A comprehensive review of IG

Security, trading fees, tradable assets and more

4/5 star rating

IG is a leading stock broker which allows people to trade and invest in a wide range of financial assets, including commodities, stocks, cryptos, forex, CFDs, and indices. IG was established back in 1974, and today the platform gives millions of traders and investors access to opportunities across thousands of financial markets. IG is regulated and authorised by the Financial Conduct Authority (FCA) and the Federal Financial Supervisory Authority (BaFin). This review will take you through everything you need to know about the services they offer.

Pros & cons

Pros

  • Intuitive web trading platform
  • Excellent demo account available
  • Variety of deposit and withdrawal options
  • Wide variety of useful educational tools
  • Trading platform tutorial to get you started
Cons

  • High fees for CFD trading
  • Slow account opening process
  • Limited product portfolio

What can I do with IG?

IG offers great services for traders but not as wide-ranging coverage for people looking to invest in the longer term, as the company provides access to a variety of tradable assets. You can trade stock CFDs, forex, commodities, cryptocurrencies, and indices on IG’s web platform and their mobile app. 

It is worth noting, however, that the trading services on IG are not free, and the platform charges users according to the assets they trade and their trading criteria.

Which assets can I trade?

You can trade the following assets on IG: 

  • Stock CFDs
  • Commodities 
  • Cryptos
  • Forex 
  • Indices 

Payment methods

IG supports various payment methods, including bank transfer, credit/debit cards, and electronic wallets. Users can deposit or withdraw their funds via any of these methods on IG. 

The approved payment options on IG are:

  • Bank wire
  • Credit/debit cards
  • Electronic wallet

IG also has deposit and withdrawal limits. The minimum deposit is $300, while the maximum deposit is $50,000 per day. The maximum withdrawal limit is $35,000 per day. 

What devices can I use IG on?

IG is an intuitive trading platform that is available for computer and mobile phone users. IG has a web-based platform, and also a dedicated mobile app. The web-based platform can be easily accessed on computers and phone browsers. 

You can use IG on the following devices: 

  • Computers: desktops and laptops
  • Android Phones
  • iPhones

How easy is it to use IG?

IG has a powerful user-friendly platform to enable traders easy access to different forms of trading. Their API interfaces are easy to use as they deploy the industry standard MetaTrader 4. For Traders, the MT4 trading platform provides access to a wide range of trading tools and other educational materials. 

The IG web-based platform also streams Reuters news and other ProRealTime charts, including the ability to split charts into multiple time frames. For those that desire, they can link their software to a Bloomberg terminal, enabling traders to stay up-to-speed with the news while playing the markets.

IG has a well-reviewed mobile app for both iOS and Android devices. The app comes with basic trading features, including customised watchlists, price alerts, and technical charting. In general, both the web-based trading platform and mobile apps are easy to use for the traders. 

Countries supported

IG is present in a wide range of countries, and has a large presence particularly in Europe and Asia. However, they are prohibited in certain countries due to regulatory concerns. IG is not available in these countries:

  • Algeria
  • Angola
  • Egypt
  • Iran
  • Mexico
  • Morocco
  • Nigeria
  • North Korea
  • Saudi Arabia

Regulation 

IG is a highly regulated financial service provider, and is regulated by various countries in Europe and Asia. In the UK, IG is regulated by the Financial Conduct Authority (FCA), and in Germany by the Federal Financial Supervisory Authority (BaFin) (which gives IG access to trade across the EU). 

The company is also regulated by Swiss Financial Market Supervisory Authority (FINMA), the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) in the US, and the Australian Securities and Investment Commission (ASIC). The company is also regulated and authorised in Japan, South Africa, the UAE, Singapore, and New Zealand. 

Account verification

Since IG is a global broker, it follows the AML and KYC regulations to prevent their platform being used for money laundering. Thus, users are required to verify their trading accounts before they can carry out certain transactions. To verify your account on IG, you will need the following: 

  • ID Verification: IG demands documents such as passport, driver’s license, and national ID for verifying identity. It could be a scanned copy of any of these documents. 
  • Proof of residency: for proof of residency, IG accepts bank statements and utility bills. None of the above-listed documents should be older than three months.

Customer support

IG has a good level of customer support available to its uses, and – since they offer cryptocurrency trading services – this support is available 24/7. You can reach IG via these channels: 

  • Email
  • Phone call
  • Live chat

The Stockbroker

First impression

At first sight, you will know that IG is a platform that favors trading over investment. As a broker, they provide users access to a wide range of tradable assets, including stock CFDs, cryptocurrencies, indices, commodities, and forex. However, it doesn’t support assets such as equities, ETFs, bonds, and mutual funds at the moment. IG has a small user base compared to some other major brokers, but they are present in various countries around the world.

