IG Review 2023 - Pros and Cons Uncovered
IG is a premier forex broker offering diverse trading options from spread bets to CFDs. With robust regulation and advanced tools like IG Academy, it's a top choice for traders worldwide. Rated 4.5 stars.
Dom Farnell
Co-Founder
Dom is a Co-Founder and of TIC. A passionate investor and seasoned blog writer with a keen interest in financial markets and wealth management.My goal is to empower individuals to make informed investment decisions through informative and engaging content.
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Page Contents:
Who is IG? A Brief Overview
Pros & Cons of Trading with IG: What Are They?
Evaluating IG: What You Need to Know
Summary of IG’s Offering: What Stands Out?
Is IG a Safe Broker? Understanding the Risks
What Investments Does IG Offer?
How Much Are IG’s Commissions and Fees?
IG’s Mobile Trading Apps: How Do They Work?
What Other Trading Platforms Does IG Offer?
What Educational Resources Does IG Offer?
Market Research Tools from IG: What’s Available?
Final Thoughts on IG: What’s the Verdict?
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Who is IG? A Brief Overview
You’ve probably heard of IG before; they have a strong presence here in the UK. Founded way back in 1974 and now listed on the London Stock Exchange in the FTSE 250 list of companies. As an established company, they have earned a sense of trust from their customers, this is rightly deserved as they have excellent features that surpass all of the other brokers we’ve listed for CFD Trading. In addition to CFDs, they have a range of tradeable assets, such as Forex, Spread-bets, Futures & Options. In addition to the derivative trading facilities, you can also have your SIPP pension, ISA and general stocks and shares investing account.
IG may be the best option if you want one point of contact for all of your investing and trading needs, but they might not be the best option for any one single niche. Overall, they’re a fantastic broker with outstanding desktop and mobile trading platforms and are regulated in the UK by the FCA. Additionally, as a UK investor you’ll be protected up to £85,000 by the FSCS scheme.
Whilst they have an impressive resume’, they carry high CFD fees and their customer service experience is not up to the same standard as some of the other brokers we’ve reviewed.
IG is ig regulated, offering a diverse asset class for traders. The platform supports bank transfer for easy transactions and features advanced algorithmic trading options. Traders should be informed of the ig fees associated with their transactions.
Pros & Cons of Trading with IG: What Are They?
Pros:
Excellent mobile platform
Excellent desktop platform
No minimum deposit
Negative balance protection
Range of withdrawal and deposit options
Great educational resources
No deposit fees
Deposit with debit/ credit card
Demo account available
Educational videos
Cons
Inactivity charged (only after 2 years)
No 24/7 support
Slower opening account
High stock and CFD fees
In summary, there’s real benefit in having a one stop shop for all of your investing and trading needs. However, if you want to target a trading niche such as Forex trading, there may be a better platform which has lower fees and designed specifically for Forex. Given IG have a demo account available and no minimum deposit, it’s not a bad place for beginners to start either.
Evaluating IG: What You Need to Know
When it comes to online trading, finding a reliable broker is crucial. One popular choice is IG. In this review, we evaluate IG and provide insights on what you need to know.
Key Points:
Foundation: IG, founded in 1974, is one of the longest-standing online brokers.
Regulation: IG is regulated in multiple jurisdictions, adding a layer of security for its clients.
Investment Offerings: IG provides access to various assets, including forex, CFDs, indices, and more.
Platforms: The broker offers proprietary platforms and mobile apps, as well as MetaTrader 4.
Education: IG provides a wealth of educational resources for both beginners and experienced traders.
Fees: IG’s fee structure is competitive, with transparent pricing on trades.
Foundation and Regulation
IG, with decades of experience, has earned the trust of many traders worldwide. It operates under regulatory supervision in various countries, ensuring a safe trading environment. Knowing who regulates your broker is vital for security.
Investment Offerings
IG boasts a broad spectrum of tradable assets:
Forex
CFDs
Indices
Commodities
Stocks
The range caters to the retail traders with diverse trading interests and strategies.
