Known in the corporate world as the IG Group, the broker is built for traders by traders. It was founded in 1974, the first spread-betting firm at the time, and it beats most contemporary platforms in sheer experience when it comes to servicing the global forex and CFD trading market. The company is based in London, UK, and it is publicly traded, listed on the London Stock Exchange and the Financial Times Stock Exchange 250. Additionally, IG Group has many regional offices across Europe, Asia, the Middle East, Africa, and the Americas. It is also extensively regulated by various bodies relevant to these locations, including the FCA, JFSA, ASIC, BMA, MAS, and FSCA.
As a CFD and Forex broker, IG allows clients to trade in an array of forex pairs and asset CFDs across many global markets and at competitive leverages. These asset CFDs number up to 18,0000+, including 205+ currency pairs, 80+ indices, 13,000+ stocks/shares, 5,400+ ETFs, 30+ commodities, 12+ cryptocurrencies, and 13+ bonds. However, share dealing is only really available for UK traders, and the shares come entirely from the UK and US.
This comprehensive IG review will examine the assets on the platform, specifically its stocks and stock trading. Further, we will also talk about other aspects of IG, such as its offices and regulators, payment options, account types, and operational trading platforms. We will also take a brief survey of user sentiments about the platform from four reputable sites, before we proceed to look at the customer support and safety measures.
That being said, we will now explore this broker in-depth, starting with a brief overview of its pros and cons.
- Publicly Traded Platform.
- Decades of Experience in CFD, Forex, and Share Dealing.
- Multiple Trading Instruments
- Many Modes of Trading.
- Available on Mobile.
- Great Spreads and Leverages.
- Manual Configuration Needed for Apps.
- Relatively High Financing Rates
The IG trading platform has a very robust portfolio of assets that clients can pick from. Its assets number up to 18,000+, including not only asset CFDs like crypto, commodity, share, index and forex pairs but also real stocks, futures, bonds, and options. The maximum leverage at which an IG trader can trade the leveraged assets on the platform is up to 1:200, which is reasonable, given that higher leverages come with higher risks. Let’s now look at each of these assets and their details.
With 13,000+ share CFDs in its expansive portfolio, the IG trading platform offers clients a great variety of share CFD options they can trade. These shares CFD derive from major global and international industries like tech, telecommunications, fashion, education, transportation, and even energy. These include UK tech stocks such as Ocado Group and Avast PLC, US tech stocks like Microsoft and Meta Platforms Inc, and AI and Robotics stocks from massive companies like NVIDIA Corp and KION Group AG.
Traders on this platform also have access to a portfolio of several thousand real shares from various markets in the UK and US.
On the IG trading platform, clients also have access to 80+ indices. The spreads for assets in this class vary according to the asset and where it comes from, but there is also a variance in minimum spreads based on what exchange you are trading on. For instance, Index CFD spreads begin from 1 pips on FTSE 100, while they are up to 0.4 pips on the US 500 and 1.2 pips on the Germany 40.
The maximum leverage for these indices is up to 1:200, though some traders may have to make do with a lower number due to jurisdictional limitations.
As a retail forex provider, the broker enables clients to trade in all the world’s biggest and most traded currency pairs. Its portfolio includes about 205+ currency pairs, ranging from the high-trading major currencies to the minor and exotic pairs. Each of these classes of forex pairs comes with its own degree of risk, but the platform offers its forex instruments at a leverage up to 1:200.
The market for commodities concerns trading in vital goods ranging from industrial raw materials like rubber, and plastic to energy resources, such as coal, crude oil, etc. IG offers clients access to the market for CFDs of not only these raw materials and energy resources but also agricultural products like cocoa, corn, and wheat, as well as precious metals like Gold, silver, tin, and aluminum. Altogether, there are 30+ such commodity CFDs tradable on IG, and their maximum leverage is up to 1:200 for gold, 1:50 for silver and 1:67 for other commodities.
