Iron Trade is a binary options trading platform where you can deposit money and start trading for profit. Unlike many other online trading platforms in Kenya, Iron Trade accepts Mpesa as a means to deposit and withdraw money from your account.
Iron Trade Security and Regulation
Is your money safe at Iron Trade? This is one of the questions that you need to ask yourself before you settle on any one forex broker.
An unregulated broker does not offer much security for its clientele, and Iron Trade seems to be 100% unregulated.
The binary options trading platform is owned by Rosco Solutions Ltd, which purports to be registered with the registered with the Saint Vincent and Grenadines FSA. However, to the best of my knowledge the SVGFSA does not register nor regulate binary trading platforms.
How Does Iron Trade Work?
Ideally, Iron Trade should be a binary options trading platform.
For you to win with Iron Trade, you should bet whether the price of an asset will go up or down within a specific time frame.
If your bet wins, you get 80% of the bet stake whereas when you lose, you lose 100% of your stake.
This sounds all good on paper, but there has been numerous complaints of Iron Trade manipulating the charts to their advantage.
Making money on Iron Trade is super easy. You basically have to predict whether an asset will go up or down within a specific duration of time. If the asset moves in the direction you had predicted your account will be credited with whatever amount you had staked plus profits.
For instance, if you had predicted that the value of the US dollar will go up in the next 30 minutes, and it indeed goes up, you stand to make profits from that prediction
Registration is super easy. You can sign up using your Facebook or Gmail account. However, you will need to make sure that the phone number you use on the website is the same as your Mpesa number for ease of deposits and withdrawals.
How to Start Trading on the IronTrade Platform
Once you have registered, you need to choose an asset that you want to trade. The assets include all major forex currencies as well as other commodities such as oil, gold, and stocks.
If you’re trading from a laptop or desktop, you’ll have to trade from IronTrade’s web interface as the broker does not offer MT4 and MT5 trading platforms.
For mobile trading, you’ll need to download the official Iron Trade app from the Google Play Store.
Iron Trade Review Conclusion
Iron Trade scores very poorly in all the areas that matter. Their mobile app sucks, the delays and limits in withdrawals are intolerable and customer service on the platform is practically nonexistent.
Granted, the company is still in its infancy and things might improve in the near future as the company continues to mature. I’ll make sure to update this review in case of future credibility improvement.
From my Iron Trade review, I wouldn’t recommend you to place your hard-earned money with this broker. Instead, consider going for the suggested alternatives; Olymp Trade and IQ Option.