Trading Platforms
IG offers multiple trading platforms:
IG Trading Platform (web-based, user-friendly)
ProRealTime (advanced charting)
MetaTrader 4 (popular third-party platform)
These platforms cater to different trading needs and skill levels.
Education and Resources
IG’s educational section includes:
Webinars
Tutorials
Guides
Market analysis
These resources help traders make informed decisions.
Commissions and Fees
IG’s fee structure is competitive and transparent:
Competitive spreads
No hidden fees
Clear cost breakdown
Traders appreciate the honesty in pricing!
IG
IG is a world-leader in online trading and investments – and the No.1 provider of spread betting and CFDs globally). IG have more than 40 years of experience in the financial markets together, and are an established and respected FTSE 250 company with a robust balance sheet.
Pros
Cons
Over 45 years Market Experience
17,000 + trading assets
FCA regulated
Award winning trading platform
Low commission rates and management fee’s
£0 Minimum deposit
IG smart portfolio’s
Advanced trading tools
User Friendly interface
Reliable Customer Service
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Summary of IG's Offering: What Stands Out?
IG is a renowned trading platform known for its diverse offerings and solid reputation. Here’s a summary of what sets the IG account apart:
Established Track Record: IG has been in the industry since 1974, a testament to its reliability and experience.
Robust Regulation: IG is regulated by several reputable authorities, providing a secure trading environment for its clients.
Diverse Investment Options: Forex, CFDs, indices, commodities, and stocks – IG’s wide range of tradable assets allows traders to diversify and tailor their portfolios.
Multiple Trading Platforms: From the user-friendly IG Trading Platform to the advanced ProRealTime and the popular MetaTrader 4, IG caters to traders of all skill levels.
Extensive Educational Resources: Whether you’re a beginner or an experienced trader, IG’s educational resources, including webinars, tutorials, guides, and market analysis, are invaluable.
Competitive and Transparent Fees: IG’s fee structure is transparent and competitive, with clear spreads and no hidden fees.
Global Presence: IG operates in multiple countries, providing services to a diverse and global clientele.
Retail Investor Accounts and Trading Options: In our IG review, it’s worth noting that a significant portion of retail investor accounts benefit from the broker’s diverse trading options. These include spread bets (check out how spread bets work), which are popular among UK traders, and direct market access for those seeking more advanced trading opportunities.
Is IG a Safe Broker?
When choosing a broker, safety is a top concern. In this review, we evaluate IG’s safety, examining the risks involved.
Key Points:
Regulatory Oversight: IG is well-regulated by multiple financial authorities across different countries.
Client Fund Protection: IG implements segregated accounts to protect client funds from insolvency risks.
Long-Standing History: IG has operated since 1974, earning the trust of many traders.
Technology Security: The broker employs advanced security measures to safeguard your data.
Risks: As with all trading, IG clients should be aware of the risks involved in investing.
Regulation: IG is supervised by financial authorities, including the FCA (UK), ASIC (Australia), and MAS (Singapore). This global oversight enhances trust in the broker.
Client Fund Protection: the IG bank’s client funds are segregated from company assets. This ensures the funds are safe even if IG faces financial difficulties.
Track Record: IG has a long history of providing reliable trading services. Its decades-long presence in the market speaks to its credibility.
Data Security: IG uses robust technology to protect client data from unauthorized access, including encryption and secure servers.
Risks: Despite IG’s safety measures, trading always carries risks. Market volatility, leveraging, and other factors can lead to financial losses.
What Investments Does IG Offer?
IG is well-known for its wide range of investment options. Such as:
Forex Trading: IG provides access to a broad selection of currency pairs, including majors, minors, and exotics.
CFD Trading: Trade CFDs on various underlying assets, including indices, commodities, and stocks.
Indices: IG offers access to global indices, such as the FTSE 100, Dow Jones, and NASDAQ.
Commodities: Trade commodities like gold, oil, and agricultural products via CFDs on IG’s platform.
Stocks and Shares: IG allows you to trade stocks and shares from major companies across various sectors.
Spread Betting (UK Only): IG offers spread betting, a tax-efficient way to trade on price movements, exclusively for UK residents.
