IG Review 2024
KEY TAKEAWAYS
- Opening an account on IG is completely digital and user-friendly.
- IG accepts clients from almost all countries
- There is no minimum deposit required at IG
- Investor protection is £85k to UK clients, €20k to EU clients, CHF 100k to Swiss clients, and $0 to other clients.
Best for:
| Great trading experience | 100% |
| Low spread forex trading | 92% |
| Investing online | 90% |
IG Markets is a CFD and forex broker. It is not only a world-leading provider of trading and online execution platforms; it is also one of the most innovative companies in the industry, with a portfolio of unique trading products. It offers the best comprehensive trading package, including excellent trading and research tools, industry-leading education, and a wide range of tradable markets. IG is a trusted multi-asset broker that is publicly traded and regulated worldwide.
Overview
Fees
Trading Platform
Customer Support
| Founded | 1974 |
| Headquarters | United Kingdom |
| Broker Type | Market Maker |
| Instruments | Forex, Commodities, Stocks, Indices, Crypto, Options, Bonds, ETFs |
| Deposit Options | Credit/debit card, HK FPS or via bank transfer |
| Withdrawal Options | Credit/debit card, HK FPS or via bank transfer |
| Available base currencies | USD, GBP, AUD, EUR, SGD, HKD |
| Conversion fee of deposits in non-base currency | 0.5% mark-up |
| Deposit with bank card | Available |
| Deposit with electronic wallet | Available |
| Time to open an account | 1-3 days |
| Demo account provided | Yes |
| Trading Platforms | MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API |
| Regulators | ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA |
| Country of regulation | UK, EU, Switzerland, USA, Singapore, Japan, South Africa, UAE, Australia, New Zealand |
| Tier 1 Regulator(s)? | Yes |
| Owned by Public Company? | Yes |
| Minimum Deposit | $250 |
| Negative Balance Protection | Yes |
| Islamic Account | No |
| Signals | Yes |
| Retail Loss Rate | Undisclosed |
| US Person Accepted | Yes |
| Managed Accounts | Yes |
| Average Trading Cost EUR/USD | 0.9 pips |
| Average Trading Cost GBP/USD | 1.4 pip |
| Average Trading Cost WTI Crude Oil | $0.030 |
| Average Trading Cost Gold | $0.30 |
| Average Trading Cost Bitcoin | $90.00 |
| Minimum Raw Spreads | Not applicable |
| Minimum Standard Spreads | 0.8 pips |
| Minimum Commission for Forex | Commission-free |
| Deposit Fee | No |
| Withdrawal Fee | Only third-party |
| Inactivity Fee | $12 monthly after 24 months of inactivity |
| MT4 | Yes |
| MT5 | No |
| MT4/MT5 Add-Ons | Yes |
| cTrader | No |
| Proprietary Platform | Yes |
| Automated Trading | Yes |
| Social/Copy Trading | Yes |
| DOM? | Yes |
| Guaranteed Stop Loss | Yes |
| Scalping | Yes |
| Hedging | Yes |
| One-Click Trading | Yes |
| OCO Orders | Yes |
| Interest on Margin | No |
| Customer Support Methods | |
| Support Hours | 24/5 |
| Website Languages | English, Spanish, Italian, French, German, Japanese, Chinese, Russian, Portuguese, Swedish |
IG: A Summary
IG, or IG Group Holdings plc, is a UK-based financial trading company that provides online trading and investment services. It has over 300,000 customers and is publicly listed and part of the mid-cap FTSE 250 index on the London Stock Exchange.
- IG charges a flat platform fee, which may be suitable for investors with high-value portfolios, while regular traders pay no platform fee. There are higher share trading fees, but regular traders benefit from low trading fees on UK shares and no trading fees on US shares.
- On the IG platform, investors have a choice of 13,200 stocks as well as approximately 3,000 exchange-traded funds (ETFs) and 200 investment trusts. IG does not offer open-ended funds (OEIC) or fractional shares.
- It also offers spread-betting and contracts for difference (CFD) trading in shares, forex, indices, commodities, ETFs, and cryptocurrencies.
- IG offers negative balance protection and guaranteed stop-loss orders to all.
- IG also offers high-level customer support available seven days a week via phone, live chat, and email.
- In addition to a free demo trading account, IG Academy also offers free online courses, webinars, and seminars.
Note that CFDs are banned in the US. Only US-based customers can trade forex on IG. It is mostly a CFD trading platform for users outside of the US, and only currency trading is available for US consumers in the 48 states.
IG Pros and Cons
Pros
- Wide range of investments
- No minimum deposit
- No withdrawal fee
- Inactivity fee charged only after 2 years
- User-friendly web trading platform
- Superb educational tools
Cons
- High stock CFD fees
- Limited product portfolio
- Slower account opening
- While IG’s flagship platforms are best in class, MT5 is not yet available.
