IG Review 2024

Trust

This section will cover how the different entities of IG are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.

• IG Markets Ltd (Register number 195355) is authorized and regulated by the UK Financial Conduct Authority (FCA). We rate FCA as a Tier 1 regulator.
• IG Europe GmbH (registration number 148759) is authorized and regulated by the German Federal Financial Supervisory Authority (BaFin). We rate BaFin as a Tier 1 regulator.
• IG Pty Ltd. is regulated by the Australian Securities & Investments Commission (ASIC), ACN 074 536 100. We rate ASIC as a Tier 1 regulator.
• IG US LLC is a registered retail foreign exchange dealer (RFED) with the Commodity Futures Trading Commission and a member of the National Futures Association (NFA ID 0509630). We rate CFTC and NFA as Tier-1 regulators.
• IG Bank S.A. is authorized and regulated by the Swiss Financial Market Supervisory Authority (FINMA). We rate FINMA as a Tier 1 regulator.
• IG Asia Pte Ltd (Co.Reg.No. 200510021K) is regulated by the Monetary Authority of Singapore (MAS). We rate MAS as a Tier 2 regulator.
• IG Limited is authorized and regulated by the Dubai Financial Services Authority (DFSA) under reference No. F001780. We rate DFSA as a Tier 2 regulator.
• IG Markets South Africa Limited is an authorized over-the-counter derivative provider and is regulated by the Financial Sector Conduct Authority (FSCA). We rate FSCA as a Tier 2 regulator.
• IG Securities Limited is a member of the Japanese Financial Services Agency (JFSA). We rate JFSA as a Tier 1 regulator.
• IG International Limited is licensed to conduct investment business and digital asset business by the Bermuda Monetary Authority (BMA). We rate BMA as a Tier 3 regulator.

Why is it important to know where your broker subsidiary (entity) is regulated?

Different regulators provide different levels of protection. For example, IG clients in the United Kingdom benefit from the oversight of the Financial Conduct Authority (FCA). The FCA requires that clients have negative balance protection, which means they cannot lose more than their deposit.

In addition, when trading with a broker authorized by the FCA, client funds are protected by the Financial Services Compensation Scheme (FSCS). The FSCS secures investments of up to £85,000 if a firm becomes insolvent. A trader working with a broker entity regulated offshore would not necessarily have these benefits.

The tables below list the protections and benefits by entity, regulator, and region.

Regulatory requirements are subject to change. I gathered the data listed above in November 2023.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and financial strength. Here, we evaluate the broker’s longevity in the industry, the company’s size, and its transparency.

IG traces its origins to 1974, marking it as one of the oldest and most experienced forex brokers. According to its LinkedIn page, the company is headquartered in London and has 1,001-5,000 employees.

In my research, IG showed high transparency in its regulatory status, listing its regulator in the footer of each page of the ig.com/uk website. The website breaks down fees clearly on the Costs and Charges page. Traders can find the Customer Agreement on the Terms and Agreements page.

To summarize, my findings indicate that IG can be regarded as having a high level of trust and stability due to the following qualities:

• Regulated by multiple top-tier regulators
• Almost 50 years of operating history
• Publicly traded company valued at over £2.4 billion
• High level of transparency

Fees

Trading Fees

I tested the spreads at IG across various markets using the IG Platform during the London open at 8:00 a.m. UK time and after the open of the New York forex session at 1:00 p.m. UK time. At these times, the market is typically highly liquid with the tightest spreads.

I recorded the data on 2 November 2023. While spreads in popular markets like EUR/USD, USD/JPY, and gold are very competitive, I noted that spreads are not above average across the board. For example, the spread of Bitcoin is rather wide.

Commissions

In the case of CFDs on shares, IG doesn’t widen the spread, and clients deal at the real market price. Instead, IG takes a small commission when traders open the position, and again when they close it. In each instance, a minimum charge applies.

Swap Fees

In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). I recorded the data on 2 November 2023.

My live tests showed that swap fees at IG are better than average for the industry.

Non-Trading Fees

IG does not charge any fees for deposits, withdrawals, or account inactivity.

Are Fees at IG Competitive?

I rate the fees at IG as highly competitive for the following reasons:

• Spreads under 1 pip major pairs like EUR/USD and USD/JPY
• Low swap fees
• Minimal account-related fees
• No inactivity fee or deposit/withdrawal fees

Platforms and Tools

IG Platform Walkthrough

IG Web Platform

The award-winning IG Web Platform is intuitive, highly customizable, and packs an abundant range of features. These include popular items like watchlists, a news feed, alerts, one-click trading, trading from the chart, trading signals, and client sentiment data.

The IG Platform is web-based and is accessible via your browser without any downloads required. The interface is clean and simple, making it easy for new traders to get up and running.

