IG is one of the most recognized names in the online trading world, offering a wide range of financial products, from forex to indices, shares, commodities, and cryptocurrencies. Established in 1974, IG Group has a strong reputation for reliability, competitive spreads, and a robust trading platform. This IG review will dive into its features, pros, cons, and why it’s one of the top choices for traders.
IG Overview
IG is a UK-based broker that provides trading services for forex, contracts for difference (CFDs), and spread betting. It is regulated by top-tier financial authorities like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and others. With decades of experience and millions of clients worldwide, IG has established itself as a trusted and reputable broker.
Key Features of IG
- Regulated and Safe
- IG is regulated by various top-tier regulators, ensuring the security of clients’ funds and transparent business practices. This makes it a reliable choice for traders concerned about safety.
- Wide Range of Markets
- IG offers access to over 17,000 markets, including forex, indices, shares, commodities, cryptocurrencies, and more. This provides traders with ample opportunities to diversify their portfolios.
- Competitive Spreads
- IG offers competitive spreads, especially for forex trading. Major pairs like EUR/USD can have spreads as low as 0.6 pips, making it an attractive choice for cost-conscious traders.
- User-friendly Platforms
- IG provides multiple trading platforms, including its proprietary web-based platform, MetaTrader 4 (MT4), and ProRealTime. These platforms are designed to cater to traders of all experience levels, offering powerful tools and customizable features.
- Mobile Trading
- IG offers a seamless mobile trading experience with its intuitive app, allowing traders to execute trades, analyze charts, and manage their portfolios on the go.
- Educational Resources
- IG offers extensive educational content, including webinars, articles, and tutorials, making it an excellent broker for beginners looking to learn the ins and outs of trading.
- 24/5 Customer Support
- IG’s customer support is available 24/5, ensuring that traders can get help when they need it. Support is available via phone, email, and live chat.
| Pros | Cons |
|---|---|
| Highly regulated by top-tier authorities | Does not accept clients from the US for forex |
| Access to over 17,000 financial markets | Charges inactivity fees after 2 years |
| Competitive spreads, especially on major currency pairs | Higher spreads on minor forex pairs |
| Multiple trading platforms (Web, MT4, ProRealTime) | |
| Mobile trading app for on-the-go trading | |
| Extensive educational resources for beginners | |
| 24/5 customer support via phone, email, and live chat |
Pros of IG
- Highly Regulated: IG is regulated by top-tier authorities, ensuring a high level of safety and trustworthiness.
- Wide Market Access: Access to over 17,000 financial markets, including forex, shares, and indices.
- Competitive Spreads: Low spreads on major currency pairs.
- Multiple Platforms: Offers web-based platforms, MT4, and mobile trading.
- Excellent Educational Resources: Provides a wealth of learning materials for beginners and advanced traders.
- Advanced Charting Tools: ProRealTime and MT4 offer advanced charting and analysis tools.
Cons of IG
- No US Clients: IG doesn’t accept clients from the US for its forex services.
- Inactivity Fees: IG charges an inactivity fee of $12 per month if the account is inactive for more than two years.
- High Forex Spread for Minor Pairs: While major pairs have competitive spreads, minor pairs can have relatively higher spreads.
IG Trading Platforms
- Web Trading Platform
- IG’s proprietary web-based platform is intuitive and packed with useful features like one-click trading, in-depth charting, and a range of order types. It’s perfect for traders who want a simple yet powerful trading experience.
- MetaTrader 4 (MT4)
- MT4 is a popular choice among forex traders due to its customizable charts, automated trading through Expert Advisors, and advanced technical analysis tools. IG provides seamless access to MT4 for its clients.
- ProRealTime
- For advanced traders, IG offers ProRealTime, a cutting-edge charting platform with over 100 indicators, automatic pattern detection, and back-testing capabilities.
- Mobile App
- The IG mobile app ensures traders can stay connected to the markets while on the go. It offers real-time price alerts, charting tools, and full account management options.
Fees and Commissions
IG operates on a commission-free model for forex, where traders only need to pay the spread. The spreads on major pairs are competitive, with EUR/USD starting from 0.6 pips. Other markets, like shares, may have a commission fee depending on the region and market.
IG also charges other fees like:
- Inactivity Fee: $12 per month after 24 months of inactivity.
- Overnight Financing: Charged for holding leveraged positions overnight.
Despite these fees, IG remains competitive in the industry due to its transparent pricing and low trading costs.
Account Types
IG offers several account types to suit different trader needs:
- Standard Account: Best for retail traders who want to trade forex, indices, commodities, and more.
- IG Pro Account: For professional traders who meet certain criteria, offering higher leverage and lower margin requirements.
- Demo Account: A risk-free account with virtual funds for beginners to practice and learn without financial risk.
IG Deposits and Withdrawals
IG supports multiple deposit methods, including bank transfer, credit/debit cards, and PayPal. Withdrawals are processed quickly, usually within 2-5 business days, depending on the method used. There are no deposit fees, but certain withdrawal methods might incur a fee.
Is IG a Good Broker for Beginners?
IG is a great broker for beginners due to its easy-to-use platform, extensive educational resources, and demo account option. The competitive spreads and multiple asset classes make it a suitable choice for those who want to explore various financial markets.
Conclusion
IG stands out as a top forex broker, offering a wide range of markets, competitive spreads, and reliable trading platforms. Its reputation for safety, combined with its comprehensive educational tools, makes it an excellent choice for traders of all levels.
Whether you’re a beginner looking for educational resources or an experienced trader seeking advanced trading tools, IG has something to offer. With its strong regulatory standing, IG is a broker you can trust for your trading needs.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
