IG Review

In this IG review, we take an in-depth look at IG to help you determine if it’s the right broker for your trading or investment needs.

This broker review will also delve deep into everything you need to know about IG, including its key features, regulatory compliance, pros and cons, product offering, markets, trading platforms, fees, account types, payment methods, education, and customer support service.

IG Broker Overview

IG is a widely recognized online broker that has been at the forefront of the trading industry since 1974. With a range of innovative trading solutions and a strong global presence, IG has become a preferred choice for traders worldwide.

IG offers leveraged trading products, including CFDs, spread betting, and options. Leveraged products on the platform come with access to a wide range of over 18,000+ financial instruments across various asset classes, including currency pairs, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, ETFs, and more.

For those looking to invest, IG offers a range of investment options including stock trading, IG Smart Portfolio, share dealing ISA, Smart Portfolio ISA, SIPP, and Smart Portfolio SIPP. These investment products come with access to over 13,000+ shares, 2000+ ETFs, and a number of investment trusts.

IG stands out with its exceptional brokerage offerings which include a wide range of financial products, industry-standard platforms, competitive pricing, and excellent customer support.

Suitable For – Beginners, professionals, active traders, algorithmic traders, investors, high-volume traders, and institutional clients.

IG Key Features

Here is a breakdown of the IG’s Key features:

FeaturesSpecifications
Established1974
Head OfficeLondon, United Kingdom.
RegulationsCFTC, FCA, ASIC, BaFin, FINMA, FMA, MAS, JFSA, FSCA, DFSA, and BMA.
Trading ProductsCFDs, Spreadbetting, Turbo Warrants, Barriers, and Vanilla Options.
Investment ProductsShare Dealing, IG Smart Portfolio, Share Dealing ISA, Smart Portfolio ISA, SIPP, and Smart Portfolio SIPP.
Markets18,000+ including Forex, shares, indices, commodities, Options, cryptocurrencies, ETFs, Futures, Spots, IPOs, Thematic and Basket, Bonds, Interest rates, and Sectors.
Trading PlatformsIG web trading platform, IG mobile trading platform, ProRealTime, L2 Dealer, and MetaTrader 4.
VPS Hosting
Pricing ModelSpreads and Commissions.
FeesLow
Minimum Deposit$250 (or currency equivalent).
Payment OptionsCard Payments and Bank Wire Transfers, and Paypal.
Account CurrenciesUSD, GBP, AUD, EUR, SGD, and HKD.
FX Conversion Fee0.5%
Maximum Leverage (Forex)1:222
Retail Traders – 1:30
Margin (Forex)0.45%
Retail Traders – 3.33%
Minimum Trade Size0.01
Demo AccountAvailable
ScalpingYes
HedgingYes
Algorithmic TradingYes
Customer Support ServicePhone, Live Chat, and E-mail.

Pros and Cons

Pros

  • Strong regulatory framework.
  • Hassle-free account registration.
  • Multiple industry-standard trading platforms.
  • Comprehensive educational resources.
  • Extensive range of trading instruments.
  • Competitive Pricing.
  • 24/7 support via phone, email, and live chat.
  • Wide range of research and analysis tools.
  • Adequate support for algorithmic trading.
  • Wide range of advanced trading tools.
  • The inactivity fee is charged only after two 2 years.
  • Accepts U.S. Clients.

Cons

  • Limited deposit and withdrawal options.
  • Offers only forex trading to U.S. clients.

Regulatory Compliance

IG is a well-regulated broker, authorized and regulated by several top-tier regulatory bodies across the world.

IG is headquartered in the UK and is authorized and regulated by the Financial Conduct Authority (FCA). As a global broker, IG is also regulated by other top-tier regulatory bodies across the world.

The table below contains all jurisdictions under which IG is regulated, and their corresponding regulatory bodies.

JurisdictionRegulator
United KingdomFinancial Conduct Authority (FCA)
SingaporeMonetary Authority of Singapore (MAS)
FranceBanque de France
AustraliaAustralian Securities and Investments Commission (ASIC)
Financial Markets Authority (FMA)
United Arab EmiratesDubai Financial Services Authority (DFSA)
JapanJapanese Financial Services Authority (JFSA)

Overall, IG’s regulatory compliance is excellent, and the broker operates in a transparent and secure manner. As a regulated broker, IG provides clients with a high level of protection and peace of mind, which is crucial for traders and investors when choosing a broker to work with.

Products and Markets Offering

IG offers a diverse range of financial products to cater to the varying needs of both traders and investors.

For clients interested in leveraged trading, IG offers CFD trading, spread betting, turbo24, barriers, and vanilla options. These leveraged products come with access to over 18,000+ financial instruments, including currency pairs, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, sectors, ETFs, and much more.

