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IG Index Review

4.1
4.1/5
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Highlights
  • Established History: IG was founded in 1974, making it one of the oldest and most established brokers in the forex industry.
  • Global Presence: With over 300,000 clients and offices across five continents, IG boasts a strong global presence.
  • US Clients: IG accepts U.S. clients albeit for forex only
  • Regulatory Compliance: IG US is regulated by top-tier entities like the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC).
  • Trading Platform Variety: Offers a variety of trading platforms including IG Web Trading Platform, IG Mobile App, and MetaTrader 4.
About
  • History: IG was founded in 1974, marking it as one of the oldest brokers in the forex industry.
  • Domicile: The company is headquartered in London and operates across five continents.
  • Ownership: IG is part of the publicly traded IG Group Holdings plc, listed on the London Stock Exchange as LSE:IGG. Mike McTighe is the Chairman, and June Felix is the CEO of the company.
Rating
4.1
4.1/5
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Review By
Picture of Brendan Walsh

Brendan Walsh

Seasoned macro trader, managed billions from the Credit Crunch to COVID-19 and everything in between. Traded most assets you’ve heard of and a few you haven’t, and still alive to tell the tale. A student of history, markets, and psychology and a lover of risk and weirdness.

Overview

Overview of IG Index IG Index, founded in 1974, is a leading forex and CFD broker with a rich history and expansive global reach. It’s part of IG Group Holdings PLC, listed on the London Stock Exchange, and caters to over 300,000 clients worldwide. The broker is known for its extensive product range, competitive trading environment, and robust regulatory compliance. IG Index’s platform is designed to accommodate both moderately experienced traders and professionals, offering tools and features that align with various trading goals.
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

Introduction

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.

History of IG Index

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.

Where does IG Index Operate

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.

Investment Offering

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.

Trading Platforms

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.

IG Index Account Types

IG Markets Account Types

IG Markets offers a variety of account types to cater to the needs of different traders. Whether you are a beginner looking to dip your toes in the world of trading, or an experienced investor seeking advanced tools and features, IG Markets has an account designed for you. From demo accounts for practice trading to premium accounts with personalized service and exclusive benefits, there is an option to suit every trading style and experience level. In this overview, we will explore the various account types offered by IG Markets, highlighting their key features and benefits to help you determine which account is the best fit for your trading journey.

Accepted Countries

IG Markets is a globally recognized trading platform that offers a variety of investment options. The platform accepts traders from a wide range of countries, but there are some restrictions based on the type of trading.

IG Markets US offers Forex trading for US clients. Spread betting, CFDs, and other investment options are available to Non US clients via IG Markets.

With a focus on providing a seamless trading experience, IG Markets ensures that traders from accepted countries have access to a wide range of trading opportunities and investment options. Whether you are interested in forex trading in the US or other investment options in Europe, IG Markets provides a user-friendly platform to meet your trading needs.

Sign Up and Verification

To open a live trading account with IG, you will need to provide your personal details, financial status, and trading experience. This includes your full name, address, date of birth, and contact information. You will also need to disclose your employment status, annual income, and net worth to establish your financial status. Additionally, you will be asked about your trading experience, including the types of assets you have traded and the level of your trading knowledge.

To verify your identity, IG accepts several options. You can submit a passport, two government-issued photo IDs, or one government-issued photo ID along with a utility bill or bank statement. These documents are used to confirm your identity and address to comply with regulations and ensure the security of your account.

Once you have provided all the necessary information and documents, IG will review and verify your account. After the verification process is complete, you will be ready to start trading on the platform.

Trading Accounts

IG offers a range of trading accounts to cater to different trading styles and experience levels. For those looking to trade on margin, IG provides CFD (Contract for Difference) accounts which allow traders to speculate on the price movements of financial markets without owning the underlying asset. Spread Betting accounts are also available for tax-free trading in the UK.

For investors interested in owning physical shares, Share Dealing accounts are offered, providing access to a wide range of UK and international stocks. Additionally, IG’s Smart Portfolios offer a managed investment service, providing diversified portfolios tailored to individual risk profiles and financial goals.

Benefits of CFD and Spread Betting accounts include leveraged trading and tax advantages, but they also come with a high risk of losing more than the initial deposit. Share Dealing accounts, on the other hand, provide ownership of stock with potential dividends, but without leverage. Smart Portfolios offer hassle-free investing but may not provide the same level of control as traditional trading accounts.

IG also offers a premium service for high-volume traders, with benefits such as dedicated customer support and advanced trading tools. Each account type has different minimum deposit requirements and key features. Additionally, beginners can utilize IG’s demo account to practice trading strategies without risking real money.

