Sadly, this is where I disagree with Carlos,but with stipulations. First off, I know the iron content isn't an issue because I know the substrate that I make is ridiculously high in iron, which is why my plants are always healthy. As far as the laterite, as long as it is under a couple inches of leaf litter, then there "shouldn't" be an issue, since tree frogs don't burrow under the leaf litter. In my 125 white's palu, I had a ridiculous amount of perlite in my substrate with leaf litter and moss on top and never had an issue. You could also avoid an impaction issue by using a feeding bowl.
So yes, it can be used, but precautions need to be taken.