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In the fast-paced world of forex trading, choosing the right broker is crucial. AvaTrade and IronFX are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.
The radar chart above illustrates the comparison between AvaTrade and IronFX across several key metrics, with the highest possible score being 100 in each category.
At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated AvaTrade and IronFX, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.
Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses. We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.
In our comparison:
Based on these findings, IronFX earned a higher trust rating than AvaTrade.
When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.
We found that AvaTrade has overall lower trading costs than IronFX.
Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.
Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both AvaTrade and IronFX offer copy trading.
A broader range of CFD instruments provides more trading opportunities. IronFX offers a greater variety of instruments compared to AvaTrade:
For those interested in trading cryptocurrencies, AvaTrade offers 30 cryptocurrencies, while IronFX offers 0 cryptocurrencies. Therefore, AvaTrade is the better choice for cryptocurrency trading.
Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that IronFX charges a withdrawal fee and AvaTrade does not. Overall, AvaTrade has better deposit and withdrawal processes than IronFX.Â
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.Â
AvaTrade and IronFX both have very good educational support. Both AvaTrade and IronFX offer educational support for more experienced traders.Access to frequent and high-quality market research and analysis is crucial.
We found that AvaTrade offers better research analysis than IronFX and that both AvaTrade and IronFX offer frequent webinars.
As one of the best all-around Forex brokers, AvaTrade will be an attractive choice for most traders. AvaTrade has low trading fees, a wide range of trading instruments, and a choice of four different trading platforms. AvaTrade offers some of the best trading tools in the industry, alongside a world-class selection of educational and market analysis materials.
AvaTrade is also popular for its award-winning mobile app which has great risk management tools and a direct connection to AvaSocial, AvaTrade’s popular social trading system.
One major drawback for Ugandan traders considering AvaTrade is that they are onboarded through AvaTrade’s BVI-regulated entity, which means that they are not as well protected as their international counterparts.Â
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.Â
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.
For more detailed reviews, please read our comprehensive assessments of AvaTrade and IronFX.
Select another broker to another broker to compare features, fees, and platforms side by side.
Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.
The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.