Spread Betting Account

A Spread Betting Account offers various types of markets for traders to choose from. These include Vanilla Options, Indices, Forex, Commodities, and Cryptocurrencies. The minimum spread for each market varies, with the FTSE 100 having a minimum spread of 1 and the EUR/USD with a minimum spread of 0.6. For Commodities, the minimum spread can range from 0.3 for Gold to 3 for Crude Oil. In the case of Cryptocurrencies, the minimum spread can be as low as 40 points for Bitcoin.

Leverage can be up to 1:100 for qualifying clients.

One of the key features of the Spread Betting Account is the availability of joint accounts, allowing multiple individuals to access and manage the account. This is particularly beneficial for those who want to share the responsibility and benefits of spread betting with a partner or group.

Overall, with a wide range of markets, competitive minimum spreads, and the option for joint accounts, the Spread Betting Account provides flexibility and accessibility for traders looking to engage in spread betting and options trading.

CFD Account

To open a CFD account with IG, you will need to first register on their website. Once registered, you can apply for a CFD account and provide the necessary information and documents for account verification.

Opening a CFD account with IG has several benefits, including the ability to trade without paying stamp duty, direct market access on shares, and the opportunity to hedge other assets in your portfolio.

Leverage similar to CFD’s up to 1:100

It’s important to note that IG embeds their CFD fees within the spread, making it essential to consider the overall cost of trading. Additionally, it’s worth highlighting that 74% of retail CFD accounts lose money, so it’s crucial to have a thorough understanding of the risks involved in trading CFDs.

Overall, opening a CFD account with IG provides access to a wide range of trading opportunities with the potential for direct market access on shares and the ability to hedge other assets in your portfolio. However, it’s essential to be aware of the embedded fees and the high percentage of retail CFD accounts that lose money.

Investment Accounts

IG Index offers a range of investment accounts including Individual Savings Accounts (ISAs), Smart Portfolios, and Self-Invested Personal Pensions (SIPPs). The benefits of these accounts include dividend adjustment payments, tax-free investment gains, and access to 24-hour support.

An ISA with IG Index allows individuals to invest up to a certain limit each year and enjoy tax-free gains on their investments. Smart Portfolios are managed investment portfolios designed to suit different risk appetites and investment goals, with the flexibility to move money freely between accounts. SIPPs offer tax relief on contributions and the ability to manage retirement savings with a range of investment options.

IG Index also offers premium/VIP accounts with additional benefits such as personalized support and exclusive features. One key feature across all accounts is the ability to withdraw money at any time for free, providing flexibility for investors.

Overall, the range of investment accounts offered by IG Index cater to different investment needs and provide a variety of benefits and features to support investors in achieving their financial goals.

Share Dealing Account

A Share Dealing Account allows for self-directed investing in a wide range of options, including 12,000+ shares, ETFs, and trusts. This account provides access to a proprietary platform and mobile app, offering a user-friendly interface for trading and monitoring investments. The platform also enables out-of-hours trading availability, allowing investors to take advantage of market opportunities beyond typical trading hours.

One of the key features of the Share Dealing Account is the low commission of £3 per UK share, making it a cost-effective option for those looking to build a diverse investment portfolio. This low commission fee can help maximize potential returns on investments. Additionally, the account offers a variety of tools and resources to support investors in making informed decisions and managing their portfolio effectively.

Smart Portfolios Account

The Smart Portfolios Account is a managed investing service that offers diverse portfolios with a range of investment options, including government bonds, emerging markets, and property. The account is managed by a team of experts who use a proprietary platform and mobile app to make investment decisions and monitor the performance of the portfolios.

The Smart Portfolios Account provides investors with the ability to access government bonds, which are considered low-risk investments, as well as the potential for higher returns through emerging market and property investments.

The average fees for the Smart Portfolios Account are competitive and transparent, allowing investors to have a clear understanding of the costs associated with the service. Additionally, the platform offers portfolio analysis capabilities, giving investors the tools to track the performance of their investments and make informed decisions about their portfolios.

Accepted Countries

Global.

US clients can trade via IG US but are limited to Forex.

Copy Trading Features

IG does not currently offer any copy trading functionality, however it does have some social trading functionality of a sort.

IG provides market positioning information which shows what proportion of clients are long or short that market across time frames and also client segments, at the moment we can see broad client positioning and then a subset of “top clients” their criteria for “top” is not clear it could be win ratio or it could be volume, the former might help for copy trading the latter is unlikely to help much.

