IG Review 2024

Quick Links

• Our Review Method

• What is IG?

• What Type of Broker is IG?

• IG Pros and Cons

• IG Review Summary in 10 Points

• Overall IG Ranking

• Is IG Safe or a Scam?

• Is IG legit?

• How Are You Protected?

• Leverage

• Fees

• Spreads

• Trading Instruments

• Account Types

• Deposits and Withdrawals

• Trading Platforms

• Customer Support

• Education

• Research

• Conclusion

Our Review Method ▲

IG stands out as a major Forex and CFD Broker, boasting a significant presence worldwide and cutting-edge trading technology. Established in 1974 and originally known as IG Markets Ltd, IG has been a trailblazer in the industry. It was the pioneer behind the concept of financial spread betting, bringing online transactions to the forefront as early as 1998.

Our team of Broker Insight Financial Experts, boasting over 20 years of experience in Forex Trading, conducted a thorough evaluation of IG's trading offerings, fees, platforms, and regulatory compliance. We also engaged with customer service and executed trades to assess the trading conditions firsthand, thereby providing an expert opinion on IG.

What is IG? ▲

IG has established itself as a significant Forex and CFD Broker with a global footprint and advanced trading technology. Since its inception in 1974 as IG Markets Ltd, the company pioneered the concept of financial spread betting, introducing online transactions as early as 1998. Currently, IG boasts a worldwide presence, with offices in 13 countries across key financial districts, enabling it to serve clients globally. The broker's headquarters are located in London, UK, with operations extending to the USA, Australia, Japan, New Zealand, various European countries, and Singapore.

What Type of Broker is IG? ▲

Our expert research indicates that IG is a Forex and CFD broker that offers flexible access to over 18,000 global markets with reliable execution. With more than 45 years of experience, IG delivers a market-leading service.

IG Pros and Cons ▲

IG is widely recognized as one of the most reputable brokers and companies on a global scale. It's listed on the Stock Exchange, adding an extra layer of transparency, and is subject to stringent regulations. IG’s trading conditions are also commendable, featuring low costs for Forex trading, an extensive professional education section, a selection of trading platforms, and robust research capabilities.

Pros

• Listed on the Stock Exchange for added transparency

• Highly regulated for enhanced security

• Low trading costs for Forex

• Extensive selection of trading platforms

• Comprehensive professional education and research

Cons

• Limited product offering, mainly Forex and CFDs

• Lack of 24/7 customer support

IG Review Summary in 10 Points ▲

• Headquarters: UK

• Regulation: FCA, ASIC, BaFin, CFTC, FINMA, MAS, DFSA, etc.

• Platforms: MT4, IG Proprietary

• Instruments: Over 18,000 markets to trade based on CFDs currency pairs, commodities, indices, stocks, financial spread betting (available in the UK and Ireland)

• EUR/USD Spread: 0.6 pips

• Demo Account: Offered

• Minimum deposit: $0

• Base currencies: Several base currencies

• Education: IG Academy, Free trading courses, webinars

• Customer Support: 24/5

Overall IG Ranking ▲

IG is deemed a reputable broker with safe and highly favorable trading conditions. The broker provides a variety of trading services suitable for both novice and professional traders, with low initial deposit requirements. One of the significant advantages of IG is its global coverage, allowing traders from various regions to sign up and benefit from some of the lowest spreads available. IG’s overall ranking is 4.45 out of 5, based on our testing and comparison to over 1000 brokers.

Is IG Safe or a Scam? ▲

IG is not a scam. It is a regulated and authorized broker with multiple entities globally, each operating under the necessary financial licenses such as FCA, ASIC, CFTC, DFSA, etc. Moreover, IG is listed on a Stock Exchange, providing an additional layer of security to its clients.

Is IG legit? ▲

Our research confirms that IG trading is entirely legitimate. The IG group of companies is rigorously regulated by leading authorities worldwide, thanks to its global presence. Being headquartered in the UK, IG is authorized by the FCA, while its stocks and shares ISA accounts are provided by IG Markets Ltd, and spread betting is offered through IG Index Ltd. Our ranked IG Trust Score is 4.45 out of 5, acknowledging its reputable service over the years, reliable top-tier licenses, and regulated operation in each region. The only caveat is that regulatory standards and protection levels may vary depending on the entity.

How Are You Protected? ▲

We discovered that IG’s company units are regulated by authorities in several countries and are listed on a Stock Exchange, which not only adds a layer of trust but also ensures a strong establishment basis. This comprehensive regulatory oversight confirms IG as a fully legit broker, considered safe for traders.

Leverage ▲

Following regulatory changes, including the recent ESMA regulation in Europe, traders residing in Europe are subject to a maximum leverage of 1:30. Similarly, Australian authorities have also set the maximum leverage at 1:30. However, traders from other jurisdictions may experience an increase in leverage up to 1:200 on Forex instruments, depending on the specific regulatory limitations imposed in their respective regions.

Fees ▲

IG's trading costs are regarded as low, reflecting primarily in the minimum CFD or MT4 account charges and the Spread Bet minimum size, which also varies depending on the IG entity you are trading with. Different IG entities across jurisdictions offer specific trading conditions. For instance, spread betting is exclusively available for UK residents, whereas Cryptocurrencies are not available for trading in Japan and the UK. An inactivity fee is applied if your trading account remains inactive for a period of 6 months or more. After extensive testing and comparison with over 1000 other brokers, IG Fees receive an average score of 4.6 out of 5, indicating that the overall fees are considered favorable.

