IG has positioned itself as a top-tier online broker platform globally, thanks to its user-friendly trading platform, a wide array of markets available for trading, and a comprehensive selection of financial instruments. The broker also benefits from seamless third-party software integrations and top-notch research and educational resources. Read further for a comprehensive IG review.
With over 50 years in the financial services industry as a publicly traded entity, IG is renowned for its outstanding customer service and robust regulatory compliance. This makes it an ideal option for both novice and seasoned traders interested in trading forex, stocks, ETFs, and beyond.
Introduction to IG Markets Review
IG Group Holdings plc, or IG Group, is an online trading company you can invest in on the London Stock Exchange, listed as (LSE: IGG).
Founded in 1974 by Stuart Wheeler in the UK, IG Group began as the first spread betting firm, allowing people to bet on gold prices without actually purchasing the gold. It was originally called the IG Index.
Today, the company boasts around 360,000 active users across 19 countries. It provides a vast array of assets to trade, such as currencies, commodities, stocks, and ETFs, making it popular among traders and investors worldwide.
IG Group holds licenses in over 12 countries, including major markets like the UK, US, Australia, Singapore, and Japan. Known for being well-regulated with a strong reputation, it stands as the largest CFD (contracts for difference) provider globally by revenue.
In the United States, IG operates through its branch called tastyfx, which facilitates forex trading. Tastyfx charges no commissions and features a 0.8 pip spread on over 80 currency pairs, with a low 2% margin requirement. Additionally, it offers an easy-to-use trading platform, educational resources, and quick customer support.
Pros and Cons of Using IG Markets
Pros of Trading with IG
- IG provides a variety of trading options: You can trade not just forex but also stocks, cryptocurrencies, commodities, and indices.
- Offers various financial products: Its products include ETFs, CFDs, futures, and options.
- Top-notch platforms: IG’s website and mobile app are praised for being easy to use and highly effective, often ranked among the best.
- No required minimum deposit: IG doesn’t ask for a minimum deposit unless you’re in the U.S., where you need at least $250.
- Regulated public company: IG is on the London Stock Exchange with a market value of GBP 3.5 billion. It follows FCA rules in the U.K., and its U.S. arm, known as tastyfx since July 2024, is registered with the CFTC and is an NFA member. IG is licensed in more than a dozen countries.
Cons of Trading with IG
- IG doesn’t have a copy trading feature: Right now, IG doesn’t provide the option for automated copy trading. This is something many beginner traders and new investors like because it lets them follow and replicate the trades of more experienced traders automatically.
- MetaTrader 5 isn’t available: IG allows the use of ProRealTime and MetaTrader 4 for trading activities, but customers can’t use MetaTrader 5 yet. This is the latest version of the trading platform that some users might be interested in, but IG hasn’t made it available at this time.
IG Markets Usability
IG is reviewed as a super easy-to-use trading dashboard that shines with its straightforward design, even though it packs a lot of features.
You can also customize the trading platform and access it through a mobile and tablet app for both Android and iOS, there’s the option to download the MetaTrader 4 desktop app.
Trading Experience on IG Markets
IG provides a range of trading platforms for both desktop and mobile, making it suitable for everyone from newbies to seasoned pros.
New traders will find IG’s trading dashboards user-friendly, along with essential risk management tools like stop-loss limits and price alerts.
On the flip side, experienced traders can take advantage of a diverse selection of assets and investment options, plus advanced features like API connections to third-party charting tools such as ProRealTime or Bloomberg Terminal.
Desktop Trading Experience
If you’re a trader or investor who enjoys using a desktop for trading, you’ll appreciate what IG has to offer. Their main trading platform is web-based, making it super accessible. Plus, you can download MetaTrader 4 as a desktop app to tap into IG’s wider range of options.
Mobile Trading Experience
IG has a mobile trading app for both Android and iOS, making it super easy for anyone to trade forex and other assets while on the move. Plus, they’ve got a cool progressive web app that lets you trade on IG right from your mobile browser.
IG Regulation and Security
IG sets itself apart from other online brokerage platforms by being publicly traded and holding licenses in more than a dozen countries, which shows how serious they are about following regulations.
IG Group is authorized and regulated to offer various financial trading services in places like Bermuda, the U.K., the U.S., the E.U., Switzerland, Dubai, South Africa, Singapore, Japan, Australia, and New Zealand.
In the U.K., IG operates through two companies: IG Markets Limited (IGM) and IG Index Limited (IGI), both of which are regulated by the FCA. These companies can act as either principals or agents and handle orders for derivatives and securities.