Deposit & Withdrawals

At IG Group, traders can make deposits and withdrawals through various payment methods including credit/debit cards, bank transfers, and PayPal. For credit/debit card transactions, the processing time is instant, with no fees involved. The minimum deposit and withdrawal limits are typically $300 and $100 respectively, with a maximum limit of $20,000.

For bank transfers, the processing time may vary depending on the trader’s bank and country of residence. There may be potential fees charged by the trader’s bank for processing the transfer. The minimum and maximum limits for bank transfers also vary based on the trader’s region and the chosen IG entity.

PayPal can be used for both deposits and withdrawals, with an instant processing time for deposits and a 1-2 day processing time for withdrawals. There are no fees for using PayPal, and the minimum and maximum limits are generally $300 and $20,000 respectively.

It is important for traders to be aware of any differences in payment methods based on their country of residence and the specific IG entity they are trading with.

IG Index Spread and Commissions

The popular market spreads  typically range from 0 to 5 pips. Indices have spreads ranging from 0.1 to 2 pips, while Forex spreads range from 0.1 to 1.5 pips. Commodities have spreads ranging from 0.2 to 4 pips, and Cryptocurrencies have spreads ranging from 0.1 to 3 pips.

The minimum spreads for each market are:

– Vanilla Options: 0.5 pips

– Indices: 0.1 pips

– Forex: 0.1 pips

– Commodities: 0.2 pips

– Cryptocurrencies: 0.1 pips

The top 5 most traded markets with the tightest spreads are Forex, Indices, Cryptocurrencies, Commodities, and Vanilla Options. These markets attract a high volume of trading due to their narrow spreads, making them popular among traders.

Commissions on Shares

Australia: Online trading commission rates range from 0.1% to 0.3%, with a minimum charge of $15. Phone trading incurs a higher rate, starting at 0.75% with a minimum charge of $100.

New Zealand: Online trading commission rates range from 0.30% to 0.75%, with a minimum charge of $30. Phone trading rates start at 1% with a minimum charge of $100.

UK: Commission rates for UK shares start at £8 for online trading, with a minimum charge of £8. For phone trading, the commission rates start at £25 with a minimum charge of £25.

US: Online trading commission rates for US shares start at $4.95, with a minimum charge of $4.95. For phone trading, commission rates start at $25 with a minimum charge of $25.

Euro, Denmark, Norway, Sweden, Switzerland, Greece: Commission rates for European shares vary, with online trading rates ranging from 0.1% to 0.5% and minimum charges starting from €10. Phone trading rates start from 0.75% with minimum charges ranging from €60 to €100.

Singapore, Japan, Hong Kong, South Africa, Canada: Commission rates for trading in these countries’ shares vary, with online trading rates ranging from 0.1% to 0.5% and minimum charges starting from SGD 25, JPY 500, HKD 100, ZAR 100, and CAD 8. Phone trading rates and minimum charges are higher.

International Order Book shares: Commission rates for trading international shares vary, with online trading rates starting from 0.1% and minimum charges ranging from £20 to €40. Phone trading rates and minimum charges are higher.

IG Index Fee’s and Costs

Margin Requirements and Margin Calls

Excessive leverage can lead to potential risks and consequences for traders. When traders use excessive leverage, they are essentially borrowing money from their broker to increase their trading position. This can amplify potential profits, but it also amplifies potential losses.

One of the significant risks of using excessive leverage is the potential for margin calls.

When a trader’s equity falls below certain thresholds, IG sends notifications to inform them about their dwindling account balance and the potential for margin calls. Additionally, when a trader’s equity falls below 50% of the required margin, IG will automatically close out their positions to protect both the trader and the broker from further losses.

Trading Fees

IG offers various trading fees, including spreads, inactivity charges, commissions, overnight funding fees, and currency conversion fees. Spreads are the difference between the buying and selling price of an asset and vary depending on the market. Inactivity charges may apply if there is no trading activity for a specified period. Commissions are charged on share CFDs and stockbroking trades, while overnight funding fees apply to positions held overnight. Currency conversion fees are incurred when trading assets in a different currency.

These fees can impact traders by affecting their overall trading costs and potential profitability. IG provides various trading ticket options, including market, limit, stop, and guaranteed stop orders. These order types allow traders to customize their trade execution and manage their risk effectively. It is important for traders to consider these fees and available order options when planning their trading strategies.

Overnight Funding Fees

For spreadbetting, the overnight funding fee is calculated by multiplying the total stake by the funding rate. The funding rate is determined by the underlying market’s interbank rate and is adjusted based on the size of the position.