Spreads ▲

IG incorporates its costs into the spread, which is based on a variable IG spread. Spreads are paid on every spread bet or non-share CFD, averaging about 0.6 pips on Forex. Additionally, a commission is charged on every share CFD or share dealing trade executed. IG's margins, generally among the lowest in the industry, are particularly user-friendly even for novice traders due to the absence of additional fees. Based on our testing and comparison to other brokers, IG Spreads receive a score of 4.2 out of 5, with Forex spreads significantly lower than the industry average, making spreads for other instruments highly attractive as well.

Trading Instruments ▲

IG offers access to over 18,000 markets for online trading, including currency pairs, commodities, indices, stocks, financial spread betting, and more. Additionally, IG allows trading of popular Cryptocurrencies like bitcoin, ethereum, ripple, among others, through CFDs. The diverse range of trading instruments earns IG a score of 4.3 out of 5, showcasing a broad selection among Forex, Indices, Cryptos, and more.

Account Types ▲

IG provides a basic account that can be set up within minutes for trading. The broker also offers spread betting and CFD accounts. A Demo account is available for traders wishing to practice with IG. To open a live IG account, the process is straightforward. Prospective traders need to visit the IG sign-in page, fill in their personal information, confirm their account via email (at this stage, access to Demo Trading is granted), verify their identity with required documentation, and complete a quiz to confirm trading experience and qualifications. Once the account is activated, traders can proceed with depositing funds.

Deposits and Withdrawals ▲

IG's money management and funding methods are quick and straightforward, essential for convenient account management. The broker's withdrawal options include popular bank transfers, credit cards, and some electronic wallets, earning a good rating of 4.1 out of 5. The minimum deposit requirement is average within the industry, with no or very minimal fees, and various account-based currencies are available, though options vary per entity.

Pros

• Numerous payment methods enhance flexibility.

Cons

• Deposit and withdrawal options may vary by jurisdiction.

IG does not impose a commission on withdrawals, offering a broad range of withdrawal options including bank transfer, credit or debit cards, and e-wallets like PayPal, with a $0 fee on minimum withdrawals of $150. Funds typically arrive within 3-5 business days.

To withdraw money from IG, follow these steps:

Select and click on 'Withdraw Funds' in the account menu, fill in the required details and withdrawal amount, choose the available withdrawal method in your region, complete the electronic withdrawal requirements, confirm and submit the withdrawal request. Confirmation usually occurs within 3 days, and allow an additional 3-5 days for your payment provider to process the transaction.

Trading Platforms ▲

IG's trading platforms stand out for their user-friendly design and advanced technological features, tailored to cater to the needs of traders across various devices. The broker's commitment to innovation has earned its platform numerous accolades and positive feedback from the trading community for its intuitive interface and comprehensive functionality. Rated as Excellent, the IG platform scores 4.5 out of 5, positioning it as a superior choice among the 1000 brokers evaluated, especially for professionals seeking robust research tools and excellent trading resources.

The Web Trading Platform offers a proprietary, web-based solution that eliminates the need for downloads, alongside mobile-optimized trading applications. Key features include direct market access via NDD connectivity, APIs, and customization options that cater to professional trading needs.

For those who prefer traditional trading environments, the Desktop Platform includes MetaTrader4, renowned for its advanced charting capabilities and a suite of tools, available in various versions including web, desktop, and mobile applications.

The Mobile Trading Platform integrates seamlessly into a Mobile Application, compatible with both Android and iOS devices, offering nearly all the functionalities of its desktop counterpart. This includes real-time data, copy trading, and research capabilities, along with simplified processes for spread bets and CFDs, providing a significant advantage to traders.

Customer Support ▲

IG prides itself on offering comprehensive customer support through live chat, social media, phone support available 24/5, and reliable, quality answers to client inquiries. With an overall score of 4.3 out of 5, IG's customer support is recognized for its prompt and knowledgeable responses, easily accessible during working hours.

Education ▲

IG sets a high standard with its Interactive education provided through the IG Academy. Offering free trading courses, webinars, and a wealth of materials, IG's education programs are designed to enhance trading skills and support traders in their initial steps. Scoring an impressive 4.8 out of 5, IG's educational offerings are of very high quality, supplemented by excellent research and partnerships with leading data providers.

The IG Academy stands as a cornerstone of the broker's global offerings, emphasizing the importance of trader education through regular live seminars with industry experts, quizzes, and interactive exercises.

Research ▲

In addition to its educational resources, IG offers superior research tools within its platform. Traders can access a wide range of materials from the IG team or opt for premium research from third-party providers, including Real Vision Research. This comprehensive approach to market analysis and insights further enhances the trading experience on IG platforms.

Conclusion ▲

IG is acknowledged as a reliable broker, offering secure trading solutions and earning a respected reputation among traders. The broker's flexibility in platform choices, currency pairs, and trading solutions, along with competitive costs, excellent education, and research materials, make it a favorable choice for traders at various levels of expertise. IG is particularly well-suited for:

• Beginners

• Advanced traders

• MT4 enthusiasts

• Currency and CFD traders

• Those employing a variety of trading strategies

• Algorithmic or API traders

• Those valuing supportive customer service

• Traders seeking exceptional educational materials and research

In summary, IG's comprehensive offerings, combined with its commitment to customer satisfaction and innovation, make it a top choice for traders seeking a reliable and enriching trading environment.