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IG platform is one of the premier spread betting and CFD trading platforms in the world. Founded in 1974 in the UK it’s owned by the IG Group. Although not technically a bank, IG group is listed on the London stock exchange. The platform gives traders access to over 15000 different markets making it one of the biggest players in the CFDs industry.
- So what does this CFD trading platform offer and is it good for you?
- IG markets review
- These regulatory bodies include:
- Opening an IG trading account
- Start by accessing the IG.com website to open a new account.
- Making your first IG account deposit
- IG platform
- IG web trading platform
- IG mobile apps
- IG markets mt4
- IG markets L2 Dealer
- IG ProRealTime
- Direct market access
- Financial instruments offered by IG
- IG markets CFDs
- IG smart portfolio
- IG shares
- Other assets offered by IG
- IG markets fees and commissions
- IG research tools and features
- They include the following:
- Market data
- Economic calendar
- Market screener
- Thomson Reuter’s news service
- Other research tools worth mentioning
- IG customer support
- IG markets pros
- IG markets cons
So what does this CFD trading platform offer and is it good for you?
This IG trading review will provide all the information you need to decide whether to invest money with this broker or not.
IG markets review
IG specializes in CFDs which they offer to traders from across the globe. Due to its global reach, this broker’s subsidiaries are regulated by authorities responsible for specific territories.
These regulatory bodies include:
- The Financial Conduct Authority which regulates the IG markets limited.
- FCA regulation protects traders in most European countries to the tune of GBP 50000.
- The Swiss Financial Markets Authority offers protection to Swiss traders to the tune of CHF100000.
- This body regulates the IG Group subsidiary IG Bank SA.
- The company’s subsidiary IG Asia Pty Limited offers its services to Singapore traders and is regulated by the Monetary Authority of Singapore.
- In Japan, traders can access CFDs through the IG Securities Limited which is regulated by the Japanese Financial Services Authority.
- The IG group subsidiary North American Derivatives Exchange, Inc offers CFDs to US traders and is regulated by the CFTC.
- The IG Markets South Africa Limited offers CFDs to Africa traders and is regulated by the Financial Services Board.
- IG Limited is the subsidiary that operates in the UAE and is regulated by the Dubai Financial Services Authority.
Other bodies that regulate IG include ASIC (Australia), IIROC (Canada), SFC (Singapore), CySEC (Cyprus) and FMA (New Zealand).
It’s worth noting that only traders residing in European countries can benefit from any form of compensation should IG Group collapse.
However, considering the different authorities that regulate the company’s subsidiaries, it’s safe to say that the possibilities of this broker doing under any time soon are slim. Being listed in the London Stock Exchange is also a good indicator of the company’s sound financial standing and trust it has cultivated in the financial industry.
Opening an IG trading account
Like many top brokers, IG platform offers a demo account which you can safely use without having to invest your own money. The IG demo account also makes it easy to try out the platform before finally using the real cash account.
If you want to open an IG real trading account, three factors that come into play. First, you must reside in one of the supported countries. Second, you must have a minimum of USD 300 for your initial deposit. Finally, the account type you want to open will also be a determining factor.
Start by accessing the IG.com website to open a new account.
Alternatively, you can access their mobile platform, IG markets app for Android and iOS or, their desktop app. Next, you will be required to provide your personal details. These include your email address and a password to open your account. IG then requires you verify your identity.
Here, you’ll need to send passport photos, 2 photos of your government issued ID or passport, and 1 copy of a utility bill of a bank statement. It’s worth noting that you can access your account even if the verification process isn’t complete.
Making your first IG account deposit
IG accepts three main payment options:
- Bank transfers: This method doesn’t attract any fees but takes up to 3 business days. The bank account name should be the same as that you use to open your IG account.
- Credit card or debit card: These payment methods attract a 1.5% fee and you’re required to deposit a minimum of $300. It’s worth noting that IG might reject cards from certain merchants.
- PayPal: PayPal deposits also attract a 1.5% fee and a minimum of $300. Withdrawing from your IG account You can withdraw profits from your IG account through either bank transfer or to your debit/credit card.
Bank transfers take up to 3 business days and cost GBP 15. UK traders can benefit from the same day sterling transfers where you don’t have to wait 3 business days for the money to reach your account. Credit/debit card withdrawals will also take up to 3 business days.
However, the minimum amount you can withdraw is GBP 150.
As mentioned earlier IG is accessible via web browser, mobile, iOS and Android app and desktop app. Here a quick look at each of these.
IG web trading platform
This is their main trading platform. All you need is enter your login details to launch the IG platform. The default layout consists of 2 windows set against a white backdrop. You will have to customize the interface manually by adding readily available modules and resizing the windows.
However, you can easily open charts by clicking on any view that displays live market prices. IG also offers keyboard shortcuts to open charts faster. The is web platform offers 22 different indicators and right-clicking inside a window reveal a drop-down menu with different options.
IG mobile apps
These are available for both Android and iOS powered devices. The app comes with many different tools, features and charts. The indicators and tools will automatically appear when you tap anywhere inside a chart. One cool feature is the indicators autosave.
General Risk Warning!
Any indicator you add to a chart is automatically saved and will appear on your next login saving you time. You can also manually remove any indicators you don’t want to use. Other features available in the IG mobile app include AutoChartist, economic calendar, alerts and detailed market research for every instrument.