Watchlists are an essential part of a trader’s toolkit, enabling you to group markets of your choice together in a single easy-to-find place. With watchlists there’s no need to waste time searching for your favorite markets – you can stay on top of prices with just a glance.

The ability to customize and save workspaces was a great help to me in executing my price action trading strategy. I look for hammer and shooting star patterns on the hourly chart. which do not occur very often. However, the more markets you follow, the more instances of these patterns you are likely to find.

I created unique workspaces for each asset class, such as forex, metals, and energies. By flipping through these via the tabs at the top left of the platform, I was able to scan the charts of multiple markets in a short time to find trading opportunities.

The IG Platform has a built-in news feed from Thomson Reuters. A steady stream of stories is published throughout the day. The feed includes updates on major economic releases and central bank policy. It also has coverage of technical analysis, key support and resistance levels, and trade ideas.

IG provides client sentiment data drawing from its user base of over 300,000 clients. Sentiment data shows the percentage of traders that are long or short in a currency pair. This gives you powerful insight into the psychology of a market. Traders can interpret the data in a variety of ways. Most commonly, it is understood that when an extreme percentage of traders are either long or short an instrument, a trend reversal may be coming.

Charting within the IG Platform is robust, with a better-than-average range of indicators, drawing tools, time frames, and chart types. Traders can make use of the following range of charting features:

• 33 Indicators
• 22 Time frames
• 20 Drawing Tools
• 5 Chart Types

The IG Platform provides flexibility with a strong range of available order types:

• Market order
• Limit order
• Stop loss
• Trailing stop
• Guaranteed stop loss (UK only)

Time-in-force conditions can be applied to pending orders. You can specify the duration for which your open order remains active by marking it as ‘Good Till Canceled’ (GTC) or setting it to expire on a future date of your choice.

The IG Platform has a sophisticated range of alerts to help optimize your trading performance. You can set up alerts to inform you about price movements, news events, and even emerging technical patterns.

• Price level alerts are triggered when your market hits the price you set.
• Price change alerts trigger when a market moves your chosen amount. These can be set in pips or percentage terms.
• Technical indicator alerts tell you when a market meets your technical conditions. For example, you can receive an alert when RSI crosses the 70 level into overbought conditions.
• Economic calendar alerts remind you of key economic releases.

My Key Takeaways after Testing the IG Web Platform

While trading on the IG Platform, I appreciated the ability to customize it to my preferences and create multiple workspaces. This makes it easy to stay on top of what is going on in multiple markets and lots of timeframes. Charting is robust, and the range of order types provides traders with advanced flexibility. Finally, the suite of tools – including Autochartist, client sentiment, and the news feed from Thomson Reuters – is outstanding. With its clean and uncluttered interface, this is a platform that can cater to beginners. It also has advanced features to accommodate experienced and professional traders.

IG Mobile App

The IG mobile app is available for Android and iOS. It incorporates the key features of the web platform, like watchlists, advanced order types, alerts, trading from the chart, client sentiment, Autochartist signals, and the Thomson Reuters news feed. As with the web platform, you can easily flip between demo and live trading accounts. Two-factor authentication is available for an added layer of security. It is also possible to add and withdraw funds via the mobile app.

Advanced charting is available within the app, sufficient to do in-depth technical analysis of the markets while on the move. Traders can work with:

• 33 indicators
• 5 Chart types
• 19 drawing tools
• 17 time frames

The IG mobile app doesn’t skimp on order types either—traders can use standard and advanced order types:

• Market
• Limit
• Stop Loss
• Trailing Stop

Time in force conditions like Good-Til-Canceled (GTC), can be applied to pending orders.

My Key Takeaways after Testing the IG Mobile App

I found the IG Mobile App intuitive and beginner-friendly while offering a powerful range of features. You can stay on top of your market positions, place trades, and stay updated with the latest market news and analysis. This well-designed app can accommodate most trading functions while you are on the move. I rate it as well above average for the industry.

MetaTrader 4 Desktop

IG offers MetaTrader 4 for desktops, which includes advanced functions such as automated trading.

MetaTrader 4 is available in 39 languages, from Arabic to Vietnamese. The platform provides popular features such as

• Alerts. This feature updates traders when an instrument reaches a specific price level.
• Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
• One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation. This feature enables traders to operate faster and is especially useful for short-term traders.
• Trading from the Chart. MT4 also allows users the convenience of trading directly from the chart.

MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:

• Market Order. Traders use market orders to buy or sell an instrument at the best current price.
• Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
• Stop Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
• Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. This order type allows traders to secure profits when they are in a winning trade while not having to exit the position.

Charting features are robust. MetaTrader 4 offers:

• 30 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
• 23 Analytical Objects. These include lines, channels, Gann, and Fibonacci tools.
• 9 Time Frames. Traders can choose from nine time frames, from one minute to one month.
• 3 Chart Types. Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.

