| Category | Details |
|---|---|
| Tradeable Assets | Forex, Indices, Shares, Commodities, Cryptocurrencies (not for UK retail investors), Bonds, ETFs, Options, Industry Sectors, Interest Rates |
| Min Deposit | $250 |
| Forex Majors Spread | Minimum spreads for major currency pairs include: EUR/USD: 0.8 pips USD/JPY: 0.8 pips GBP/USD: 1.0 pip AUD/USD: 1.0 pip |
| Regulators | CFTC US, NFA US, ASIC, JFSA, MAS, FINMA, BaFin, Deutsche Bundesbank, FMA, Cyprus Securities and Exchange Commission, FSCA (South Africa), Bermuda Monetary Authority |
| Trading Platforms | MT4, ProRealTime, IG Platform, L2 Dealer |
| Funding Methods | Bank transfer, Credit/Debit Card, PayPal |
| Currency Pairs | 82 pairs including major, minor, Australasian, Scandinavian, exotic, and emerging market pairs |
| Available Leverage | Up to 1:100 |
| Broker Type | Market Maker, Dealing Desk |
| Founded | 1974 |
| Country | United Kingdom |
| Free Demo Account | Yes |
| Clients Accepted | Global, with some exceptions due to regulatory restrictions |
| Pricing System | Spread-based |
| Inactivity Fee | Yes |
In this IG Index review, we will be covering key aspects of IG, including its regulations, founding year, investor protection, track record, and key features. We will also focus on its various trading platforms, account types and asset class coverage to give you an open and honest review of IG index.
To kick off lets consider the pros and cons of IG, we will assess its adherence to regulations, the strength of its investor protection measures, its track record in the industry, and the key features that set it apart from other platforms.
Pros
IG offers a lot of positives, including a flat platform fee, low trading fees, a wide range of investment options, and a low foreign exchange fee. This makes it an attractive option for individuals looking to minimize costs and diversify their portfolio. Additionally, IG provides extensive educational resources to help traders make informed decisions.
IG is well-regulated, offering peace of mind to users concerned about the security of their investments. The platform also boasts a diverse array of trading instruments, catering to different trading styles and preferences. With a minimum deposit of $0, IG is accessible to a wide range of investors, regardless of their financial situation.
The IG app features a clean design for easy navigation and accessibility. Additionally, it offers the ProRealTime advanced charting platform, empowering traders with powerful technical analysis tools. The proprietary web-based platform also provides advanced charting tools and real-time market data, further enhancing the trading experience.
Cons
The disadvantages of trading with IG include a complex fee structure that can be confusing for new traders to understand and may result in unexpected fees. Additionally, US clients are not provided with the same level of account protection as clients in other regions, which can be a concern for those looking to invest significant funds. IG also discontinued offering swap-free accounts, which may be a drawback for traders who require this particular feature for religious or other reasons.
Furthermore, IG’s trailing spreads are generally wider compared to other brokers, which can have an impact on the overall cost of trading. Lastly, while IG offers a wide range of trading options, some traders may find that other brokers have a more extensive selection of assets and instruments to trade.
IG Group, a leading brokerage firm, was established in 1974 and quickly became a pioneer in the industry. Key milestones in its history include the expansion of its international presence through office openings around the world. This expansion allowed the firm to reach a global client base and established its reputation as a major player in the financial markets.
Another significant milestone in IG’s history is its development of cutting-edge technological advancements in trading. In 2015, IG Group made history by launching the first trading app for the Apple Watch, providing clients with a new and convenient way to access the markets. This technological development solidified IG’s position as an innovative and forward-thinking brokerage firm.
Overall, IG Group’s history is marked by its continuous expansion and technological developments, positioning the firm as a leader in the industry. With a strong foundation established in 1974, IG has continued to evolve and adapt to the changing landscape of the financial markets, ensuring it remains at the forefront of the industry.
IG operates in major countries such as the United Kingdom (regulated by the Financial Conduct Authority), Australia (regulated by the Australian Securities and Investments Commission), and the United States (regulated by the Commodity Futures Trading Commission). Regulatory compliance is crucial for forex brokers like IG to avoid scams and protect clients from fraud. It ensures that the broker operates within the legal framework, upholds ethical standards, and safeguards clients’ funds.
When considering an investment offering, it’s important to understand the various options available and the potential risks and rewards associated with each.
Forex
The IG platform offers a wide range of forex markets, including popular options such as EUR/USD, AUD/USD, GBP/USD, and USD/JPY. These markets provide traders with the opportunity to speculate on the fluctuations in exchange rates between different currency pairs.
IG’s spread-based forex fees mean that the cost of trading is included within the bid-ask spread, eliminating the need for additional costs per trade. This transparent fee structure allows traders to easily understand their trading costs and make more informed decisions.
Indices
Customers can trade a variety of indices, including cash indices, futures indices, GBP-denominated indices, and micro indices with smaller contract sizes. Cash indices are based on the actual market value of the underlying assets, and they are settled in cash. Futures indices, on the other hand, are based on contracts that obligate the buyer to purchase or sell the index at a specified price in the future. GBP-denominated indices are valued in British pounds, providing an option for customers to trade in their local currency. Micro indices offer smaller contract sizes, making it more accessible for retail traders.