IG markets mt4
In 2013, IG integrated the MetaTrader4 software onto their platform. This is freely available for both web-based and mobile versions of the IG platform. The mt4 software includes numerous tools, indicators and charts. It also makes it easy to open and track several trades simultaneously.
One major advantage MetaTrader4 has over the other available platforms is the ability to integrate with Excel plugins which come in handy when you’re doing technical analysis.
IG markets L2 Dealer
This is IG’s custom trading platform. To trade on it, you’ll need to deposit a minimum of GBP 1000.
This platform is recommended for advanced shares traders. It also provides traders with unlimited access to Thomson Reuter’s news streaming service. IG platform also allows you to bypass
IG and gain direct access to the markets.
This platform features more tools and indicators compared to mt4 and IG’s proprietary web and mobile platforms. Traders using it have access to over 100 different indicators. But this privilege comes at a cost of GPB 30 per month. This fee is refunded if you trade at least 4 times a month.
Direct market access
This isn’t technically a platform but an IG service which allows you to trade directly with market makers. IG provides you with a Virtual Private Server where you can install algorithms that automate trading. To qualify for this service, you must have a minimum deposit of GPB 5000. In addition, it will cost you GPB 50 per month.
Financial instruments offered by IG
IG offers access to over 15000 financial instruments spread across 4 asset classes (CFDs, equities, cryptocurrencies and smart portfolios). Here’s a quick look at what’s on offer.
IG markets CFDs
IG’s CFDs are spread across equities, forex, options, cryptocurrencies, indices, futures, commodities and bonds. CFDs are available to traders residing in most of the countries IG platform offers its services to.
IG smart portfolio
This is one of IG’s newest products. These are ETF portfolios issued through the robo-advisory service where traders can select among automatically managed low-cost portfolios. Traders investing in IG smart portfolios are charged a total cost of ownership fee’ which is calculated by adding a percentage of the ETF value (typically 0.20% to 0.23%) and a management fee.
The total cost of ownership fee drops significantly as you purchase more smart portfolios.
IG also offers shares to UK traders. Trading in shares attracts a 0.1% commission or a minimum of EUR 10.
Other assets offered by IG
Other assets you can trade on the IG platform includes over 90 different currency pairs and exchange-traded securities.
IG markets fees and commissions
Compared to competing brokers, IG charges higher fees especially if you’re trading small volumes. The fees charged will depend on the type of asset you’re trading in, where you’re trading from and the volume.
There are three fee tiers: Fees included in the spread for non-share CFDsA trading commission charged for transactions on CFDs Asset management fees charged on smart portfolios
Before trading in any asset, it’s therefore recommended that you first understand what fees and commissions IG will deduct per transaction. For positions held overnight, IG charges a 2.5% fee over the applied interbank rate. Mini and micro contracts will attract a 3% fee over the applied interbank rate.
Other fees IG charges include a 0.3% conversion fee and a GBP 15 withdrawal fee for international transfers. But what if your account remains inactive for some time? IG doesn’t charge any account maintenance fees.
General Risk Warning!
“world’s No.1 CFD provider “
However, they will charge GBP 12 per month for accounts that remain inactive for over 2 years.
IG research tools and features
This broker boasts one of the best collection of research tools and features in the market today.
They include the following:
This tool allows you to get information about different financial instruments in one place. Some of the useful information you can find using this tool include chart patterns for indices, historical fundamental data for stocks and, client sentiment and trading activity.
This tool comes in handy when conducting a fundamental analysis. It gives you first-hand access to current and future economic events that could significantly affect the markets.
This tool is only accessible through the web platform. It allows you to narrow down your search for stocks based on specific fundamental factors. For example, stocks for UK companies with a market cap over GBP 500000 and dividend rate above 1%.
Thomson Reuter’s news service
This tool comes in handy for shares traders and is only available on the web platform. In addition, whenever you open a chart specific to a particular instrument, relevant news on it will be automatically displayed.
Other research tools worth mentioning
IG also offers a trading diary feature that enables you to write notes about your daily trading activities. The IG academy is also a great resource to learn about the platform and get insights on how to trade successfully.
IG customer support
IG support can be accessed through email, chat and phone. Many of the trader reviews we came across commended the first response times through all channels. However, there were IG markets complaints that the support staff is a bit push trying to sell the service.
IG markets pros
- Well designed platform that’s accessible through desktop and mobile devices
- Gives access to over 15000 financial instruments
- Choose among different platforms to suit you’re trading preferences
- Good collection of research tools that make trading easy
- Available to traders from different regions across the globe
- Fast responding support team
IG markets cons
- Fees and commissions on the higher side
- No deposit insurance offered for traders in some regions
- Web platform needs manual customization
IG is arguably one of the biggest CFD brokers in the world today. A pioneer in the financial instruments market, IG offers their services to clients across 5 continents. There are several ways to access the IG platform including web and mobile platforms.
The broker also provides different platforms and services to meet different trader preferences. Compared to many competing CFD brokers, IG’s account opening fees are a bit higher. On the other hand, they do offer competitive spreads, transaction fees, and commissions.
IG Platform customer support is quite responsive and their research resources rank among the best in the industry. Hopefully, this IG review has given you enough information to use when opening a trader account with them.
General Risk Warning!
“trading 24 hours a day”