IG Review 2023
The current progress in finance and technology is giving birth to new features and profit opportunities for investors. With the increasing developments, the competition between forex brokers in terms of spreads, execution quality, education, account types, etc., is at an all-time high. IG is one of the top brokers offering the best trading conditions for both beginners and professionals.
To check the potential qualities of IG, we have extensively reviewed its regulations, platforms, global access, registration, leverage, and education.
IG has made a name in the trading industry due to its excellent services and support; you can always rely on them to make profitable deals and ascertain a rising portfolio. Find more information about their services here.
Regulation and Security
Founded in 1974, IG is one of the most reputable brokers in the financial industry. It has grown as the no 1 CFD provider worldwide with over 300000 traders. The platform comes under the eyes and ears of multiple Tier 1,2 and 3 regulators, including:
- United States: Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC), and National Futures Association (NFA)
- United Kingdom: Financial Conduct Authority (FCA)
- Australia: Australian Securities and Investment Commission (ASIC)
- NewZealand: Financial Markets Authority (FMA)
- Switzerland: Swiss Federal Banking Commission (SFBC)
- Japan: Japanese Financial Services Agency (JFSA), Trade and Industry (METI), and Ministry of Agriculture, Forestry, and Fisheries (MAFF)
- Singapore: Monetary Authority of Singapore (MAS)
- Dubai: Dubai Financial Services Authority (DFSA)
- South Africa: Financial Sector Conduct Authority (FSCA)
- Switzerland: Swiss Financial Market Supervisory Authority (FINMA)
- European Union: German Federal Financial Supervisory Authority (BaFin) and Deutsche Bundesbank
IG Group Holdings plc, the parent company behind IG broker, is listed on the FTSE 250 index on the London Stock Exchange. For the past 10 years, the stock has enjoyed a decent uptrend showing the successive growth of the company
IG’S SAFETY AND SECURITY MEASURES
Negative Balance Protection
Negative Balance Protection is a safety measure that ensures the value of your portfolio doesn’t end up negative in case of a loss. IG supports a number of limit and stop orders alongside negative balance protection to save you from losses.
Funds Segregation
IG has partnered with many top banks, such as HSBC, to store clients’ funds and keep them separate from the company’s cash. Under terms and conditions, IG cannot use traders’ money for personal purposes.
Is IG available worldwide?
The multi-regulatory nature of IG allows it to accept clients from nearly all corners of the globe. Traders from the UK, EU, Switzerland, USA, Singapore, Australia, Japan, South Africa, UAE, and New Zealand can sign up within minutes to trade over 17000 instruments. They provide their services in over 100 countries and regions; you can see the list to ascertain your eligitbility.
Supported Platforms
A good trading platform helps with accurate analysis and smooth execution. With various automated tools at your disposal, adjusting your risk management and implementing the trading strategy is more effortless.
IG caters to the needs of all investors by offering multiple trading platforms like no other. Their specific names and features are as follows:
- MetaTrader. The list of services provided by the industry-standard MT 4 platform is never-ending. With its MT 4 compatibility, IG allows access to 9 timeframes, 30 technical indicators, interactive charts, and algorithmic trading. The range of instruments and indicators can be added or removed depending on the trader’s choice. The MQL 4 helps create custom expert advisors which can be optimized and backtested using the built-in strategy tester.
- Online trading. IGs online platform is best for traders who prefer trading on the web. It gives instant access to the latest feeds, innovative charts, in-house analysis, signals, and interface customization. If you are a scalper, then the online platform has the best trading environment as the average execution speed is just 0.014.
- Mobile application. The personal trading application of IG is available on the PlayStore and iOS. Traders can monitor their current trades and manage drawdown by using the risk management features of the award-winning app. The application is secured via 256-bit SSL encryption technology and is used by thousands of traders worldwide.
- ProRealTime is an online charting software that allows traders to automate their CFD trading. The range of features does not stop here, as market participants can also access a range of technical tools such as quick order executions, pro screener, custom indicators, options trading, and so on.
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- L2 Dealer. A Direct Market Access platform where traders can observe level two market data. The order book is vital to comprehend when a big buyer or seller is going to drive stocks or even currencies. L2 Dealer benefits big institutions and banks by splitting your significant position size into smaller pieces.
Account Types
IG has combined all of its offerings under a single CFD account. This eliminates the need to create multiple accounts or sign up with different brokers. It is available on all the platforms where traders can trade with a minimum position size of just $1. Technical analysis tools, free market data, an economic calendar, and 24-hour custom support are just some of the benefits at hand.
For investors who like to play it risky, there is a 0.25% margin for forex and 5% for shares. A free demo account can be used to test out all the services before proceeding to open a live portfolio.
Institutional services are available via IG Prime. Big-time investors can get tailored propositions, dedicated customer support, and access to professional tools. Exclusive research and market insights can help catch the market rhythm before others. IG Prime also comes as a sponsor for the Rosberg X Racing.
Signing Up
Due to the high level of regulation and security, traders must verify their identity before trading a live account. The overall process is simple and only requires a few minutes. It is divided into five steps as follows:
- Create a live account
- Verify your email address
- Add personal details
- Provide your home address
- Fill in the financial form
- Finally, enter your trading history
Trading Dashboard
A simple yet intuitive IG dashboard holds your live and demo account information. Traders can add funds, open the web trading platform and use the trade analytics section from the interface.