For clients interested in investing, IG offers a range of investment options including stock dealing, IG Smart Portfolio, share dealing ISA, Smart Portfolio ISA, SIPP, and Smart Portfolio SIPP. These investment products come with access to over 13,000+ shares, 2000+ ETFs, and a number of investment trusts.

Let’s take a closer look at the financial products offered by IG;

IGCMC
Forex✔︎✔︎
CFDs✔︎✔︎
Spread Betting✔︎✔︎
Stock✔︎✔︎
ETFs✔︎✔︎
Funds
Bonds
Options✔︎
Cryptocurrency

Forex

IG offers over 80+ currency pairs, including Major, Minor, Emerging, Exotic, Australasian, and Scandinavian.

CFDs

IG offers CFD trading across a wide range of over 18,000+ financial instruments, including currency pairs, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, sectors, and ETFs.

IGCMC
Currency Pairs81338
Stock CFDs10,500+10000
ETF CFDs19001000
Stock Index CFDs7888
Commodity CFDs47123
Bond CFDs1355
Cryptocurreny CFDs821

Spread Betting

IG offers spread betting across a wide range of global markets including currency pairs, shares, indices, commodities, cryptocurrencies, options, bonds, interest rates, sectors, and ETFs. Spread betting on IG is only available to residents in the UK and Ireland.

Turbo24

IG’s Turbo 24 is an exciting and fast-paced trading product designed for traders looking to capitalize on short-term market movements.

Key forex pairs (such as EUR/USD and EUR/JPY), global indices, (including France 40 and Germany 40), and popular commodities (such as Gold, Brent Crude, and US Light Crude).

This financial product is only availble to clients in France, Germany, Spain, Italy, Netherlands, Sweden and Norway.

Options

IG provides a versatile options trading offering that encompasses two primary types of options: barrier options and vanilla options. These options allow traders to participate in a wide spectrum of financial markets, comprising forex, indices, commodities, and cryptocurrencies.

Share Dealing

IG offers share dealing (stock trading), allowing investors to buy and sell actual shares in companies listed on major global stock exchanges. With IG, investors can invest in a wide range of assets including 13,000+ shares, 2000+ ETFs, and investment trusts.

Share Dealing ISA 

IG offers a Share Dealing ISA (Individual Savings Account), providing a tax-efficient way for UK residents to invest in shares. With IG’s share dealing ISA, UK investors can take advantage of their annual ISA allowance, which allows potential tax savings on capital gains.

IG Smart Portfolio

IG Smart Portfolio is a robo-advisory service that provides automated investment portfolios based on your risk profiles. It offers diversified portfolios across various asset classes, making investing accessible and convenient. IG Smart Portfolio is only available to investors based in the UK and Germany.

IG Smart Portfolio ISA

The IG Smart Portfolio ISA combines the benefits of the IG Smart Portfolio service with the tax advantages of an ISA. With IG Smart Portfolio ISA, UK residents can invest their ISA allowance in a diversified portfolio tailored to their risk tolerance and investment goals.

SIPP

A Self-Invested Personal Pension (SIPP) is a retirement savings account available to only UK residents. IG provides SIPP accounts, allowing investors to manage their pension investments and take advantage of tax benefits for long-term retirement planning.

Smart Portfolio SIPP

The Smart Portfolio SIPP combines the benefits of the IG Smart Portfolio service with the tax advantages of a SIPP. It offers a convenient way for UK residents to invest for retirement, with automated portfolio management that is based on the investor’s risk profiles.

Account Types

IG offers a broad range of account types that cater to a diverse range of traders and investors (from beginners to experienced professionals). However, some of the accounts offered are not available to clients in certain countries. The account types offered by IG include;

  • IG CFD Trading Account
  • IG Spread Betting Account
  • IG Professional Account
  • IG Turbo24 Trading Account
  • IG Options Trading Account
  • IG Limited Risk Account
  • IG Share Dealing Account
  • IG Smart Portfolio Account
  • IG Share Dealing ISA Account
  • IG SIPP Account

Overall, IG’s account types cater to a diverse range of traders and investors (from beginners to experienced professionals). However, the downside is that some of the accounts offered are not available to clients in certain countries.

To gain more insights on each of these account types, you can read our comprehensive review of the IG account types.

Fees

While competitive, IG’s fees vary based on the product. Also, IG maintains a transparent fee structure

Forex Fees

IG offers competitive forex fees, charging both spreads and overnight fees. Overnight fees are only charged on leveraged positions held overnight. IG offers attractive spreads, starting as low as 0.6 pips for major pairs, including EUR/USD and AUD/USD.

