IG Markets
IG Markets (IG) is a one of the largest and oldest forex/ CFD brokerages in the world; often in the Best Forex brokers and Best CFD broker comparison results. Established in the UK in 1974, IG is listed on the London Stock Exchange (LON: IGG) and is a FTSE 250 Company with a market capitalization of over 2.1 GBP billion. With offices in more than 14 countries worldwide, its services more than 195,000 clients. IG is regulated by several regulators globally, including well known authorities, like the Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), and the Commodity Futures Trading Commission (CFTC). Its Digital 100s (binary options) business is also regulated by the Gambling Commission in Great Britain. IG is also a member of the Investors Compensation Scheme (ICS). ICS provides insurance to IG’s clients of £50,000 in case the IG becomes insolvent and £85,000 if its custodian bank fails.
Markets Offered
IG offers its clients over 15000 tradable assets across multiple classes including forex, CFDs on shares, indices, commodities, bonds, cryptocurrencies, options, interest rates, and IPOs. Below is a list of instruments available for trading at IG. IG’s trading asset characteristics vary from country to country. The asset specifications below apply to UK/European clients.
Tradable Instruments
| Asset class | Number of instruments | Spreads from | Margins from | Leverage Upto |
|---|---|---|---|---|
| Forex | 90+ | 0.6 pips | 0.5% | 30:1 |
| Indices | 30+ | 1.0 pts | 0.5% | 20:1 |
| Commodities | 26+ | .03 pts | 1.5% | 20:1 |
| Stock CFDs | 8000+ | .1% Commission | 5% | 5:1 |
| Cryptocurrencies | 5 | 6 units mkt. price | 12.5% | 2:1 |
| Bonds | 16+ | 1 pt. | 0.5% | Vary |
| Interest Rates | 6+ | 1 pt. | 0.25% | Vary |
| Options | 50+ | Vary | N/A | Vary |
IG also offer Digital 100 (short term binary options) on many of the above listed assets and other financial, economic, and political and non-financial events.
Account Types
For individual traders, IG does not offer various types of accounts that differ with respect to spreads or fees. IG only offers one type of account for all its clients. However, IG allows its clients to open accounts that are specifically geared towards trading a specific asset class. For example, traders can open a CFD account and trade only CFDs. If a client wants to trade all of these instruments IG offers, then the client may choose to open an account that combines all asset classes. Below is a list of details and features for the two types of accounts.
| Account Type | Standard |
|---|---|
| Scalping | Yes |
| Hedging | Yes |
| Demo account | Yes |
| Micro account | No |
| Standard account | Yes |
| Zero spread account | No |
| VIP account | Yes |
| Managed account | Yes |
| Islamic account | No |
| Min trade | 0.01 lot |
| Max trade | 100 lots |
| Min deposit | $250 |
| Automated Trading | Yes |
| Account Setup | Free |
| Trading Platforms | L2 & MT4 |
There’s no minimum balance to open an account, however if a trader wants to initiate a trade in a real account, the account balance needed to initiate the trade will be necessary. There is no minimum deposit for a bank transfer. For credit card deposit, there is a minimum £250 or equivalent. There are no charges for normal withdrawals or terminating an account.
IG charges its client for holding trades beyond the close of a trading day into the next day. These costs vary depending on the instrument and the type of position (i.e. long or short) being held overnight, and in some cases may result in a credit instead of a charge. Inactivity fees take effect after an account has been idle for two years. All retail Client Money is held in segregated client bank accounts.
Funding an IG account can be accomplished via bank transfer PayPal, debit or credit card including MasterCard, Visa. Cards and bank transfer payments are free of charge. IG processes deposits instantly for card payments, and same day processing for withdrawals for requests made before 1 pm UK time. Bank transfer transactions take up to 3 business days.
Opening an account with IG is usually completed within 3-business days. Documents required are a valid ID (i.e. passport, driver’s license, or national ID), and proof of address (i.e. bank statement, utility bill, or tax invoice dated within the last three months and issued to your name and address). IG does not accept clients from the following countries: USA, Canada, and Poland.
Web & Desktop Trading Platforms
IG offers its clients several trading platform options. There is the web-based trading platform, ProRealTime, L2, and MT4. Each Platform is geared towards a specific type of trader and the functionality they are searching for. IG also offers two mobile trading platform for traders that trade on the go. The flexibility of choice among the platform options allows clients to automate their trading, bypass IG using Direct Market Access (DMA) and going directly to the market makers, or to use a third-party trading platform. The table below highlights all the details for each of the available platforms. See our Best Trading Platform review for further information.
Platforms for IG Traders
Most IG traders can find everything they need on the online browser-based trading platform. It is fully customizable and provides everything from news alerts and third-party trading signals, to watchlists and dynamic charts complete with indicators and drawings.
IG Web Based Trading Platform Screen Shot
For IG Traders that are looking for more advanced backtesting and trade automation capabilities, the ProRealTime platform may be more suitable. All IG account holders get access to ProRealTime (PRT) free of charge for your first month. Subsequently, clients may continue to access PRT charts at no cost if they initiate at least four trades in a given month. Otherwise, the $40 per month fee applies.
IG ProRealTime Trading Platform Screen Shot
For IG Traders that are looking for direct market access (DMA) the L2 Dealer platform may be the better option. DMA is available with other platform options.