The IG trading platform is expansive and contains a wide range of trading and research tools. The mobile app has similar features to the web-trading platform, including an education center, meaning you can learn as well as trade when using IG.

What currency pairs can be traded?

IG supports forex and cryptocurrency trading. Hence, you can trade a wide range of currency pairs on this platform. Here are the major currency pairs you can trade on IG: 

  • EUR/USD
  • GBP/USD
  • EUR/JPY
  • USD/JPY
  • AUD/USD
  • GBP/EUR
  • BTC/USD
  • BCH/USD

Are there fees for trading?

Yes, there are. IG charges fees for trading the assets on its platform. Here are the trading fees on IG:

  • S&P 500 CFD: The fees are built into the spread, 0.6 is the average spread cost.
  • Europe 50 CFD: The fees are built into the spread, 1.5 is the average spread cost.
  • Forex: The fees are built into spread, 0.75 pips are the average spread cost.
  • Inactivity fee: $12 per month after two years of inactivity

What is the minimum spread?

The minimum spread on IG’s platform is 0.6 pips.

Can I trade assets with leverage on IG?

Yes, you can. IG supports the trading of forex, cryptocurrencies, indices, and CFDs with leverage. The maximum leverage for trading assets on IG is 200:1, enabling investors to trade with a value of 200 times their initial stake.

However, this also means you can lose money just as fast, and we advise traders against leveraged trading unless they are experienced – especially when it comes to volatile assets like CFDs and cryptocurrencies. The crypto market is highly volatile, which means prices can swing in any direction within a few minutes and leveraged trading can lead to big losses.

What are the margins required?

The margin requirement on IG depends on the asset and the type of account you are operating. For retail accounts, the margin requirement 0.25% for forex, commodities and indices, and 5% for shares.

Can I open long and short positions?

Yes, since IG focuses on trading assets, you can long or short assets on the platform. Traders and investors that are bullish on the price of an asset buy it and wait for it to increase. When that happens, it is called going long. Shorting is when an investor is bearish on the price of an asset and sells it in order to buy it at a cheaper rate later.

Are there withdrawal and deposit limits?

Yes, there are withdrawal and deposit limits on IG: 

  • Withdrawal limit: The withdrawal limit is $35,000 per day.
  • Deposit limit: minimum $300 and a maximum of $50,000 per transaction per day. 

Summary of IG Broker

IG is a well-regarded broker for trading a wide range of assets. They provide trading services to thousands of traders around the world, allowing users to trade stock CFDs, indices, cryptocurrencies, commodities, and forex with ease. 

The IG web-trading platform is intuitive, as is the mobile app for Android and iPhone users. On top of this, IG offers a wide range of payment services, along with high withdrawal limits and 24/7 customer service. You can trade with leverage of up to 200:1, but be careful when applying leverage to trades if you’re not already experienced with doing so.

Conclusion

IG is one of Europe’s leading stockbrokers as they provide services to virtually every country in Europe. The company also has a large following in Asia, and is expanding across the world. IG provides a wide array of trading services, allowing people to trade CFDs, cryptos, forex, indices, and commodities, meaning they can provide useful services to almost all traders (with one exception being anyone looking to trade ETFs).

Their customer support team is available via email, phone call, and live chat 24/7, and IG is regulated in Europe by BaFin, and by other regulators in the UK, Australia, the U.S, Switzerland, New Zealand, Singapore, Japan, South Africa, and the UAE.

How to set up an account with IG

If you wish to get an account with IG, follow these steps: 

  1. Visit the IG platform
  2. Navigate to the ‘CREATE LIVE ACCOUNT’ tab on the right-hand corner of the site
  3. Insert details such as country of residence, name, email address, passwords, and account type
  4. In the next step, provide your date of birth, contact number, and full ID card number
  5. Enter your residential address and financial details
  6. Indicate your relevant trading experience 
  7. Submit the application, fund your account, and verify your account
  8. You can start using the IG trading account after successful verification
By Pooja Kadia
Pooja is an avid blockchain enthusiast, who believes in exploring the space to its maximum potential. She is the co-founder of Cryptochain Sphere, a website dedicated to educating people on blockchain and cryptocurrency space. She believes in creating engaging content to facilitate the community driving blockchain adoption.
Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.