For CFDs, the overnight funding fee is calculated by multiplying the position value by the relevant interest rate and adjusting for any applicable holding costs. The position value is the size of the position multiplied by the current market price, and the interest rate is typically the relevant interbank rate.

In all cases, the overnight funding fees are calculated based on the notional value or total stake of the position, the relevant interest rates, and any applicable adjustments for holding costs. These fees are typically charged when a position is held overnight and can vary based on market conditions.

Guaranteed Stop Order Fee

When a trader places a guaranteed stop order, they are ensuring that their trade will be executed at a specified price, providing absolute financial risk management. However, this added benefit comes with a cost in the form of guaranteed stop order fees.

The calculation of guaranteed stop order fees is typically based on the size of the trade and the level of volatility in the market. Factors such as the distance between the current price and the specified stop level, as well as the duration until the trade expires, may also affect the cost.

Traders should carefully consider these fees when making their trading decisions, as they add to the overall cost of the trade. However, for those seeking to mitigate the risk of unexpected market movements, the guarantee provided by these orders can be a valuable tool for financial risk management.

It’s important to note this does not protect you against a market that gaps between trading sessions, the stop is only guaranteed during market hours so if EURUSD closes at 1.20 and opens at 1.23 your stop at 1.21 will likely be executed at or above 1.23.

Currency Conversion Fee

To calculate the currency conversion fee for trading in a different currency, first, identify the base currency of the trading account. If a trade is conducted in a currency other than the base currency, a 0.5% conversion fee is applied. This fee is dynamically calculated and presented before trades are executed, allowing traders to preview the exact amount that will be deducted from the trade for the currency conversion.

For example, if the base currency is USD and a trade is executed in EUR, the 0.5% currency conversion fee will be applied to the trade amount. This fee is automatically factored into the trade execution process, ensuring transparency and clarity for traders. It’s important to note that the currency conversion fee only applies when trades are conducted in a currency other than the account’s base currency.

Non-Trading Fees

IG Markets charges a $15 fee for wire withdrawals, and a $12 per month inactivity fee after 24 months of no trading activity. In addition to these fees

Account Fee

IG Index offers a variety of trading and investment accounts with specific account fees for each. The Classic account has no opening or maintenance fees, and offers commission-free trading on US shares. The Pro account, designed for active traders, has a commission charge on US share trades and a monthly inactivity fee if no trades are made. Premium/VIP accounts are available for high-volume traders and offer additional benefits such as lower margin rates and personalized support.

Differences in account fees between the accounts depend on the level of trading activity and the specific benefits offered. The potential cost-saving benefits for users include commission-free trading on US shares for Classic account holders and the ability to access lower margin rates for high-volume traders with premium/VIP accounts. Additionally, the Pro account offers variable commission charges on US share trades, allowing traders to potentially save on fees by managing their trading activity efficiently.

Inactivity Fee

The inactivity fee is applied to dormant accounts after a period of two years of non-use. This fee is only levied on accounts that have shown no activity, such as deposits, withdrawals, or account updates, for the specified time frame. To avoid or waive the inactivity fee, account holders can take the following steps:

  1. Regularly use the account: By making occasional deposits, withdrawals, or account updates, account holders can prevent their account from becoming dormant and avoid the inactivity fee.
  2. Set up automatic transfers: Setting up automatic transfers between accounts or scheduling regular deposits can help ensure activity in the account and prevent it from becoming dormant.
  3. Contact customer support: In some cases, account holders may be able to request a waiver of the inactivity fee by reaching out to customer support and explaining their situation. This may be applicable in cases where the inactivity was unavoidable, such as due to illness or extended travel.

Deposit Fee

IG Group offers several deposit methods, including bank transfers, Visa and Mastercard deposits, and PayPal. When using Visa to make a deposit, a 1% charge is applied, while a 0.5% charge is applied for Mastercard deposits. Bank transfers are generally free, but fees may be charged by the sending and receiving banks. PayPal deposits may also be subject to fees, depending on the specific transaction.

It is important to note that some banks or credit card issuers may charge additional fees for international transactions or currency conversions. These fees are not imposed by IG Group but should be considered when making deposits.

