IG Review 2020

IG Summary

IG is a CFD and Forex broker that has been established since 1974 in the United Kingdom, where it has grown to become one of the largest Forex brokers in the trading industry.

This IG review will analyze the different features that active traders will have access to and be able to benefit from.

IG is one of the current largest Forex brokers in the trading industry that was founded in 1974. Two trading accounts are available for use, depending on the type of trading preference you have. If you prefer to open a trading account for personal profit, then the Personal Account is the trading account for you. IG does not require high non-trading fees and requires relatively average trading fees.

IG Main Features
🛍️Established in:
1974
🛍️Headquarters:
UK
⚖️Regulations:
FCA,  FSCA, ASIC, FSA
⚖️Country of regulation:
UK, South Africa, USA, Australia, Japan
💰Minimum Deposit:
$0
🎮Platforms:
MT4, IG trading platform
🎮Demo Account Available:
Yes
💱Leverage:
1:50
💰Withdrawal fee amount:
$0
💰Inactivity Fee:
Yes

Pros

  • Regulated by the Financial Conduct Authority (FCA) in the UK
  • Regulated by the Australian Securities and Investment Commission (ASIC) in Australia
  • Regulated by the Financial Sector Conduct Authority (FSCA) in South Africa
  • Low non-trading fees
  • No deposit or withdrawal fee
  • No minimum deposit required
  • User-friendly design for in-house IG trading platform
  • Wide selection of financial instruments

Cons

  • Inactivity fee required
  • Slow account opening process
  • Slow response time with customer service

Background

IG was established in the UK in 1974 and has become one of the best and largest Forex brokers in the industry. IG Group is the parent company of the Forex broker IG and is currently listed in the London Stock Exchange. IG is listed in the London Stock Exchange, which shows that the Forex broker provides public financial statements on a regular basis, guaranteeing its transparency.

Safety & Regulation

IG is currently regulated by different top-tier financial regulators on a global scale, and it abides by all policies required from the regulators. In addition, IG offers negative balance protection and investor protection amount to shield active traders from any misconduct that may take place from both parties.

This IG review will demonstrate on the different financial regulators that IG is registered under and the preventive measures taken to protect the trader.

Is IG Safe?

IG is a safe and regulated Forex broker that is protects its traders and values transparency with its clients. In the case of bankruptcy with IG or if your balance is in the negatives, you will find that IG will protect you from any financial risk. Additionally, IG is regulated by several top-tier financial regulators all around the world and must abide by all policies from the regulators from different jurisdictions. You will also find that IG Group, the parent group of IG, is listed in the London Stock Exchange and all financial statements from IG are made public.

Pros

  • Provides negative balance protection
  • Offers investor protection amount
  • Regulated by more than five different top-tier financial regulators around the world
  • Listed in the London Stock Exchange

Cons

  • Does not own a banking license

Protection

Even with the different financial regulations that are applied to IG, this Forex trading broker simultaneously inserted protective measures to active traders to protect their funds. IG stores all client funds in segregated accounts and conducts regular audit reports. You will also be protected financially, in the case that your balance is in the negatives, through negative balance protection. In the case that IG goes bankrupt or faces any financial decline, the investor protection amount protects clients from losing any funds that was transferred into IG.

Awards

In the past year of 2020, IG has been honoured with five different awards from three different bodies. ForexBrokers.com has named IG as the #1 Overall Broker of 2020, while the Online Personal Wealth Awards has awarded IG as the Best IG Provider of 2020 and the Best Stocks and Shares ISA Provider of 2020. IG has won the title of the Best Multi-Platform Provider of 2020 and the Best Finance Application of 2020 by the ADVFN International Finance Awards.

IG Fees

IG offers very low non-trading fees and relatively average trading fees, which depends on the type of financial instrument you are trading with. Trading fees include spreads, administrative costs, and commissions. On the other hand, non-trading fees are account fees, inactivity fees, withdrawal fees, and deposit fees.

This IG review will inform you on the different trading and non-trading fees that you will be charged with as an IG active trader.