Crypto is a very volatile and risky sector to invest in, especially after the 2022 crash. However, volatility and crash aside, cryptocurrencies can still be a very rewarding investment for traders who know what they are doing. IG has something for such interested traders in the form of its portfolio of about 12+ cryptocurrencies and two crypto crosses. There is also a crypto index, which weighs and tracks the top ten cryptocurrencies in the market according to market capital.
Exchange-Traded Funds are another way in which IG traders can diversify their investment portfolio and gain experience in different markets. The IG trading platform allows traders to access a robust market of about 5,400+ ETFs spanning various markets, including commodities, indices, currencies, and sectors. Some of the available ETFs on the platform are the iShares Core S&P 500 and Vanguard FTSE Emerging Markets UCITS.
The IG trading platform also offers access to the markets for bonds with a portfolio of bond CFDs from a range of markets. They include bonds from the US and Asia, including highly traded government ones. The margin requirement for these is 20%, and the spreads begin from 1 pip.
IG allows traders to make the best of their long-term positions by speculating on futures, making said positions more cost-effective. Here, you can speculate on futures for a range of assets, including bonds, indices, and global commodities. The available markets for this include the US, Asia (such as Japan and Hong Kong), and Europe (such as Germany and France. Moreover, trading happens 24/7, and the spreads can be quite high, with some spreads from as much as 4 pips.
IG’s options trading is something for investors who seek opportunity in volatility. Essentially, options are contracts that give you the right to sell a given underlying asset at a specified price, though you are under no obligations to trade at said price. On the IG trading platform, options trading is available to all clients, and there is the benefit of no spreads charged even if positions are held till their expiry dates.
On IG, you can also do spot or cash trading with no fixed expiry dates for open positions, access to a broad market, and continuous real-time pricing. The spreads on this asset class start from 1 pips, and the range of assets to spot-trade include cash forex, commodities, indices, shares, and ETFs.
Stock Trading at IG
Stock or share trading at IG takes two forms. The first is the CFD trading option, where traders deal with the underlying price movements of the relevant stock but don’t actually own the stock. To engage in this kind of stock trading, clients must open a CFD account. These stock CFDs come from all over the market, spanning sectors like tech, communications, and manufacturing, and they are available at great leverages and margin requirements, as we will find later in this review section.
The second is the real share trading option, which is available to traders using the Share Dealing account type.
Available Stock Exchanges at IG
IGs stocks come from all kinds of firms and corporate/government interests across nations in Europe, the Americas, and Asia. Here are the nations and their stock exchanges available to traders on IG trading platform.
||Major Stock Exchanges
||Brussels Stock Exchange
||Paris Stock Exchange
||Frankfurt Stock Exchange
||Amsterdam Stock Exchange
||Barcelona Stock Exchange
|Bilbao Stock Exchange
|Madrid Stock Exchange
||SIX Swiss Exchange
||London Stock Exchange
||New York Stock Exchange (NYSE)
|National Association of Securities Dealers Automated Quotations (NASDAQ)
||Vienna Stock Exchange
||Athens Stock Exchange
||Oslo Stock Exchange
||Shanghai Stock Exchange
||Tokyo Stock Exchange
||B3 (Brazil) Stock Exchange
||Canadian National Stock Exchange
|Montreal Stock Exchange
||Milan Stock Exchange
||Hong Kong Exchanges and Clearing Limited (HKEx)
Stock Trading Fees & Commission at IG
IG fees and commissions on stock are client-friendly, though the structure is just a bit complex. To begin with, for real shares, there are a few nuances based on the source of the shares. The number-of-trades factor also applies to shares from Australia at 0.1% for two trades in the previous month and 0.05% for three. However, UK, US, German, and Irish shares are all commission free. Additionally, for multi-currency accounts, these charges apply, but only insofar as the client uses the instant currency conversion option. If they convert manually, the commissions are 2 cents per share for US stocks (with a $10 minimum) and £10/€10 per share for UK and EU shares.
