My hunt for a decent platform led me to Iron-Bits. In this review, I will list down everything I got to find out about the broker and my own extensive experience with them. Every brokerage has its pros and cons, and Iron-bits does not fall short of that either.
I will start with a list of pros and cons which is easier to skim over and then dive into the detailed review on this broker. There is no doubt that this platform has a lot to offer but many people don’t know how to actually examine a platform and how to know if the broker is worth it. By the end of my review, you will know if this platform is right for you or not.
Pros and Cons
- Commission-free trades on qualified stocks, crypto, and forex.
- Minimum balance required.
- Strong online platform.
- Robust examination and tools.
- An extensive list of assets
- Innovative Chart
- 24/7 Customer care
- Multiple security regulations
- Fast order execution
- Less expansive education center.
- No branches.
- No PayPal option for payment method.
- No video lecture for education.
- Dark color scheme.
- Only English and German Dialects.
Where Iron-Bits sparkles
Minimal cost trading: Iron-Bits has free commission trades for qualified U.S. stocks, alternatives and trade traded assets (ETFs), and low agreement charges on options trades, contracts. The quantity of no-trade mutual assets on offer is amazing, as well, at more than 200.
Funds Management: Uninvested money in an Iron-Bits investment fund procures no revenue, however, what I found interesting was that Iron-Bits offers instant cash movement between reserve funds and broker funds accounts, allowing me to exploit financing prices a few times higher than the default interest rates of most businesses. This does, nonetheless, require opening an account independently.
Trading platform: As long as my experience goes with the broker, I felt that theplatform offers brisk trading abilities, continuous streaming statements and information, an adaptable dashboard, and admittance to the entirety of the agent’s tools. I very regularly trade from different PCs — home and work, for instance — so, I value this online platform, which doesn’t need any downloads. Iron-Bits likewise permitted me to trade through cell phones, as the site is mobile friendly too. If I had a device and an internet connection, I knew I could trade with ease.
Contributing examination and tools: Now here is the part which impressed me, Iron-Bits offers a set-up of contributing tools that surpassed my assumptions for a deep discount representative. I found Its options trading tools are especially solid and incorporate options evaluating number crunchers to know about current ask/bid that prices to foresee theoretical values, just as a strategy scanner that recognizes and executes alternative systems dependent on models I picked.
When I examined the tools, I noticed that Iron-Bits has a set-up of free tools fueled by Recognia. Other free tools incorporate a profit and loss calculator, a probability calculator, that uses inferred instability to decide my probability of hitting my objectives, and another tool, which recognizes tax ramifications of trading options (e.g., short-and long-haul gains and losses or wash sales). These are just some of the tools that I have mentioned but as I upgraded my account types I observed some new tools as well which all helped me with making sure that my trades showed a more likelihood of receiving profits.
Here are my side notes about data: Standard statements are free to all clients through Iron-Bits, while continuous streaming information is accessible upon demand for investors who trade regularly each month.
|Education material||eBooks, Economic Calendar, Glossary, Market review, etc.|
|Account types||4 account types (Silver, Gold, Platinum, VIP)|
|Client service alternatives (incorporates site transparency)||Phone: 7:00 a.m. to 14:00 M-F in addition to Email and Live chat|
|Promotions||Promotions are mostly offered to VIP clients which are invitational only and are the top priority of the platform.|
|Tradable securities||• Stocks. • Indices. • Stocks. • Crypto. •Forex. • Commodities.|
|Trading platform||Browser-based platform with free screening tools, adaptable chart, analysis, and continuous information|
|Record minimum and maximum||€250-€50,000|
|Minimum account balance||Minimum $250|
|Promotion||$50 – $3,500|
|Payment methods||MasterCard, VISA, Bank Wire, and Maestro|
Where Iron-Bits Is Lacking?
Bright Color Scheme: I think the platforms nowadays need to be vibrant and eye-catching. Iron-Bit has gone the opposite direction and has chosen a very dark and dull theme which I did not like. It is a good thing that traders are more into the features that this platform offers, and some don’t even pay heed to the color scheme as long as the platform is reliable and keeps the clients protected with their security regulations. So, yes, Iron-Bits should improve the color scheme of their platform.
Video Education: I noticed that however, the education center has great eBooks, glossary, and FAQ sections, but they don’t Iron-Bits does not update their eBooks collection. It means that for an experienced trader the education center will be of no benefit. Although it will benefit the new trader a whole lot more. But eventually, the new trader will also be done with those eBooks and would prefer new and fresh information that they can absorb. The platform also does not offer the video lecture on either trading 101 or the market news.
Iron-Bits is best for:
- Beginner traders.
- Advanced brokers.
- Investor education/support.
- Fund traders.
Trader Education: To say that the dealer’s advanced instructive contributions are bountiful is understating the obvious. There’s a lot of accessible material in each configuration — FAQ, eBooks, Glossary, and Asset Index, just as progressing live online courses and in-branch presentations — it’s difficult to tell where to begin. For overall contributing education, Iron-Bits directly led me through the educational plan by choosing my ability level (new trader, researcher, or master) and leafing through the examination and assets it serves. For more explicit direction, there’s the Live chat highlight. It’s acceptable to give headings to the entirety of the representative’s contributing tools, instructional exercises, key information, and whatever else comes into mind.
The organization likewise weekly/monthly/complete access to instructive webinars and holds more than 40 live occasions every year Getting top-notch education however also depends on the kind of account you hold. Since my account type was Platinum, which is a pretty advanced account type, I was able to get complete admittance to webinars and a dedicated account manager, Jordan Martyn, who taught me a lot of my strategies and techniques while trading.
Customer Care 24/7: I feel like customer care is important to mention in my review because as a trader I always somehow ended up in the customer care administration on various platforms. I found it to be very frustrating to get a late response or no response at all. Most of all I don’t like to associate with chatbots. As chatbots do not provide the information I usually look for.
In this specific regard, I found Iron-Bits to be more responsive and on time as well. They offer multiple approaches for client care. There is a Telephone line that supports only Australia and the United Kingdom, Email service, Form, and lastly my preferred Live chat. I find it to be more stressful to talk on the phone with a representative rather than typing and I believe most people have the same inclination. Hence the live chat option always works out.
Security Regulation Details: I always look out for the security regulations and how the platform subtly incorporates them. Most platforms either don’t offer security to clients and that is why clients lose their money easily while other platforms tend to overuse the security process which makes everything a nightmare to verify while making an account, deposit, or even withdrawal and nobody has time to sit for half an hour to process the verification.
In this manner I found Iron-Bits to be more reasonable because they offer a number of security policies and they are very well thought out and planned. Initially, it took me barely five minutes to create my account. When I made my first deposit and withdrawal, I was asked for my government ID or driver’s license, which I provided. This extra information needs to be given only once to the platform. They made sure the data I provided them was safe and my identity through those documents was verified. They did not ask me, again and again, to go through a certain verification process each time I deposit or withdraw.
My Final Thoughts On This Broker
Iron-Bits has low pricing, accommodating trading tools, and a simple to-utilize trading platform. With an account minimum of only 250 Euros and a large number of no-transaction-fee, it’s simple for new traders to begin and make a quick account to check out the platform, while active traders will value Iron-Bits’ commission-free trades on qualified securities. Progressed traders hoping to trade futures, in any case, may locate a superior home at another broker.