Pros

  • Low non-trading fees
  • No withdrawal and deposit fees
  • Low trading fees on Forex and Indices
  • Competitive and low spreads

Cons

  • Inactivity fee required
  • Commissions charged on shares
  • Administrative costs charged with Smart Portfolios

Non-Trading Fees

As for non-trading fees, you will not have to concern yourself with being charged for almost any fees. IG does not require a withdrawal or deposit fee, which means that you can deposit funds into your trading account and withdraw funds from your trading account for free. On the other hand, you will be charged with an inactivity fee of 12USD or its currency equivalent on a monthly basis, after 24 months of remaining inactive on your trading account.

Deposit Fees and Withdrawal Fees
Deposit Fees 0USD
Withdrawal Fees 0USD

IG Fees Compared To Competitors
IG CMC Markets  Plus500
Account Fee No No No
Inactivity Fee Yes Yes Yes
Deposit Fee 0USD 0USD 0USD
Withdrawal Fee 0USD 0USD 0USD

Leverage

With IG, there is a standardized maximum leverage level, which means that you cannot manually change your maximum leverage level. IG has applied this policy to abide by the regulations enforced by the financial regulatory agencies they are licensed from. The maximum leverage level is standard up to 20:1 on shares, 200:1 on Forex and indices, and 50:1 on commodities.

Account Opening

IG provides traders with two types of trading accounts: the Personal Account and the Corporate Account. The Personal Account is for personal profit only, while the Corporate Account is for businesses and corporate entities. With both trading accounts, you will be offered low and competitive spreads without any hidden fees.

This IG review will demonstrate how to open a live IG account through a step-by-step guide.

Pros

  • Fully digital process to open account
  • Different trading accounts available
  • No minimum deposit required or account fee

Cons

  • Slow account opening process

Minimum Deposit

IG does not require a minimum deposit to be able to trade. You are not required a minimum deposit for both the Personal Account and Corporate Account.

Personal Account

The Personal Account is a trading account used for personal profit, but you can create joint accounts with another IG active trader. There is no minimum deposit required with the Personal Account and all spreads are low and competitive. However, you will have to consider the slow process of opening both a Personal Account and a Corporate Account.

Corporate Account

The Corporate Account is divided into two types of trading accounts: the Institutional Corporate Account and the Retail Corporate Account. As a professional trader, you can open a Personal Account and also have the option of opening an Institutional Corporate Account. The Corporate Account offers effective risk management tools, dedicated staff of personal account managers, and deep liquidity.

How To Open an IG Trading Account

Step One:Fill in the online application with your personal information, including your country of residence to determine the regulatory agency that will apply its jurisdiction.

IG Account Step One

Step One: Fill in the online application with your personal information, including your country of residence to determine the regulatory agency that will apply its jurisdiction.

Step Two: Provide personal information for your trading account profile

IG Account Step Two

Step Two: Provide personal information for your trading account profile

Step Three: Provide your detailed address and place of residence

IG Account Step Three

Step Three: Provide your detailed address and place of residence

Step Four: Provide your employment details and financial details, such as occupation and source of funds

IG Account Step Four

Step Four: Provide your employment details and financial details, such as occupation and source of funds

IG Account Step Four

Step Four: Provide your employment details and financial details, such as occupation and source of funds

Step Five: Provide the relevant information on your trading history

IG Account Step Five

Step Five: Provide the relevant information on your trading history

Step Six: Accept the terms and conditions declaration

IG Account Step Six

Step Six: Accept the terms and conditions declaration

Step Seven: Upload Proof of Identity (POI) and Proof of Residence (POR)

IG Account Step Seven

Step Seven: Upload Proof of Identity (POI) and Proof of Residence (POR)

Deposit & Withdrawal

With IG, withdrawals and deposits does not require a fee and it can be done completely free of charge. The withdrawal and deposit process are a fast one that takes approximately 2-3 business days. You will be able to deposit and withdraw funds from your trading account in several ways.

This IG review will inform you on the different payment methods that you can deposit and withdraw funds from your trading account.

