IG Markets

4.6/5

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 classNumber of instrumentsSpreads fromMargins fromLeverage Upto
Forex90+0.6 pips0.5%30:1
Indices30+1.0 pts0.5%20:1
Commodities26+.03 pts1.5%20:1
Stock CFDs8000+.1% Commission5%5:1
Cryptocurrencies56 units mkt. price12.5%2:1
Bonds16+1 pt.0.5%Vary
Interest Rates6+1 pt.0.25%Vary
Options50+VaryN/AVary

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 TypeStandard
ScalpingYes
HedgingYes
Demo accountYes
Micro accountNo
Standard accountYes
Zero spread accountNo
VIP accountYes
Managed accountYes
Islamic accountNo
Min trade0.01 lot
Max trade100 lots
Min deposit$250
Automated TradingYes
Account SetupFree
Trading PlatformsL2 & 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

IG has very in-depth and robust research content on its platform in the IG Analysis section on the company’s website, and on its DailyFX.com portal. The IG Academy section of the website provides very comprehensive educational materials including ongoing webinars and commentary incorporated into the trading platforms. Also available are on-line courses on trading topics including spread betting, CFDs, technical analysis, trading psychology, and understanding risk and reward just to name a few. This a key factor in determining the best broker for beginner investors which we update frequently on the ChoosaBroker site.

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.

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
Platforms : L2 Dealer, ProRealTime, MT4, Web-Based Platdoem, Mobil AppsAdvanced tradingPlatform
    • 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