As for share CFDs, the platform mostly charges overnight fees and a guaranteed stop premium, which we will discuss in the fees section of our review. It also charges a commission of $15, which is quite high.
Stock Trading Leverage at IG
The leverage for trading stocks on the IG trading platform is the same for all account types that deal in leveraged assets. However, it is worth noting that leverage access is not the same for pro clients as it is for retail clients. Retail traders have access to a leverage up to 1:10 to trade share CFDs. For pro clients, the leverage varies according to the client, so it is not pre-specified.
It is also worth noting that jurisdictional conditions also apply to leverage. UK clients, for instance, can only access up to 1:5 leverage as this is the limit set by the FCA. Traders in regions with less strict limitations on leverage don’t enjoy any higher leverages unless they are pro clients.
IG has its headquarters in London UK, where it conforms with local licensing requirements. However, the broker also has branches in up to 16 other locations around the globe. In this section of our IG review, we will overview these locations and their relevant regulators.
IG Markets/Index (UK) Limited: Incorporated in England and Wales, this branch of IG is situated at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. It is regulated and licensed by the FCA as an investment firm.
- Company Registration Number: 04008957/01190902
- License Number: 195355/114059
IG Markets (EU): IG Europe GmbH is based in Germany and situated at Westhafen Tower, Westhafenplatz 1, 60327 Frankfurt am Main. The firm is under the licensing and regulatory jurisdiction of the German Financial Supervisory Authority (BaFin).
- LEI: 213800HFC5G4V293BN91
IG Bank SA: Located at Rue du Rhône 42, 1204 Genève, Switzerland, this firm is a bank and securities dealer authorized and licensed by the Swiss Financial Market Supervisory Authority (FINMA).
- Company Number: CHE-141.784.032
IG (UAE) Limited: Situated at 2702 & 2703 Level 27, Tower 2, Al Fattan Currency House, DIFC, this branch of the IG Group falls under the jurisdiction and regulation of the Dubai Financial Services Authority (DFSA).
- Reference Number: F001780.
IG Markets (South Africa) Limited: This regional office is situated at 1 Sandton Dr, Sandhurst, Johannesburg, 2196, South Africa, and it is licensed and regulated by Financial Sector Conduct Authority (FSCA).
IG Asia Pte Ltd (IGA): This is one Asian regional office of the IG Group, and it is situated at 9 Battery Road, #01-02 Straits Trading Building, 049910 Singapore. It is regulated and licensed locally by the Monetary Authority of Singapore (MAS).
IG Securities (Japan) Ltd: This Japanese branch of IG operates from 26/F, Izumi Garden Tower, 1-6-1 Roppongi, Minato-ku, Tokyo, and it is licensed and regulated by the Japanese Financial Services Agency (JFSA) for Securities and Currencies.
- Reg Number: Chief of Kanto Local Bureau of Finance (Kinsyo) 255.
IG Markets (Australia): The branch of IG in Australia is situated on Level 15, 55 Collins Street, Melbourne VIC 3000, and it is regulated and licensed by the Australian Securities and Investments Commission (ASIC).
IG US LLC: This is the US branch of the IG trading broker, and it is located at 200 West Jackson Blvd., Suite 1450, Chicago, IL 60606. It is a member of the National Futures Association and is also registered with the CFTC.
- NFA ID: 0509630
- License Number: 6570306
IG International Limited (IG INT): This is the international office of the IG trading platform, and it is situated in Bermuda, at Canon’s Court, 22 Victoria Street, Hamilton HM12. It is licensed and registered under the Bermuda Monetary Authority (BMA).
Fees and Commissions
Now, let’s turn to a more in-depth examination of IG fees and commissions. The broker follows a policy of charging non-essential fees only when applicable, with the spreads and commissions making up much of its fees. This section will look at the fees under two broad categories: trading and non-trading.
Activities on the trading platform are classified into two categories, and the class of trading activities is the prime one. Fees levied upon such activities are called trading fees, and they include such charges as spreads, commissions, rollover rates, etc.