Account Base Currencies

IG offers six different account base currencies that you can use a standard currency for your trading account. The following account base currencies are available on IG: USD, GBP, AUD, EUR, SGD, and HKD.

USD GBP AUD EUR SGD HKD

Deposits

With IG, you will find that you do not have to worry about paying a deposit fee since deposits are free of charge. You can choose one of six different account base currencies for your trading account and you can make payments through bank transfers, electronic payment, and credit\debit card. The deposit process of IG is a fast process that takes approximately 2 business days maximum.

Pros

  • No deposit fee
  • Various account base currencies
  • Fast deposit process
  • Different payment methods available

Cons

  • None

IG Deposit Options

  • Credit\Debit Cards
  • Electronic Payment
  • Bank Transfer

Withdrawal

Withdrawals with IG are processed fast and you will not be charged with a withdrawal fee. There is a selection of different base currencies that you can use for your trading account. In addition, you can make withdrawals via bank transfer, electronic wallets, and credit\debit cards. The withdrawal takes approximately 2-3 business days, but with electronic payments, it can take up to 24 hours.

Pros

  • No withdrawal fee
  • Selection of account base currencies
  • Processes withdrawals at a fast pace
  • Various payment methods provided

Cons

  • None

IG Withdrawal Options

  • Electronic Payment
  • Credit\Debit Cards
  • Bank Transfer

Trading Platforms

IG offers two types of trading platforms: MetaTrader4, and an in-house trading platform. MetaTrader4 is one of the most common and most popular trading platforms used by traders. Along with the MetaTrader4, IG has generated an in-house trading platform.

This IG review will demonstrate the different features you will find with the trading platform by analyzing the IG in-house trading platform.

  • MetaTrader4
  • IG Trading Platform

Web Trading Platform

The IG trading platform offers a user-friendly design that is constructed well. This will allow you to look through the options easier and at a fast pace, and you can customize your profile based on your trading needs.

You will be able to view your fee report and past financial performance to stay updated on your transactions. With the IG web trading platform, you are provided with a two-step login process for authentication purposes, as an additional security measure to your trading account.

The IG web trading platform allows you to select from a wide range of order types, including: Market order, Limit order, Stop-loss order, Trailing stop order, and Guaranteed stop order. There are also order time limits, such as: Good ’til canceled (GTC) and Good ’til date (GTD).

In regards to price alerts, you can activate different price alerts and other types of notifications on the IG web trading platform.

Pros

  • User-friendly design
  • Customizable profile
  • View performance report
  • Two-step login available
  • Several types of order types
  • Price alerts and notifications available

Cons

  • None

Desktop Trading Platform

IG in-house trading platform did not develop a desktop platform, you will only find an IG web platform and an IG mobile application.  

Mobile Trading Platform

The IG mobile trading platform is an application that is downloadable on any operating system, which is suitable for traders who prefer trading on-the-go. You will find that all of the features of the IG web trading platform are available in the mobile application, as well.

The IG mobile application contains the same selection of order types, which are: Market order, Limit order, Stop-loss order, Trailing stop order, Guaranteed stop order, Good ’til canceled (GTC), and Good ’til date (GTD). Similar to the web trading platform, the IG mobile trading platform is easy to navigate and structured well, in terms of design.

On the other hand, the IG mobile trading platform only has one-step login process and does not accept facial and fingerprint recognition as a form of login. You will also find that the mobile application only allows price alerts to be activated and no other type of notification.

Pros

  • Wide selection of order types
  • Price alerts available
  • Downloadable on all operating systems
  • Structured design and easy to navigate

Cons

  • Only one-step login process
  • No facial and fingerprint recognition

Markets & Financial Instruments

IG offers more than six different asset classes and over 17,000+ financial instruments, which is one of the highest selections of tradable products in the industry. While trading with IG, you will be able to perform trades during weekends and IG spreads are low and competitive.

This IG review will inform you on the different financial markets you will be able to access and its best features.