Withdrawal Fee

The withdrawal fees for different withdrawal methods and currencies vary. For credit/debit card withdrawals, the fee is 2.5% of the withdrawal amount, with a processing time of 1-3 business days. The minimum withdrawal limit is $20, while the maximum is $10,000. For bank transfer withdrawals, the fee is $25, with a processing time of 3-5 business days. The minimum withdrawal limit is $50, and the maximum is $50,000. For e-wallet withdrawals, the fee is 2% of the withdrawal amount, with a processing time of 1-2 business days. The minimum withdrawal limit is $10, while the maximum is $5,000.

To access the withdrawal service, verification is required. This includes providing a valid government-issued ID, proof of address, and in some cases, a copy of the payment method used. Once the verification process is complete, users can proceed with withdrawals according to the specified withdrawal fees, processing time, and minimum/maximum limits for each method.

Unique Features

IG Group’s trading platform offers unique features that set it apart from other platforms in the market. One standout feature is the push notifications, which allow users to stay informed about market movements and important events in real-time. This helps traders make timely and informed decisions.

The platform also provides trend exploration tools that enable users to identify and analyze market trends, making it easier to spot potential opportunities. Additionally, individual instrument insights offer detailed analysis for each trading asset, providing valuable information for decision-making.

Another key aspect that sets IG Group apart is the comparative analysis of users’ trading behaviors. This feature allows traders to compare their strategies and performance with those of other users, providing valuable insights and enhancing the overall trading experience.

IG Index Regulation and Security

IG Markets is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the United States. These regulatory bodies oversee the company’s operations and ensure that it adheres to strict guidelines to protect traders.

In terms of security measures, IG Markets has regulations in place related to customer support and account protection. They are required to provide efficient and responsive customer support to address any trading issues or concerns. Additionally, they must also implement stringent measures to protect client accounts, such as segregating client funds from company funds to ensure their safety in the event of insolvency.

In the UK, IG Group, the parent company of IG Markets, is regulated by the Financial Conduct Authority (FCA), which provides further benefits to traders. The FCA regulation ensures that IG Group operates with transparency, integrity, and in the best interests of its clients. This in turn provides traders with the confidence that their investments are protected and that IG Group is held to high standards of conduct and accountability.

Research and Education

IG offer substantial trading education resources through their IG Academy, which includes comprehensive offerings such as free online courses, tutorial videos, webinars, and seminars. Their aim is to provide a platform for traders of all levels to expand their knowledge and skills.

In addition to trading education resources, they also provide regular news updates, market analysis, and special reports to keep their clients informed and up-to-date on the latest market trends and developments. User-friendly research tools, including interactive charting and trading ideas, make it easy for traders to conduct in-depth analysis and make informed trading decisions.

Customer Support

IG is a global financial services provider that offers customer support through various channels depending on the region. In the UK, clients can reach out to the company’s representatives through a toll-free phone number. The phone lines are open from 8 a.m. on Saturday to 10 p.m. on Friday. Live chat is also available during platform operating hours to assist both prospective and active clients. Additionally, email, social media, and a comprehensive FAQ section are available for customer support. In case of a complaint, IG has a well-documented customer complaint procedure in place to assist with grievance resolution. The online customer support team is available in several languages, which caters to a broader client base. Moreover, IG has satellite offices available to support licensed operations in different regions.

For the US region, IG provides customer support services through a 24/5 telephone line, email, or X client help. The website also has well-organized and informative FAQs and support pages. These resources help clients get answers to their questions quickly and efficiently. The support pages contain detailed information on account management, trading, and technical issues. Clients can also find information about deposits and withdrawals, platform features, and other account-related queries. With these resources, clients in the US region can get the help they need to navigate their IG accounts with ease.

The Bottom Line

The top 5 most relevant features of IG Markets for pure Forex traders are the wide selection of 87 currency pairs, competitive trading costs at least 20% cheaper than competitors, and the choice of trading platforms.

IG Markets US offers a wide selection of 87 currency pairs, providing Forex traders with ample opportunities to diversify their portfolios and capitalize on various currency movements. Their competitive trading costs, which are at least 20% cheaper than competitors, allow traders to maximize their profits and minimize their expenses. This cost advantage distinguishes IG Markets US from other platforms and makes it an attractive option for Forex traders looking to optimize their trading costs.

Additionally, IG Markets US offers a variety of trading platforms to suit the needs and preferences of different traders, allowing them to trade with the platform that best fits their trading style and strategies. This flexibility sets IG Markets US apart from other platforms that may have a limited selection of trading platforms available to their users.

Overall, IG Markets US stands out as a top choice for Forex traders due to its wide selection of currency pairs, competitive trading costs, and choice of trading platforms, providing traders with the tools and resources they need to succeed in the Forex market.

Others

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading spread bets and CFDs with this provider.