IG L2 Trading Platform Screen Shot
IG also offers its clients the popular MetaTrader4 (MT4). MT4 is a very widely used platform by the forex trading community. It has features and trading tools that accommodate every level of traders from a beginner that is learning the basics, to advanced traders that programs, backtests, and implements sophisticated algorithmic trading systems. MT4 includes 80+ indicators, nine timeframes, 3 chart layouts, and 37 language options. It also allows for the use of expert advisors for automated strategies, and its MQL4 programming language allow advanced traders to program their own custom strategies.
Education
With a wide selection of educational content, including guides, videos, and articles from DailyFX, IG’s education section is way ahead of other brokers. There are also multiple courses designed by experienced teachers on its platform, and you can access them through a dedicated mobile app. Its 64,000-strong social media community will also help you find quality articles.
The company’s learning center is spread across multiple platforms. It features a variety of trading guides, written materials and advanced guides, all designed with a progression tracking feature. Aside from educational content, the company also features 17 beginner articles and seven risk-management guides from Bollinger Bands.
Various educational courses are designed for experienced traders at IG Academy. The IG Academy features eight different courses that are designed for experienced learners. These are interactive experiences that feature video content, as well as lesson summaries, quizzes and more. You can also take a final quiz to examine the depth of your knowledge in trading.
Aside from its YouTube channels, IG also has in-house broadcasting on its own platform, which is known as IGTV. This platform features a variety of educational videos, such as weekly podcasts and live sessions. The company’s staff members cover a wide range of topics, including technical analysis, in a live format. You can also access the company’s archived webinar, organized by level, making it easier to find what you’re looking for.
The company’s community, composed of traders, produces curated content. Some are educational articles, while others are narrative pieces that feature traders’ personal views and past failures. You can be a part of IG’s community and share your trading journey as well.
Despite being a leader in providing educational content, IG still has a lot of room to improve its offerings. One of the company’s biggest potential improvements would be consolidating its educational content into one place. This would allow users to easily access its offerings, including its advanced guides and videos.
Customer Service
IG Customer service is available 24 hours a day from 8am Saturday to 10pm Friday. All IG Clients have access to customer support desk, live chat, and phone support. The customer support online is available in several international languages including English, Spanish, French, German, Portugese, German, Italian, Greek, Chinese Mandarin, Chinese Cantonese, Japanese, Korean, Thai, Vietnamese, Polish, Hungarian, Czech, Danish, Dutch, Russian, Hebrew. IG also maintains a wide-ranging FAQ database and investor community where clients can interact with and support each other. In-person support is not available.
Safety
Besides being a registered Retail Foreign Exchange Dealer (RFED), IG US LLC is also a member of the National Futures Association. Its subsidiaries, IG Markets Ltd. and IG Index Ltd., are regulated by the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC). It is also listed on the London Stock Exchange’s list of top 200 companies.
To comply with the UK FCA’s client money rules, IG prohibits corporate funds from co-mingling with client funds. This ensures that its clients’ assets are protected if the company gets into financial distress. Additionally, clients can benefit from the Financial Services Compensation Scheme (FSCS) asset protection scheme, which offers up to £85,000 in additional insurance.
By implementing the European Securities and Markets Authority (ESMA) rules, which took effect in 2018, IG clients can be assured that they won’t lose more money than they have. The company also offers guaranteed stop-loss orders, which can help minimize the risk of unexpected losses.
FAQ
Does IG have an inactivity fee?
Yes. IG has a $12 inactivity fee which is charged monthly. However, this fee is only charged after two years of inactivity.
Why do I have trouble withdrawing my money from IG?
One of the most common reasons why you can’t withdraw your funds is that you probably haven’t received a confirmation from the company. To resolve this issue, contact the IG’s customer support team at helpdesk.en@ig.com.
Does IG offer after-hours trading?
IG offers a wide range of after-hours markets, such as indices, shares, options, and forex pairs. Out-of-the-hours trading is split into two types: pre-market and post-market. Pre-market trading takes place before the market opens. Post-market trades occur after the market closes.
What is the fee per trade on IG?
It depends on the type of trade requested. For instance, IG charges a trade spread of 0.6 points on foreign exchange pairs, 0.8 points on major indices and only 0.1 points on commodities.
Is there a withdrawal fee on IG?
No. IG doesn’t charge a withdrawal fee.
Pros
- Long track record in the CFD industry. Listed on the LSE, regulated in numerous jurisdictions
- Offers a huge number of CFD’s (10,000+) in a variety of markets
- Very affordable initial deposit of £250 for UK clients
- Own research division, which is a benefit to its clients
Cons
- Unless you live in the UK or Australia, you will only be able to trade CFDs
- Doesn’t allow clients to select their level of leverage, defaults to the maximum allowed by regulators
Fixed spreads
Variable spreads
Stop losses
Limit orders
One-click trading
Trailing stops
Expert advisors (EAs)
Virtual private server
Direct market access
STP broker
ECN broker
Market maker
Price alerts
Signal trading
Watchlists
Charting tools
iOS App
Android App
Windows App
Major Stock markets (US UK Germany)
Indices
Penny stocks
Forex
Majors
ETF
CFDs
Bitcoin
Commodities
ETFs
IPO
Options
Futures
Bonds
Hong Kong stocks
Japanese stocks
Listed on Stock Exchange
Scalping
Hedging
Demo account
Islamic account
Micro account
Standard account
VIP account
Zero spread account
Managed account
Credit cards
Bank transfer
PayPal
Neteller
Skrill
Electronic wallets