MetaTrader is also popular due to its automated trading features. MT4 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms.

The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms. It does not have a slick interface and requires some time and effort to learn, but that is typical of advanced platforms.

MetaTrader 4 Mobile App

IG offers the MetaTrader 4 mobile app for mobile trading, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart.

The MetaTrader 4 mobile app also provides many order types, including pending and stop orders. However, trailing stop-loss orders are only available from the desktop. To change the language of the MT4 app, you must change the language for your entire phone. As with the desktop and web platforms, the interface is not highly intuitive, but the MT4 app offers an above-average range of features.

My Key Takeaways after Testing MetaTrader 4

As one of the most popular trading platforms in the world and the only one offered by many forex brokers, I have spent a lot of time testing MT4. The look and feel of the platform are a bit dated and I feel there is room for improvement in design and usability.

Nevertheless, MT4 is actually very well-rounded and can do more than most competitors – with advanced charting, a complete range of order types, and popular features like 1-click trading, trading from the chart, and alerts. The advanced features of the desktop platform set it apart in that it enables traders to run and backtest automated strategies. The steep learning curve of mastering the platform makes it more suited to experienced traders than beginners.

ProRealTime

Live account holders at IG also have access to ProRealTime. This is a third-party platform geared towards experienced traders, with various advanced features:

• Robust charts, with 100+ technical indicators, tools, and price comparisons.
• Scalping order book with an interface designed for speed.
• Advanced order types including triple orders, OCO orders, and trailing stops.
• Automated trading, backtesting, and optimization.

L2 Dealer

L2 Dealer is IG’s direct market access (DMA) platform, suitable for advanced and professional traders. L2 Dealer enables clients to trade share or forex CFDs or deal shares outright, directly through the order books of international exchanges.

Advantages of the L2 Dealer platform include:

• DMA and OTC access to over 17,000 tradeable markets globally.
• Wide range of native, synthetic, and algorithmic order types.
• Integrated market alerts and news feeds.
• Volume metrics to assess an underlying market’s liquidity.

IG Order Execution Model

IG acts as principal and not as agent and is the sole venue for the execution of trades. This means that IG acts as a market maker. Clients trade with IG and not within the underlying market.

Tradable Instruments

CFDs (Contracts for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. Tradable instruments at IG include the following:

• 98 Currency Pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.
• 40 Commodities. Commodities are raw products, such as gold and oil.
• 17,000 Global Stock CFDs. IG offers trading in stock CFDs from exchanges ranging from the NASDAQ to the Tokyo Stock Exchange. A stock is a security that represents partial ownership of a corporation.
• 80 Indices. Available instruments range from Taiwan to Brazil stock indices. An index is a basket of trading instruments that are used to gauge a market sector, stocks within an exchange, or the economy of a country.
• 19 Bond CFDs. CFDs on fixed-income assets include the US T-Bond and the German Bund.
• 15 Cryptocurrency CFDs. Cryptocurrencies, such as Bitcoin, are digital currencies that are secured by cryptography. (Note that only professional traders have access to cryptocurrency trading with IG UK).

In the tables below, you can see a selection highlighting the variety of instruments available at IG:

My assessment indicated that IG is particularly strong in the areas of forex, commodities, shares, and indices. There is some room for improvement in the area of cryptocurrencies.

My Key Takeaways After Exploring IG Tradable Instruments

I was very impressed by the range of tradable instruments at IG. In addition to an above-average range of currency pairs, indices, commodities, bonds, and shares, I noted the availability of CFDs on futures and options, which are less commonly available.

Customer Support

I tested customer support over two weeks with dozens of queries, ranging from platforms to fees and account-related issues.

Live chat and WhatsApp support usually responded within seconds, and emails were typically responded to the same day or within one business day. Via phone, I also received rapid responses and I appreciated not having to navigate automated questions before reaching an operator. I noted that support staff were usually well-informed and courteous.

Deposits & Withdrawals

In the tables below I break down the fees and processing times for each deposit and withdrawal method.

Deposits

Processing times for bank wires are relatively fast compared with other CFD brokers. Free deposits are standard for the industry.

Withdrawals

Processing times for withdrawals are also fast compared with other CFD brokers. Often brokers charge for withdrawals via bank wire, so IG beats the industry average in this area.

Account Types and Terms

Account Application

To open a CFD account with the UK entity of IG, prospective clients must provide the following information:

• Contact and Personal Details: Name, email address, country of residence, date of birth, phone number, physical address, nationality, national insurance number.
• Employment Details: Employment status, industry, and occupation.
• Financial Details: Gross annual income, savings, and investments.
• Level of Trading Experience: Volume of trades in shares and bonds, exchange-traded derivatives, and OTC derivatives in the last 3 years.

