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IG Review

IG’s state-of-the-art platforms, sophisticated trading tools, and first-rate customer service make it the go-to broker for new and skilled professionals. However, the broker’s pricing structure is expensive, besides having a higher minimum deposit threshold. This review covers the broker in depth.

IG
4.1
stars
Reviews 0
Company
Trading platforms
Licenses
Local offices
Withdrawal options
Deposit options
Assets available for trading
Withdrawal commission
Minimum deposit amount
Year Founded
Demo account supported
Islamic account
IG WebTrader, ProRealTime, MetaTrader 4, L2 Dealer
ASIC, FCA, FSC, FSCA, BaFin, DFSA, JFSA, MAS
offices offices offices
withdrawal withdrawal withdrawal withdrawal
deposit deposit deposit deposit
Forex, Indices, Stocks, Commodities, Crypto, Options, Bonds, CFDs
Yes
$300
1974
No

Introduction

IG is a leading online broker that offers a comprehensive range of trading services for various financial instruments, such as forex, stocks, indices, commodities, and cryptocurrencies. The company has been operating for over 40 years and has a strong reputation for offering user-friendly platforms, flexible account types and reliable customer support. The broker  provides traders access to advanced trading tools, including a proprietary web-based platform, mobile applications, and educational resources such as market analysis and trading signals. Whether you are a seasoned trader or just starting, IG has all the resources and expertise to help you meet your investment goals.

Regulations and Business Reputation

IG holds regulations from several reputable financial institutions, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the German Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), the Securities and Futures Commission (SFC) in Hong Kong, and a few more. Being regulated by multiple financial institutions, IG ensures transparent operations following fair policies and employs strict security measures to protect traders’ funds.

Regarding business reputation, IG has a long history of providing quality trading services to its clients. The company has received numerous awards and accolades, including being named the “Best Forex Broker” by several publications.

Account Types

IG offers several account types to cater to the needs of individual traders. These account types include;

  1. Spread betting account: This account is available for UK and Irish residents and allows traders to trade on financial markets without paying capital gains tax on their profits.
  2. CFD trading account: This allows traders to trade on various financial markets using Contracts for Difference (CFDs).
  3. Share Dealing account: With a Share Dealing account, traders can invest in a wide range of markets, including the US, UK, and Europe, and take advantage of IG’s transparent pricing and advanced trading tools.

Note: A virtually funded demo account is also available for those reluctant to take the market risk with their real money.

Product Portfolio

IG’s extensive product portfolio comes with a diverse range of financial instruments and markets for trading. Clients can trade more than 80 currency pairs, including majors, minors and exotic. The company provides access to a wide range of indices and shares in over 17,000 companies listed on major stock exchanges. Other available financial instruments include commodities (such as gold and oil), cryptocurrencies (like Bitcoin, Litecoin, and Ethereum), Options trading, Government gilts and Corporate bonds.

Trading Platforms

IG offers you a diverse range of trading solutions via both in-house and third-party trading platforms. Below we list them all;

  1. IG Web Platform: IG’s proprietary web-based platform provides access to a wide range of trading instruments. The platform features advanced charting tools, real-time market data, and a user-friendly interface.
  2. ProRealTime: The platform is highly customisable, allowing traders to create and save their technical indicators, automated trading strategies, and more. With seamless integration with IG’s online trading platform and exceptional support, ProRealTime is ideal for serious traders looking to elevate their trading exposure.
  3. IG Trading App: IG’s mobile trading app allows traders to access financial markets anywhere, anytime. The app features a range of trading tools and resources, including real-time market data, charting tools, and the ability to place trades on the go.
  4. MetaTrader 4 (MT4): IG also offers access to the popular MetaTrader 4 (MT4) platform. The platform features advanced charting options, automated trading strategies (Expert Advisors), and a range of customisable indicators.
  5. L2 Dealer: This platform facilitates advanced traders who require direct market access (DMA) to the financial markets. L2 Dealer provides real-time prices and the ability to place trades directly with IG’s dealing desk.

Fees & Commissions

IG charges fees and commissions for its trading services, depending on the selected financial instrument and the account type. Some of the main fees include;

  1. Spreads: IG charges spreads on forex, indices, commodities, and cryptocurrency trades. For instance, the minimum spread on EUR/USD starts at 0.6 pips.
  2. Commission: The commission is a fixed fee per trade and is in addition to the spread, i.e., 0.10% for trading UK (FTSE 350) per side.
  3. Overnight financing: IG charges a financing fee for positions held overnights. This fee reflects the cost of borrowing the underlying financial instruments.
  4. Inactivity fee: Clients may incur an account inactivity fee of $18 monthly after 24 months of consecutive dormancy.

Trading Tools

IG provides a comprehensive set of trading tools and resources, including real-time market data, charting tools, research and analysis, and educational resources to help traders make informed investment decisions. These resources keep traders up-to-date on market trends, help them analyze market data, and improve their trading outcomes.

Deposit & Withdrawal

IG offers several options for deposits and withdrawals, including bank transfer, debit and credit cards, PayPal, and some local payment methods, depending on the trader’s location. While the company doesn’t charge you for deposits, the minimum amount required to open an account with IG is $300 for card payments, but there is no minimum threshold for wire transfers.

The company processes withdrawals through the same methods as deposits while no fee is applicable, with the processing time varying depending on the method used. For instance, card payments will likely reach your account within 2-5 working days, while bank transfers take around 24 hours at IG.

Pros and Cons Of IG

Pros

  • Multiple Regulations
  • Proprietary Trading App
  • Flexible Trading Platforms
  • Rich Product Portfolio
  • Excellent Research and Educational Resources

Cons

  • Higher fees
  • Complexity
  • Market risks.
  • Higher Initial Deposits

Company Evaluation Summary

IG is a regulated online trading firm offering a rich product portfolio across multiple financial markets. It provides market insights, research resources, advanced tools and indicators  and educational materials to help traders make informed decisions. IG has a good reputation in the industry and has received positive feedback for its easy-to-use trading platforms and efficient customer support. However, the minimum deposit requirements are slightly higher in addition to an expensive pricing structure compared to other brokerage firms in the industry, making it a tough call for low-budgeted clients to signing-up with it. 

Do We Recommend Signing With IG?

Although IG has been one of the most renowned brokers for over four decades, signing up with a company should only be your decision. Before opening an account with a broker, you should thoroughly research the company, understand its services and fees, and consider your investment goals and risk tolerance.

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