Pros

  • More than six different asset classes available
  • Over 17,000+ financial instruments offered
  • Provides cryptocurrency as asset class
  • Allows trading sessions during weekends
  • Low spreads and margins while trading

Cons

  • None
What IG Offers
Forex Indices
Stocks ETFs
Commodities Bonds
Cryptocurrencies 

IG offers different financial markets to all active traders, including currency pairs, indices, stocks, ETFs, commodities, bonds, and cryptocurrencies. You will find that you can trade up to 8 cryptocurrencies, 15 bonds, 47 commodities, and 68 indices. In total, IG offers access to more than six different financial markets and you can trade over 17,000+ financial products. As an added bonus, you have the option of trading during the weekend, an advantage that is uncommon for Forex trading brokers.

Markets Research & Trading Tools

IG offers different trading tools and market research materials to assist in generating accurate trading strategies and staying updated on the trading world. This Forex broker offers trading signals, live newsfeed, and all types of market analyses.

This IG review will give you an overview on the different trading tools and market research materials available for you, as an active trader with IG.

Trading Tools

IG offers trading tools that will help predict patterns or analyze the market to identify the best trading environment for you, without you facing any financial risk. These trading tools include: AutoChartist and the Trade Analytics Tool.

IG provides different trading tools, including the Trade Analytics Tool. The Trade Analytics Tool mostly analyzes your trading strategies through past performances and identifies the weak points and strengths in your strategies. AutoChartist allows you to make better trading decisions by recognizing chart patterns using 25 different technical indicators.

IG Tools
Trade Analytics Tool AutoChartist

Pros

  • AutoChartist is free of charge and accessed by all IG members
  • AutoChartist identifies chart patterns for you
  • 25 different indicators for you to use

Cons

  • Limited range of trading tools available

Market Research

With IG, you will be able to access all market research material offered to you through the trading platform and website. You will be able to keep up with important economic events with the economic calendar, and look through past events as well.

Additionally, you will find trade ideas and articles that cover trading strategies and topics that influence the trading industry or your personal trading decisions.

Pros

  • Economic calendar updated daily
  • Trade ideas are generated on a regular basis
  • Important topics are covered in-depth with newsfeed
  • Articles are provided to enhance trading knowledge and strategy
  • IG Community available

Cons

  • Must be a member of IG to access material

With IG, you will also find articles that tackle important topics and events on the IG newsfeed. Finally, you can also use the IG community, which is a trading community that provides traders with the option to interact with other traders and share trading ideas.

Customer Service

IG provides three different forms of communication to reach the customer service department. You can reach them via email, phone, and live chat. However, the customer service is not available 24\7 and the phone support has received poor feedback.

This IG review will list the different means of communication to the IG customer service and the best way to contact them without delay.

With IG, you can reach the customer service department in the following three ways: phone support, email support, and live chat. The email support is very helpful with fast response and relevant answers, while the live chat will move at a slower pace. However, the phone support is not recommended since communicating with IG phone service is a slow process and might lead to no response. Also, the customer service department does not operate 24\7.

Pros

  • Different means of communication
  • Relevant responses to questions
  • Fast response time with live chat and email

Cons

  • Poor quality of phone support
  • Live chat is difficult to locate
  • Not available 24\7

Means Of Communication

  • Phone support
  • Live chat
  • Email support

According to customer feedback, the email support of IG is the most effective form of communication with the customer service. There has been poor feedback on the phone support of IG, but it did not influence the clients’ overall trading experience. The live chat of IG has proven to be average with a slightly slower pace than the email support, but the live chat provides relevant answers.

Client Education

IG enables you to enhance your trading knowledge through different educational resources. You can watch educational videos, attend live webinars, enroll in online courses, and\or open a Demo Account.

This IG review will demonstrate on a step-by-step guide on how to open a Demo Account.

Pros

  • Free demo account
  • Interactive online trading courses
  • Extensive trading glossary provided
  • Different educational resources available for free

Cons

  • No educational articles available

With IG, you will be able to access the IG Trading Academy, which contains various educational resources of all kinds. You can enroll in interactive online courses, attend live seminars, and peruse through trading definitions in the Trading Glossary.

