09.07.2026.
- How much does one round turn cost at IronFX?
- About 18.0 USD per standard lot on EUR/USD. The median across brokers measured for India is 7.0 USD.
- What leverage does IronFX offer to retail clients in India?
- Up to 1:2000. Advertised up to 1:1000–1:2000 (offshore); far above any Indian-permitted level.
- Which trading platforms does IronFX support?
- MT4, MT5, WebTrader. Instruments: FX, indices, shares, commodities, metals, crypto CFDs.
- How can I withdraw money from IronFX in India?
- No verified compliant INR rail (LRS bars speculative forex funding); cards, wire, e-wallets.
- What account types does IronFX offer?
- Standard/Premium/VIP, Zero Spread, Cent; min USD 100.
- Does IronFX offer a swap-free (Islamic) account?
- Yes. IronFX offers a swap-free (Islamic) account to India residents.
Cost calculator (median of 65 priced of 90)
EURUSD round turns at the prices captured 01.10.2026. Shown in USD only: we do not publish a INR conversion because the exchange rate is not part of our data.