The spread, generally expressed as a decimal number in pips, is the difference between the bid and ask prices of a given trading instrument. When favorably low, spreads can begin from 0.0 pips or anything around 1.0 pips. When unreasonably high, they can begin from as much as 30 pips.
The minimum spread on IG is from 0.1 pips, which, incidentally, is where the spreads for commodities begin. For major FX pairs, the spread starts from 0.6 pips, and it begins from 0.8 pips on major indices.
Commissions are another type of trading fee, and they are charged, per trade, based on the volume of the relevant asset traded. IG charges commissions but only for share CFDs, and we have seen these commission rates in the stock trading fees section of the review. As for all other markets, the commissions are charged as part of the spread and specified for each trade.
Rollover Rates/Swap Fees
The rollover or swap rates are fees a broker charges when a client holds a leveraged position overnight. On IG, this charge is also known as the overnight funding charge, and it is levied when clients hold a CFD position overnight.
The formula used for calculating this rate varies between the trading instruments. For example, the formula for overnight adjustment under shares trading is: nights held x (market closing price x trade size x (relevant interest rate benchmark* +/- 2.5%)) / 365.
Guaranteed Stop Premiums
These are small fees charged by the platform to protect a client’s position from slippage. The guaranteed stop is basically a feature that clients can set; once it’s been triggered by the necessary conditions, the premium is charged. The charge usually forms part of the margin when the stop is attached, and each client intent on using the feature will have the potential premium shown on their deal ticket. An example of this is the share CFD trading stop premium, which is 0.3% per position.
Suppose a trader wishes to hold their positions long while also trading on margins; significant financing rates may apply, ranging from figures like 6.3% for Apple share CFD to 3.4% for EUR/GBP.
The non-trading fees are the second class of fees and commissions on the IG trading platform, and they are levied for all activities that don’t have to do with trading per se. These include the types of fees that we will now look at.
Deposit and Withdrawal Fees
On most platforms, deposit and withdrawal fees tend to apply when a trader attempts to withdraw or deposit funds in their account, but IG almost doesn’t levy any of such. Visa and Master credit card payments accrue charges of 1% and 0.5%, respectively, but there are no other charges to think of. However, the service provider for the payment may levy a few charges on their end. The same is true for withdrawal transactions.
IG charges a currency conversion fee of about 0.5%, which applies to all trades on instruments denominated in any currencies other than a given client’s base currency.
Some brokers tend to charge fees for prolonged periods of inactivity on a client’s account, and IG is no different. Upon the second year of inactivity on their accounts, IG clients will be charged a monthly fee of $/£12/€14. However, it will not be charged if the client’s account is empty of funds or if the client is active on one of their accounts with the same login.
Administrative costs are micro charges that a broker levies for services related to the maintenance or running of a trading account. On IG, these fees include charges such as the monthly DMA charge for trading some shares and the monthly fee for live share prices (specified for each client). However, there are also some not-very-micro charges, such as the $50 that accrues when a client tries to trade US-incorporated stocks without supplying the relevant W-8 or W-9 form before the dividend ex-date of the trade in question. There is also a $40 fee that goes into the monthly subscription for advanced charts on the ProRealTime app.
IG is quite flexible in the number of account types it offers, enabling clients to assume different standpoints in trading and accessing different kinds of markets and related quirks. The broker offers five account types, excluding demo. We will now review each of them, beginning with the Demo account.
The IG Demo account is a practice account that is available to traders from anywhere in the globe, even though live trading on the platform is still restricted in most parts of the world. On this account, traders gain access to a copy of the live market, a host of tools and indicators typically used in the live market, and $20,000 in virtual funds they can use to practice.
The CFD account is an account type designed specifically for clients intending to trade CFDs. Such clients gain access to a robust market of shares, commodities, cryptos, forex, and index CFDs. This account type comes with lower minimum contract sizes for new clients ($1 per trade for the two weeks), a full range of tools and indicators, and no minimum deposit requirement. However, to access the best features of the account type, including higher leverages, clients must apply to upgrade their trading accounts to professional status.