In addition, you can always watch high-quality educational videos and tutorial videos that will walkthrough different platforms and trading instruments with you. You can also open a Demo Account for free that allows you to test out trading strategies with up to 20,000USD of virtual funds.

Client Education Resources

  • Platform tutorial videos
  • Webinars and seminars
  • Live sessions
  • IG Trading Academy
  • Demo Account

How To Open a Demo Account

Step One:Fill in the online application with your personal information

IG Demo Step One

Step One: Fill in the online application with your personal information

Step Two: Start Trading with IG!

IG Demo Step Two

Step Two: Start Trading with IG!

Conclusion

IG was established in the UK in 1974 and has become one of the best and largest Forex brokers in the industry. IG Group is the parent company of the Forex broker IG and is currently listed in the London Stock Exchange. IG is listed in the London Stock Exchange, which shows that the Forex broker provides public financial statements on a regular basis, guaranteeing its transparency.

In addition, IG is regulated by a wide range of the best financial regulators who are spread out all over the world. IG has obtained their financial services licenses from the following: Financial Conduct Authority (FCA) in the UK, Federal Financial Supervisory Authority (BaFin) in Europe, Swiss Financial Market Supervisory Authority (FINMA) in Switzerland, Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) in the US, Australian Securities and Investment Commission (ASIC) in Australia, and other financial regulators.

Overall, IG is one of the safest and most trust Forex brokers in the world that have proven to be a tycoon in the trading world.

IG
$0
Min. Deposit
N/A
Bonus
Regulated byFCA, FSCA, ASIC, FSA
Leverage1:50
Customer Support24/5
Open Account

IG Overall Performance

  • Safety and Regulation 98% 98%
  • Deposit and Withdrawal 98% 98%
  • Market Research & Trading Tools 97% 97%
  • Broker Fees 98% 98%
  • Trading Platforms 97% 97%
  • Customer Service 99% 99%
  • Account Opening 98% 98%
  • Market & Financial Instruments 97% 97%
  • Client Education 99% 99%

Frequently Asked Questions

Is IG A Good Broker?

IG is a safe and regulated Forex broker that is protects its traders and values transparency with its clients. In the case of bankruptcy with IG or if your balance is in the negatives, you will find that IG will protect you from any financial risk. Additionally, IG is regulated by several top-tier financial regulators all around the world and must abide by all policies from the regulators from different jurisdictions. You will also find that IG Group, the parent group of IG, is listed in the London Stock Exchange and all financial statements from IG are made public.

How Long Do IG Withdrawals Take?

IG Withdrawals take approximately 2 business days, depending on the type of payment method you will choose.

Is IG An ECN Broker?

No, IG is not an ECN broker.

What Is The Minimum Deposit For IG Trading?

IG does not require a minimum deposit to be able to trade. You are not required a minimum deposit for both the Personal Account and Corporate Account.

Is IG Broker Legit?

IG is a legitimate Forex trading broker that stores all client funds in segregated accounts and conducts regular audit reports. You will also be protected financially, in the case that your balance is in the negatives, through negative balance protection. In the case that IG goes bankrupt or faces any financial decline, the investor protection amount protects clients from losing any funds that was transferred into IG.  

Does IG Charge Commission?

IG charges commissions only for stocks, real shares and options. The other financial instruments do not require a commission since IG profits from all-inclusive spreads.

Is IG Regulated?

IG is regulated by a wide range of the best financial regulators who are spread out all over the world. IG has obtained their financial services licenses from the following: Financial Conduct Authority (FCA) in the UK; Federal Financial Supervisory Authority (BaFin) in Europe; Swiss Financial Market Supervisory Authority (FINMA) in Switzerland; Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) in the US; Australian Securities and Investment Commission (ASIC) in Australia; Financial Markets Authority (FMA) in New Zealand; Monetary Authority of Singapore (MAS) in Singapore; Japanese Financial Services Authority (FSA) in Japan; Financial Sector Conduct Authority (FSCA) in South Africa; and  Dubai Financial Services Authority (DFSA) in UAE.