Thanks to the FCA’s rules on client money, user funds are kept separate from the company’s funds, providing extra security for IG users. IG Markets can also provide discretionary management services to both retail and professional clients in the U.K.
In Europe, IG operates through its German subsidiary, IG Europe GmbH (IGE), which is licensed by BaFin and Deutsche Bundesbank, allowing it to serve customers in the European Union.
In the U.S., IG US LLC (IG US) is registered as a retail foreign exchange dealer (RFED) and an introducing broker (IB) with the CFTC and is a member of the NFA. Through its U.S. subsidiary tastyfx, IG U.S. provides forex trading services to residents, except those in Arizona and Ohio.
As per our IG Review, it also has a negative balance protection feature, which means customers can’t lose more than what they put into their leveraged trading accounts. However, this feature isn’t available for tastyfx customers in the U.S.
Trading Costs in IG
IG has competitive trading costs worldwide. For major currency pairs, the fees can start at 0.6 pips. For leading stock indices, the cost is about 0.8 pips, and for commodities, it is 0.1 pips.
While there is a charge for account inactivity, IG does not impose fees for opening a forex trading account, depositing, or withdrawing money. Fees for trading shares vary depending on the region, and the cost of keeping trades open overnight changes based on the type of asset.
An extra fee applies to guaranteed stops, which help limit potential losses on trades. This option is available only to clients outside the U.S., and the fee depends on the asset being traded.
IG also offers negative balance protection, which prevents your account balance from going below zero when trading on margin, and this service is offered at no additional cost. Unfortunately, this feature is not available to tastyfx users in the U.S.
IG Markets Review – Transparency
IG review is done to show how it shines when it comes to being open about its fees, making it super easy to see what you’ll be charged for trading various financial products on the platform.
They also include a risk disclaimer that points out the potential risks involved with trading CFDs and other assets. Plus, IG is upfront about how it generates revenue, which helps ease any worries that the broker might trade against its clients.
There’s even a section on their site that explains the company’s corporate structure and its standing with different regulators.
Overall, IG does a fantastic job of keeping both current and potential users informed, showing their dedication to top-notch customer service.
Education
IG Academy offers a fantastic range of educational tools for anyone looking to dive into the financial markets. With online courses and live webinars, users can expand their knowledge and skills.
What’s cool is that the IG Academy caters not just to newbies but also has advanced resources for seasoned traders looking to sharpen their skills.
Plus, IG has created a vibrant community where users can connect and share insights in the community forums.
Customer Service on IG Markets
IG prioritizes customer service. Their help and support center has answers for just about any questions you might have about the platform, the tools, or the markets available.
They also offer round-the-clock support through a phone hotline from Monday to Friday, plus help via WhatsApp, live chat, email, and a special customer service account on X (formerly Twitter).
You can get online support in several languages, making it easy for IG’s worldwide users to get the help they need.
IG Review – Available Account Types
IG provides both personal and corporate accounts.
Personal accounts are designed for individual traders and investors who want a user-friendly online trading platform to handle their investments.
There’s also a professional version, the IG professional account, aimed at seasoned traders who need fewer protections and access to extra features.
On the corporate side, accounts are divided into institutional and retail corporate accounts. Institutional clients receive customized solutions that fit their specific requirements. While retail corporate account holders can trade under a corporate structure, even if they aren’t institutional clients.
Why Choose IG?
IG is a platform where you can trade contracts for difference (CFDs) and foreign exchange (forex). The platform is straightforward to use and provides various tools to help you learn about trading. It also offers reliable options for depositing and withdrawing funds from your account.
On the downside, IG imposes high fees for trading stock CFDs, and its product offerings are quite limited, mainly focusing on CFDs and options. Additionally, their customer support service could use some improvement.
Trading spread bets and CFDs is risky due to the use of leverage, which can result in rapid financial losses. About 68% of people who engage in spread bets and CFD trading with IG end up losing money.
It is crucial to ensure you fully understand how these financial instruments work and assess if you can manage the substantial risk of potential losses.
In the United States, trading CFDs is not permitted, so clients based there can only engage in forex trading with IG.
Conclusion
IG is a top-notch online broker platform that is ideal for anyone interested in trading forex or other significant asset classes, no matter their level of expertise. With attractive spreads, a wide selection of tradable assets and investment options, comprehensive in-house research, and timely market updates, IG distinguishes itself as one of the premier online brokers available.
Having been a highly regulated financial services provider for over 50 years, IG has earned a solid reputation as a trustworthy online brokerage platform. It offers all the essential tools and resources needed for both individual and corporate investors to navigate the global markets effectively.