The spread-betting account is an account type available to UK traders interested in this investment type. This trading type is similar to CFD trading since it involves speculating on the underlying price fluctuations of the assets in question. However, it differs in that unlike CFD trading, where you are dealing with a contract that represents the asset’s value, spread betting involves dealing with just the price movements. This type of investment is also basically tax-free.
Share Dealing Account
The Share dealing account type is the package for traders who want to buy and sell real stocks instead of handling CFDs. Traders are able to trade in any stocks of their choice out of the available ones, and they can do so at low dealing costs. For example, US shares come commission free, while UK shares come at £3.
Additionally, the account type offers out-of-hours trading on US shares, and there are no fees for signing up or exiting.
The ISA account is a bit of a subtype since it has to be accessed by first opening a share dealing account. The perk of this account type is that it allows you to trade shares and ETFs for the same lower dealing costs as the share dealing account but without any requirement to pay taxes on your profits. In this sense, it is quite similar to the spread betting account. The broker afforded users an ISA tax-free allowance of £20,000 until that offer ended on April 5th, 2023.
Broker operates across a number of platforms for desktop and mobile devices, including MetaTrader 4, ProRealTime, and its own proprietary L2 Dealer and Progressive Web App platforms. So, in this section, we will examine the IG trading platforms for both.
Desktop Trading Platform
There are multiple avenues for desktop trading on IG, and these include the online trading platform, progressive web trading app, and MetaTrader 4. This section of the review will be examining the progressive web trading platform.
The progressive web trader is a cutting-edge platform with awesome features designed to service the trading needs of clients in a user-friendly manner. The platform offers a suite of useful features for research, analysis, and charting. However, as it is not an installable application, it can only be accessed through a web browser. We will now examine some of the key features of the desktop platform.
Through the charting feature of the platform, users are able to compare up to four charts in a single frame, analyze performance across timeframes, and take advantage of up to 28 indicators and 19 drawings, among other things.
News and Analysis
The news and analysis section of the web trader allows traders to gain access to vital news and trading insights through IG’s Twitter feed, Reuters, and the in-house analysis machine.
Through this section of the web trader, clients can access expert analysis and vital information from the live and on-demand shows on the IG TV channel.
Here, traders can enable and access notifications and updates on economic events, price movements, and technical patterns.
The signals feature helps clients determine the right moments to place a trade. The signals are based on in-depth analyses by third-party experts and sent to the trader’s account or device.
How to Open an Account and Trade on the IG Desktop Trading Platform
It is worth noting that while the procedure for opening takes only a few minutes to complete, it may take significantly longer for the broker to verify your details and allow you to start trading. That being said, here’s how to open a trading account on IG.
- Access the platform’s URL and click on the ‘create live account’ on the far right corner of the homepage. You will be redirected to the first account opening page, where you must supply such personal details as your name, title, country of residence, etc. You will also have to set a password and username, which will be your login details.
- On the next page, supply your phone number and some more details, including stating whether or not you hold any dual citizenship, then click ‘Next’ to proceed.
- On the next page, you will be required to supply your address and the postcode of your location.
- The fourth stage will involve providing insight into your finances by stating your source of funds, occupation, etc. Once you have supplied all the relevant data, click ‘Next’ to proceed.
- In the final stage of registration, you will have to provide insight into your previous trading experience. Once you have ticked the right boxes and filled in the right fields, you can click ‘Next’ to proceed.
- Finally, you will have to tick boxes to indicate you understand the necessary terms and conditions, then click ‘Finish’ to conclude the registration process.
With your registration complete, you can now click on the ‘explore our dealing platform’ on the next page to proceed with verification. You can complete the verification by following these steps.
- Once you are redirected to the platform window, click on ‘verify your identity’ to proceed.
- Take a picture of the necessary documents for proof of identity and proof of address, then click on ‘upload documents’ to upload.
