We have experimentally characterized the magnetization processes of a square array of micron sized circular antidots lithographed on a Fe(001)/GaAs film with its diagonals along the Fe magnetocrystalline easy axes (100). Both the anisotropy and the angular dependence of the magnetization reversal were measured by means of magnetooptic techniques. The coercivity of the loops along the easy and in-plane hard axes of the array increases approximately 2.5 times with respect to that measured in the continuous film region, and the first order anisotropy constant remains equal to that of bulk Fe. The magnetization reversal takes place in two steps for all the loops measured out of the easy and hard axes. We have simulated the magnetization reversal using two different micromagnetic models. In the first one, assuming that the reversal takes place fully inside the array, we have observed that the reversal nucleates at the magnetic inhomogeneities occurring at the antidot boundaries and resulting from magnetostatic energy minimization. In our second model we artificially introduced a domain wall outside the antidot region that governs the magnetization reversal showing a qualitative agreement with the angular dependence of coercivity.