In the table below are examples of IG’s forex trading fees across various forex pairs;

Spot FX InstrumentsIG Minimum Spread
EUR/USD0.6
AUD/USD0.6
USD/JPY0.7
EUR/GBP0.9
GBP/USD0.9

IG CFDs Fees

IG CFD fees are charged in spreads across all markets, with the exception of Shares CFDs, where commissions apply. Overnight fees are also charged on leveraged positions held overnight.

While IG’s CFD fees are on the lower side, its share CFD fees are noticeably steeper compared to other CFD brokers.

In the table below are examples of IG’s CFD fees across various markets;

MarketMinimum Spread/ Commission
Forex0.6
Indices0.1
SharesUS shares – 2 cents
EU and UK shares – 0.10%
Commodities0.3

IG Stock Trading Fees

IG Markets stock trading fees are generally higher compared to competitors, but it offers significant discounts for active traders. For instance, after making 3 trades or more trades in the prior month, clients can enjoy zero commission on US shares the following month and a competitive £3 per trade on UK shares.

The table below contains IG share dealing commissions across various markets;

MarketsCommission
US Shares$10
UK Shares£8
Ireland Shares€10 or 0.1%
European Shares0.1%
Australian Shares$8 or 0.1%

For clients in specific regions, like Australia, the fee structure varies. Remarkably, trades on shares from the US, UK, Germany, and Ireland are exempted from fees.

IG Options Trading Fees

IG’s options trading fees are budget-friendly. However, potential traders should note that the contract sizes tend to be smaller than those of regular exchange-traded options.

The table below contains IG Options trading fees across various markets;

MarketMinimum SpreadCommission
Forex0.60.1
Indices0.40.1
Commodities0.30.1
Cryptocurrencies1.10.1

IG Smart Portfolio Fees

Designed to compete with other wealth managers, IG’s Smart portfolio fees start from a mere 0.50% and have a cap of £250 annually.

The table below contains IG Smart Portfolio fees;

FeesSpecifications
Management fee0.50%
Fund costs0.13%
Transaction costs0.09%
Est. total annual cost (%)0.72%

Non-Trading Fees

Other fees that IG might charge include fees for direct market access (DMA), live price data feeds, ProRealTime charts, account inactivity, and account documentation.

  • Inactivity Fee – IG charges an inactivity fee of $18 if charged if no trading activity has occurred on an IG account for two years or more.
  • Account Documentation Fee – IG Charges a $50 (US) fee on accounts that have not supplied a mandatory W-8 or W-9 form prior to the dividend ex-date of a qualifying trade on a US-incorporated stock.
  • Direct Market Access (DMA) Fee – Obtaining live share prices from an exchange via IG’s share dealing account incurs a monthly fee.
  • Live Price Data Feeds Fee – Obtaining live share prices from an exchange via IG’s share dealing account incurs a monthly fee.
  • ProRealTime Charts Fee – Subscribing to the ProReal-time charts costs $40 per month. This fee is refunded if you place four or more trades a month.

Payment Methods

IG provides traders with fast deposit and withdrawal payment methods at no cost. It offers flexible deposit and withdrawal options as traders have the option to process payment through a variety of popular payment methods including debit and credit cards, Paypal, and bank wire transfers.

Payment MethodsIGCMC
Bank Transfer✔︎✔︎
Card Payment✔︎✔︎
Electronic Wallets✔︎✔︎
Deposit Fee
Withdrawal Fee

Trading Platforms

IG offers a range of trading platforms to cater to the needs of different types of traders and investors. The primary platform is its web-based platform, which is accessible through any web browser and offers a user-friendly interface and a wide range of tools and features for trading.

Additionally, IG also offers a mobile trading app for Android and iOS devices, which allows traders to trade on the go and monitor their positions on the go.

For more advanced traders, IG also provides access to the L2 Dealer platform, which offers direct market access (DMA) and a range of advanced features for trading.

Finally, for traders who prefer to use third-party platforms, IG provides access to popular industry-standard platforms like MetaTrader 4 and ProRealTime. Overall, IG provides a variety of trading platforms to cater to the needs of different traders, from beginners to professionals.

Customer Support

IG provides their traders with a multi-lingual customer support team, available 24 hours from 8 a.m. on Saturday to 10 p.m. on Friday.

The customer support team can be reached via live chat, e-mail, and telephone and has a fairly average response rate when compared to other industry-standard brokers, as they are room for improvement, especially with their response rate.

Conclusion

IG is an excellent choice for traders of all levels, offering a highly advanced trading platform, competitive fees and commissions, a wide range of educational resources, and strict regulation. Their commitment to providing a secure and safe trading environment, combined with their innovative platform and educational resources, make them a top choice for anyone looking to trade or invest in the financial markets.

Frequently Asked Questions