- Now, return to the prior page and click on ‘Demonstrate your knowledge. Here, you will be asked a series of questions to show whether or not you know enough to be trading CFDs.
- Once your verification is complete, you can then log into your web-based platform and click on ‘Live accounts,’ select a deposit method, fill in the relevant details (including the amount to deposit), and authorize the funds transfer.
- Once done with funding, go to your IG dashboard and select the relevant account type to trade on. Then, find the asset you want to trade (preferably by using the search box), select the quantity of what you want to buy or sell, set your order parameters (such as stop loss or take profit), and place your trade.
The platform’s mobile trading service is available on MT4 as well as the proprietary mobile trading app, which is freely available on app stores. For the purposes of this section, we will focus on the IG mobile trading app and its features.
The markets section of the app is the main hub for assets, and it’s where traders can access the over 18,000 tradable instruments available on the broker.
With more flexibility and advanced dealing options available on the app, traders can create tailored orders and deal more efficiently, especially given the ability to choose between the special options of partial fills and points through current.
Just like with the desktop platform, the mobile app alert feature is designed to help make sure the trader does not miss out on crucial updates about market trends and price movements.
The charting option allows clients to make use of a variety of basic and advanced charts, indicators, and drawings. These enable clients to better monitor market trends and make optimum decisions.
With the risk management service, IG clients are better able to use stop loss or take profit parameters to mitigate the risk of losses or of any unavoidable losses spiraling out of control.
How to Open an Account and Trade CFDs on the IG Mobile Trading App
- Download the mobile app from your app store, then install and launch it.
- Use the login details you set during the registration process we outlined before now to access your account.
- You will receive an option to set up biometric security. You can ignore it and just set it later on or take the time to do it now.
- Access the verification page by tapping on ‘Verify your identity’ and providing the relevant document screenshots.
- Click on ‘Live accounts,’ and then, the funding button. Select your preferred deposit method, provide the relevant details of the bank account or wallet you wish to transfer funds from, then authorize the transaction.
- You can now go and place your first trade by clicking on your account on the IG dashboard, searching for the asset you want to buy or sell, setting the position size and any other relevant parameters, and placing the buy or sell order.
The methods for making deposits and withdrawals at IG are quite limited. To begin with, the broker does not accept payments in cash or through cheques, ATM tellers, some credit cards (corporate or business), or prepaid cards. Furthermore, there are a number of relevant rules clients have to note. For instance, debit and credit card payments can only be used for personal accounts. In any case, let us look more closely at payment specifics on IG.
While the platform prohibits most other forms of payments like cheques, cash, prepaid cards, or e-wallet transactions, it does allow payments through Visa and Mastercard debit cards and credit cards, bank transfers, and the HKD faster payment system. As far as charges are concerned, there is a 1% deposit fee for Visa credit cards and a 0.5% fee for Mastercard. Otherwise, deposits are free of charge. Further, there are two important rules to keep in mind: all deposits must be made directly to the IG account holder and not any third parties, and the minimum deposit for deposits through card payments is $300.
|Mastercard (credit and debit)
|HKD Faster Payment Service
||Under 1 working day
All IG withdrawals are executable through the same payment channels, though the difference is largely in how long withdrawals take, compared to deposits. Withdrawals may take between 1 to 5 working days for funds to reflect. However, on the bright side, withdrawals are completely free of charge on the IG end of the equation.
Account Base Currency
The account base currency is that single currency in which all your financial information on a trading platform is rendered, and you will usually have to select one from any available options there might be. One consequence of this base currency arrangement is that any trades in any currencies other than the one you have chosen as your base currency will be subject to the conversion charges we have mentioned before now.
In any case, the available base currencies on the IG trading platform are USD, GBP, AUD, EUR, SGD, and HKD.
Research and Education
No matter how good a trader is, there is still a thing or two that they can learn and greater degrees of expertise in trading they can achieve. The understanding of this is behind the IG trading platform’s robust reservoir of educational materials and trading aids.