All clients of IG can use the Web API keys to develop custom trading applications and expert advisors. The algorithms can be linked to your portfolio via the API keys. Using the alert section within your dashboard, traders can set up price notifications through email and phone.
Deposit and Withdrawals
IG supports quick deposits via credit/debit card and bank transfers. It is possible to add up to 5 cards within your dashboard. Each must be registered in your name to comply with the company’s policies. The least deposit amount for a card is $300, and the transactions are immediate.
Bank transfers are not instant and require a few days for the funds to show up on your portfolio. While it may seem an inferior method, it is vital to keep in mind that there are no deposit minimums here. You can fund in as low as $1 if supported by your banks. This transaction method is also suitable for large cash-ins as it does not come under any maximum limits unless stated by your bank.
Coming to withdrawals, you can cash out a min of $150 and a max of $25000. There are no limits on the bank transfer. The overall process will take a maximum of two to five working days for a card, while one to three working days for a bank transfer.
Usually, investors tend to struggle in reciing their withdrawals, and they end up cursing the broker’s policies. We would advise you to view IG’s withdrawal policy before you set in to invest with them.
Instruments
IG has a whopping 17000+ instruments available to trade. The comprehensive list includes indices, forex, cryptocurrencies, commodities, shares, bonds, rates, and options. Trading over a range of assets can help diversify your portfolio. Some markets are also available to trade over the weekends.
Commissions and Fees
Traders can incur deposit/withdrawal and trading costs while speculating the markets. As a veteran broker, IG has one of the lowest fees among all financial brokers. There are no annual or account setup charges, and the inactivity fee of $18 incurs if your portfolio is dormant for two years.
| Trading Costs | |
| Setup | Zero fee |
| Annual | Zero fee |
| Inactivity | $18 in case of no trading activity for two years or more |
| Account closure | Zero fee |
Spreads
The platform has a premium 0.6 pip spread on the most liquid currency pair, i.e., EURUSD. Popular indices such as FTSE 100, Germany 40, etc., can be traded for as low as 1 and 1.2 pips in trading costs. For guaranteed stops and minimal slippages, traders have to pay a slightly high fee, e.g., 0.3% on CFD shares.
Overnight charges incur if traders are held over 11 pm Swiss time. The costs vary according to the instrument.
Available Leverage
Leverage stands for borrowed cash readily available to increase your overall buying power. While the implementation of margin helps boost your profits, it can be detrimental if misused. The risk is proportional to the reward.
With IG, you can use as much as 1:200 leverage for CFDs on indices, forex, and commodities. The value is reduced to 1:5 for cryptos and 1:10 for securities.
| Leverage at IG | ||
| Instrument | Retail | Leverage equivalent |
| EUR/USD | 0.5% | 1:200 |
| Bitcoin | 20% | 1:5 |
| FTSE 100 | 0.5% | 1:200 |
| Spot Silver (5000oz) | 2% | 1:50 |
| Apple | 10% | 1:10 |
Analysis and Education
Knowledge is power is a proverb that holds when it comes to trading. A detailed education section aids in increasing your overall consistency by providing information on crucial aspects. IG has separate markets and learn-to-trade areas where all financial events, trading tools, notes on risk management, psychology, etc., are covered deeply.
Investors can also participate in webinars and seminars to communicate with the top guns and eventually learn from them. A dedicated market screener can help you with filtering the best stocks in a matter of minutes.
Customer Service
With the detailed education and easy-to-use interface, we doubt that you’ll encounter any need to contact support. Still, if something is unresolved, you can easily reach out to customer service via email (helpdesk.en@ig.com), live chat, Twitter, and phone (+61 3 9860 1799). They are available from 8 am Saturday to 10 pm Friday GMT +3. The online dashboard is also present in multiple languages, including English, French, Dutch and Italian. You can head to their official website, and use the chatbot options to connect with customer service right away.
Reputation amongst Traders
There are tons of positive reviews available for IG on multiple forums. IG has stood out as a winner in terms of user satisfaction.
Trustpilot, a popular review forum, has over 5000 feedback for IG, giving it a rating of 4.1. Traders are seen applauding the enrollment process, customer services, and withdrawals.
Awards
The best brokers in the niche are bestowed special awards by noted financial authorities. IG has several winners under its belt, including:
- Best Multi-Platform Provider by ADVFN International Financial Awards
- Best Finance App by ADVFN International Financial Awards
- Best Trading App by Professional Trader Awards
Can beginners trade with IG?
The initial learning curve in trading is a period of pain and frustration which can only be treated with the help of proper mentoring. Beginners can use the dedicated education section and the free demo account on IG to learn and trade without risks. In case of any questions, a dedicated FAQ section is there to answer all your inquiries.
Summing Up
IG is an over-the-top regulated broker that offers excellent trading conditions through multiple platforms. It has a minimal fee in terms of spreads, low latencies, the best education section, and dedicated customer support. For nearly 5 decades, the broker has helped scalper, day, or swing traders boost their performance.
A good broker is a sure way to remain in the winning 10% of the traders. Traders should not forget that risk management, strategy, and psychology are also crucial components of trading. Maintain low leverage while trading to avoid potential liquidation and seek help from a professional if you face any issues.