Popular indices available for trading include the FTSE 100, which represents the top 100 companies listed on the London Stock Exchange. The US 500 represents the top 500 publicly-traded companies in the US. The Japan 225, also known as the Nikkei, reflects the performance of the top 225 companies listed on the Tokyo Stock Exchange. The China A50 index includes the largest and most liquid A-share stocks listed in Shanghai and Shenzhen.
Commodities
Commodities available for trading through CFDs on IG include a wide range of energies, metals, and soft commodities. Some specific examples within these categories include London Gas Oil, Brent Crude Oil, Natural Gas, Gold, Silver, Copper, Soyabeans, Corn, Cocoa (New York), and Coffee (New York).
Investors can take advantage of price movements in these commodities without having to physically buy or sell the underlying asset, thanks to the availability of CFDs. This allows for greater flexibility and potential profit opportunities, as well as the ability to trade on margin.
Shares
IG offers a wide range of shares that can be traded, including UK shares with a commission fee of 0.10%, US shares with a commission fee of $0.02 per share, and Australian shares with a commission fee of 0.10%. The minimum charge for trading shares online is £8 in the UK, $15 in the US, and $10 in Australia. For trading shares over the phone, the minimum charge is £40 in the UK, $25 in the US, and $50 in Australia.
With IG’s Share Dealing Account, investors have the option for self-directed investing in over 12,000 shares, ETFs, and trusts. This account allows for easy access to a wide variety of investment opportunities, with the flexibility and control to manage one’s own portfolio.
IG offers a range of trading platforms for the casual to the professional investor they range from s simple online platform to direct L2 market access, we introduce and describe some the features of these below.
IG Online Trading Platform
The IG trading platform offers a web-based interface with key features such as access to over 32 technical indicators, the ability to trade spread bets, CFDs, and share dealing, and the option to trade directly from charts using Deal Ticket. Users also benefit from integrated news and market analysis from Twitter, Reuters, and in-house analysts, as well as the unique ‘IG Live’ feature for real-time updates and expert insights.
For mobile trading, the IG app provides one-click dealing and editing capabilities, real-time pricing, and market data on the go. This makes it convenient for users to stay informed and make quick trading decisions from their mobile devices. The platform’s user-friendly interface and comprehensive tools make it suitable for both beginners and experienced traders, ensuring seamless trading experiences both on the web and through the mobile app.
Progressive Web App (PWA)
IG Index’s Progressive Web App (PWA) offers a seamless global trading experience with its user-friendly interface and comprehensive charting package. The platform allows users to trade on various global markets with ease, providing real-time data and advanced charting tools for technical analysis.
However, the PWA lacks an integrated newsfeed and signals, which can impact the user experience by requiring traders to switch between different platforms for market news and alerts. Despite this drawback, the PWA offers advantages such as fast loading times, offline access, and cross-device compatibility. It also eliminates the need for frequent app updates and takes up less storage space compared to traditional mobile apps.
Overall, the IG Index PWA provides convenient access to global trading opportunities but may be limited by the lack of integrated news and signals. Users should consider their trading style and informational needs before opting for this platform.
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is a widely-used trading platform known for its comprehensive charting capabilities, offering various timeframes and customizable chart types. It supports over 50 pre-installed technical indicators and allows for the integration of custom indicators and add-ons. MT4 also features an automated trading function, enabling users to implement algorithmic trading strategies.
MT4 is available as a free download for Windows, while web and mobile app versions are also offered for on-the-go trading. Additionally, MT4 VPS (Virtual Private Server) is available for traders who need 24/7 automated trading operations. Historical price data is easily accessible for conducting thorough analysis.
Lack of support for MT5 is a drawback for IG, MT4 is still widely used but is becoming a bit long in the tooth.
ProRealTime
ProRealTime is an advanced trading platform that offers a range of key features and capabilities. It includes advanced automation tools, allowing traders to set up automated trading strategies based on specified criteria. The platform also offers automatic trend lines, making it easier to identify key support and resistance levels in the market.
ProRealTime provides intuitive Options trading, giving users the ability to trade a variety of options contracts with ease. Additionally, the platform offers strategy backtesting, allowing traders to test their trading strategies against historical data to assess their potential effectiveness.
Integration with IG Index’s trading platform allows seamless access to trade execution, market analysis, and account management. The platform also offers customisable layout and chart views, providing users with the ability to tailor the platform to their specific trading preferences and needs.
L2 Dealer
The L2 Dealer platform is a powerful trading tool designed for experienced traders. It offers direct market access, allowing users to trade directly on the exchange order book for full market depth and liquidity. The platform also provides algorithmic orders, enabling traders to automate their trading strategies for efficient execution.
With access to professional order types, users can take advantage of advanced trading strategies such as OCO (One Cancels the Other) and IF-DONE orders.
L2 Dealer also features smart order routing from Tier 1 banks, ensuring the best possible execution by automatically routing orders to the most favorable venues.
The platform caters to advanced share dealing and CFD trading, providing a wide range of instruments for diversified trading opportunities. To access the full range of features, a minimum balance requirement of £2000 is in place for professional trader accounts.