The educational and research materials on the platform include, most significantly, the IG Academy, a training system designed to help new traders develop their trading skills. This is achieved through a series of training courses for traders of all skill levels. There is also an existing library and a steady stream of new webinars and seminars as well as trading psychology podcast series. Other resources of this nature include the trading glossary and the library of articles on trading strategy.
Aside from these research and educational materials, IG also offers several news and analysis tools that traders can use. These include updates on new trading ideas, an economic calendar, and some trade analytics tools for analyzing trades, identifying mistakes, and even making necessary adjustments.
IG has a diverse customer support system, as it aims to be able to respond promptly to clients across an omnichannel framework. To begin with, the live chat service is not very great. There is definitely something to be said about a comparative lack of courteousness on the part of some of the agents, and there can be uncomfortable delays between responses on the chat. However, it does not take very long to connect to an agent, and they will usually stay for quite a while after your last message to end the chat. The advantage of this is that if any new queries come to mind at the last minute, you will not need to open a new chat.
Aside from the live chat, however, clients can also reach the broker through phone calls or email messaging. This is in addition to a number of social media handles, namely Facebook, Youtube, and LinkedIn. There is supposed to be a Twitter handle, but that account no longer exists. In any case, the broker also maintains an FAQs section that can provide answers to most common customer queries without the need to reach an agent.
Let us now examine the tide of user sentiment concerning the IG broker. We will be taking users’ comments from four platforms: Quora, Reddit, TrustPilot, and ForexPeaceArmy.
What Reddit Users Say About IG
Opinions about IG on Reddit are mixed, with some users expressing displeasure at certain platform features alongside positive sentiments about others. For example, this user finds the platform’s credibility and wide selection of trading instruments nice but isn’t happy about the leverage max of up to 1:50.
On the other hand, there are glaring red comments, including this one from a user who finds the platform a scam, citing reasons such as a sudden and drastic about-turn in the price of an asset, unsatisfactory customer support when he laid his complaint, and spreads which he considers insane.
What Quora Users Say About IG
The Quora reviews on the IG broker are mostly positive, as most users consider the platform trustworthy and rewarding to trade on. This user, for instance, finds the platform a reliable investment space and a sound company.
This other user finds trading on the platform to be very rewarding so far. However, he does not recommend it as a safe enough platform for a long-term investment with low fees and a hands-off trading approach.
TrustPilot Users’ Review About IG
IG has an average Trustpilot rating of 4.1/5.0 from a total of about 6,037 different reviews. The sentiment towards the platform on Trustpilot is thus mostly positive. For example, we have this user who strongly commends the prompt and helpful customer response he got when he had issues with an account.
There is also this user who finds the platform splendid for trading US stocks and shares.
However, this client seems to have had a horrifying time dealing with the customer support agents, as expressed in his scathing comment.
ForexPeaceArmy Users’ Review About IG
In sharp contrast to the Trustpilot community, ForexPeaceArmy users don’t seem to like IG very much. Out of 171 reviews on the platform, the emergent average rating is a low 1.7/5.0. The users mostly have negative views about the platform, including this client who says they were unable to withdraw their funds.
Some users, such as this other one, have a problem with some spreads being too high.
However, there are still the occasional positive remarks. For example, this user finds the feel and functionality of the app splendid.
Other Products and Services
We’ve discussed several features of the broker in the course of this IG review. However, aside from these, the platform offers a few other products that are worth mentioning here.
For traders wishing to trade with low latency and reliable uptime, IG offers an MT4-based VPS hosting service. This service is also ideal for people in remote areas with poor network service.
The broker also allows its clients to create and refine their own trading strategies or use off-the-shelf ones that suit their needs through the IG Algo-trading service. This service derives from partnerships with MT4 and ProRealTime, as well as the use of native APIs.
There is an API trading service for traders who want to connect their frontend or backend programs to their IG broker platform. This feature enables traders to access and import data directly from their trading account without having to go through too much stress extracting data from other sources.
