Iron-Bits is a broker that has a lot of satisfied clients. Needless to say, that caught my attention and I decided to see if trading conditions are really that good and if this broker is worth the hype. In this Iron-Bits review, I will breakdown everything this broker has to offer.
Quality of Service
The service quality is a part where we can find out a lot about a broker. After this segment of Iron-Bits review, it will be clear whether all those claims and promises are true or false, so why don’t we start from Account Types. After all, trading conditions are one of the most important things.
Iron-Bits offers four Account Types and each one of them will bring you specific benefits and different conditions for trading. The first difference is the minimum deposit requirement. From €250 to €50,000 or more. This means that you should choose the account depending on your trading desires and previous experience.
If you are just stepping into the Forex market and you want to familiarize yourself more with it, the Silver account is a perfect choice. This is the most basic account and you won’t receive a lot of benefits with it. On the other hand, you can deposit only €250, which is a great start, and that’s why I believe this is an account for beginners. If you choose it, you will have a chance to trade with more than 200 assets, the leverage will be up to 1:100 and you will get an insight into market reviews.
If you already have some experience and you want to deposit more than €250, you can do that with the Gold account. The minimum deposit requirement is €10,000 and of course, there are more than 200 tradable assets in this account, too. But aside from that, you will get a dedicated senior account manager, bonus funds, lucrative spreads (gold), leverage up to 1:200, trade room analysis (tier 3), financial planning, risk management planning, special venture promotions, monthly webinars, and level three prioritized withdrawal process. As you can see, with a Gold account you will be able to enjoy better offers and bonuses.
After the Gold account, there is a Platinum one. This account is made for experienced traders who like to play big since the minimum deposit is €50,000+. Trading conditions in the Platinum account are extraordinary. You will have the possibility to take advice from a senior account manager, to enjoy the bonus funds and platinum spreads. Also, this account includes trading signals, tier 2 trade room analysis, financial planning, risk management planning, weekly webinars, level two prioritized withdrawals, and one extremely important thing, private analyst sessions.
The last account is VIP, and this is an invitation-only account. If you want to become a VIP member, there is an option to request access. Simply go to the Account Types page and press the “Become VIP” button, after that, you will have to fill in some details and wait for customer representatives to contact you.
As a VIP member, you will have access to all lucrative VIP events, prioritized withdrawal level one, complete access to all webinars and trade room analysis as well as private analyst sessions.
As you can see, the account offer is excellent. I like the fact that Iron-Bits provided multiple possibilities so people can choose depending on the experience. That’s very thoughtful and it adds an additional plus.
Unfortunately, Account Types are not the only thing we have to review. The quality of service also includes education, so let’s see if this broker really puts clients in the first place by helping them become more independent.
And what is the only way to become an independent trader? Well, by educating yourself. It doesn’t matter if you are already a professional trader, there are always some new things you can learn. With Iron-Bits you will be able to master the CFDs and Stock Market, Trading Strategies, and Technical Analysis. The best thing of all, each of these lessons are available for beginners and experienced traders. This broker adjusted the eBooks so every client can enjoy them.
It’s more than clear that people from Iron-Bits spent a lot of time elaborating on the business. Everything is done professionally and there is not a single thing that is missing.
Speed of Response
So far, I liked everything this broker has to offer. But, all of that can be useless if the customer support is not as it’s supposed to be. Just to be clear at the beginning, there are some things I expect from customer support and if just one of them is not fulfilled, I cannot say I am satisfied.
The first thing is the selection of contact methods. There is no need to have the whole list of different methods, but there has to be at least three of them. With Iron-Bits you can choose between Live Chat, online form, phone call, and email. So, the first requirement is fulfilled.
The second thing I want to see is responsiveness. If I need assistance, I want to be able to get one immediately. The only way to see this is to test some of the contact methods and I decided to go with Live Chat.
One of the customer representatives greeted me within a couple of minutes and answered all questions I had. I am pleasantly surprised by the service since the third thing on my list also went great — politeness and their knowledge. I hate to receive generic replies without proper help, and I appreciate it when someone dedicates their time to solve any issue clients might have.
With this broker, you can expect instant deposits, but withdrawals do take some time. That’s not a usual thing, since you need to go through the Identity Verification process. This means that once you request a withdrawal, you have to send some of your documents and wait for the approval. There is a possibility to make the whole process faster if you go to the KYC Policy page, see what things you have to prepare, and simply send them alongside your withdrawal request.
When you send those documents and verify the account, the withdrawal process will begin. It usually takes from seven to ten business days, but keep in mind that each account has a different level of withdrawal prioritization. So, transaction speed depends on the account you choose at the beginning.
Iron-Bits is a broker that offers full transparency and that is something you cannot see often. There are two pages where you can find all details about fees (Withdrawal, Refund & Cancellation Policy and Terms & Conditions page). There is no need to worry about hidden fees since everything is listed there.
Today, I will mention some of the commissions you will have to pay as a registered member, just to have a clear picture of how Iron-Bits does its business. Basically, those are some of the most common fees you can see with every broker. The withdrawal fee is one percent (the minimum is 30 EUR/USD/GBP, while the maximum is 300 EUR/USD/GBP) and there is a Dormant account fee (99 EUR/USD/GBP). In other words, this is an inactivity fee that will be automatically deducted from your account if you do not have any transaction for 30 days in a row.
So, nothing is unusual here. Both of these fees are expected, and I have to say, it surprised me pleasantly to see that the withdrawal fee is just 1 percent.
Here comes the interesting part. A lot of people seek a license only when they are looking for a new broker. Let me give you one piece of advice. First, inspect every trading condition, see whether your funds are safe and how a broker treats its clients. There is no point in looking for a license if the trading conditions are terrible.
In this specific case, a broker fulfilled all the requirements. It works on education, provides excellent conditions, and takes good care of the money you deposit. That said, a license is not important at all.
Variety of Payment Options
If you liked everything you saw so far, and you decide to make a deposit there are multiple ways to do it. With Credit Card (Visa/MasterCard/Maestro), Bank Wire, and Bitcoin Transfer. It doesn’t matter which method you choose, the money will be on your trading account instantly. The only requirement is to use the same method for deposit and withdrawal. Also, there is a possibility to use multiple Credit Cards. If you do that, an equal amount of money will be transferred to each card when you withdraw funds and any additional profit needs to be withdrawn with Bank Wire.
It is always important to inspect fees and charges with each broker before committing. Luckily, Iron Bits makes it easy to calculate all trading cost upfront. The fact that there are no hidden fees speaks volumes of their intentions to establish themselves as one the best brokers in the industry. Even without being regulated, Iron Bits manages to provide ease of mind, and that is one of the most important things for any trader. Going back to fees and charges, you can encounter several types with Iron Bits. There are three main categories: Withdrawal fees, Dormant fees and Overnight fees. The latter two can easily be avoided altogether with careful portfolio management, so, in essence, the only one you should keep an eye out for are the withdrawal fees. This is great news due to the sheer number of brokerages out there who keep their clients questioning just how much money can disappear from their accounts without a proper reason. Iron Bits is very transparent, and this is something that we have to commend.
The Bottom Line
Iron-Bits offers impeccable service and excellent quality. First of all, trading conditions are excellent, each client can choose according to their preferences and most importantly, funds are always safe. So, to sum up, this Iron-Bits review, I can say that you have my recommendation if you are looking for a trustworthy broker.