Iron Fist (real name Daniel "Danny" Rand) was orphaned at age nine on a trip to the mystical land of Khun-Lun. He was saved by the land's native soldiers and learned martial arts. After a few years he fought the dragon Chao-Lao and became the Iron Fist, although at the Marvel Super Hero Takeovers he obtained his powers because of the Purple Super Hero Meteorite and Power Crystals. His powers include using chi to fill his punches full of energy and to heal the wounded. He is faster and stronger than the average Olympic athlete.
According to Joe Quesada (Marvel CEO) he is the best at martial arts in the Marvel Universe, even surpassing the likes of Wolverine, Spiderman and Captain America.