The platform offers a welcome bonus promotion of about $100 for new traders, and they can be eligible if they meet the requirements, including having received a promotional email concerning the bonus from the broker.
Is IG Safe?
So, how about the IG safety features? Here, we will review the broker’s safety and determine how they stack up regarding various relevant metrics.
For starters, IG is arguably the most regulated platform we have examined. With regional offices and sub-brands regulated by more than 7 different regulators, including high-trust ones like the FCA, ASIC, CySEC, and BaFin, the platform is as licensed as it gets. Then, there is client money protection, in which IG complies very well with the client money requirements of its many regulators. All client funds are protected in separate accounts so they are not touched in the event that the broker runs into financial problems. Additionally, the broker splits the client funds between banks, so it’s not all in one place. Net unrealized profits also benefit from this protection, as they are also similarly held in trust for the client.
Finally, there is the issue of multifactor account security, and IG does not fail in this area. The presence of biometric security and existing security measures makes it so that client accounts are very well protected from hackers and other cyber hooligans.
And so, what can we glean from our IG review thus far? We find that IG’s pricing is not bad, its leverage is quite high, the spreads are very reasonable, and its account options are quite flexible. Regarding availability, the platform is not available for traders in every part of the world. However, it is still very available and accessible to most people in most regions and on every continent. In fact, its wide reach, combined with the aim for trustworthy service, is likely why IG has such extensive licensing and regulation.
The signup process is straightforward and quick to complete, though it may take a while for your ID to be verified. Furthermore, a client can only be granted access to trading and deposit features after their registration and verification have gone through. And while this is a safety feature in its own right, there are also other safety features on the platform, including SSL encryption, biometric security, and segregated accounting to protect client funds.
Finally, the customer support, education, and research systems are robust and effective. With multiple channels for communicating with the broker and multiple resources for education, research, and analysis, IG makes for a pretty reliable and responsive broker.
Q & A
Being regulated by multiple entities across Europe, Asia, the UK, Australia and Africa, as well as having great security for client funds makes IG a trustworthy broker.
The broker was founded in 1974.
The Headquarters of the broker are in London, UK.
The platform is regulated by multiple entities, including ASIC, FCA, and FSCA, and JFSA.
IG is a UK broker, though not exclusively so.
You can log in to your account by clicking on the login option on the platform page or opening your mobile app. Then input your login details to proceed.
The starting spread on the broker is from 0.1 pips.
The maximum leverage on IG is 1:200.
You can trade 17,000+ different assets on the broker.
Yes, IG has a share-dealing sector where you can invest in real shares.
IG charges commissions depending largely on location and number of trades. For instance, Australian shares come at a commission of 0.1% or 0.05% for 2 or 3 trades in the previous month, respectively. Shares from Ireland, Germany, the US, and the UK are commission-free.
Yes, you can trade stock CFDs on the broker.
IG allows you to trade 12+ different crypto assets.
The broker’s fees are generally quite low, though some are quite high, such as the financing rates and the commission for CFD share trading.
No, IG is not an ECN broker.
You can fund your trading account by accessing the funding feature and following the relevant procedure for your chosen payment method.
The broker requires no minimum deposit, though a $300 minimum deposit may be imposed if you use card payment.
IG withdrawals may take between 1 and 5 business days.
There are about 5 different trading platforms to use on IG.
You can download the mobile trading app from the relevant app store of your mobile OS.
Yes, you can download the broker’s MT4.
IG’s proprietary web app and mobile platforms are the best option if you’re a beginner.
While the broker has a few tools to help you enjoy some benefits of social trading, it does not offer any fully integrated social trading services.
Yes, the broker offers a demo account for risk-free trading practice.
The online reviews for IG are mixed, with mixed reviews on Reddit, mostly positive ones on Quora, shining reviews on Trustpilot, and general bad sentiment on ForexPeaceArmy.
Yes, the broker is available to traders in Pakistan.
Overall, we consider IG a good broker.
The availability of ProRealTime is the most unique feature of the platform.