Direct Market Access (DMA): Experienced traders can use DMA for more advanced trading opportunities and better control over their orders.
Futures: IG allows you to trade futures contracts on a variety of assets, including commodities, indices, and more.
Options: IG offers options trading on various assets, giving traders the right to buy or sell at a predetermined price.
How Much Are IG's Commissions and Fees?
IG’s commissions and fees can vary depending on several factors, including the type of account, the various asset classes you’re trading, and the trading platform you’re using. Here’s a breakdown of their key fee categories:
1. Spread Costs:
IG primarily operates on a spread-based pricing model for Forex and CFDs. The spread is the difference between the bid and ask prices. Spreads can vary based on market conditions and asset volatility.
2. Commission Fees:
For some assets, such as share CFDs, IG charges a commission fee on top of the spread. This fee is typically based on the trade size.
3. Overnight Funding Fees:
When you hold a position overnight, you may incur an overnight funding fee (also known as a swap fee). This fee is charged for positions held past a certain time, usually 10 pm (UK time).
4. Inactivity Fee:
IG charges an inactivity fee for accounts that have not executed any trades for an extended period, typically two years. This fee is usually a flat rate.
5. Additional Costs:
Some platforms, like ProRealTime, may incur additional monthly fees. Also, premium services like DMA and guaranteed stop orders can come with additional costs.
6. Account Types:
IG offers different account types, such as Standard, Professional, and Share Dealing accounts. Fees and commissions may differ based on the account type.
IG's Mobile Trading Apps: How Do They Work?
IG offers intuitive mobile trading apps for iOS and Android devices. These apps allow traders to access financial markets and manage their portfolios on the go. Here’s how they work:
Ease of Use: IG’s mobile apps are user-friendly, designed to accommodate both beginners and experienced traders. The interface is straightforward, making navigation and trade execution easy.
Account Access: The apps provide full access to your IG trading account. You can view your balances, monitor open positions stock exchange,, and review your trading history.
Market Access: IG’s mobile apps grant access to a wide range of markets, including forex, indices, commodities, stocks, and cryptocurrencies. You can trade CFDs, place spread bets, or invest in shares directly.
Trade Execution: The apps allow you to execute trades quickly and efficiently. You can open, close, or modify trades with just a few taps. The apps also support placing various order types, such as market, limit, and stop orders.
Charting Tools: IG’s mobile apps come with advanced charting tools. You can analyze market trends, use technical indicators, and customize your charts to suit your trading preferences.
Price Alerts: You can set up price alerts to receive notifications when an underlying asset often reaches a specific price. This feature helps you stay informed about market movements and act promptly.
News and Analysis: The apps offer access to IG’s news and analysis feed, helping you stay updated on market developments and make informed trading decisions.
Security: IG’s mobile apps employ robust security measures to protect your data and funds. They use encryption, secure login options, and regularly update the apps to address potential vulnerabilities.
What Other Trading Platforms Does IG Offer?
IG is known for offering a variety of advanced trading tools, features and platforms to cater to the different needs and preferences of traders. Let’s take a closer look at their key platforms:
IG Trading Platform:
IG’s proprietary web-based platform is easy to use and customizable, making it ideal for beginners and experienced traders alike.
Features include advanced charting tools, price alerts, and one-click trading.
ProRealTime (PRT):
ProRealTime is a more advanced platform for technical analysis and automated trading.
It offers a wide array of charting tools, technical indicators, and automated trading strategies.
MetaTrader 4 (MT4):
MT4 is a popular third-party platform known for its advanced charting tools, technical indicators, and automated trading capabilities.
IG offers MT4 with additional features, such as free access to Autochartist, which scans the markets for trade opportunities.
L2 Dealer:
L2 Dealer is IG’s advanced DMA platform, suitable for professional traders.
It provides access to deeper market liquidity, advanced order types, and the ability to participate in Initial Public Offerings (IPOs).
Mobile Apps:
In addition to the platforms mentioned above, IG offers mobile trading apps for iOS and Android devices, allowing traders to manage their portfolios on the go.