Account Type Comparison

Demo Accounts

IG offers demo accounts for MetaTrader 4 and MetaTrader 5. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money.

The demo account features live quotes and simulates live market conditions in assets such as forex and CFDs on commodities, indices, and stocks. Once users have gotten up to speed on a demo account, they can easily switch to a live version.

Professional Accounts

Experienced traders can open an IG professional account, which allows for access to greater leverage and trading in CFDs on cryptocurrencies. If you can answer yes to two or more of the following you may be eligible:

• Have you traded leverage derivatives in significant sizes over the last four quarters?
• Do you have a financial instrument portfolio exceeding €500k?
• Have you worked in the financial sector, in a professional position requiring knowledge of derivatives trading, for at least a year?

The amount of additional leverage is decided on a unique basis for each individual.

Islamic Accounts

The UK entity of IG does not offer a swap-free Islamic account. However, the Dubai-based entity does offer this account type, which adheres to the principles of Islamic law.

Leverage

One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.

The UK FCA maximum leverage for retail clients is 1:30. This means that with an account of $1,000, you can control up to $30,000 worth of positions in the market. Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.

Available leverage differs according to the asset class, with the most leverage available for CFDs on forex and the least for CFDs on crypto. The figures below are for the FCA-regulated UK entity of IG (IG Markets Ltd).

Supported Countries

IG takes clients from the majority of countries globally. However, clients are not accepted from FATF blacklist countries North Korea, Iran and Myanmar.

Base Currencies

The base currency is the currency that your account is denominated in. IG offers clients a range of different base currencies to work with. You can switch base currencies by making a request via customer support.

Research

The News and Trade Ideas section features themed articles like previews of the coming week, which help orient traders on what to expect from the highest-impact news releases. In-depth coverage of major currencies like the euro and the US dollar goes over important technical price levels and market-moving economic data.

The market analysis section on the IG website includes high-quality and detailed market forecasts, recaps, and coverage of major fundamental data and technical levels to watch. These in-depth articles reflect the wealth of experience IG has in covering the markets.

In the Market Analysis section, sentiment data shows the percentage of IG clients who currently have positions, both long and short in the most actively traded markets. This is updated every 15 minutes.

The trade analytics tool can be accessed from within the My IG client portal area. The tool allows you to look over your trading history, with deeper insight into your winning and losing positions. Key metrics provided by the tool include:

• Return rate which indicates if your strategy is on course to profitability. You should aim at a return rate of higher than 1.
• Win rate is the percentage of winning trades out of total trades executed.
• Profit/loss ratio reflects the performance of your trading strategy. The higher the ratio the better.

The tool also reveals your average hold time on winning trades, average hold time on losing trades, your best market, and your worst market. I found this a really powerful way of identifying what is working and what to avoid in your trading.

The IG economic calendar is possibly the best I have encountered. It includes macroeconomic events, company earnings, dividend payments, stock splits, and IPOs. Macroeconomic events can be filtered by country and the expected impact of the event.

Another great feature is that alerts are built into the economic calendar. You can set reminders to be delivered via the trading platform, push notification, or email. You can also set the timing whether to be reminded when the event happens or at a set time before the event.

IG also offers three newsletters to help guide clients:

• Morning Call helps traders plan the day before the opening bell rings.
• Trade of the Week includes video highlights for the week ahead.
• The Week Ahead features a calendar of market-moving events.

My Key Takeaways after Examining IG Research Section

IG offers a powerful mix of in-house and third-party research. I like that the materials not only contain news and analysis but also feature specific trade ideas. The in-house research and Autochartist signals are accessible to beginners. Experienced traders can benefit from the pro-grade analysis within the Thomson Reuters feed. I rate IG as an industry leader in the area of research.

Education

The IG Academy features a total of 11 courses. Beginner-level courses tackle topics like the basics of forex and market terminology.

Intermediate-level courses introduce technical and fundamental analysis. At the same time, traders who are ready to move on to an advanced level can benefit from the courses containing practical content including breakout and range trading strategies.

IG also provides regular webinars, which include platform tutorials, weekly market outlooks, and sessions focused on specific trading strategies. Some webinars are in conjunction with DailyFX, which is owned by IG. In my experience, live webinars are a great way to learn and engage with industry experts.

The Bottom Line

With almost 50 years of experience, IG has grown into a global powerhouse serving over 320,000 clients. The London-based broker has an unrivaled trust rating within the CFD industry. Fees are competitive and a suite of innovative tools help give clients the edge they need to succeed in the markets. Education, research, and customer support are also first-class. If you are looking for a high-quality broker that nurtures your development as a trader, I highly recommend IG.

FAQ