Abstract We calculate the cross-section of ionization by free-electron impacts in high or moderate density plasmas. We show that the so-called ionization potential depression (IPD) strongly affects the magnitude of the cross-section in the high-density domain. We use the well-known IPD formulas of Stewart–Pyatt and Ecker–Kröll. A more recent approach based on classical molecular dynamics simulation is also investigated. The latter provides an alternative way to calculate IPD values. At near-solid densities the effects of the free-electron degeneracy should be investigated. The rates are then calculated within the Fermi–Dirac statistics. We first use the semi-empirical formula of Lotz for ionization cross-section. The results may differ significantly from measured cross-sections or calculations with reliable atomic codes. Then, in a second step, we propose a new formula that combines the Lotz formula and a polynomial expansion in terms of the ratio of the energy of the incident electron and the ionization energy. The coefficients of the polynomial expansion are adjusted to fit the cross-section provided by robust atomic codes. A great advantage of the new formula is that it allows a fully analytical calculation of the ionization rate. Our results are compared to experiments measuring IPDs, cross-sections and rate coefficients on aluminum at high and moderate densities and on Be-like CNO ions.