IG FX Broker Review - Pros, Cons, and Key Features Revealed
IG forex broker is a leading platform founded in 1974 by Stuart Wheeler. The platform allows traders to trade various financial instruments ranging from cryptocurrencies to forex, commodities, and even CFDs. It is regulated by the UK Financial Conduct Authority (FCA) and provides trading platforms such as L2 Dealer, MT4, and ProRealTime for traders to trade with low trading fees.
IG has over 18,000 markets and offers different sections for new and experienced traders to make trading as simple to understand as possible. Finally, traders get free trading courses and webinars via IG Academy to hone their skills.
- Full suite of alerts and risk management tools
- Huge number of tradable assets
- User-friendly and highly interactive interface
- Interactive education via IG Academy
- Low spreads starting from 0.1 points
- Low trading fees and zero account charges
IG Summary
IG is a world-class online trading platform that considers itself to be the world’s number one CFD provider. It boasts thousands of financial markets to which traders can get easy access anytime and anywhere. This definitely puts it on the list of top forex brokers online.
It also has a “Learn to trade” section where new and experienced traders can learn more about the technicalities of trading. In this IG forex broker review, we’ll discuss all you need to know about the platform’s features and determine if the broker has what it takes to be among the top forex brokers online.
Licenses
IG FX broker is regulated in every jurisdiction where its trading products are offered but is primarily regulated and licensed by the UK's Financial Conduct Authority (FCA).
Plarforms
IG broker offers 3 major trading platforms, which are MT4, ProRealTime, and L2 Dealer, to enable traders to take control while trading in a smart way. A comparison has even been made on the IG platform to give traders an insight into which is best for them.
Privacy and Security
IG broker is regulated by the FCA and states clearly on its platform the policy surrounding all the information it would need from you. In essence, you need not worry as your information is well protected.
Spreads/Fees
IG broker provides very low spreads starting from as low as 0.1 points and has fees that are quite affordable and largely competitive.
Mobile
IG broker has a feature-rich trading app available on Android devices and a customized mobile platform for iOS devices. Its mobile trading feature is designed to allow you to trade instantly with full functionality.
Customer Care
IG has excellent customer care which includes a live chat that is available 24 hours a day and a collection of FAQs to help you with any questions you might have.
Investor Protection and Regulatory Compliance
Investor protection is an essential part of any forex broker. IG has commendable investor protection since it states clearly on its platform that your money is held in segregated client bank accounts at regulated banks and is also licensed by the Bermuda Monetary Authority to conduct investment business. This ensures that your money and assets are well-guarded against creditors in the event of a liquidation.
A few of its many regulatory bodies include the UK Financial Conduct Authority (FCA), Dubai Financial Services Authority (DFCA), and Australian Securities and Investments Commission (ASIC).
IG Forex Product Offerings
IG is one of the leading brokers out there that offers over 15,000 tradable assets ranging from forex to shares, cryptocurrencies, commodities, indices, and so much more.
IG supports over 10 cryptocurrencies, including bitcoin and Ethereum, and allows traders to trade them using its Crypto 10 Index. Furthermore, you can even trade these cryptocurrencies using CFDs, as it helps you predict the prices of these cryptocurrencies without the need to own them.
Forex is another important asset you can trade on IG using its award-winning platforms: MT4, ProRealTime, and L2 Dealer. When it comes to commodities, traders can trade iron, silver, gold, copper, lead, zinc, nickel, and even cobalt. The agricultural market is not left out either, as traders can trade them as CFDs on the platform.
Apart from popular investment products such as forex, cryptocurrencies, and commodities, IG provides other forms of investment such as options trading, futures trading, spot trading, and algorithmic trading. The platform provides live market updates and prices to help traders make sound investment decisions
Pros:
- Top-notch web and mobile trading platforms
- Excellent trading materials and courses
- Easy-to-understand trading tools
Cons:
- US traders are limited to only forex options
- IG broker no longer services EEA clients due to Brexit
IG Forex Trading Fees and Commissions
The commission/spread, according to IG, is the direct charge you will need to consider when trading on leverage. The IG forex broker leverage is 200:1, which is low compared to its competitors.
