Introduction
Iron-Bits has been my broker for the past many years and I have no idea what I would’ve done, had it not been this broker. Although this was not the first broker that I got associated with, it has a large space in my heart. This is not only because of the quality of services offered here, in fact, this is also attributed to the poor performance of the ones I had been using before.
I am a trader for 7 years and I have been a customer of around 3 firms before I got to know of Iron-Bits. Whenever I am called to seminars and conferences to address the young ones, I always tell them that my platform is the best for me. This does not imply in any way that it will be the best for you also. This is because all traders don’t work along the same lines. Different trading ventures give birth to different trade needs and wants. Although the reputable platforms try hard to provide the most to all sorts of traders and my platform takes the lead at this but even then I cannot say assertively that you should and have to sign up for it.
I was once asked about my forex firm and this made me think how hard this question is. Just a name wasn’t the answer. In fact, an entire attitude is what can serve as a perfect answer to this question. This is because of the convoluted nature of the trading profession and particularly the forex world. I am here to review my platform in an attempt to answer the question which I was asked in a huge hall of a renowned university. At that time, it was hard to answer that question as comprehensively as I can today.
Before I go on I’ll like to explain what approach I’ll adopt to answer the question. I would like to put forth my own experience in a way that you see what major specs to look for in a forex firm. You can improvise according to your trading needs but never forget to ensure that you do not make a compromise on important matters. We will have a look at these individually and as I proceed to the end I’ll keep explaining what other specs that were high in my priority list were commendably presented at the forum Iron-Bits. I hope by the time we reach the end of this review, you all know how an established trader thinks when it comes to making choices regarding trading partnerships. Apart from that, I would like to mention yet again that you cannot reach the dreamed levels of success unless you adopt the habit of researching first and then making thoughtful decisions. These decisions can go wrong, no doubt but you have no idea how much the probability of these going wrong go down. So, let’s first have a quick look at the must-haves of your go-to Forex partner.
The Must-Haves
Okay, so the elements that I’ll be covering in this section were the ones that were found near the top of my priority list. This section of the list for all the traders is more or less the same. The first one of these being a secure working environment.
Secure Working Environment
You might think going online will save you from the rivers that might have come your way on the way back to the Stock exchange but trust me the luggage of digitalization brought a lot of mess. The way we all are vulnerable to attacks all the time amidst the era of digitalization is highly nerve-wracking. Trusting a firm that runs online can be a huge deal unless you are satisfied with the security measures taken by the firm. If there’s one external factor or threat that can influence your profits in the negative way the most, is security. Imagine putting in all the effort to earn every single penny and then losing it at the hands of imposters in a split of a second. Terrible. Right? I know. This is why I cannot emphasize enough the need to sign up for a secure platform. When I wanted to probe the security precautions taken here, I went straight to the bottom of the page and went through the uploaded legal documents that included Risk Disclosure statement, Bonus Policy, Withdrawal, Refund and Cancellation Policy, Privacy Policy, Terms and Conditions, etc. It is also recommended to go out in the market and ask people if they have heard of any security breaches at the firm. These people are a great source of such information. All these steps allowed me to be convinced that Iron-Bits was the one.
Order Execution Efficiency
Let’s jump into more technical stuff. If you have been into the forex world even for a small time you all might have an idea how important it is that the orders are executed timely. For the new ones let me share an experience. So I was new to the area and I had no idea what damages this lag of execution of orders can lead to. I was not in a habit of making well-researched decisions. The same way I just randomly bought a stock. I was happy that I bought it at a lower price because I had no idea what the trends and predictions said. According to them, the stocks went unreasonably high right after that time. Being unaware of it, I hit the buy button and guess what? The stocks went up so high. By the time my order was executed, the prices had skyrocketed. Had it been an efficient forum, I would’ve received so much profit. Well, that experience taught me how imperative it is that your forum has high-performance computers and software. So add this to your list. For this again, you can ask the current users or refer to customer support.
Flawless Is Possible In Theory
Many things that are not possible in the existing world, are possible in theory. The same goes for flawlessness. All platforms have some flaws but you need to decide which set of flaws would work best for you. I will explain to you what flaws and qualities my firm had so you have an idea of how things worked out at my side.
Customer Care
This is one element that has to be well developed but small or minor flaws can be accepted. This is the exact case with Iron-Bits. The customer support is very well laid out, representatives are very professional and welcoming. The website provided you with multiple options to get in touch with the representatives. However, some of these are more responsive than others, at least for me. I don’t like the email option because you cannot track your message. But I have always been a fan of live chat and call options. The major problem is that this service of chatting and calling is not available 24/7 and the users outside Australia and the UK cannot make use of this. Otherwise, the services and the attitude of correspondents is great.
Theme and Interface
Next up are theme and interface. Theme is another important area that you need to look into. A good theme complemented with the right colour scheme is all a trader’s eyes can ask for. But trust me this is not easy to find. This brings us to another element that I do not like a lot in my forum. I am not comfortable working with so much darkness and particularly performing all the complex procedures gives me a hard time. I hope this is sorted soon. As fast as the interface is concerned, I have no issues with it. The website is easy to navigate and highly user friendly. You need not keep wandering here and there in search of your command button.
Accounts
Listen up you all. A standard account is a huge no. I’ll tell you why. Like I have already explained that all traders have varying needs and hence they need different services to cater to those needs. If you are a small trader in terms of business expansion then you do not need special venture promotions or high leverages so why pay for it. And then you might need something even more enhanced so why paying for something that doesn’t serve you. For this reason, I loved the way Iron-Bits has segregated these needs into sets of services termed as accounts. From silver account to VIP invitation. The silver account has the least deposit and the Platinum account has most. VIP one is for invitation only. You can see which features you want and later upgrade your account easily.
Concluding Remarks
I could not mention a billion other things like a well-developed education section, professional tools, ease of access, affordability, etc. I am satisfied by most of these and hence I plan on remaining a loyal customer of the firm. You can visit the website and have a detailed look at specs and then decide.