What Educational Resources Does IG Offer?
IG is not only a reputable trading platform but also a valuable resource for education. Whether you’re a beginner looking to get started or an experienced trader seeking to refine your skills, IG offers a wide array of educational materials to help you succeed.
The educational resources available on IG’s website are comprehensive and cater to different learning styles. For those who prefer interactive learning, IG offers webinars on various topics, from the basics of trading to in-depth analysis of specific markets. These live sessions are hosted by experienced professionals and provide valuable insights and practical strategies.
IG also provides detailed articles and written guides covering the fundamental aspects of trading. Topics range from understanding risk management to exploring different trading strategies and navigating various financial markets. These articles are especially useful for those who prefer to learn at their own pace and revisit the material as needed.
If you’re a visual learner, IG’s video tutorials might be the perfect resource for you. These videos cover a wide range of topics, from getting started with IG’s trading platforms to mastering technical analysis. The videos are designed to be accessible and easy to understand, making them suitable for traders of all levels.
In addition to these resources, IG also offers a demo account where you can practice trading in a risk-free environment. This live account allows you to apply the knowledge you’ve gained from the educational materials and hone your trading skills without risking real money.
IG’s commitment to providing quality education is evident in their extensive resources, which can benefit traders of all skill levels. Whether you’re just starting or looking to refine your skills, IG’s educational offerings can provide valuable insights to help you navigate the world of trading more confidently.
Market Research Tools from IG: What's Available?
IG provides an impressive suite of market research tools, ensuring traders have the necessary resources to make informed decisions and sell investments. Here’s what’s available:
1. Economic Calendar: Keep track of important economic events that could impact the markets. The calendar covers scheduled releases of economic data, central bank meetings, and other key events.
2. News and Analysis: IG offers a regularly updated news feed with insights and analysis from their team of experts. Stay informed about the latest market developments, geopolitical events, and macroeconomic trends.
3. Trading Signals: IG provides trading signals powered by Autochartist and PIA-First. These signals identify potential trading opportunities based on technical analysis and chart patterns.
4. Technical Analysis Tools: IG’s platform includes a comprehensive set of technical analysis tools. Use trendlines, moving averages, and other indicators to analyze price charts and identify potential entry and exit points.
5. Market Data: IG provides in-depth market data, including real-time quotes, trading volumes, and bid-ask spreads, helping traders make well-informed decisions.
Market Research Tools – Conclusion: IG’s range of market research tools ensures traders have access to the latest information and analysis to inform their trading decisions. With tools like the economic calendar, news and analysis feed, and technical analysis tools, traders can stay up-to-date on market developments and identify potential trading opportunities.
Final Thoughts on IG: What's the Verdict?
IG is a reputable broker with a strong track record in the financial industry. Their robust trading platforms, comprehensive educational resources, and extensive market research tools make them an attractive choice for traders of all levels. Here are some final thoughts:
1. Diverse Range of Investment Options: IG offers access to a wide variety of markets, including forex, CFDs, indices, commodities, stocks, and cryptocurrencies. This range allows traders to diversify their portfolios and explore different investment opportunities.
2. Excellent Trading Platforms: Whether you prefer a user-friendly web-based platform or more advanced options like ProRealTime and L2 Dealer, IG has something to offer for every trader.
3. Quality Education and Market Research: IG’s extensive educational resources cater to both beginners and experienced traders. The market research tools provide valuable insights to help traders stay informed and make confident decisions.
4. Reliable Regulation: the IG community is regulated by several prominent regulatory bodies, including the FCA in the UK and ASIC in Australia. This provides an added layer of security and ensures that the IG community adheres to strict standards.
Final Verdict IG Review: Overall, IG is a well-rounded broker with a strong reputation in the financial trading industry itself. Their diverse investment offerings, user-friendly trading platforms, and quality education and market research make them a top choice for traders looking to succeed in the financial markets, whether that be trading spread bets or if you’re looking for a forex broker.