The difference between the bid and ask prices can vary depending on market conditions.
The spreads on IG are quite low, with a minimum spread of 0.6 points for forex, 0.1 points for commodities, 0.8 points for major indices, and 2 points for crypto CFDs. The minimum spreads for other assets are made available on the IG platform.
In terms of fees, IG broker has an average fee when compared to its competitors. IG has a calculation process on which its charges are based for overnight funding on most of its tradable assets, such as forex indices, commodities, and shares.
IG does not charge any amount for deposits, although you will be required to pay a fee on the first of every month if your account has been largely inactive for 2 years or more.
Other extra charges include a currency conversion charge of 0.5% for CFDs traded in a currency other than your account’s base currency, a ProRealTime charting package fee which costs $40 per month, and third-party charges, which attract 2.3% of the transaction amount.
IG Account Types
There are several IG FX trading platforms (mobile and desktop) and they each provide 2 different account types: demo account and live account.
Steps to Creating an IG Forex Demo Account
IG broker offers $20,000 in virtual funds for traders who are interested in trading virtually via a demo account. The purpose of an IG forex trading demo account is to trade with no risks while still maintaining all of the features found in a live account.
Here are the steps to create a demo account:
- Step 1: Head to the IG broker website (www.ig.com/en).
- Step 2: Click on “About us” on the homepage.
- Step 3: Next, click on “Create demo account.”
- Step 4: Fill in the required details, such as your name, country, etc., and click on “Try our demo.”
- Step 5: You will be asked to log in and begin trading.
Available Payment Methods at IG Forex Broker
Deposit and withdrawal options are important features of every trading platform, and IG is no exception. IG provides various deposit methods, which include the following:
- Credit/Debit card
- FPS Hong Kong dollars (HKD)
- Bank transfer
- Mobile app
To make a deposit, simply log in to your account via the IG website and click on “Add funds” next to the account you would like to deposit funds into.
The process is quite fast, especially when you use the credit or debit card option, and you will be trading in no time.
The minimum deposit for card payments is $300, and there is no minimum for bank transfers.
The maximum deposit is $99,999 per transaction by debit card and $50,000 per transaction by credit card.
There are only 2 ways to withdraw your funds, and they are:
- Bank transfer
- Card account
It is important to note that a withdrawal will take up to 3 working days by bank transfer and between 2 and 5 working days for a card account. There are no charges for deposits and withdrawals from IG broker.
The minimum amount you can withdraw to a card is $150 unless you have less than $150 available in your account. In this situation, you can withdraw up to the amount available.
The maximum withdrawal for a card is $25,000 per day. There are no limits for bank transfers.
Clients’ Privacy and Funds Protection
IG broker is regulated by the FCA and other authorities in jurisdictions where IG operates, such as the DFCA for Dubai and ASIC for Australia, to name a few.
The broker has segregated fund accounts so that your funds are kept separate from IG’s funds. These funds are not traded with nor do they belong to any creditor(s) in the event that IG decides to face liquidation.
In terms of privacy, IG FX trading broker only needs your information to verify your identity, provide you with relevant products and services, form a profile about you, and settle disputes, inquiries, and other issues, as the case may be.
IG broker will never disclose your personal information to any third party without your permission, as that is against the stipulated laws for customer protection.
IG Trading Platforms
IG broker provides various efficient trading platforms that allow you to trade smartly.
These platforms each come with their unique features, which is why the need to compare them is of high importance if you are going to select a major one to use.
To help you decide which is best, I have taken the time to compare these platforms:
From this IG forex review, it is evident that these trading platforms are unique, and it’s up to you to choose whichever meets your needs.
IG Mobile Trading
IG broker has an award-winning mobile trading platform that offers full trading options and features designed for Android and iOS mobile devices.
