REVIEWS
IG Review 2022
Reviewed
Tested
Safe
Table of Contents
IG Overview
This IG review will analyze the different features that active traders will have access to and be able to benefit from. IG is a CFD and Forex broker that has been established in 1974 in the United Kingdom, where it has grown to become one of the largest Forex brokers in the trading industry.
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 |
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.
| Pros | Cons |
|---|---|
| •Regulated by the FCA | •Inactivity fee required |
| •Regulated by ASIC | •Slow account opening process |
| •Regulated by the FSCA | •Slow response time with customer service |
| •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 |
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Safety & Regulation
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 | Cons |
|---|---|
| •Provides negative balance protection | •Does not own a banking license |
| •Offers investor protection amount | |
| •Regulated by more than five different top-tier financial regulators around the world | |
| •Listed in the London Stock Exchange |
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.
Fees
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 | Cons |
|---|---|
| •Low non-trading fees | •Inactivity fee required |
| •No withdrawal and deposit fees | •Commissions charged on shares |
| •Low trading fees on Forex and Indices | •Administrative costs charged with Smart Portfolios |
| •Competitive and low spreads |
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 |
| Deposit Fees and Withdrawal Fees | |||
|---|---|---|---|
| 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
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 | Cons |
|---|---|
| •Fully digital process to open account | •Slow account opening process |
| •Different trading accounts available | |
| •No minimum deposit required or account fee |
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 Two: Provide personal information for your trading account profile
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
Step Five: Provide the relevant information on your trading history
Step Six: Accept the terms and conditions declaration
Step Seven: Upload Proof of Identity (POI) and Proof of Residence (POR)
Deposit & Withdrawal
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 | Cons |
|---|---|
| •No deposit fee | •None |
| •Various account base currencies | |
| •Fast deposit process | |
| •Different payment methods available |
- 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 | Cons |
|---|---|
| •No withdrawal fee | •None |
| •Selection of account base currencies | |
| •Processes withdrawals at a fast pace |
|
| •Various payment methods provided |
IG Withdrawal Options
- Electronic Payment
- Credit\Debit Cards
- Bank Transfer
Trading Platforms
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 | Cons |
|---|---|
| •User-friendly design | •None |
| •View performance report | |
| •Two-step login available | |
| •Several types of order types | |
| •Price alerts and notifications available |
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 | Cons |
|---|---|
| •Wide selection of order types | •Only one-step login process |
| •Price alerts available | •No facial and fingerprint recognition |
| •Downloadable on all operating systems | |
| •Structured design and easy to navigate |
Markets & Financial Instruments
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 | Cons |
|---|---|
| •More than six different asset classes available | •None |
| •Over 17,000+ financial instruments offered | |
| •Provides cryptocurrency as asset class | |
| •Allows trading sessions during weekends | |
| •Low spreads and margins while trading |
| What IG Offers | |
|---|---|
| Forex | Indices |
| Stocks | ETFs |
| Commodities | Bonds |
| Stocks | |
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, a live newsfeed, and all types of market analyses. This IG review will give you an overview of 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 | Cons |
|---|---|
| •AutoChartist is free of charge and accessed by all IG members | •Limited range of trading tools available |
| •AutoChartist identifies chart patterns for you | |
| •25 different indicators for you to use | |
| •Free educational resources |
There are also trading tools that traders will find very helpful during their trading sessions. The most common trading tool is the economic calendar, which set up alerts of the most important trading events that are taking place at a specific time and date. The trading signals also allows you to move in a certain direction, through analytics and in-depth data, so you can profit from your trading as efficiently as possible and not face major financial loss.
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 | Cons |
|---|---|
| •Economic calendar updated daily | •Must be a member of IG to access material |
| •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 |
Customer Service
However, the customer service is not available 24\7 and the phone support has received poor feedback.IG provides three different forms of communication to reach the customer service department. You can reach them via email, phone, and live chat.
| Pros | Cons |
|---|---|
| • Different means of communication | •Poor quality of phone support |
| • Relevant responses to questions | • Live chat is difficult to locate |
| • Fast response time with live chat and email | • 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
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 | Cons |
|---|---|
| •Free demo account | •No educational articles available |
| •Interactive online trading courses | |
| •Extensive trading glossary provided | |
| •Different educational resources available for free |
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 session
- IG Trading Academy
- Demo Account
How To Open A Demo Account
Step Two: Start Trading with IG!
Conclusion
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 was established in the UK in 1974 and has become one of the best and largest Forex brokers in the industry.
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.
Methodology
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.
Our reviews are a combination of data research and working alongside the brokers. All information provided by the brokers are double-checked to guarantee 100% accuracy and that we remain unbiased.
2022 Review Methodology
For our 2022 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 0.1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
Chad Smith
Director of Research & Analysis
Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.
Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.
Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.