IG Features
Main Menu
Simple user interface
Quick execution speed
Range of tradeable assets
CFD Instruments Available
Chartin analysis tools
Technical indicators
Assets in Action
In depth charting features
Live price action
FAQ
1. How do spread bets work with IG? Spread bets with IG involve speculating on the price movement of a financial asset without owning the underlying asset. You can go long (buy) if you expect the asset’s price to rise or go short (sell) if you expect it to fall. IG offers spread betting on a wide range of markets, including forex, indices, and commodities.
2. What is spread betting with IG? Spread betting is a form of derivatives trading offered by IG. It allows you to speculate on price movements in financial markets, earning profits from the difference between the opening and closing prices of a position. You don’t own the underlying asset but instead bet on its price direction. Keep in mind that spread betting is only tax-free in certain jurisdictions, such as the UK.
3. What are IG smart portfolios? IG smart portfolios are managed investment portfolios designed to align with your investment goals and risk tolerance. These portfolios are created by BlackRock, an investment management firm, and consist of iShares ETFs. IG smart portfolios are designed to offer diversified, low-cost investment solutions tailored to your needs.
4. What markets can I trade spread bets on with IG? With IG, you can place spread bets on various financial markets, including forex, indices, shares, commodities, and cryptocurrencies. Each market has its own unique characteristics, and IG provides a wide range of instruments to choose from within each market.
5. What is IG Markets? IG Markets is a subsidiary of IG Group, a global online trading company. IG Markets offers access to a wide range of financial markets and instruments, including spread betting, CFD trading, and share dealing. The platform provides advanced trading tools and comprehensive market research to help traders make informed decisions.
6. How do I open a share dealing account with IG? To open a share dealing account with IG, visit their website and follow the account registration process. You’ll need to provide your personal details, proof of identity, and proof of address. Once your account is verified, you can fund it and start trading shares directly on the platform.
7. How do I open an IG account? To open an IG account, go to their website and click on “Create Live Account.” You’ll need to fill out a registration form with your personal information and complete a questionnaire to assess your trading experience and suitability. After submitting the required documents for verification, you’ll receive an email confirmation once your account is approved and ready to use.
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Epilogue
IG, a globally recognized platform, offers a comprehensive range of financial services and tools. Through the IG Academy, novice and experienced traders alike can expand their knowledge about forex and CFD trading. As one of the top forex brokers, IG allows clients to engage in spread bets and cfds, demonstrating their versatility across different asset classes. The company is regulated by several authoritative bodies, including the Commodity Futures Trading Commission, the Dubai Financial Services Authority, and the Australian Securities and Investment Commission, ensuring trust and legitimacy. With competitive pricing, IG caters to both active traders and those looking to invest passively with their IG smart portfolio accounts. For those who want to brainstorm and refine their strategies, IG provides unique trading ideas. The platform also boasts a robust infrastructure for bank transfers, facilitating seamless account funding and withdrawals. With a presence at the Cannon Bridge House, and adhering to the Financial Services Compensation Scheme, IG ensures that its clients’ investments are protected. Moreover, IG offers both retail CFD accounts and services for professional clients. It’s advisable for all potential investors to remember that trading involves risk.
Conclusion: In the ever-evolving world of finance, IG stands out as a beacon of reliability and innovation. With offerings such as the IG Index Ltd and IG Markets Ltd, the company has solidified its position in the market. Their adherence to regulations set by bodies like the National Futures Association speaks volumes about their commitment to transparency and client safety. The process of IG account opening is streamlined, and they provide multiple options like the IG bank and bank account facilities for fund management. Furthermore, to compare IG competitors, select analysis shows that IG consistently offers competitive advantages, especially in terms of trading fees and platform features. Whether you’re looking into forex traders’ recommendations or exploring the nuances of CFD trading, IG is a platform that promises and delivers excellence. Their focus on educating their user base through the IG Academy and the assurance that they are an IG legit establishment makes them an attractive choice for both beginners and seasoned traders. In the grand tapestry of financial trading platforms, IG’s holistic approach, from offering diverse IG accounts to ensuring efficient bank transfers, sets them apart as a leader in the industry.