Broker IG
Website URL www.ig.com
Founded 1974
Headquarters Cannon Bridge House 25 Dowgate Hill London EC4R 2YA
Support Number 0800 195 3100
Support Types Email, Chat, Phone
Languages 22 languages supported
Trading Platform web-based, desktop platform, MetaTrader 4, mobile apps, ProReal Time
Minimum 1st Deposit $300
Minimum Account Size $0
Maximum Trade Amount different for each instrument
Bonus No bonus
Leverage up to 1:200
Spread fixed/floating
Free Demo Account Yes, Click Here To Open New Account
Regulated IG International Limited is licensed to conduct investment business and digital asset business by the Bermuda Monetary Authority and is registered in Bermuda under No. 54814
Account Types IG trading account, IG professional account, IG options account, IG turbo24, IG swap free account, exchange account
Deposit Methods debit/credit card, wire transfer
Withdrawal Methods debit/credit card, wire transfer
Number of Assets 17,000+
Types of Assets forex, shares, indices, commodities, cryptocurrencies
US Traders Allowed yes
Mobile Trading yes
Tablet Trading yes


Introduction

IG is a broker that was set up back in 1974 and is a publicly-traded company. It has built itself into one of the largest CFD brokers across the world today. It is under the regulation of many leading bodies around the globe, such as the Federal Financial Supervisory Authority (BaFIN) and the Financial Conduct Authority in the UK.

IG has a great reputation, having catered for clients for many decades, allowing for seamless trading. There are thousands of different financial markets that can be accessed through IG. This IG review will give you a proper insight into what you can expect when it comes to using the brokerage.

IG Logo

Pros

  • Thousands of markets to invest in
  • Decent fee structure
  • Numerous trading platforms
  • Strong customer support

Cons

  • A big focus on CFD trading

Products

The main emphasis these days for IG is its CFD trading offering. There is a massive choice of different financial markets that can be accessed through this platform, which proclaims itself to be the number one CFD provider in the world.

IG already boasts more than 178,000 clients across the world, accessing more than 17,000 markets. There are risk management tools that allow you to limit downside through the deployment of the likes of limit and stop orders. There are six main categories of financial instruments that you can trade using CFDs on IG. You have access to Forex markets, with dozens of different currency pairs catered for.

There are more than 100 different global indices that can be traded, as well as more than 10,500 different equities. There are almost 50 different commodity CFDs and a range of cryptocurrency CFDs. As well as having access to CFD trading, you can also benefit from Direct Market Access (DMA) through IG. This means that you can get ultra-fast access to countless markets.

Some of the more niche choices you can check out on IG include options trading, interest rate trading, weekend trading for popular indices, knock-outs trading, bonds and IPO grey markets. There really is something for everyone on IG if you are looking to take part in some CFD trading. Some of the different products will be curtailed depending on what country you are in.

Fees and Charges

Across the board, the fees charged by IG are pretty good. If you are trading equities, then you will be dealing with a 0.10% commission for UK, European and Australian shares, with this being $0.02 per share for US stocks. There are also minimum charges in place, generally being around the £10 mark.

You can use margin beginning at 5% when making these trades. The forex spreads are pretty good, with the minimum spread for EUR/USD being 0.6 and the average spread for this pair being 0.75. The indices spreads also vary depending on the region, but across the board are pretty good. For more active traders, there are also discounts to be had the more you trade in a given month.

Overall, the fee structure for trading at IG is pretty good. There is a monthly fee in place for using DMA, live price data feeds and ProRealTime charts. If no trades have been placed in two years on your IG account, then a monthly inactivity fee will be charged. Finally, there is an account documentation fee if your documentation is not up to date.

Trading Platforms

There are a few different trading platforms that are available through IG. There is the bog-standard MetaTrader 4 platform that is common across the online broker sector. It is well equipped with adequate research and analysis tools, as well as being very easy to use. You need to download this client and you can trade forex, indices, major metals and oil through it.

IG platform

There is the ProRealTime platform that will cost $40 per month to use. This has very advanced charting packages and many quality trading tools. You can use it through a web browser and all products can be traded through it. There is the L2 Dealer platform for those looking to trade through DMA. This is a proprietary platform and is suitable for advanced traders.

There is also a core trading platform from IG that can be used through a browser and has won numerous awards over the years. It is suitable for all types of traders and all tradable markets are on offer. It also has an app for mobile or tablet devices if you want to trade on the go. These are suitable for Android and iOS devices. There is also the option to set up a demo account for most of these trading platforms.

Security and Reliability

IG has been around since 1974 and over the years it has built up an impressive list of clients. There are more than 178,000 clients signed up to IG and it is constantly growing in scope. It is regulated by some of the leading oversight bodies in the world, such as the FCA in the UK.

As the main focus of IG is CFD trading, you do need to be aware that this means you are going to be exposing yourself to extensive levels of risk when trading. Through IG, 68% of account holders will lose money through CFD trading.

All client funds are kept safe and sound through segregated bank accounts. There are established financial institutions and this means that these funds are kept separate from IG’s operational funds. Therefore, if IG ever goes into liquidation, these funds will be ring-fenced from creditors. In terms of the reliability of the IG platform itself, there is a commitment to ensuring that all client data is kept secure through the deployment of leading encryption technology.

Customer Support

If you have an issue that needs to be solved, there is a decent help section on the IG website that may answer your question. Otherwise, there are a few customer support options you can have a look at. There are numerous social media channels that can be contacted. Otherwise, you can give the support team a telephone call or send them an email.

The opening hours for these support lines are 24 hours a day, with only a few hours of shut down for the week. The lines open at 1 PM on a Saturday and will close at 7 AM AEST on a Saturday. If the issue relates directly to trading, then these lines will be open 24 hours a day from Monday until Friday. There is also a live chat function that is ideal for very simple issues.

Deposits and Withdrawals

To add funds to your IG account, you can use a bank transfer debit card or a credit card. Deposits will be processed almost instantly from cards. There is a max daily deposit sum of $50,000 in place and there is a minimum deposit of $300.

There are a number of different currencies that are supported. You do not have to deal with any fees in order to make a transaction on the platform. It will usually take a few working days for withdrawals for your IG account to process.

Conclusion

IG is truly one of the leaders when it comes to CFD trading. There are thousands of different financial instruments you can invest in, with traders unable to ask for much more. There is also a great selection of different trading platforms and the overall fee structure is pretty good. Overall, there is something for everyone with the IG online brokerage platform.