What plans are available?
IG provides users with a single primary plan for all of its account types, which includes a
- General share dealing account,
- Individual Savings Account (ISA)
- Self-Invested Personal Pension (SIPP)
(Within these accounts, customers can opt for ready-made portfolios or self-invested ones.)
What are the investment choices?
IG offers a choice of over 16,000 investments, including
- Over 13,200 shares from the US, Europe, Asia, Australia, and the UK
- Approximately 3,000 ETFs, such as WisdomTree, Xtrackers, Invesco, iShares, and Vanguard
- IG offers CFDs for trading cryptocurrency; trading the underlying asset (such as purchasing Bitcoin) is not possible. Retail traders cannot purchase crypto derivatives from IG in the United Kingdom.
- Around 280 investment trusts
What about IG Commissions and fees?
IG’s non-trading fees are low. Withdrawals are free, and inactivity fees are charged only after 2 years. One negative point is that stock CFD fees are high. In detail, IG charges the following fees for its three main accounts:
| Particulars | Dealing account | ISA | SIPP |
|---|---|---|---|
| Platform fee (based on the number of trades in the previous quarter) | £24 per quarter/£96 per year (0-2), no charge (3+) | £24 per quarter/£96 per year (0-2), no charge (3+) | £24 per quarter/£96 per year (0-2), no charge (3+) |
| Trading fee (UK shares, based on the number of trades in the previous calendar month) | £8 (0-2), £3 (3+) | £8 (0-2), £3 (3+) | £8 (0-2), £3 (3+) |
| Trading fee (US shares, based on the number of trades in the previous calendar month) | £10 (0-2), no charge (3+) | £10 (0-2), no charge (3+) | £10 (0-2), no charge (3+) |
| Trading fee (funds) | Not offered | Not offered | Not offered |
| Regular investing | Not offered | Not offered | Not offered |
| Dividend reinvestment | Not offered | Not offered | Not offered |
Note: A 0.5% foreign exchange fee is one of the additional costs for non-sterling trades. The trade costs mentioned above only apply to online transactions; phone transactions will incur a fee of £40–50.
How to open an IG account
You can open an IG account online, the process of opening an account takes almost 1-3 days. The steps you are required to take which is given below.
- Select IG Account Type: Make sure you have selected the correct brokerage account type (if applicable) before submitting any of your personal information on the website.
- Add personal information: Next, you add your email address and create a username and password of your choice. Fill out the basic information questionnaire, including your name, date of birth, address, nationality, and employment status.
- Enter regulatory information and investment objectives. Then provide financial data and objectives as requested by the broker.
- Verify yourself: Scan and upload proof of your identity. This could be a passport, ID card, or bank statement.
- Sign the Contract: You then sign a virtual contract after reviewing the information you have provided and agreeing to the broker’s terms and conditions.
- Deposit funds into your account: Once your account is confirmed, transfer the minimum deposit amount, or if there is none, transfer the amount you wish to invest, after which you can start trading.
Is IG safe?
With nearly 50 years of market expertise, IG is a well-known broker and among the biggest in the world. The Financial Services Compensation Scheme (FSCS) offers complete protection for customer accounts and investments up to £85,000 per person, and IG is governed and sanctioned by the Financial Conduct Authority. This protects consumers’ funds in the unlikely event that IG fails.
FAQs
Who should choose IG?
IG is suitable for investors who want to trade across a wide range of investments, but it may also prove to be a good fit for more confident traders who want access to advanced trading tools.
There are no trading fees on US shares, the lowest trading fees on UK shares among mainstream providers, and no platform fees for frequent traders.
Is IG good for beginners?
IG Investing offers a wide range of content and research that is accessible to investment beginners wanting to learn more. Additionally, it offers a user-friendly investment platform, which can be suitable for beginners. Additionally, 24/7 support is available via email and live chat. A toll-free phone line is available during business hours.
What are the options for withdrawing funds?
Withdrawals from an account on IG are fast and free. £100 is the minimum withdrawal amount.
You can withdraw money and deposit it into one of three accounts: your PayPal account (with a maximum withdrawal of £5,500 per transaction and no restriction on the number of transactions); your bank account (with no maximum transfers to bank accounts); or your card account (with a daily maximum of £20,000).
IG Review Methodology
To compile broker reviews, we thoroughly investigate, verify, examine, and compare the elements that we consider the most important to consider when choosing any broker. It contains the benefits, drawbacks, and overall grades our research determines. We aim to help you find the ideal broker for your investor needs. You can read more about our review process by visiting this page.
71% of retail investor accounts lose money when trading CFDs with this provider. CFDs are complex instruments, with a high risk of losing money rapidly due to leverage. Consider whether you understand how CFDs work and can afford the high risk of losing your money.
