IG, a pioneer in the trading industry, has been offering reliable trading services since 1974. With nearly five decades of experience, IG has established itself as a global leader in online trading, providing access to a wide range of markets, cutting-edge trading platforms, low trading fees and comprehensive resources. In this review, we’ll take a detailed look at IG’s offerings, including fees, safety, deposit and withdrawal options, account opening process, trading platforms, and product selection.
Safety and Regulation
IG is one of the most well-regulated brokers in the world, ensuring high levels of safety and transparency for its clients.
IG is regulated by several top-tier financial authorities, including:
- Financial Conduct Authority (FCA) in the UK
- Australian Securities and Investments Commission (ASIC)
- Commodity Futures Trading Commission (CFTC) in the US
- Monetary Authority of Singapore (MAS)
These regulatory bodies ensure that IG adheres to strict standards in terms of capital adequacy, client fund segregation, and operational transparency.
Fees and Commissions
IG is known for its competitive and transparent pricing structure, making it a popular choice among traders.
Spread Costs
IG operates primarily on a spread-based model. The spreads are competitive, particularly for major currency pairs like EUR/USD, where the typical spread starts from 0.6 pips. For indices such as the FTSE 100, spreads can start as low as 1 point, while commodities like gold may have spreads starting from 0.3 points.
Commissions
For share trading, IG charges a commission instead of a spread. The commission charged for share dealing/ stock trading varies in different countries. In the UK, the commission for trading shares starts at £3 for active traders and £8 for others. In the US, the commission is $0 for US stocks when trading through IG’s share dealing account.
Overnight Financing
IG charges an overnight financing fee for positions held open overnight. This fee is based on the interbank rate plus a small IG fee. The specific rate depends on the market and the size of your position.
Inactivity Fee
IG charges an inactivity fee of $15 per month if no trading activity occurs for two years on your account. This fee is only applicable if there are funds in the account.
Deposit and Withdrawal Options
IG provides a variety of methods for depositing and withdrawing funds, making it convenient for traders globally.
Deposit Methods
- Bank Transfer: Deposits via bank transfer typically take 1-3 business days to reflect in your account.
- Credit/Debit Cards: IG accepts Visa and Mastercard. Deposits are usually instant, but some banks may charge a fee.
- PayPal: Available for quick and convenient deposits with instant processing times.
- Skrill: Another e-wallet option, ideal for those who prefer digital payment methods.
IG does not charge fees for deposits, but you should be aware of any charges your bank or payment provider may impose.
Withdrawal Methods
Withdrawals can be made via:
- Bank Transfer
- Credit/Debit Cards
- PayPal/Skrill
Account Opening
Opening an account with IG is straightforward and quick, with most accounts being verified within a 24 hours.
Steps to Open an Account
- Registration: Visit IG’s website and fill out the registration form with your personal details.
- Verification: You will need to provide proof of identity (passport or driver’s license) and proof of address (utility bill or bank statement).
- Funding: Once your account is verified, you can fund it using any of the deposit methods mentioned earlier.
- Start Trading: After funding, you can begin trading on IG’s platforms.
Account Types
IG offers several account types depending on your trading needs:
- CFD Trading Account: Access to thousands of markets, including forex, indices, and commodities.
- Spread Betting Account (UK only): Tax-free trading on a wide range of markets.
- Share Dealing Account: For those who want to invest in shares with low commissions.
- Professional Account: For experienced traders meeting specific criteria, offering higher leverage but with reduced protections.
Trading Platforms
IG offers a range of powerful trading platforms suitable for traders of all experience levels.
IG Trading Platform
The IG Trading platform is a web-based platform that offers a user-friendly interface with advanced features like:
- Advanced charting tools: Multiple chart types, indicators, and drawing tools.
- Risk management tools: Integrated stop-loss and take-profit orders.
- Customizable layout: Tailor the platform to your preferences.
- One-click trading: Execute trades quickly with minimal effort.
MetaTrader 4 (MT4)
For traders who prefer a more traditional trading platform, IG offers MetaTrader 4 (MT4). MT4 is known for its:
- Expert Advisors (EAs): Automated trading strategies.
- Customizable indicators: Create and use your own technical indicators.
- Robust analysis tools: Advanced charting and analysis capabilities.
Mobile Trading
IG’s mobile app is available on iOS and Android, providing a seamless trading experience on the go. The app includes full access to IG’s markets, charting tools, and account management features.
L2 Dealer
For more advanced traders, IG offers L2 Dealer, a direct market access (DMA) platform that allows you to trade directly on the order book of multiple exchanges. This platform is ideal for traders who need deep liquidity and the ability to place large orders.
Product Selection
IG offers an extensive range of markets, giving you access to a diverse selection of financial instruments.
Forex
IG offers over 80 currency pairs, including majors, minors, and exotics, with competitive spreads and deep liquidity.
Indices
Trade on over 30 global indices, including the FTSE 100, Dow Jones, and Nikkei 225, with tight spreads and flexible margin requirements.
Shares
With IG, you can trade thousands of shares from global stock exchanges, including those in the UK, US, Europe, and Asia. You can trade these shares through CFDs, spread betting (UK only), or invest directly via the share dealing account.
Commodities
IG offers a broad range of commodities, including gold, silver, oil, and agricultural products. You can trade these markets with competitive spreads and leverage options.
Cryptocurrencies
IG provides access to popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more. You can trade these digital assets as CFDs, allowing you to speculate on their price movements without owning the underlying assets.
Other Markets
IG also offers trading on bonds, ETFs, options, and interest rates, providing a comprehensive selection of markets for all types of traders.
Educational Resources
Whether you’re a novice trader looking to learn the basics or a seasoned pro wanting to refine your strategies, IG’s educational resources are invaluable. IG Academy offers a wealth of free resources including webinars, trading guides, video tutorials, and a demo account where you can practice your strategies risk-free. This commitment to trader education ensures that you have all the tools and knowledge you need to succeed in the markets.
Customer Support
Customer support is often an overlooked aspect of trading, but with IG, you can rest easy knowing that help is just a call or click away. IG offers 24/7 customer support via phone, email, and live chat. Their support team is knowledgeable, friendly, and dedicated to resolving your queries quickly and efficiently. Whether you need help setting up your account, understanding market conditions, or resolving technical issues, IG’s support team is always ready to assist you.
Conclusion: Is IG the Right Broker for You?
IG is an excellent choice for both novice and experienced traders looking for a reliable, well-regulated broker with a comprehensive range of products and trading platforms. Its competitive fees, robust safety measures, and user-friendly platforms make it a top choice in the trading industry. Whether you’re interested in forex, shares, commodities, or cryptocurrencies, IG offers the tools and resources needed to succeed in today’s fast-paced markets.
If you’re looking for a broker that combines trust, innovation, and a vast array of trading opportunities, IG is undoubtedly worth considering.
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