Android Trading App
The full dealing functionality of the Android trading app, as provided by IG broker, allows you to trade while on the go. You can also trade virtually using the app if you are a new trader via IG’s demo account.
To download the Android mobile app, simply go to Google Play store, search for IG Trading, and click download.
- Android
- iOS
iOS Trading App
The iOS trading app is a progressive web app set up by IG broker to give you an immersive trading experience while on the go.
To trade on iOS, simply create an IG account, log in to it, open your My IG, select your trading account, and then select “Trade on mobile web.”
Both of these apps allow traders to open and close positions, edit trades, view open orders, check trade history, check account balances, manage risk with stops, and lock in profits with limit orders, among many others.
They are also easy to use, with an excellent user interface to keep you ready and set to trade.
IG Broker – Trading Features
IG broker offers amazing trading platforms that come with the best features suitable for every trader.
These platforms also provide traders with thousands of markets to choose from so that traders can have a largely diversified investment portfolio. These trading platforms have features that give access to news and analysis, charts, alerts, signals, and customization.
The mobile apps available for iOS and Android also come with these same features, so you have nothing to worry about while trading.
Below are some of the features you stand to enjoy once you begin using any of these platforms:
- Fast and innovative
- Provide in-depth chart analysis
- Provide alerts that you can set to be triggered by market fluctuations
- Offer multiple currencies for you to choose from
- Very user-friendly
- Provide an overall view of the market prices, spread, and margin
IG Broker Customer Support
IG broker has excellent customer support that is operational 24 hours a day except from 6 a.m. to 4 p.m. on Saturdays.
If you are already a client, you can contact them 24 hours a day, Monday to Friday, via the following:
- Tel: +44 (20) 7633 5431
IG also has a live chat button on the homepage through which you can submit your queries and be quickly attended to.
The representatives are quite responsive and friendly, and they treat each query with equal importance and solid effectiveness.
IG is available in the following languages
English
French
German
Italian
Portuguese
Norwegian
Japanese
Spainish
Swedish
Mandarin Chinese
IG Online Trading Academy
IG broker has an academy where free online courses, webinars, and seminars are provided to broaden your horizon and deepen your knowledge about trading.
These courses are set up in such a way that you can learn at your own pace, with the inclusion of interactive videos and quizzes to keep you engaged and make learning fun.
The online trading courses are divided into different levels: beginner, intermediate, and advanced. This way, you can go for courses best tailored to your level and experience as a trader.
All of these are provided so that you can understand the rudiments of trading, irrespective of your experience.
A Multi-Platform Provider – IG Awards
IG broker received the Best Multi-Platform Provider award from the ADVFN International Financial Awards, the Best Finance App of 2022 from the ADVFN International Financial Awards, and the Best Trading App from the Professional Trader Awards.
FAQ
IG broker has a minimum deposit requirement of $300 for card payment and no minimum deposit for a bank transfer. On the other hand, it allows a maximum deposit of $99,999 per transaction by debit card and $50,000 by credit card. Take note that card payments are not the only ways to make deposits, as there are alternatives available. However, this method of deposit is the fastest.
Yes, IG offers demo accounts on its web platform and mobile apps. To get a demo account, you must create one via the IG homepage. Once you have mastered the rudiments of trading in your demo account, you can create a live account and test your trading knowledge there.
IG broker is regulated in every jurisdiction it operates in. The broker is licensed by the Bermuda Monetary Authority and UK’s Financial Conduct Authority (FCA). Other regulatory bodies in other jurisdictions include the Dubai Financial Services Authority (DFCA) and the Australian Securities and Investments Commission (ASIC).
Conclusion
This IG forex trading review shows the broker is a regulated trading platform that offers immense trading benefits to new and experienced traders alike.
The fees and commissions are reasonable, especially when compared to other platforms, and the features offered are quite commendable. However, the IG forex leverage can be improved to help traders make the most of their capital. Before using this platform, ensure that it’s compatible with your trading needs, as this will create a seamless trading experience.