Basically iron banner has a system similar to crucible where you rank up, but caps off at 5, at 5 you get a package with a random banner legendary, which is what most people desire. Leveling up is very easy if you play it smart. During the iron banner event there is a boon that activates and gets better each day which increases your rep gain, until on the last day all rep you get in iron banner is worth 150% more than it was when the event started. The easiest way to get rank 5 in iron banner without having to play a million games, is to complete the 3 orange bounties that Saladin will give you, but do NOT turn them in until the VERY LAST day. Each one is worth 525 rep. Combined with 150% boost on the last day, each will be worth 1400ish. Giving you 4200ish rep just for completing 3 bounties.

You complete it when you reach rank 5 in the Iron Banner. It's not hard to do as long as you complete the bounties and just play a lot. Sounds like this may be your first IB run (if it ever gets here)? If so remember that light levels will matter unlike regular crucible. Most of all just have fun. Good luck Guardian!

You get extra drops from hitting level 3 and level 5, people may be referring to getting to level 5 when there say completing it. But yes, you can just play and get end screen rewards.

Your stats show your a year 1 player and have done IB before.... Lol